Need a new bank.

Macdaddy4738 said:
after going and raising a little hell at the local wachovia branch, the money magically became unblocked and dropped into my account.
Im still switching to a new bank, whatever. They lost 2 accounts of over 19 years, a mortgage, and me and my sisters account as well.
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FYI it is standard practice at almost ALL financial insitutions to hold checks over $1,000 (or $2k?) until they clear from the bank of the originator.
They do that both to cover their ass and yours... Lets say you took that $3k and bought a car. Then 5 days later the check bounces. Guess what, bank takes the money back from you. You don't have it. They are liable for it for the mto take it back. You are up shits creek in many, many ways... namely now holding a car that is technically stolen by you, etc.
W/ small bills the repercussions of bad checks are small.

They WILL cash it for you IF you have neough in your own account to cover it. Poor college kid = unlikely.
I ran into this same problem when I got an insurance check for a totalled car, $8k. Had check in hand, wanted to buy a replacement car that day. Nope, sorry... even though check was from Nationwide insurance and drawn on Bank of America, clearly both would be good for it.

Best they'd do was give me the amount I had in a savings account with THEM, $5k, and they'd credit teh rest when it cleared. Thankfully that was JUST enough to get the new car.
 
Im not saying I was pissed that they held the check...I understand that.

but to hold it for an entire week?!

And, guess who the originating bank was anyways? If you guessed Wachovia, you win an award! :shaking:
 
Macdaddy4738 said:
Im not saying I was pissed that they held the check...I understand that.
but to hold it for an entire week?!
And, guess who the originating bank was anyways? If you guessed Wachovia, you win an award! :shaking:
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Week (5 bank days) is standard time for a check to ocmpletely clear 2 institutions. Att he credit union here the hold is 10 days.
Not saying I agree w/ it, it's just the normal practice.
 
x2

And nowadays, they treat everything that way... cashier's checks, money orders, personal checks, doesn't matter. It's usually about two weeks for them to clear. The credit union is going to be the same.
 
http://www.federalreserve.gov/Pubs/regcc/regcc.htm

Im not complaining of the delay of the check persay. I can understand holding it for a few days, a week is kinda rediculous to me, considering the originating bank was the same bank I deposited the check to.

What I was mostly upset about, was they took the first $100 AWAY from me when they held the check, after giving it to me the day before. Clearly a violation of the Regulation CC Compliance.
 
ive been with first citizens as long as ive had enough money to legitimize having an account with no problems.
 
RatLabGuy said:
Week (5 bank days) is standard time for a check to ocmpletely clear 2 institutions. Att he credit union here the hold is 10 days.
Not saying I agree w/ it, it's just the normal practice.
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If its coming from the same institution, it will not be 5 days and shouldn't be. However, they do hold it for 5 days. Why? Because they make $$$ on holding your $$$. Think about all the $$$ in transfer, if it takes 2 days but their policy is 5 days, they hold it for 3 days and make $$ on it. Small, but every little bit helps. And with all the $$$ being moved at banks, that amounts to a lot of $$$ in their pockets.


my wife had a similar issue as Macdaddy, well, something similar. Stopped at the ATM, checked balance, ok, $2100 in the account. Awesome. At that moment, she withdrew $200 from the ATM. Guess what? 2 days later she got an overdrawn notice in the mail and was charged $35. Wonder why? Checked bank records and it was from the $200 ATM withdraw. That didn't make sense because we still had the receipts from the ATM that said what the available balance was and that charge wasn't possible. Somehow the bank came up with a BS story about how the ATM balance isn't accurate and not to rely on it. :shaking: WTF is the balance inquiry button on there for then??? Long story short, after 3 phone calls from me and my wife going there in person, they wouldn't refund the $35 overlimit fee. At that moment, we closed all accounts with Wachovia and refinanced our vehicles with other banks. Over $30K in savings plus 2 car loans they lost over $35. Great customer service :shaking:
 
ABadJeeper said:
I'll 3rd, 4th or whatever it is up to on using USAA if you are eligible. They make things very easy and have taken great care of me over the years. I will say I do use Suntrust so that I have a local bank that I can walk into but the majority of my money flows through USAA.
Jeremey
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don't know about their banking services, but their insurance service is crap
 
Just because the check said "Wachovia" on it doesn't mean that it's from the same institution.

The more I read about you guys and your bad banking experiences, the more it reads like a bunch of people who can't balance their checkbooks and then want a do-over when they overdraft.
 
RatLabGuy said:
I've heard this before too
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I call Bullshit on that.

USAA is soooo good with rates because they drop people that are high risk. If you are a higher risk and want more coverage you will pay for it if YOU qualify. Their coverages are excellent and they ONCE paid for a wreck that they didn't even have to.
Plus they pay you dividends.

Talk about customer service!

[edit] one more thing, We have an insurance dept downstairs and they always try to hit me up and as soon as I say USAA, they say oh nevermind...
 
I just said I've heard it, that's all.
The guy I share an office with has then for his autos and has had a lot of trouble with tranfering his policy to MD when he moved here. Just annoying beaurocratic stuff taking waay to long, etc.
 
saf-t scissors said:
Just because the check said "Wachovia" on it doesn't mean that it's from the same institution.

The more I read about you guys and your bad banking experiences, the more it reads like a bunch of people who can't balance their checkbooks and then want a do-over when they overdraft.
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I have over drafted 3 times in my life.

Once when I cashed a check that bounced and didnt realize it till the next day.

Once when someone hacked my paypal account and bought a 20 dollar megaupload subscription.

And then this time.

I always know how much is in my account. ALWAYS. I am not a moron.


Today, tried to buy lunch. Card was declined. Turns out Wachovia put a block on it and forgot to remove it when they unblocked my check :shaking:
 
My wife had USAA insurance. I can attest to the crap insurance they have. She now has State Farm and is VERY happy with them, much more than USAA.

Of course I want my $$$ back from Wachovia. Especially when the bank admits it gave out bad information but still refused to refund a simple $35 :shaking:
 
saf-t scissors said:
Just because the check said "Wachovia" on it doesn't mean that it's from the same institution.

The more I read about you guys and your bad banking experiences, the more it reads like a bunch of people who can't balance their checkbooks and then want a do-over when they overdraft.
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Wachovia and other large interstate banks have a lot of BS to go thru when you do interstate transactions. I think some of it has to do with the fact that they are split up almost like separate subsidiaries for each state. Have you ever noticed your check might read something like "Wachovia Bank NC"...there used to be a lot of laws governing interstate banking and having separate mini-corporations in each state was one way for banks to get around those laws.

As far as guys balancing their checkbooks, I for one learned how to do it in 6th grade, but when I opened my 1st checking account at 18 and got an ATM card, I never did it. It was too easy to just check your balance with the ATM card, even if it wasn't accurate. I think a lot of people are in the same boat.
 
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