RE: [MLUG - DISCUSSION] banks fscking me

["Brent Deterding" <EMAIL:PROTECTED>]

OK,
	Having my wife work in a bank gives me more than a little insight here.
It's all about protecting themselves and it has to be. The funds have to
clear - so that they can get their money from the check. A LOT has to do
with your history as well. If your average daily balance is negative and
you've had a ton of overdrafts and all of a sudden you bring in a $5000
local check to cash - would YOU give you the money? It also depends on
whether that check is on a customer account - take it to their bank and
you'll get your money immediately if the funds are there. If either you (at
your bank) or the check (at their bank) have the funds to cover the check
then you will get your money. You know how many checks bounce or are
cancelled? A LOT.

	The "float" thing is true - but the policies in place are there for a
reason - to protect the bank. If it's a 2 week hold it's most likely what's
called a REG/CC hold. Your history has a WHOLE LOT to do with the length of
this hold. I deposited a very large check right when I was married - about 2
weeks after opening an account. It was drawn on a large financial
institution (mutual fund). I had a REG/CC hold for a week because I had no
real history with the bank. I understand this and they don't shy away from
telling you what the policy is, why it's in place, and you can have a copy
of it.

	You have no idea how many people get really really pissed off without
reading things like the funds availability policy. If you don't like the
policy then keep your money under your mattress.

	All that said, I do understand where you're coming from. Hell - I was there
before trying to cash a damn University paycheck. But after I read the
policies and understood the reasoning I was cool with it. Banks are like
hospitals remember - they're businesses there to make money. Knowing this
ahead of time - if you're not going to be a good customer and get charged
fees then don't use a bank (or maybe fees define a good customer :) ). I'd
much rather carry cash all the time they pay a bank a ton of fees.

-- Brent

-----Original Message-----
From: EMAIL:PROTECTED
[mailto:EMAIL:PROTECTED]On Behalf Of Mike Miller
Sent: Tuesday, May 07, 2002 11:03 PM
To: EMAIL:PROTECTED
Subject: Re: [MLUG - DISCUSSION] banks fscking me


On Tue, 7 May 2002, Michael wrote:

> My bank fscked me and put a two week hold on a large deposit causing
> several checks to bounce. Anyone know if there are any laws that would
> let me force them to return their 'insuficent funds' charges to me? For
> having had no money for the checks to process they managed to take about
> $200 in fees. :P


Banks make a very substantial part of their income from such fees.  It
bothers me a lot.  Here's the thing that bothers me most:  Suppose you
thought you had $1100 in the bank, but you really only had $1000.  You
write 11 checks: one for $1000 and ten for $10 each.  When those checks
get to the bank at the same time on the same day, which one do you think
they'll process first?  If they process the $1000 check last, they charge
you a single $20 fee, but if they process the $1000 check first, they
charge you $20 for each $10 check, a total of $200.  So they process the
$1000 check first!!

Regarding the original question:  I have no idea why it would take them
two weeks to process a check.  That is ridiculous.  I don't care about
their policy.  You should report this to the State Attorney General's
office as an example of how a bank is abusing its customers.  Even if they
won't help you immediately, they do take note of such things and work to
pass legislation to protect consumers.

I do agree with Jonathan that your best chance at getting your money back
is to talk nicely to the people at the bank.  Make them feel sorry for
you.  Related example:  I sometimes am assessed a late fee for payment on
a credit card.  When this happens, I call the customer service line and
tell them that I'm very sorry that I missed my payment, I give some sort
of excuse, like I was traveling, etc., then I ask if it would be possible
to waive the late fee.  They waive it every time.  If they guy on the
phone didn't like me, he wouldn't have to waive the fee, and he could add
a note in the record saying some bad thing about my attitude (which might
make it hard for me to get help from other people).

Anyway, that's enough of my rant!

Mike

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