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I'd like some thought on Banks

By HAL 9000 Moderator ·
OK I know most people here know I consult for a bank and while I'll openly admit to this I'll also admit that I'd never consider banking with them either. But a few days ago I received my latest bank statement and found out I was well and truly overdrawn on my check account and that it all dated back to a check that had gone astray in the post and that I had placed a stop payment on. I actually paid for this privilege but when I approached the bank and asked exactly what was going on they informed me that as I had not given them the correct information they had just paid the check. Currently they are looking into the matter but I did give them the correct information about who the check was written out to how much it was for and it's number. Now while I wasn't at all concerned by the amount as it was only $4.00 AU and it cost more for the stop payment when it was presented to the bank for payment it was for a different amount and as yet I don't know who it was made out to so I'll leave that for latter but lets say that there was a significant difference in the amount paid by the bank as to what I actually wrote the check out for and as I had not given them the correct information they had paid the check without any hesitation.

At the moment I'm still hoping it was a data entry error but I'm not holding my breath for it either. Now I followed all the correct procedures and have even requested monthly statements which while the bank is willing to bill me for they still seem unwilling or incapable of supplying these so the check in question was paid on the 15 November 2003 and I found out about it on 3 March 2004 which leaves quite a bit of time for the trail to have gone well and truly cold so while I'm not expecting any resolution on this matter I am lets say a bit miffed that while the bank was only too willing to accept payment for the stop payment they still paid the check.

Now maybe it's just me who has had a few bad experiences with the banks in general but I'm interested if there are any other people out there at TR who have had similar experiences with banks or any who are only too happy with the service that they receive from their chosen bank?

Col

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Buy a bigger mattress

by Oz_Media In reply to I'd like some thought on ...

I agree Colin, banks and bankers are terrible money advisors, poor money managers andeven worse, could'y give a damn about customers with less than $10 -$15 Mil.

Buy a bigger mattress. Some people feel that theyu can actually earn interest and build a nest egg through the bank, yet if you CAN do it, you would have tripled it bu private investing or just filling the mattress.

These guys make huge mistakes that would be the end of most corporations and would lose ANY client interests. Yet they get away with it and some people STILL tell thier kids to get a bank account and save.

I taught my son to invest, he's done much better for himself as a result.

I am not talking about just stock investments but other invest,ent interests even if with personal enterprise, money on the move is money being made. Money sitting in a vault is good capitol being wasted.

Sorry to completely dance around the topic and not offer any advice other than stuff the mattress, but it just baffles me how much FAITH people place on banks, 401's, RRSP's (the worst) etc. There are SO many other ways to invest your time and money that the bank is the last on my list.

Granted I have some good financial support and investment opportunities/help but anyone can do better than banking.

As for the cheque, yes I have a chequing account but it is simply where I transfer money to when I want to write a cheque, I don't actually use it as an account, just a way to cover cheques. Therefore no overdraught is needed or used at anytime.

I used to do IT work for a bank manager who kept ALL his money in his home and refused to bank it. I always wondered why but never bothered to ask.

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Stuck with them!

by wilben In reply to Buy a bigger mattress

As the secretary/treasurer on a board of a commodity based closed cooperative I have found that there are times that you can't do without certain banks. We have a USDA guarantteed loan witch very small banks and most credit unions would not be able to handle because of their size. We therefore choose to go with a regional bank because of there ties to the community and to the ag industry. Even though they are a midsized bank they use an out-side source to handle there statements, this is where they blame their problems. It is almost imposible to get an answer from them as to why certain fees are charged. Although, we have finally been able to force them to stop the fees we have not been as successful at getting previous fees returned. They will push you to the limit and not backup until you push them to their limit. Stand your ground and good luck.

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While I have to for the moment

by HAL 9000 Moderator In reply to Stuck with them!

I'm not the slightest bit happy about their obsession about not involving the Police. I don't for one moment think that they have done much wrong but their unwillingness to provide information to the Police for a Fraud complaint does concern me.

Col

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Hi There OZ

by HAL 9000 Moderator In reply to Buy a bigger mattress

Actually the account in question is only a trading account that very rearly has a lot of money in it and is mostly only used as required with money transfered in as required. So that is why the "Bank Charges" are so much in this case. I don't even pay the staff wages from this account so it is mostly used for buying parts and depositing any checks for the business before being moved into different accounts.

Now about that bank manager who kept all his money at home I can tell you why it was because he knew exactly how weak the banks security was and just how unsafe any money kept there is. I'm constantly telling everyone who will listen to avoid on-line banking like the plague and NEVER EVER sell a used computer that was used for any form of "On Line Banking" with the HDD in it.

There was a court case in Britain last year I think where a PHD student was pulled in and the banks brought an action to prevent him placing his final Thesis as it showed them in a not so good light and there very week security. What was even funnier about the whole case was that all the data that he gathered was "Public Domain" and other than the original article about the action and how it would adversely affect his studies if successful there was no followup article that I ever saw and I did keep a look out for one so I don't now exactly what the outcome was but I do know that he claimed that it was possible to crack any PIN number in under 15 attempts with no prior knowledge of the person who's account you where trying to break into and no bank relations, in other words the average criminal wa capable of hacking a PIN number in no more that 15 attempts if they knew what they where doing and this is just an account card not a credit card which is even easier.

As far as getting a bigger mattress is concerned I have a king size water bed so not only would it be hard to remove the said money once inserted but it would be soggy as well.

Col

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Internet banking ....

by jardinier In reply to I'd like some thought on ...

I can't speak for the rest of the world, or even the rest of Australia, but I do know that in Sydney the banks are continually promoting the "virtues" of Internet banking.

While many people are happy to use this service, I wouldn't touch it with a barge pole as I know how insecure this method is. One hears many instances of people having their accounts cleaned out.

Of course it's all about cutting operating costs for the banks so that they can make bigger profits, while at the same time charging more to the customer.

Why replace human staff with computers? Well that's an easy question to answer: computers work 24/7 without drawing any wages -- no overtime; but some sick leave; they can be upgraded without requiring an increase in wages.

And the banks are closing suburban branches to the extent that some banks don't have branches in particular suburbs, necessitating a journey to another suburb for customers to do their banking.

The service in most local bank branches is appalling. Customers are confronted with signs declaring: "Why wait in a queue? place your deposit in an envelope." Well sorry folks, but I like to see a deposit slip to reassure me that the money HAS been deposited.

Quite often there will be four staff and only one customer, but the customer is ignored. As OzMedia stated -- the little people are merely an irritation.

On one occasion when I encountered the above scenario, I was tempted to ask the staff: "How do you people spend your time now that you don't have any customers?" The answer of course is that it is very time consuming thinking up more ways to rip off the customers with extra charges, and continually changing the features of their accounts so as to "compete" with other banks. Well that's just a joke because the banks are obviously in cahoots with one another.

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only as good ...

by highlander718 In reply to Internet banking ....

I am a huge supporter of the no fee, time saving Internet banking, although aware of the piracy risks. I just take that risk to be pretty much the same as being robbed on the street, or having a car accident or other non-controlable events. Just thinking on how much time/money I save using a bank that actually has no offices, no teller services at all, just a small cabin in some grocery stores/malls (hence the no fee operations) and I think it's worth it.

Now, I have to state right here that there is no way I can loose more than a few hundred bucks and that it is a personal (not business) account. Although COL's case makes me wonder, what good to have an overdraft limit if that actually doesn't limit ? Thing is I only use paper checks for friends and one public service provider that is not setup for Internet payments, other than that all of my bills are payed through the Internet, so not much risk for alterated checks.

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Actually

by HAL 9000 Moderator In reply to only as good ...

I have specifically set up this account with NO overdraft facility but if the account ever becomes overdrawn they are supposed to transfer money from the main business account {which brings me in interest} to the check account {which doesn't.}

The fact that none of the supposed practices which I set in place and pay for where followed is what is upsetting me the most rather than the few $ that has gone missing. Then there are all the bank fees for accepting checks when the account is overdrawn that have been applied.

Anyway I'd better stop there before I say something that I might regret latter.

Col

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main point

by highlander718 In reply to Actually

You're right
The main point in this particular case, is that the bank is despicable.

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costs at banks

by john_wills In reply to Internet banking ....

I used to have an account at a unit bank in Illinois, back before Illinois allowed branch banking. It was free, the cheque forms were free, postage to the bank was prepaid, and there was interest on the account(at that time it was illegal in the U.S. to pay interest on demand deposits, but the bank had found and patented a way around the law). Five take-overs later, the account is still free and there is stil interest on the account (32 cents for last month), although I now have to pay postage on deposits and buy the cheque forms. I have never seen my bank office and have no desire to. Only once in a quarter of a century has a deposit got lost in the post. Once only a cheque has been bounced by mistake. I am quite happy with the Internet service, even though it is being disimproved this month (I will be debited a little in advance of the pay date). I think you guys all have the wrong banks, and the Australian situation sounds dreadful.

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Why do we have mattresses?

by dicklaw In reply to I'd like some thought on ...

Now our President wants us to place our Social Security account either in the Stock Market or Banks! There are still a few of us around who remember the crash of 1929 - when everyone suddenly wanted their money in their hands. The situation was the same as today (only much smaller). There is many times as much money circulating on paper than there actually is in the world. We now recognize that all the money on deposit for our social security simply is not there for collection by the depositors. I am now drawing mine - but what are you going to do?

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