Bank Rant

MadMan118 · #1 12-16-2009, 02:26 PM

[rant] So I deposited a check into my savings account or a rather large sum, to go towards paying my tuition for the coming semester. My tuition is due to be paid by the 17'th the bank is holding my funds from the check until the 18'th and they refuse to remove the hold so now thanks to the bank I am going to be a semester behind in my studies. And now for my opinionated sentence : Bank Of America sucks the fat one.[/rant]

iamlowsound · #2 12-16-2009, 02:31 PM

Did you use an ATM? I never use those because they always hold funds.

lowsound

MadMan118 · #3 12-16-2009, 02:36 PM

Quote:

Originally Posted by iamlowsound

Did you use an ATM? I never use those because they always hold funds.

lowsound

No, I handed it to an actual person but I think the sheer size of the check is boggling the minds of the tellers who cannot count past 50.

stevetx19 · #4 12-16-2009, 03:02 PM

call your school; hopefully you can work out a one day late payment.

UnsungZeros · #5 12-16-2009, 03:05 PM

School won't take a late payment? Mine will but they tack on a $100 or so late fee.

blendermassacre · #6 12-16-2009, 03:13 PM

I would call the school. Also, I dropped BofA because they held a check a couple days longer than they said they would, and then it caused a bunch of overdraft fees. It was terrible. They literally set up their banking practices to prey on the poor. If there is a chance you might get overdrawn, you will. I noticed that when I wrote checks, they would all get posted the day before my statement went out, no matter if I wrote it on the 1st or the 13th, and it was 5 months in a row.

ADbassman · #7 12-16-2009, 03:20 PM

Quote:

Originally Posted by iamlowsound

Did you use an ATM? I never use those because they always hold funds.

lowsound

Actually, in this case using the check scanner at a BOA ATM would have been faster. When I do this with my paycheck, it always posts the same day, as opposed to a couple days down the road when handing the money to a teller.

Believe me, Tellers have seen much much larger denominations than your tuition.

MadMan118 · #8 12-16-2009, 03:20 PM

Quote:

Originally Posted by blendermassacre

I would call the school. Also, I dropped BofA because they held a check a couple days longer than they said they would, and then it caused a bunch of overdraft fees. It was terrible. They literally set up their banking practices to prey on the poor. If there is a chance you might get overdrawn, you will. I noticed that when I wrote checks, they would all get posted the day before my statement went out, no matter if I wrote it on the 1st or the 13th, and it was 5 months in a row.

So I called the school and...IM SAFE! WHOOT!
As for the overdraft thing I have overdraft protection that taps into another account, It's sad that I have to defend myself from my own bank.

ADbassman · #9 12-16-2009, 03:22 PM

Quote:

Originally Posted by blendermassacre

I would call the school. Also, I dropped BofA because they held a check a couple days longer than they said they would, and then it caused a bunch of overdraft fees. It was terrible. They literally set up their banking practices to prey on the poor. If there is a chance you might get overdrawn, you will. I noticed that when I wrote checks, they would all get posted the day before my statement went out, no matter if I wrote it on the 1st or the 13th, and it was 5 months in a row.

See, I had this experience with other banks and that's why I switched over to BOA. I have my account set up in such a way that if I ever overdraft, the amount goes straight to my credit card. In effect, I can never overdraft. Before I had my account set up this way, I simply talked to one of the personal bankers and got my overdraft fees removed. I have had nothing but good experiences with BOA so I have a hard time seeing how they are preying on the poor.

SSINTENSE · #10 12-16-2009, 03:30 PM

The school doesn't take a late payment? I would think this is a combination of crappy school administration and a crappy bank.

SSINTENSE · #11 12-16-2009, 03:30 PM

Believe me, I know crappy school administration. Drexel is one of the worst when it comes to that.

SSINTENSE · #12 12-16-2009, 03:31 PM

Quote:

Originally Posted by MadMan118

So I called the school and...IM SAFE! WHOOT!
As for the overdraft thing I have overdraft protection that taps into another account, It's sad that I have to defend myself from my own bank.

About to say. That would have been a horrendous example of red tape.

MadMan118 · #13 12-16-2009, 03:39 PM

BOA has been mostly okay, but sometimes they do things that make me want to scream.

jaywa · #14 12-16-2009, 04:27 PM

Banks, like credit card companies, appear to be getting sleazier by the month anymore. And the bigger they are, the more they try to get away with. You might be well served to shift as much of your business as possible to a smaller "community" or regional type bank. I have worked with one of those for quite a few years now and they have never done me wrong. A credit union may be another option to consider.

But BOA, Chase, Citi, and others in that league... yuck. Apologies to anyone here on TB who may work one of those companies as their day job, but that is what I've been seeing.

BurningSkies · #15 12-16-2009, 04:42 PM

Depending upon the size of the check, it may be due to federal regulations. They have to report the deposit and clear it through federal channels to make sure you're not laundering money, dealing drugs, weapons, etc.

I had the same thing happen with a 20K deposit I made. It was explained that the hold up is not bank related but reporting related.