A letter to my bank (income, savings, deductible, payroll)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
^^^ Why doesn't any of that have to happen, if I just write a check for the same amount? Or draw a money order? Or transfer my funds on-line for bill payment? How come no manager has to review it, and verify the payer, and make all the callbacks, and then repeated by another employee outside the branch level??
My sports betting house wires payments, no matter how small, no charge for one per month. They must have an army of people to perform all those tasks, which they don't charge for, they have 14-million clients. My bank charges me $15 to deposit it in my account when it comes in. What the hell does the recipient bank have to do? They don't have to charge me $15 if I walk in with a $500 check and fill out a deposit slip, they don't even ask for ID..
I could explain our workflow process but it certainly cost more than a few cents
We actually allow written authorization or verbal authorization in some cases.
1. A bank employee has receive the instructions and store it, typically a document is scanned in or a form is filled out detailing the verbal authorization.
1a. If it is written instructions a call must be placed to the client or authorized party to confirm
2. The instructions have to be reviewed and approved by a manager
3. An employee must take the instructions, verify the information on the request, available cash and enter the instructions into the fed wife system
4. The request is then routed to a manager for review. The manager compares what's in the instructions vs the data entry into the fed wife system, verifies balances and verifies that the person who gave authorization to send the transfer is an actual authorized individual on the account in question and approve the request.
5. The approved request then leaves the branch and step 4 is repeated by another employee outside if the branch level.
6. All of the above records and information has to be documented and stored for a timeframe no less than 7 years.
7. Usually a call back to the client or authorized individual would also follow to confirm the process is complete and to give said person the fed reference number
It cost more than a few cents I can assure you of that
^^^ Why doesn't any of that have to happen, if I just write a check for the same amount?
I think you mean why does any of that have to happen. It's not the same as the check writing process and even then the clearing isn't automatic for checks. We do get a list of everyone in the morning who has checks coming through without funds to cover. We contact the majority of them if they have funds elsewhere and will accommodate them by making the transfers.
The fed wire system is real time and is nonrevocable in that if we make a mistake and send it to the wrong account at your bank we can not get the funds back without the permission of the persons account who was credited in error.
You can keep questioning why but it's clear you don't understand the process and thus clearly don't understand the cost associated with it
Example: Got paid Friday instead of the usual Thursday, overdrew my account Wed expecting to be paid Thurs so no fees. Got paid Friday instead of the usual Thursday and guess what? They charged me a 25.00 overdraft. That's just one example, banks get a way with charging so many unnecessary fees; it's really outrageous if you think about it
Lol. Yeah, that's the bank's fault.
Writing checks you know are bad is, quite literally, a crime.
I can post and drill sometimes..........sometimes not.
Now, it is winter......so I am home.
Since I'm not hourly and tend to spend more time here than most I don't hear anything about it. It's a results oriented business that doesn't need much mircomanaging if you deliver
I was looking at the fee schedule of US Bank this morning. They charge 50 cents to deposit a check online. Other banks don't charge anything for that. US Bank charges $5 per month for a dormant account, but they don't define what they mean by a dormant account. Presumably an account that has been idle for a certain number of months. I have a bunch of accounts I hardly ever use anymore, which might meet that definition. The only reason I'm opening a US Bank checking account is that they're giving me a $200 bonus to open it and use direct deposit. But if I keep finding things I don't like about them, like those extra fees, I'm not likely to keep it open very long. I might just take the $200 and laugh all the way to the bank. Some other bank.
Or you may receive a letter telling you that your account has been closed...
If that does happen, I'd take suggestion #1 that KaraG posted: join a credit union.
They (credit unions) really DO have a different mentality than normal 'banks' - THEY are customer focused!
I joined a credit union and it was a total PITA. The credit union was bad about holding my funds much longer than regular banks. They opened later and closed earlier, and (this was a biggie), they had much fewer available ATMs than the big banks, so I frequently had to pay fees to get cash. Another problem I had is they stopped my debit card twice for suspected fraud and there wasn't a thing going on so I had no access to my money. I closed my account with them quickly. I'm with Chase now, and I'm happy. I don't pay any fees for anything. If you're careful, you can usually avoid fees.
That is one example of your irresponsibility.
And yes, that IS really outrageous, not to mention illegal.
I've been doing it for months and nobody has ever said anything about it. I called the bank to explain but they didn't want to listen...you would think that they would understand what happened
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
