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one interesting difference we saw yesterday between banks is we sold off the holdings in our LLC so both us and my son got checks for 100k .
we deposited it our check at our branch of chase yesterday and today the check cleared and all funds are available ...
we deposited the same size check in to capital one next door where my son and wife have a joint account ..
they said a few days on the first 50k and 2/11 on the remaining 50k as a clearing time --that sucks!.
Was the check drawn from a Chase account? I've noticed that makes a difference, even depositing small checks on the availability of funds.
I had a part time job once and I'd take my paycheck straight to his bank the next day, cash in person about 15-30 minutes after they opened, since his business was troubled and rubber paychecks were a problem.
Was the check drawn from a Chase account? I've noticed that makes a difference, even depositing small checks on the availability of funds.
I had a part time job once and I'd take my paycheck straight to his bank the next day, cash in person about 15-30 minutes after they opened, since his business was troubled and rubber paychecks were a problem.
credit unions can open up a who new can of worms with their loans that many are not familiar with...
the cross collateralization used by many credit unions can be quite a shocker to those who don't read or understand the differences between a bank and a credit union.
When you take out a loan to buy a large item, such as a car, you give the lender a security interest in the item. This means that if you don't make your loan payments, the lender can take the item and sell it to satisfy the debt.
When you borrow money from a credit union to buy something, the loan agreement usually contains a clause that says that not only is the property collateral for the loan you're obtaining to buy it, but it will also be collateral for any other loans you take out through the credit union. That includes credit cards and personal loans.
you buy a car by taking out a loan from your credit union. The loan agreement for your car loan contains a cross-collateralization clause. you later open a credit card account with that credit union and uses it to pay for some vacations. After three years, you pay off your car loan, but you still have a balance due on your credit card.
you lose your job and stop making your credit card payments. The credit union can repossess your car and sell it to pay the credit card debt.
I hope everyone here reads this. I did not know this. I currently only have a credit card through mine. Would opening the new auto loan in a different credit union resolve the risks of cross-collateralization?
I hope everyone here reads this. I did not know this. I currently only have a credit card through mine. Would opening the new auto loan in a different credit union resolve the risks of cross-collateralization?
I would think that is fine but not sure since most get stung by the same credit union when it comes up
I would have thought the same but I have seen the opposite. There's more banks around here than ever before. I guess people still like visiting banks. I haven't been to one in several years.
That is what I am seeing in the Twin Cities (MN) as well. Or at least my parts of the Twin Cities. Many of the grocery stores here have an affiliation with a bank, with locations in the stores (with night and weekend hours).
In the past ten years, I have been inside a physical bank location twice (they negotiated our mortgage on a new home and we needed to open new accounts for our daughter, which could only be done in person). But I use their driveup ATM a couple of times a month (no fee for clients).
As long as there is a choice, I'll go with a financial institution that has some physical presence. Sometimes I just prefer to visit in person.
Case in point. A few years ago I logged into my account, which has three separate sub-accounts (savings/checking/brokerage). One of the accounts, which was sizable, was showing a zero balance. I called customer service to see what the deal was. The rep assured me that the account was not empty. They would have the reporting fixed within a day or two. Fine. I checked again three days later and it still showed zero balance to me. Called customer service... same story. Not okay. I drove two miles to the closest branch office and explained this was not acceptable. The problem was fixed in ten minutes.
I was in a PNC branch 2 years ago where I keep $20K and asked for some Euros for a trip I was taking. They assured me it was no problem and they'd have them for me in 2 days. They never came through. Just never did it. I let them know when they kept contacting me to invest that they would never be anymore than an ATM to me. Haven't been back since.
I am self employed.
I have deposited all my customers’ checks via an iPhone app for the last 7 years with zero problems.
You are just wasting time visiting the branch.
I'm self employed too and used the phone app for years until the bank changed their policy and wouldn't allow business deposits. Then our credit union offered phone deposits, but not for business accounts. I contacted customer service and they had a meeting and approved us for deposits. Small town credit unions have more flexibility than big banks sometimes.
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