Foo - I hate banks with all I hold holy

Make a deposit on Saturday and it will not post until Tuesday.
I made a $500.00 deposit on Saturday with a check drawn on the same bank as I use and I received bounced check fees on a check that I wrote today that was deposited today.

They honored the check on Saturday, even gave me cash back on Saturday, but they won't credit my account for three days. There is no justification for that policy except to collect bounced check fees. They knew the check was good or they would not have honored it and given me 1/4 of the cash on Saturday. It's a policy of theft.

Asinine.

I see a new bank in your future.

It's the way of all banks. Institutionalized theft. There is no other justification for such a policy.
Oh, and I was told to watch my tone when I asked the bank to explain the reason for the policy.

Your bank is trapped in the 1980s or something.

I only hate the bank that holds the mortgage to our house. I am counting the days until we get that puppy paid off so I can do away with them.

It's a fact that banks and lenders now make the bulk of their money from fees. Some are even basing the bounce/overdraft on the date/time of the check. So if you write a check to your LBS on Monday night, and then go to the bank on Tuesday AM and deposit cash, THEN the check arrives electronically to clear at the back on Wednesday, they are still charging a fee.

Our government has given them the clearance to do almost anything they want. Prepare for more. Bend over and relax.

who uses checks these days?

Allen:

Have you gone into your local branch and asked to see the officer assigned to your account to discuss this with him or her? If not, I would. I would express my displeasure at this treatment and give them a chance to offer you satisfaction. Then I would consider switching my business to another bank.

Try a credit union or a small local bank. I get much better service from my local bank than I did with those theiving bastards at Chase, and I can ride my bike through the drive through at my local bank.

Allen:

Have you gone into your local branch and asked to see the officer assigned to your account to discuss this with him or her? If not, I would. I would express my displeasure at this treatment and give them a chance to offer you satisfaction. Then I would consider switching my business to another bank.
I did. It did not end well.
I was told to watch my tone, and I said that it was cute the way he was trying to divert attention from not honoring my deposit in a timely fashion by feigning concern for my attitude.

My lotto dreams have changed. Now I want a big check just so I can walk in there and ask them how much they are going to kiss my ass to get ahold of it.

The delayed deposit policy is only in effect from Friday to midnight Tuesday too. Make a deposit at any other time and it will clear immediately. It's in place to screw anyone who lives pay check and may need their funds in less than 80 hours.

Try a credit union or a small local bank. I get much better service from my local bank than I did with those theiving bastards at Chase, and I can ride my bike through the drive through at my local bank.

We have no local banks. The last one folded about 6 months ago.

Your bank is trapped in the 1980s or something.

I only hate the bank that holds the mortgage to our house. I am counting the days until we get that puppy paid off so I can do away with them.
Lemme guess- it's a bank named after a Country on the North American continent?

We have a raft of credit unions here (I was a member of one once, but had to reduce the number of accounts we had after we got married), but I don't want to make any switches until I kill off the mortgage and the mandatory checking and savings accounts that came with it.

We have no local banks. The last one folded about 6 months ago.

Start your own credit union- open to all who despise the big national banks ;)

Lemme guess- it's a bank named after a Country on the North American continent?

Negative, chief. Bank of the West, who I hate dealing with and is also trapped in the 80s. And don't get me started on the interest rate, but that's because we were first-timers buying a mobile home.

http://www.federalreserve.gov/pubs/regcc/regcc.htm
According to the Federal Reserve Board I'm in the right here.
From what I gather they cannot hold funds from deposits drawn on their accounts.
Out of state checks they can, on-us checks not so much.

Start your own credit union- open to all who despise the big national banks ;)
Sounds like a plan.
You have thirty million I may use on an unsecured loan?

http://www.federalreserve.gov/pubs/regcc/regcc.htm
According to the Federal Reserve Board I'm in the right here.
From what I gather they cannot hold funds from deposits drawn on their accounts.
Out of state checks they can, on-us checks not so much.

So go back in in the morning, armed with the fed's printout and ask them to explain. If they can't, then politely demand a refund of your bounced check policies as well as a letter to each person/business who received a bounced check. If they decline, let them know you will be reporting the incident to the state and federal banking agencies.

Once you talk to those agencies and determine you are in the right without question, file a small claims action against the bank. Likely just the notice will get your money back and the apology letter; it'd cost less to give you back your fee than it would for an employee to spend the day in small claims court (no lawyers allowed).

Huh. The one time I was told that they were going to hold my check "until it cleared", I reminded them that they never had to clear my checks before. He told me he has to follow policy and that there would be a hold on the check. I said "Okay, that's policy. I understand. Well, I'd like to close all of my accounts right now and if you would please give the amount to me in cash so I can use my money since you won't put the credit of my check to my acct." Pulling up the corner of his mouth in a quiet snicker type of thing, he started to type away at the computer. He stared at the screen for a long time while scrolling. Then he said to me in a nervous politeness, "Ma'am, are you sure you want to do this?" I said "Yup. In cash, please."

He called over the manager, who then asked me why I wanted to close all of my accounts. I explained. He swallowed hard. He apologized. He walked over to the teller.....

He authorized the check to be credited to my account right then and there.

From then on, I've always been treated with the best of service.

Threaten to close the accounts. It works.

Siu, for some reason that story made me think about 'The Beverly Hillbillies'...

What Siu said. Threaten to close all of your accounts. They will give in. If they don't, take your money to someone who does treat you well.

Lady Siu, I like the way you play. I bet the teller thought "Oh @#%^" and started to sweat trying to figure out how to explain the situation to the bank manager.

+1 on threatening to leave.

I have walked out of several banks in my life with an armload of cash. My favorite time was years ago when I lost my checkbook (found it months later under the seat of the car) and went in to cancel those checks and get new ones. They said the charge to cancel a check was $25, and since I had about twenty checks lost, it was going to be a ton of money. I was stunned. I asked them what the fee was to close and freeze the account, and they said it was free. So, I asked if there was any reason why I should not close it out and walk across the street and open a new account there. The guy said he could not think of why that would not work. So I did. It was a surreal experience. I did not suggest to them that maybe they should waive the fee to keep me. And they did not seem to think of offering it. They just acted like they had transactions like this all the time.

Years ago, before Paypal, I used cashier's checks to pay for things on Ebay. One day the teller told me that they just started a policy of charging for them. I said if they charged me, I would pull my money and leave. So, they reluctantly gave me a pass that time. And every time I went in for one thereafter we had the same conversation with the same threat and same result. They even started saying things like, "Okay, but this is the last time". Whatever. I felt like a cranky two-year old having to throw a tantrum. It became sort of like a Beckett play after a while.

I guess whenever I hear any business say "its our policy to...", my response is always, ALWAYS to politely suggest that its my "policy" to get the most for my money and time, and so since we are at loggerheads, I guess we have to part ways. Most all of the time, they will break their "policy" for me. What is this "policy" stuff? There are no "policies" in a negotiation. Either the two parties can work out an arrangement or they can't.


jim

It's a fact that banks and lenders now make the bulk of their money from fees. Some are even basing the bounce/overdraft on the date/time of the check. So if you write a check to your LBS on Monday night, and then go to the bank on Tuesday AM and deposit cash, THEN the check arrives electronically to clear at the back on Wednesday, they are still charging a fee.

Our government has given them the clearance to do almost anything they want. Prepare for more. Bend over and relax.

This, my friends, is what they mean when they say "deregulation". It means the right to reach into your pockets. The next time your (right wing) politician cries about the greatness of deregulation, remember it's YOU he plans on screwing.

Banks, on the whole, are scum.

I use a credit union now, too, and I like it much more than any of the banks I've used.

The problem with threatening to close your accounts, or complaints in general, is that if you don't have a lot of money in your accounts, they won't really care. And, of course, if you had a lot of money in your accounts, you wouldn't have any bounced check fees. Banks are only nice to people that keep a substantial chunk of change at their institution.

My advice: see if you can find a credit union or become rich. Those are the only two decent solutions.

I did. It did not end well.
I was told to watch my tone, and I said that it was cute the way he was trying to divert attention from not honoring my deposit in a timely fashion by feigning concern for my attitude. .

Watch your tone?! What the hell kind of service is that? (OK, to be fair - did you call him a D-bag or something? Because that would have been classic)

Watch your tone?! What the hell kind of service is that? (OK, to be fair - did you call him a D-bag or something? Because that would have been classic)

I said, damn.

Closed my account today. I was going through the mess with a bank officer and noticed thet the print out stated that I made the deposit on Monday instead of Saturday. He admitted that the bank dates all transactions after 5:00 Friday to the end of business the following Monday.

At that I ended the conversation and closed my account--and paid the closing account fee.

At that I ended the conversation and closed my account--and paid the closing account fee.
Closing account fee? I have never had a bank charge me to close my account.

$5.00

Closed my account today. I was going through the mess with a bank officer and noticed thet the print out stated that I made the deposit on Monday instead of Saturday. He admitted that the bank dates all transactions after 5:00 Friday to the end of business the following Monday.

At that I ended the conversation and closed my account--and paid the closing account fee.

you must have been with either BOA or WF (formerly known as Wachovia, aka Walk all over ya bank).

Best story with a bank acting a fool was when I went with my grandfather to make his daily deposit one morning.

Bit of back story first. Grandfather owns an extremely lucrative menswear store here in town. As a mater of fact the only one. Sells only high end menswear. Cheapest suit you can buy is around 2k. With the makeup of the local citizens with a law school, college and military base and active aristocratic social scene he does quite well.

He is in the habit of making his deposits in the morning instead of at night like he should. But that is him and he will not change his ways.

So he was making his daily deposit of the receipts from the store. Teller tells him that the bank now instituted a policy of holding all checks until they clear that are not drawn on accounts held at the bank. He tells the teller this is unacceptable and asks to speak to the manager. The branch manager tells him the same thing that they would have to holds the checks. He then politely tells the branch manager fine and that he would like to close his accounts and to give him his balance in cash. The manager then brings up his account stares at the screen looks at my grandfather sputters a bit and get all apologetic and that they will deposit the checks without the hold. My grandfather tells him no thank you and that he would like the balances in cash.

Now the best part. The manager tells him that they do not have that much cash on hand. That they would give him a cashiers check for the balances. Grandfather tells him he will accept cash only. After a few minutes of back and forth my grandfather pulls out his cell phone and calls the bank president who is a close friend of the family. Needless to say the bank had to call for an emergency delivery of cash to pay my grandfather.

you must have been with either BOA or WF (formerly known as Wachovia, aka Walk all over ya bank).

Synovious. The brainiacs who made the half a billion dollar loan to Sea Island which then went belly up and was sold for pennies on the dollar. They are in danger of folding now.

How about an internet bank?

Make a deposit on Saturday and it will not post until Tuesday.
I made a $500.00 deposit on Saturday with a check drawn on the same bank as I use and I received bounced check fees on a check that I wrote today that was deposited today.

They honored the check on Saturday, even gave me cash back on Saturday, but they won't credit my account for three days. There is no justification for that policy except to collect bounced check fees. They knew the check was good or they would not have honored it and given me 1/4 of the cash on Saturday. It's a policy of theft.

Asinine.

Even more asinine (though effective) is the hack that fixes that.

When you are at the issuing bank, never deposit the check. Instead, cash it right there, then deposit in cash. Most banks post cash deposits immediately and some will even cash checks from other banks whether you have funds to cover it in your account or not...lending a lot of credence to your theory that the policy is utter BS. They get paid right away, believe me.

I've worked for a few shady characters in the past that gave me rubber paychecks. From then on I have always gone to their bank to cash, then deposited at mine. Even if it's across town, it still costs less than even one returned check charge, and if there's a problem with available funds I know right away before the creep has a chance to leave town.

Threaten to close the accounts. It works.

That only works if you have money in the accounts.

Our small company has no direct deposit. I take my check the company gives me to the bank. I CASH IT. (<-important) Then I take that money and deposit it in my account I conveniently opened at the same bank.

There is never a problem this way. My wife has direct deposit. It is posted as cash available on Friday mornings at 6:00AM. Not all banks do this but I am happy for this.

We have no local banks. The last one folded about 6 months ago.
Where the hell do you live, in the middle of nowhere?

I have in a town of 45,000 and we have about 3 local banks here. The one I'm with has 3 offices around the county.

Where the hell do you live, in the middle of nowhere?

I have in a town of 45,000 and we have about 3 local banks here. The one I'm with has 3 offices around the county.

I am indeed the middle of nowhere.
Largest town in this county has 12,000 people. My community is unincorporated and has 145 residents.

I am indeed the middle of nowhere.
Largest town in this county has 12,000 people. My community is unincorporated and has 145 residents.

Nutin' to do except being a mod I guess.

I've got to say that I hate my bank now (Wells F***ing Fargo) if I didn't before, and while I now guiltily begrudge Verizon their generous holiday policy, once I finally reached them re my bank's ****up they seemed really great (now I just need to see if they follow through).

It was such a nice feeling to walk out of that massive bank with a cashier's check to deposit in my credit union for Bank Transfer Day. When I did, the Credit Union upped my credit line so I had $1,500 more in credit than I had with the massive bank.

I always hated massive bank. I never opened an account there. They took over the bank I was at and at the time I owed on my credit card so I stayed.

To me, their worst policy was that when they reconciled the credit card monthly, they would take the minimum owed out of my checking and put it towards the credit card, before checking to see how much I had paid already.

The first time I discovered this was when they flagged me for writing bad checks and required me to come into the office to discuss my transgression. I had paid almost all the money I had in my checking account to the CC, and they had taken the money out of my checking account, but not applied it to my CC yet, when they tried do their automatic transfer of the minimum amount and it quite predictably bounced. So the money was neither in my checking account, nor in my CC account and that set off all their bells and whistles blaming me.

http://www.leadpipeposters.com/images/0091.jpg

I always wanted a check that looked like this for my account, but strangely, they would never do it. It's an image of a branch of the bank when students burned it to the ground in 1970.

Your bank is trapped in the 1980s or something.

There's a good reason for holding the funds like that. Banks do massive business in overnight loans. Holding your funds for that time gives them time to loan it out 3 times and make more money with it before they even give you credit for your deposit.

There's a good reason for holding the funds like that. Banks do massive business in overnight loans. Holding your funds for that time gives them time to loan it out 3 times and make more money with it before they even give you credit for your deposit.

There is a better reason. They do it to collect bounced check fees.

There is a better reason. They do it to collect bounced check fees.

So you're saying its a win-win situation. ;)

Synovious. The brainiacs who made the half a billion dollar loan to Sea Island which then went belly up and was sold for pennies on the dollar. They are in danger of folding now.

Then it's good you got out. The funds may be guaranteed by FDIC, but that doesn't mean you get your money instantly. They'll have to do a complete audit first. That could take a while.

Then it's good you got out. The funds may be guaranteed by FDIC, but that doesn't mean you get your money instantly. They'll have to do a complete audit first. That could take a while.

My funds are not such that it would take an auditor to account for them.

My funds are not such that it would take an auditor to account for them.

No, but the FDIC would probably put a hold on all funds till they got the mess sorted out. That could delay you more than a few days.

So have you moved all your mega-riches to another more customer friendly financal institution?

+1 for credit unions.
I banked with the same institution for 35 some years. They were taken over by a bank that uses the same numbers as those years, just in a different order. Business I worked for used the same bank to issue paychecks.
Never bounced a check until bank changed hands. 5 checks bounced within 1st two weeks of new bank taking over. WHAT!!! Each bounced check was a $50.00 fee and $25.00 penalty per day.
When I deposited a check for 2 wks pay, they locked(subtracted that amount) from my chk acct. for 7 banking days(weekends don't count). According to them, when I deposited my paycheck, my chk acct. instantly became overdrawn as it showed a negative number, BEFORE I HAD EVEN WRITTEN A CHECK!!! They then subtracted the fees, for my fiscal irresponsibility from my savings account.
The notification of insufficient funds did not come until 10 days after I deposited the first paycheck under new bank.
When I protested vehemently to the manager, I was informed that this was "their" standard banking practice, and had I signed up for overdraft protection on their credit card, the fees would have gone on the card at ONLY 16% interest, until my account was on the plus side again.
When I attempted to close the accounts, I was told I would have to wait two weeks "To make sure I did not owe them any other fees".
I both called and wrote to the state atty. gen, and was informed they were taking it under advisement.
There was a class action suit against this bank later and I get like $4.00 back, for them ripping me off for over $600.