Freethought & Rationalism Archive

Marduk · 03-19-2003, 03:55 PM

Banks suck, that's why I use a credit union. we got paid on fri. the funds were in there thurs. pm already. free checking, free ATM's, dump the bank!

Loren Pechtel · 03-19-2003, 04:12 PM

Quote:

Originally posted by Bree
Jek and I are having some trouble with our bank. We both have direct deposit on our paycheques (Jek gets paid weekly, I get paid monthly). Recently our deposits are taking six days from the date it is initiated from our employer to the time when the money is available for withdrawal. This is causing some serious overdraft issues, and at $27 a cheque, we're overdrawing from the overdrafts.

The bank manager said the only way to keep this from happening is to upgrade our account from "basic" (with no minimum balance) to the next level ("Green Bay Packer" at a $2,500 minimum balance). That is more than we make in two months' time, combined!

I was under the impression that direct deposit was supposed to make bank transactions easier - this six days business is a pile of shit, in my opinion. Is this waiting period standard? If not, can a bank withhold your money like this? The whole upgrade-your-account thing sounds like they're trying to make money to me.

I know there is a delay from when the employer does it until the money shows up. However, my experience is that it shows up on what would have been payday--the employer has to initiate the transfer earlier.

I know accounting didn't like it because it meant they lost the use of the money for a few days that they wouldn't have with printed checks.

I do agree that holding a check until it clears on a biggie like UPS doesn't make much sense. However, hold policies generally do not take the source of the money into account other than regular vs certified funds. My impression is that direct deposit functions basically like an electronic check--and thus could be subject to the same delays as checks.

As others have suggested, shop around for a bank with better policies.

chekmate · 03-20-2003, 03:57 AM

Might I suggest TCF Bank? Granted, I work there for a college job, but I still haven't had any problems with my account at all... Free Checking, Free Gift, Free Checks...

Manta · 03-20-2003, 08:26 AM

Ask your bank for a Terms of Service for your account. Generally the bank I work for sends out a revised one every June, to be effective on the 1st business day of July.

There are loopholes that banks use to hold your money, so they can make the interest off it. If it is happening to you, rest assured it's happening to others.

BEFORE YOU CLOSE YOUR ACCOUNT get all those service fees refunded. Ask nicely at first - if that doesn't work, ask for the branch manager ....if that doesn't work, ask for a regional (or area) executive...and keep asking until you get satisfaction...

What they're doing is most likely legal, but most CERTAINLY not ethical. Just make sure you get ALL your fees refunded, and apology letters written to anyone who has had a check returned - you can also ask the bank to refund any vendor service fees generated by a returned check. As long as you sound like you know whatthe heck you're talking about, you will get all those fees back.

Still - move your account, though

Thread Tools	Search this Thread
Show Printable Version	Search this Thread: Advanced Search

03-19-2003, 03:55 PM	#21
Marduk Veteran Member Join Date: Aug 2000 Location: the 10th planet Posts: 5,065	Banks suck, that's why I use a credit union. we got paid on fri. the funds were in there thurs. pm already. free checking, free ATM's, dump the bank!

03-20-2003, 03:57 AM	#23
chekmate Veteran Member Join Date: Feb 2002 Location: Downriver Detroit Posts: 1,961	Might I suggest TCF Bank? Granted, I work there for a college job, but I still haven't had any problems with my account at all... Free Checking, Free Gift, Free Checks...

03-20-2003, 08:26 AM	#24
Manta Regular Member Join Date: Sep 2002 Location: St Somewhere Posts: 352	Ask your bank for a Terms of Service for your account. Generally the bank I work for sends out a revised one every June, to be effective on the 1st business day of July. There are loopholes that banks use to hold your money, so they can make the interest off it. If it is happening to you, rest assured it's happening to others. BEFORE YOU CLOSE YOUR ACCOUNT get all those service fees refunded. Ask nicely at first - if that doesn't work, ask for the branch manager ....if that doesn't work, ask for a regional (or area) executive...and keep asking until you get satisfaction... What they're doing is most likely legal, but most CERTAINLY not ethical. Just make sure you get ALL your fees refunded, and apology letters written to anyone who has had a check returned - you can also ask the bank to refund any vendor service fees generated by a returned check. As long as you sound like you know whatthe heck you're talking about, you will get all those fees back. Still - move your account, though

Freethought & Rationalism Archive

The archives are read only.