General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsBanking is becoming more and more of a corrupt, criminal enterprise.
I deposited $2500 into my daughter's account (check, not cash since they don't allow direct cash deposits into another person's account.) We bank in the same state, same county but different banks (Sun Trust) and a Federal Credit Union.. The money was drawn out of my account on the next business day. Her bank put a 10-day hold on the money even though my bank withdrew the cash from my account the very next day. Four days later, her bank showed the money in her account, however there were $70 in fees charged because there was a 10-day hold and not the three-day hold she was expecting.
It's a damn racket because this has also happened to me with even some insurance and government benefits checks that I have deposited. AND it seems to be even worse for electronic transactions. What can be done about these kind of bank processing procedures. Are banks, because of their fee, forcing more and more people to use bitcoin? $3.50 is charged for a mere ATM withdraw no matter how much the withdraw is. There ought to be a law against what is happening to consumers in the banking industry as well as other industries.
themaguffin
(3,816 posts)ending personal loans (not sure if it's more specific than that) and credit scores will be impacted by the closed accounts (which have debt of course). I don't know what happens to the loans, but it's bullshit that there is no accountability. The people who will be hurt by this will no doubt be lower income.
Demsrule86
(68,455 posts)days for a same state check may violate the law. Demand to have the charges dropped and report them.
global1
(25,219 posts)I know nothing about Huntington. Are they good to deal with? Will I be pleased or will I be disappointed with this merger?
Seeing that you bank with Huntington - I'm hoping that you'd be able to provide me with a review of what I'm to expect. Thank You.
Demsrule86
(68,455 posts)would screw up their accounts and you have 24 hours to put money in with no charges. They saved me hundreds of dollars maybe thousands...these kids one of whom is an accountant now were awful with money then. I get free checks. I was hacked on Google and they put the money back in my account the same day. They have always been great. I am very pleased. They have a great app that helps you track your money and budget...really a first-rate bank.
Dustlawyer
(10,494 posts)Look what they did to the Consumer Financial Protection Bureau.
QED
(2,747 posts)My credit union is awesome.
zuul
(14,624 posts)QED
(2,747 posts)The credit union has been fantastic to deal with.
I made an appointment to get a home equity loan. The load officer explained, patiently, that a line of credit would be better and gave me the reasons. Yeah, he's right. Then he looked at other stuff - I ended up refinancing my mortgage for a lower rate - no fee for the appraisal - and refinancing my car. That visit saved me a bundle!
My little local credit union can do everything a big bank can do.
I met with the loan officer on 6/28. I meet with him again to sign the papers on Tuesday. About two weeks from first meeting, appraisal, to signing. I'm floored.
dumbcat
(2,120 posts)Or do a foreign currency exchange?
Big banks can do that. Even my little local commercial bank can't.
zuul
(14,624 posts)dumbcat
(2,120 posts)you don't know that your little local CU can do everything a big bank can do, and that your unqualified statement to that effect was ill-informed.
Nothing personal, just one of my pet peeves.
zuul
(14,624 posts)as a 'pet peeve.'
Now you are a blocked dumbcat.
dumbcat
(2,120 posts)... it is indeed one of my pet peeves when people go off and make blanket false statements, especially when it is obviously intended to be oh so virtuous, and they don't know what the hell they are talking about.
Actually, I tried to be quite polite about it. But that's just me.
Bye.
Prof. Toru Tanaka
(1,943 posts)and decades later, I still do.
zuul
(14,624 posts)I can reach an actual human being.
Good luck talking to a person at a mega bank!
Prof. Toru Tanaka
(1,943 posts)Also, we have a few branches around town and one is a 15 minute walk from my home.
7wo7rees
(5,128 posts)Move away from Big Banks. Credit Unions don't treat you like this.
TheRealNorth
(9,462 posts)Unless you want to help support Peter Thiel and Elon Musk fund the next Republican takeover of our country.
bamagal62
(3,243 posts)intrepidity
(7,272 posts)Leith
(7,807 posts)Believe it or not, the 10-day hold was an improvement. Before that went into effect, the hold was often 30 days.
Still, putting a hold on your daughter's account was overkill. She should go to her bank with the information you listed above, get the hold taken off, and the fees reimbursed.
The only reasonable explanations I can think of:
1. Your account is new. Checks have the date that an account is opened on the check, generally month and year.
2. Her account is new. Banks put holds on checks from other institutions deposited into a new account as a matter of course.
3. There has been previous activity on your daughter's account that concerned her bank.
I am NOT saying that any of this happened. It's just that those are red flags for a bank (S&L, CU, etc.). Some of them are just a bit jumpy and get ahead of themselves.
When I was a teller, I accepted a check from a man who had been a customer in excellent standing for more than 30 years. It was on an account he owned from another bank being deposited into his 30 year old account at our bank.
When the check came back as nonsufficient funds, he had already withdrawn them. Unbeknownst to us, his business was going under and he was kiting. I got into trouble (written warning, went downtown to get yelled at, probation for 6 months) for not putting a hold on the funds. The only reason I didn't get fired was that the customer had been in good standing for longer than I had been alive and had deliberately tried to defraud the bank.
When your daughter goes in for the fees to be reimbursed or to close her account, they should treat her very well or she should shop around and find a better bank.
Good luck!
Zeitghost
(3,843 posts)For putting a hold on a deposit? That doesn't sound right. Do you mean she started spending the money before it cleared and incurred overdrafts?
I love my bank (Charles Schwab). No ATM fees at all, anything charged by a 3rd party gets reimbursed. No international exchange fees, no monthly charges and all deposits are available instantly. They also have top notch customer service with real Americans employed by the bank and not a contracted international call center with no real knowledge of the topic they're trying to help you with.
dugog55
(296 posts)that issued the check for my company. I went home and paid my bills by check. Four of them bounced due to insufficient funds. My paycheck more than covered the bills so I went back to the bank and asked why I have to pay $25 for each over drawn check when the money was in my account. They said there is a 10 day hold on checks. I pointed out my payroll check was from their bank. "Makes no difference" I was told.
I then asked him if I cashed my check, got the money, then promptly deposited it in my checking account would that be okay? He said that would be fine. I think a light bulb lit up in his head then, and he rescinded the over draft fees. So after that, I would fill out a deposit slip for cash, cash my check, then hand the money right back to the teller with my deposit slip.
That is supposed to be modern banking?
onethatcares
(16,161 posts)"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning"
Henry was a shit in many ways, but that quote rings true.
When speaking of institutions becoming criminal enterprises, I can't help but think about our political system and the multi millionaires that are helping the working people of the nation achieve better lives.
KentuckyWoman
(6,679 posts)If it is not in writing it didn't happen.
If the money is not in your hand, don't spend it.
The end.
Suntrust does not charge fees at their own ATMs. Plus, if you have a certain type of account, you can use non-Suntrust ATM's without a Suntrust fee (although the owner of the ATM may charge a fee)
Holds depend on the type of check deposited and how it was deposited. The amount can also affect how long the hold lasts. The Credit CARD Act of 2009 requires all financial institutions to put these policies in writing and to notify you at least 30 days in advance of any changes to the agreement.
If you are wanting to move money to your daughter, consider adding her to your electronic bill pay template as a payee. Check to be sure SunTrust can make direct deposits to Fed CU. I expect SunTrust will take the money from your account 3 days before they actually send it to your daughter. If you schedule it on a Friday, it will take 5 days since the weekend does not count.
Lastly, I encourage everyone to consider credit unions. They are not a perfect world, but generally speaking, the terms are much more consumer oriented.