Evil Bank Issues

[Juniper]

Banks are evil, I am convinced of it.

I guess there's probably someone here who works for a bank and I'm offending him or her. Well, tough noogies, my daddy worked for this same bank I'm bitching about for 40 years. In a different department. And they didn't treat him much better than they've been treating me.

The most evil thing they've done to me was to screw up my mortgage payment. I made the payment online, which the bank promises me is a perfectly normal OK thing to do, right? Didn't arrive, and the mortgage co. called me asking why I didn't pay. Great.

Of course the mortgage co. is a bank too. So what THEY did was to ask me for a check number for a telephone payment, and charged me $15 for the privilege, then proceeded to (accidentally) charge me two times the normal payment.

Meanwhile, my bank apologized for the trouble, said they'd send it through again and cancel the first. I told them not to, because I'd already paid it, but they did it anyway. The eventual outcome was that my mortgage co. received FOUR TIMES my mortgage payment all at once. This is not a phone bill, folks, you know damn well a mortgage payment is hard enough to afford ONCE a month. Yikes. It was just a lucky fluke I had enough in the account.

And of course, they think nothing of charging me fees for using the overdraft protection which was supposed to be free - it's free the first couple times, but you know how they do it, they drag their feet posting your deposits but waste no time deducting your payments.

So here's the latest atrocity. I am SO mad right now.

I got a check for about $5,000. Doesn't matter where I got it, right? It's a real check, from a real company, drawn on a US bank. I am self-employed and it is entirely conceivable that one of my clients would pay me that amount of money for a project. It's not THAT much money.

When I deposited the check, the teller said "since this check is Sooooo big, someone will be calling you to talk about your accounts." Why? I asked. "Just to make sure everything is set up right." Whatever.

A week went by. I checked my account online. It said the check was still "pending." Hello? I NEED that money. I have bills to pay. In fact I have already paid some, assuming (duh, never ass-ume) that the check would go through in a couple of days. So now the bank says -- get this -- I am OVERDRAWN. Because my check is "pending."

I called the bank. The nice lady on the phone said "that's bank policy, we always put a hold on checks over a certain amount." B-b-but...I've deposited checks like this before, from the same company, and they always went through in a day or so. "No," she assures me, "it's always been that way." She tells me it will be released on Friday. That was Tuesday, btw.

But I need it NOW. I have bills to pay, right? She acts like I am doing something shady, trying to use my money like that.

Because the check was SO big. I'll say it again, $5,000 is not THAT big. Add another zero and I'd buy that explanation, but come on!

I might add at this point that we just had a big wind storm here thanks to Ike, and for the last few days while the electric was out, if you needed to buy anything you needed cash to do it, not plastic. I was out of gas Monday and found an ATM, but could only get out $40 because of "insufficient funds." This is how I found out about the bank's little game.

So I called again today. I spoke to someone who had a brain. He was able to get the check "released" and agreed with me that it was stupid, because after all, I have a credit card connected with my checking account anyway with a higher limit than that stupid OH so big check. I asked why they put a hold on the check. He said "it was a judgment call on the part of the teller."

Apparently this teller did not believe it was a real check.

Because $5K is SOOOOO big.

Once before when depositing a similar check, I was asked (at this same branch) what the check was for. Um....it's my paycheck? (and no, believe me, it's not weekly! I get paid very sporadically.) "Just wanted to make sure you weren't getting scammed," she said.

And apparently this "phone call" I was going to get from the bank was to "advise" me on how to invest my sudden windfall. Hello? Bills? Why is it the bank's business how I'm going to spend my money?

OK, I'm done ranting. Am I crazy, or is this just incredibly unreasonable and intrusive?

Definitely time to change banks!

[footfootfoot]

You seriously need a new bank and you need to give the VP a kick in the nuts.

We have a lot of success with our very small town bank. We live in a town with a population under 2,000. It makes a huge difference. plus our bank only has a few dozen branches so it isn't all heartlessly corporate.

Close your account and leave a top decker in the vp's john.

[classicman]

I used to deal with that crap all the time at my previous bank. They would charge my account and then because they charged the account the next check would bounce and then I'd get charged again. $40 at a clip! It was ridiculous. Get away from that bank immediately run as far and fast as you can. Its not like it used to be anymore

I had similar concerns with my current bank when I deposited a check that was over the federal limit. I decided not to go to the teller and sat with an associate instead. He addressed all my concerns and took care of my deposit personally because he didn't think it was prudent for me to stand in line and make that transaction in what has become a very public setting. (side rant) Anyway he explained that due to the amount of the check it would take 5 to 10 business days to clear. It cleared in 7 days. I give my vote for Commerce.
They've been very helpful to me throughout my divorce which got very messy and things like this last situation.

[dar512]

Here you go, Juni. Ohio's Division of Financial Institutions has a process for complaints. Look over on the right of the page, "How do I file a complaint"

[BrianR]

I use a small federal credit union and have had few problems. Checks clear in five days or less, even the BIG ones. Although I *did* deposit the 10k check in an ATM...that was pure convenience.

The rates are a touch better than banks too. I get 1.75% on my savings, which is still a pittance for the use of my money but the bank gives my wife 1.25% so....

They have even reversed fees when they play the deposits last game on me and something bounces.

Just sayin'

[glatt]

Fire your bank Juniper. Don't delay. Ask around about what banks your friends use and how they like them.

[Trilby]

Juniper, is this 5/3 you're talking about? coz I fired those mooseburgers last month.

[Clodfobble]

Major banks are a scam, all of them. (But especially Bank of America, in my experience...) Credit Unions and very small banks are the only way to go.

[Juniper]

Originally Posted by Brianna

Juniper, is this 5/3 you're talking about? coz I fired those mooseburgers last month.

Yup.

I would have fired them after the mortgage incident, but hubby's got direct deposit and it'd be a pain to switch that over. But I'm gonna. I think I'm going to LCNB.

[Trilby]

I had direct deposit, too, and some bills came out of my account automatically but it didn't take too much trouble to switch. That bank is the WORST. I HATE them. When I closed my account, I went to my local 5/3 bank, smiled real big and said, "I'm closing my account. I want my balance in CASH." HAHAHAHAHAHAHAAA! Do that! It pisses them off!

[Trilby]

Oh, I chose a Credit Union. Much, much nicer people, very helpful and none of this bullshit "pending" of checks that are not direct deposited. In this day and age they can check someone's account in about 20 seconds...don't give me this bullshit that it takes FIVE days for a third party check to clear. 5/3 LIVES on overdraft fees, etc.

[BigV]

Originally Posted by Clodfobble

Major banks are a scam, all of them. (But especially Bank of America, in my experience...) Credit Unions and very small banks are the only way to go.

Perfect.

I, too, urge you to join a credit union, immediately.

[richlevy]

See here for the appropriate Federal Reserve regulation. Local and non-local may refer to Federal Reserve district. The Philadelphia Fed is district 3. The district number will show on your check.

Basically, with rate margins being so low, banks two major sources of income are fees and float.

When 'Check 21' went into effect, it streamlined check processing, but the older float periods were kept in place.

(b) Local checks and certain other checks. Except as provided in paragraphs (d), (e), and (f) of this section, a depository bank shall make funds deposited in an account by a check available for withdrawal not later than the second business day following the banking day on which funds are deposited, in the case of—
(1) A local check;

(c) Nonlocal checks —(1) In general. Except as provided in paragraphs (d), (e), and (f) of this section, a depositary bank shall make funds deposited in an account by a check available for withdrawal not later than the fifth business day following the banking day on which funds are deposited, in the case of—
(i) A nonlocal check; and

[footfootfoot]

Originally Posted by BigV

I, too, urge you to join a credit union, immediately,kick them in the cunt, and use the spank ray.

Fixed it for ya.:p

[xoxoxoBruce]

Citizens Bank.
Deposited an out of state check for $18,600, cleared in one day.
Deposited an in state check for $25,000, cleared in one day.


Oh, the VP of my credit union was indicted for making over 100, $20,000 loans to unqualified people, for a 10% kickback.