Bank Rant

[hoosierone]

Seems like the banks always get the bad rap. Most folks don't realize the BS banks have to put up with from the government. Not saying that excuses all behavior, but it explains a lot of it. I was a banker for 23 years. Absolutely the worst part of the job was dealing with the government. They come in with the express purpose of finding "gotchas".

One quick story: when home equity lines were just coming out a bank examiner (federal) asked me what I would do if a customer defaulted on his home equity loan. I told him we would foreclose on his house and sell it. He looked at me for a while and left my office.

 

[Krell1]

Recently I was trying to buy foreign currency (euros) for a trip I was taking. Got nowhere in most local banks without having an account. Apparently credit unions don't deal with it and I'd have to find a regular bank to get what I wanted. Chase had numerous fees even though I tried for a "senior" account. Finally went with Wells Fargo and all was well.

I can see the possibility of money laundering but cash is cash and I've never had a problem depositing it in any account I've ever had.

 

[ChattanoogaPhil]

What does the inside of a bank look like these days? It's been a long time...

 

[NYlakesider]

What does the inside of a bank look like these days? It's been a long time...

With the amount of cameras around it looks like a place that sells surveillance equipment! FWIW thats the ones you can see.

According to my DIL who is in management, at least at her banks you only see about 50%

 

[e3mrk]

Western Union . . .

Western Union works if you dont need the money fast.

 

[Lee's Landing Billy]

When I want to give my kids money it's simple. My daughter in law works at a bank. So I send her a check. Next day it shows up on my account.
With my daughter it's just as simple. Her bank has an app for your phone. She takes a picture of the front and back of the check and bingo, the app deposits it. I do most of my banking with military credit unions. No hassles. In the past I have had and closed accounts with BofA, Manufacturers Hanover (out of business), Key Bank, Union Bank(AKA United Bank), George Mason Bank (in VA), and frankly they all s--k. But mainly I pay in cash or use a debit card (same as cash and no fees). The limit on cash payments is 9,999.00 Higher than that gets reported to the Feds. (might be a drug dealer.......Yeah right!)

Peter I certainly can't speak about your bank BUT that $9,999 is no longer the watermark. The new requirement is completely on the Teller. They can report ANY amount that they have a bad feeling about. That what we've come to, we are at the mercy of their "Feelings". If they are having a bad day and you show up with cash in small bills that requires them to count and band it, you could get reported. I deal in cash, unfortunately I have to put it in the bank on occasion. I don't give a fat baby's butt who they report it to. And, Yes, I have been contacted by the gubment on more than one occasion. It is my money that I earned and so far they quickly get off the phone with a polite thank you. SO FAR.

 

[Bekeart]

Idiocy at Regions Bank

I tried to cash a check a while back. The lady asked for ID. I showed her my DL. She asked for another form of ID. I showed her a CC. She asked for a third ID. I asked her if she had my account on her screen? She said she did. I told her to find whoever she need to find and get every penny in that account and put it in a sack and give it to me now!
Well, you never saw such steppin and fetchen and going in and out of offices in all your life. Soon a young VP" name tag man" came to me and asked what was wrong and could he make things right without me leaving with my money in a sack? I told him what had happened whereupon he started telling me it was for my protection BUT if I would not leave with money in a sack, he would promise me it would never happen again.

Long ago, I had a Home Equity line with a FINE Local bank, then Regions bought it.
One month I received a monthly statement did NOT show my previous month payment.
Walked in with copy of paid check from my credit union.
"You WERE PAID." "Where did my money go??""

Eventually the bored clerk discovered an error with one digit in account number had MISAPPLIED my money to somebody else's account.

I asked for a CORRECT and UPDATED statement.

You will get a statement next month.

They could not (or would not) issue a corrected statement.
ALL statements had to come from Birmingham AL.
They could not even fax one to Kentucky.

WHAT is the current PAY OFF for this account??

WHY??

Because I am going to write a check and pay it off NOW!

Took confrontations with two VPs before I walked out with paperwork showing that account was PAID IN FULL.

Bekeart

 

[BigBoy99]

I can see the possibility of money laundering but cash is cash and I've never had a problem depositing it in any account I've ever had.

I had a bank put a "one week hold" on a several hundred dollar cash deposit. I discovered their hold on the money when a check bounced because I though the money was in my account. I was furious. The bank manager and I had a closed door session which probably could be heard in the lobby! They apologized and dropped the fees they charged. When the matter was finally cleared up and over, I changed banks. About 6 months later I read in the paper that my former bank chain was under investigation by the Feds. for "irregular banking practices." A year later, that bank chain had disappeared as it had been adsorbed by some bigger bank.

 

[Muss Muggins]

Western Union works if you dont need the money fast.

I've watched it in action. Almost immediate . . .

 

[steamloco76]

Peter I certainly can't speak about your bank BUT that $9,999 is no longer the watermark. The new requirement is completely on the Teller. They can report ANY amount that they have a bad feeling about. That what we've come to, we are at the mercy of their "Feelings". If they are having a bad day and you show up with cash in small bills that requires them to count and band it, you could get reported. I deal in cash, unfortunately I have to put it in the bank on occasion. I don't give a fat baby's butt who they report it to. And, Yes, I have been contacted by the gubment on more than one occasion. It is my money that I earned and so far they quickly get off the phone with a polite thank you. SO FAR.

My good friend who owns a gun shop recently had the feds investigate him for depositing and withdrawing several amounts of cash exceeding $1,000 per day. A teller turned him in for having employees make deposits which led to the investigation.

The teller's suspicion was ridiculous! His business gets paid in cash for a number of guns per day and he is an active buyer of collections for which he pays cash. The whole mess took several days to clean up. The bank also questioned why he had employees making deposits! Now he must make all deposits containing more than $1,000 in cash or $5,000 in personal checks himself. No wonder businesses want credit or debit cards these days.

 

[BAM-BAM]

Well I'm heading to my local/regional bank in a few minutes.......


Transferred...... several thousand $$s from my business account to the household account Saturday..... was there Sat , Mon and Tues....... gone on Wed......... no withdrawal. no online payments.........

There "Service line" response.............. "I don't know!".....

Glad I have the deposit slip!

 

[BE Mike]

I had His account number and routing number and showed Them My i.d. And still They would not accept the cash for deposit.
Later that day I met My Son at the Bank and gave Him the cash and believe it or not They would not accept the cash unless He produced His ATM Card to make the deposit even though it's His account.(go figure). Needless to say He's looking for another Bank.
It was Chase Bank,I here They can be a real pain to deal with.
And I dont look that shifty anymore.
I have never had this problem at any other Bank.

Interesting. I'm currently in the process of changing all direct deposits and funds from Chase to a different local bank where they have learned my name and circumstances (I'm the primary care giver and power of attorney for my elderly father). It pays for me to bank at a place with people skills and "Everybody knows your name!" Cheers!

 

[Bozz10mm]

It is totally possible to open a joint account so that two people have access to it. Problems solved.

 

[SOS24]

I've learned that many banks don't like cash, they prefer plastic or electronic. It is sad but they do it to protect themselves because of onerous federal regulations.

 

[armadillo]

Same problem with Chase.

My friend lives out on his ranch and was recovering from broken ribs (he could not drive or ride in a car because of the airbag). He gave me about $2K in cash to pay his Chase credit card bill at the closest branch which was 30 miles away. The first time I took it in no problem.

The next month, I went in again and they went ballistic on me. They told me it was illegal. I finally deposited the cash in my CREDIT UNION checking account with no problem, wrote a check for the amount and mailed the bill in (because I will never step inside a Chase bank again).

 

[4barrel]

That kind of security has drawbacks. Say He was on Vacation and His Car broke down and He needed more money than He had in the bank to get it fixed,How the heck could I get the Money to Him if They wont let Me deposit it?

You can wire money from your bank account to about anywhere. You need to do it in person.

 

[kwselke]

That kind of security has drawbacks. Say He was on Vacation and His Car broke down and He needed more money than He had in the bank to get it fixed,How the heck could I get the Money to Him if They wont let Me deposit it?

It just so happened that I was opening a new online only Money Mkt. account when this thread first started. I was in search of a better yield than available at my local credit union. As far as I can tell there is no way to deposit cash to that account. I linked the MMA to my credit union checking account, but for faster access to cash I went ahead and opened a Capital One checking account and linked it up too.

Here's a feature of this new checking account which would allow you to rapidly transfer money to another individual.

Person2Person Payment Feature

You can use 360 Checking‘s "Person2Person Payment" Feature to authorize a person-to-person electronic fund transfer ("EFT") to non-commercial Payees (like your kids, babysitter or neighbor), including folks who have accounts at Capital One 360. You must use our website (Personal Banking | Capital One) to send a " Person2Person Payment" to someone – you can‘t call us. To authorize a person-to-person EFT, you must provide us with (i) the name of the person‘s/Payee‘s U.S. bank; (ii) the U.S. bank‘s routing number; (iii) the person‘s/Payee‘s bank account number; and (iv) the person‘s/Payee‘s email address. (To authorize a Person2Person Payment into someone‘s Capital One 360 Checking or 360 Savings®, all you need is her/ his name, email address and Capital One 360 account number.).

 

[Bekeart]

I've learned that many banks don't like cash, they prefer plastic or electronic. It is sad but they do it to protect themselves because of onerous federal regulations.

Storing CASH is my reason for banks in the first place.
My mattress still takes CASH deposits.
NO waiting line. NO ID required.

Bekeart

 

[keith44spl]

Banks are like airlines,


They purty much do as they damn well please to their customers.




.

 

[crsides]

My good friend who owns a gun shop recently had the feds investigate him for depositing and withdrawing several amounts of cash exceeding $1,000 per day. A teller turned him in for having employees make deposits which led to the investigation.

The teller's suspicion was ridiculous! His business gets paid in cash for a number of guns per day and he is an active buyer of collections for which he pays cash. The whole mess took several days to clean up. The bank also questioned why he had employees making deposits! Now he must make all deposits containing more than $1,000 in cash or $5,000 in personal checks himself. No wonder businesses want credit or debit cards these days.

No, it the banks that want debit and credit cards. No fees with cash.

Charlie