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        New Message Board Archives >> 2007 General Board Posts >> The banks are getting smarter.
        
(Message started by: jimmers on Feb 19^th, 2007, 1:54pm)

Title: The banks are getting smarter.
Post by jimmers on Feb 19^th, 2007, 1:54pm

Because we can now go online and look at our checking accounts, the banks have now devised a way of holding checks until 11:59 pm without posting them online as pending, and making us think we will be OK on our balances until the next day, then BAMM! Post them, bounce them, return them or whatever and collect the fees while we are sleeping.

As of 11:50 last night my balance was fine with no checks pending, this morning it cost me $62.00 in fees because they actually cleared them yesterday! >:(

When I called the bank to ask about this and to bitch a little, they said it is now common practice to do so. I did manage to get them to reverse the fees, but they did so reluctantly. Lesson learned I guess.

This leads me to a question:

If retailers now know instantly if a check is good and there is no "Float" period, How come the banks do not know if a deposit is good for 2-3 or even 4 days after a check has been deposited? just another way of screwing us I guess.

Sorry for the rant.

Jimmers

Title: Re: The banks are getting smarter.
Post by Brewcrew on Feb 19^th, 2007, 2:15pm

So, how's that acute paranoia workin' out for ya, eh Jimmers?

Just kidding. The banks are making a calculated gamble with this - yes, we'll piss a number of people off, but there will be x% that won't know what hit 'em, and most of them won't care. Increases their revenue even when they do waive a percentage of the charges.

They're all about the money, and that's it. You just gotta learn the new rules and play their game. And bitch when it's not right. I guarantee they won't let you bitch about it twice. ;;D

Title: Re: The banks are getting smarter.
Post by Charlie on Feb 19^th, 2007, 3:43pm

Banks are evil.

One of the few things that I had trouble with when I first got on line was connecting to my bank and accounts. I spent a hour trying to several years ago but I was probably almost as dumb as I am now and just gave up. I got sick of trying to do it and it's probably the best thing that I've ever done. Internet banking sucks. They beg me all the time to do it but I ain't gonna.

Now I bank with a good friend... Sweet.

Charlie

Title: Re: The banks are getting smarter.
Post by edbeek on Feb 19^th, 2007, 10:28pm

I agree Jimmers.
If I write a cheque, the funds are out of my account tonight.
However if I deposit a cheque into my account, the funds are not available for 3-4 working days. That sucks.
I hate cheques. I do as much banking and bill paying as possible online, or by card.

Title: Re: The banks are getting smarter.
Post by Mattrf on Feb 20^th, 2007, 6:56pm

My thought on the deposit side is that the banks because of some rule have that three or four day clearance period in which they have the money in their hands and sit on it so they don’t have to pay you interest on it, just there way of making a little more for themselves I guess.
I have an Orange account with ING and I have to say it is great I think they are paying over like 4.5% right now, way better than any bank but it takes like five days to transfer the money from there back into my checking account so not the fastest way to get at your cash but you can’t beat the 4.5% they pay on it.

Matt