Stupid Bank Policy

That's frustrating but it sounds like pretty much everyone knows there will be a hold on a check like that. If we already know, why not ask how long? It would be nice if the bank notified you at the time but is it their responsibility to tell you something that you probably signed off on years ago?

I feel like it's really easy to get mad at the bank but if you're going to switch banks because of this, it doesn't seem like you're going to be happy anywhere. I'm sure every bank would put a hold on this check and to buy something of that amount the very next day without confirming it's in there seems a little irresponsible. I know if I'm going to make a $30k payment I'll confirm that the money is in there before I make the purchase.

Don't take all this the wrong way, I'm not coming after the poster but come on. This is a product of our culture now that it's ok to be pissed off because things weren't done exactly how you want them. Some of this stuff is common sense and if common sense is applied, cooler heads will prevail.

 

I've banked at the same branch for maybe 30 years, from back when I worked there. There is not one person in that bank who knows who I am, doesn't require 2 pieces of ID to cash a $30 check or who would not hesitate to place a hold for uncollected funds should I deposit a large item. Not like the good old days anymore. So I do almost everything electronically because sooner of later branch banks are going the same route at Blockbuster, Sears, JCPenneys, etc. My SIL who is slightly older than me still has a death grip on her checkbook. I keep telling her that she better get a debit/credit card because sooner or later she's going to give some clerk/teller a check and they are going to look at that piece of paper like she just handed them a used Kleenex. Plus it will be written in cursive, which they will not be able to read anyway.

 

It sucks that they didn't tell you right off exactly what hold they were placing and for how long, I have been told a couple times something similar. One option would have been to go back to the other bank and ask for cash, prob have to give them notice for an amount that large.

I use a small bank and they mostly know me, the ones who dont ask for ID, call up your account before cashing your check, etc. The ones who recognize me, just hand over the cash with no typing.

 

There are still a few businesses out there that do not take credit cards, and for those I still use checks. Maybe a couple per year.

 

I'd change banks, mainly due to they wanting you to find out who the CFO is for them, but I won't even take my own advice.

I deposit A LOT of checks, all rent checks. I kinda would like to know ASAP if one of them bounces, but apparently in 2019, it takes 4 or 5 days for deadbeats bank to contact my bank, then another week for the USPS to deliver an envelope from the bank to the PO Box that is 1 mile away (yep, goes from my small town, to Springfield MO, then to KC, MO, back to Springfield MO, and finally back to me.

So I check my accounts online. Used to be, the online access showed the bounced check image tied to the entry that a check bounced. Not anymore. Go ask a teller? Forget it,

So it takes a half a month to find out somebody owes me money. I don't like to let my tenants get more than a week behind before I'm saying the E word!

Hell, last time I went to the bank and took out 10K to go to Vegas, was the FIRST time ever they took me to a back room to count it out. Sometimes I feel like I need to be armed to carry the cash from the bank to my car parked in the parking lot, and our crime rate is low!

 

Sounds like Wells Fargo. I won big in Reno deposited $8,000 when I got back. Had to give them ID & got the 3rd degree about whose account it was - if anyone else was on it. Just me just like the name on the account.
Cashed a check for $700 wanted 2 forms of ID & to answer security questions. I have been going to this branch for 15 plus years. Really? Going to move everything to another bank as soon as they complete a merger that is going on.

 

The two financial officers talked today and the check was "verified". That call could have been made the day the check was deposited and all accomplished in 5 minutes. I pulled up the electronic account statement and it never showed the check as anything but deposited on the day I did that. I suppose that is a way of avoiding any fee or charges.

Next time I need a large sum for something I will just write a check from an account that had the sum needed and not do any transfers.

 

The majority of the reasoning behind multiple forms of ID and verifying the check are for security purposes. As others have stated, it is customary at most banks to "hold" any check for x amount of days, but you should be informed of that at the time of deposit.

Not to mention - you wrote a check from your bank to deposit to another bank, in your name. Not a couple hundred, but thousands of dollars. At any financial institution that would be a red flag for me. We (on the boards) know you're not money laundering, but the bank just sees (what I assume is unusual) activity from one account to another. It just seems weird unless you were giving advance notice to the bank in question - especially with such a large purchase.

Scammers are abundant these days (the last company I worked for fell victim to 2 different check scams, including this one with applicants: https://www.cbsnews.com/news/job-seekers-can-fall-prey-to-fake-check-scam/ - the 3 applicants I interviewed that dealt with this problem weren't [no offense!] elderly or old either, 2 of them were kids just out of college).
Banks are taking extra precautions to protect people's money from unnecessary crap.

 

My primary bank is Wells Fargo. (Yes, yes, yes, I know ...)

When I'm on the way to LV I'll often times go into any of several branches that are on my way and take out cash, yes, all in $100s (none of those unlucky $50s that the ATM machines dole out) and I've never been asked for more than one form of ID. I just flash the DL. They do have me put the ATM card in the machine at the window and enter the PIN.

Personally, I've never had any issues with Wells Fargo and I never recall them trying to upsell things I don't need. My only gripe is that they no longer have coin machines in most of their local branches.

 

I deposited a check today for around 1K..400 available right away rest held for 1 business day...that's typical
How was the woman's attire relevant to your issue..just wondering

 

She and all the other "financial advisors" are different from the tellers in that their primary job is to sell you on investing in the bank sponsored securities. The guys wear suits and the ladies wear business dress a bit better than a store person. Not relevant except that she had to review the deposit before it could be "approved".

However, something called the "backshop" by the bank people is the place these kind of transactions are handled.

 

It's an understandable policy to have... but a positively baffling service issue.

Teller A passed you to Teller B, because Teller A's limit was not high enough... that's perfectly fine. But it seems that Teller B put you under the impression that the cheque was deposited, only for that to not be the case? That's a little sloppy.

Then, you get notified of it being put on hold by MAIL, thus making you the last to know about it? Can't even take 60 seconds to pick up the phone or write an email? That's not how you want to be treating customers making $30k transactions...

What's appalling though, is that you had to chase down the CFO yourself. That's not just lazy on the receiving bank's part... that's also not your job, because you don't work at the bank.

I agree with nfajgmbr03's overall sentiment that most banks will err on the cautious side for an amount of this magnitude. Though if you care about your customers, you won't tell them the cheque is deposited when it isn't, you won't leave them in the dark about what's going on, and you certainly won't tell them "Yeah uhh we can't find your bank's CFO, so can you please do it?".

I think you're right to leave them... because in the best of cases, they'll see that you genuinely were pissed off enough to vote with your feet, and in the worst of cases, you'll likely be able to get better service elsewhere. In the latter scenario, I'd also send them an invoice for my time for doing their administrative work for them. That is just unacceptable of them to ask.

I found this story very interesting overall though, because these are the exact types of scenarios we often talk about in the blockchain/cryptocurrency space as the types of things that simply would not happen when using blockchain technology. No verifying, no hold periods, and no CFOs having to find each other and call each other. The technology is many years from reaching retail banking... but banks will only be able to keep up with this silliness for so long once blockchain enters the picture.

 

Actually I have so many credit unions because I worked a number of jobs that used those particular credit unions. I never closed them down when I moved jobs. But that is good for now, when my mom died I opened a number of cd's so I put them in cd's that had the higher interest rates. I opened 6 month and 1 year cd's because I knew I would eventually have to pay for some of her expenses and for executing her will and trust. Not bad, I opened the biggest one getting 5% interest but that was only for a 6 month cd. Guess that CU wanted to entice people to deposit their money with them so offered the higher interest rate. 6 month period just ended so I put them in cd's earning 2.75%. I know that isn't much but right now I need to keep the money as liquid as possible so I can execute her trust and will.

Many of those CU's offered "teaser" cd's at higher interest rates if you moved your money from one bank/cu to another so nowadays I shop around for better interest rates for my cd's.

The other good thing about multiple CU's is that each offers free AD&D insurance (accidental death and disability). So in case I die..... Some of them also offers cheap life insurance so I have some plans to take care of my eventual funeral and other expenses.

I once worked for a bank but interest rates were bad and too many rules on employee accounts so after I left that job I got rid of the bank account. I don't have any bank accounts anymore, now all in CU's.

So how much did the Avalon cost? $40k?

 

All the banks have told me there will be a hold on a larger check deposit. They have always provided the dates the funds will be available. Normally a small portion available right away then several days for the rest.

Finding a different bank is a great plan

 

Yeah you should switch, that whole thing is ridiculous. I wouldn't have written a check against it the next day, but a two week hold is ridiculous, as was the whole rest of the process. Went home for the day? Gimme a break. Isn't that the sort of thing that small local banks and CUs sell themselves on? Better service?

It's like they're saying $30k is gonna break them, but they can't imagine why it would be important to you.

 

PERFECTLY phrased!

 

If you are eligible, bank with USAA. They don’t do this shit.

 

Good idea. I have my home and auto insurance with them.

 

We have homeowners, auto, valuable personal property, an umbrella, a Medicare supplement (written through USAA Life), savings, checking and one small mutual fund account. I have been a USAA member for 50 years with no complaint. It’s interesting to me how often Dave Ramsey and Clark Howard recommend USAA to their radio show callers if the callers are eligible for membership.

It took me a little while to get used to online banking, but now I would not consider any other bank.