BANKS trying to save their necks....

[DawnGrace]

In the last 6 mos I have had more customer service problems with our bank than we have had since banking with them for over 11 years. Wanted to give y'all a heads up on watching your bank stuff.
The latest incident was a TEN BUSINESS day hold that was placed --by the branch mgr ("bank policy")--on a check I recvd from my Dad for Christmas--which by the way I have got for the last 15 years. So the day of release was to be DECEMBER 24 !
After day 5 someone at work tipped me off to the fact that a higher up can release that. I called a higher up, after a discussion of how we live in an electronic banking age....and her realizing we have our MORTGAGE with them, she released the funds that very day.
Then last month there was an unaccounted for NSF charge...no reason they could find, nor I could find. Nothing to do with any deposits made after or before such and such a time--NOTHING. They released that with "we're sorry". (For all you people who never balance your checkbooks! Shame on you!--it's YOUR money). I "mentioned" I was going to close this account later on. NOT A REQUEST TO CLOSE. Next thing I knew it fell off my online bank screen, so I figured Oh well....they might have closed it. Sure enough a day or so ago, go the Final Statement in the Mail. (Not a battle worth fighting)
In the meantime several months ago I transferred my own payroll Dir Dep to a Federal Credit Union. They paid me $100 to do so ! Kept DH payroll Dir Dep at this local bank, but am considering options to that now....also if it continues the mortgage is going to move also !
MORAL OF THE STORY: WATCH THE STUFF AT YOUR BANK !
Also it's a good idea to take out your cash every week now instead of using Debit card and checks. They can now hold your funds for any reason at any time for any amount of time....unless you have YOUR cash in YOUR hand.
(Makes ckbook balancing lots easier too ! )

[ANewCreature]

Thakns for the heads up.

How easy is it to change banks. Is it worth it? My mom and dad and I all have the same local bank, within walking distance. Because of some construction and such, they're moving - likely afew blocks further, but across a busy street, leaving their old building.

Another bank in the same plaze just moved into a new building - it would still be within wakling distance and not across said busy street,s o it'll be a lot easier to get to in the winter - or to drive up to, even.

The questio is, do you think it's worth it? Our current bank has caused us no such hedaches yet. I don't know the other's reputation, except that they seem to charge monthly fees more often than this one does.

I know my parents will probably change, but what would you suggest? is it easy to transfer an account, or what? These are pretty small accounts, I've got a coulpe thousand in my checking accoutn and it's more than my parents now that both retired. Each has a little more in retirement accoutns saved back.

Might be best just to wait for the Crown Financial simulcast at our church Jan. 26th, I guess. And, who knows what will hcange in a month.

[heybales219]

In the last 6 mos I have had more customer service problems with our bank than we have had since banking with them for over 11 years. Wanted to give y'all a heads up on watching your bank stuff.
The latest incident was a TEN BUSINESS day hold that was placed --by the branch mgr ("bank policy")--on a check I recvd from my Dad for Christmas--which by the way I have got for the last 15 years. So the day of release was to be DECEMBER 24 !
After day 5 someone at work tipped me off to the fact that a higher up can release that. I called a higher up, after a discussion of how we live in an electronic banking age....and her realizing we have our MORTGAGE with them, she released the funds that very day.


It's funny you mention the 10 business day hold on checks since banks now convert checks into electronic images to process them instead of having to send the actual paper check through back through the financial system.
I sent a personal check drawn on my bank account to resolve a small negative balance at the credit union where my auto loan is at. They received the check on 12/18, sent the electronic image through to my bank and the check cleared on 12/21. But they won't consider the negative balance paid until 10 business days which puts us into January. I'll call them tomorrow and fax them proof the check has cleared. I'm wanting to refi my current truck or get try to get pre-approve to trade it in for a lower payment but they're not real easy to work with.

[watchman]

There are several reasons for the hold.

Banks float money, so they make money while holding the transactions as long as allowable by law in order to make money.

They have to deal with fraud, most fraud is a time sensitive issue. Crooks don't "stand around" waiting to be questioned, or checked out. Many scams are "hit and move". The ones who get caught are either new, foolish or being set up by bigger crooks to keep the authorities busy.

And a lot of the problems experienced are due to the hiring of more under-qualified people, and not demanding excellence in schools, and from parents who do not demand excellence from their children.

Our society is melting down, and we are doing little to fight this because it either causes us to be scrutinized, or "offends" others'. So "tolerance and acceptance" of anything leads to this breakdown.

When a part of the body is sick, the whole system suffers. Our society is also like a body, much as the church is a body.

G-d's words tells us all of this, so it should be nos surprise. But some people have never thought it needful to look for the "why".

I just happen to do so as troubleshooting and problem solving has been my life's work.


Sometimes it gets in the way of smelling roses when all I see are the thorns... :unsure

[OtherSideOfTheBoat]

I have to wonder how the banking industry fared with Katrina. Weren't a lot of banks robbed during the flood. I have not heard official reports, just rumors. Did Katrina flood the city but dry up the banks?

[frodo82801]

The banking industry survived the S&L crisis some time back. It'll survive the housing problem. The problems are there, but they aren't at the magnitude that the evening news would like us to believe. While foreclosures are at all time highs (which isn't surprising because more people own homes than ever before), people are refinancing out of bad loans at an equally high rate.