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Had WaMu and since the Chase/Morgan acquisition they have become a nightmare. I am looking for a bank on LI which doesn't charge insane fees or ridiculous policies like Chase. Chase holds my husband's local paycheck for 4 days, has taken up to 10 days to send a check I generated using online billpay, and (going back to the paycheck hold of 4 days) has created an avalanche of insufficient funds fees for $245. To add insult to injury, the payments they returned are small sums -- $7.99, $36.00, $20.00, etc. It's humiliating, embarassing. To further compound matters, I learned (the hard way) that money transferred after 8 PM counts as the next day. (WaMu counted it as the same day.) The money was there, in their bank, in a savings account. Had they accepted my transfer at 9:30 PM, I wouldn't be posting this.
Had WaMu and since the Chase/Morgan acquisition they have become a nightmare. I am looking for a bank on LI which doesn't charge insane fees or ridiculous policies like Chase. Chase holds my husband's local paycheck for 4 days, has taken up to 10 days to send a check I generated using online billpay, and (going back to the paycheck hold of 4 days) has created an avalanche of insufficient funds fees for $245. To add insult to injury, the payments they returned are small sums -- $7.99, $36.00, $20.00, etc. It's humiliating, embarassing. To further compound matters, I learned (the hard way) that money transferred after 8 PM counts as the next day. (WaMu counted it as the same day.) The money was there, in their bank, in a savings account. Had they accepted my transfer at 9:30 PM, I wouldn't be posting this.
I am at my wit's end.
to address the original question...we use Teachers Federal Credit Union, and they are pretty good. I don't think you need to be a teacher to join.
One thing that jumped out at me was the online bill pay. I was told specifically (by a bank employee) that for almost any bank, the online bill pay is the SLOWEST method. In many cases...when you post a payment, they will literally print out a check from the bank and mail it (hence the 10 days)!!
Had WaMu and since the Chase/Morgan acquisition they have become a nightmare. I am looking for a bank on LI which doesn't charge insane fees or ridiculous policies like Chase.
I have never had a problem with Citibank and I have been using them for years.
Quote:
Originally Posted by OhBeeHave
Chase holds my husband's local paycheck for 4 days, has taken up to 10 days to send a check I generated using online billpay, and (going back to the paycheck hold of 4 days) has created an avalanche of insufficient funds fees for $245. To add insult to injury, the payments they returned are small sums -- $7.99, $36.00, $20.00, etc. It's humiliating, embarassing.
There are laws regarding how long they can hold incoming checks, according to what kind and where they are from, and these are supposed to be posted prominently in banks. 4 days sounds too long for a local business check.
Don't use their online billpay unless absolutely necessary. Go to each creditor's website and pay there and it will be credited much faster.
Also be careful when using the debit card ... some banks will just let you buy something even though your account doesn't have enough money and then they will charge you an overdraft fee for each transaction. I heard that BofA charges $35; don't know about Chase. Citibank will simply decline the transaction you are trying to make instead of tricking you.
Quote:
Originally Posted by OhBeeHave
To further compound matters, I learned (the hard way) that money transferred after 8 PM counts as the next day. (WaMu counted it as the same day.) The money was there, in their bank, in a savings account. Had they accepted my transfer at 9:30 PM, I wouldn't be posting this.
Your money transfer should count instantly, especially if it is from the same bank as they already have your money! What the heck! Even if I put something in the ATM at night, it shows automatically as "available." (Perhaps this is because I am a long-time customer though and they never had any problems with me.)
Quote:
Originally Posted by OhBeeHave
I am at my wit's end.
Now I know why my mailbox is littered with offers from Chase these days ("get $xxx when you open a new account," etc.).
*******
As for the money transfer thing and the resultant fees, you should get customer service to take those fees off. If they won't, go to the branch and talk to the branch manager. That is ridiculous. Some banks seem to stack the debits and credits in order to gain maximum fees rather than doing it the fair way.
Another idea: whatever bank you go to, see if they will do something for you so that if your checking account runs low, the money automatically comes from your savings account to avoid any overdraft problems. Citibank does that.
Last edited by I_Love_LI_but; 09-29-2009 at 12:07 PM..
I went into the branch and the best the manager claimed she could do is refund $105. (3x$35) She suggested I open a Chase credit card and link it to the account to serve as overdraft protection.
One of the returned checks (<$10) represented the final payment on a Chase credit card. That minute amount cost me $35 plus whatever fee they will slam me on the credit card end. I looked at the manager and told her that there is no way in heck that I would open any other instrument through Chase.
I have CDs coming due over the next 8 months; they are out of there at maturity.
Also -- I had overdraft line when it was WAMU; I have autopay every month when there was a balance. I checked my credit report 3 weeks ago and during the Wamu/Chase conversion the bank reported the OD line as being over 120 days late for 6 months! The account was never late. I had to dispute that with the 3 credit unions and it was resolved in my favor, but the damage it has done in those 3 weeks is -150 points on my FICO.
I am considering TFCU, Commerce, SCNB. I have a Capitalone account which I haven't had trouble with, but prefer not having all my accounts with one institution.
TD Bank (using Commerce-legacy policies) is very consumer friendly. However after having worked exclusively in the banking sector these past few years I always recommend using a Credit Union when one is available and/or convenient. They are very focused on their members and bend over backwards in ways no bank ever will.
One of my daughters is using Bethpage Federal and is very happy with them, including their online bill-pay which she uses almost exclusively.
For your upcoming CD, you might want to look into ING online.
With regard to the Chase CC problem, I would call up and explain/request reversal of the charges; speak to a supervisor, if necessary!
Good luck!
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