Next day availability by banks...

[DavisBeefmasters]

So our bank was purchased by Chase Financial several months ago. I actually went inside the bank the other day and overheard several tellers advising people that they couldn't get cash out of their paychecks because Chase's policy is "next day availability" of funds.

The more I think about it - the more I have decided to switch banks! People can't go in and cash their checks?

I mean let's think about this -- if Chase has only 1 million customers that make deposits on a given day for $100.00 --> they have instant access to $100 million to play with, invest, and day trade with for a minimum of 24 hours to make money on OUR money without having to share such proceeds with us...

...and in these times, I don't think that this is a fair policy. Deposit your check today, drive back to a bank tomorrow to get cash?

You can cash your check at Walmart for a small fee and get your money the same day.

I think it's unfair, ridiculous and we're switching banks. What do y'all think?

 

[TexasBred]

Not really anything new. IF you have other "collected funds" on deposit you could withdraw an amount equal to the check you wanted to cash. Banks put longer holds on out of town, out of state and foreign checks as well. It all has to do with "collected funds". The only check a bank cannot refuse to cash is one drawn on one of their customers when adequate collected funds are available to cover the amount of the check and the person presenting the check has proper ID.

 

[DavisBeefmasters]

It was a new concept to us...

...when they run the check bar code through that machine, they have "collected" your funds instantly

...so why can't you have them 2 minutes later? why wait 24 hours?

We haven't had a problem because when we need cash it's there...but what if we wanted to cash a check we get from work "not Chase" -- we would have to take it to the "not Chase" bank to get cash instantly.

That's just not right - they get to make money on our money without our permission or shared interest in what they make on it.

Nope - not right in our book.

 

[Frankie]

I don't think that's new. Banks around here won't cash a check if you don't have an account with them. If you have enough in your account to cover the check if it bounces, you can take the equivalent of that money out of your account.

We use a locally owned bank and have for years. I like them. They know us by name. If I mess up and make four withdrawals from savings instead of the three allowed, they'll usually deduct the fee if I ask them nicely.

If you're not happy with them, look around at other banks. There will surely be another one that will be glad to have your business.

 

[TexasBred]

It was a new concept to us...

...when they run the check bar code through that machine, they have "collected" your funds instantly

...so why can't you have them 2 minutes later? why wait 24 hours?

We haven't had a problem because when we need cash it's there...but what if we wanted to cash a check we get from work "not Chase" -- we would have to take it to the "not Chase" bank to get cash instantly.

That's just not right - they get to make money on our money without our permission or shared interest in what they make on it.

Nope - not right in our book.

Sorry you're just not finding this out but banks have been refusing to cash checks not drawn on them for ages. Even more so before so much was done electronically. They simply have to know the funds are there before they can hand you cash. As for making money, the only way banks can make money is by using your money and charge more for it than they're paying you for it. Service charges have become a big item as well. Most will try to cover payroll each month with service charges. When you put money in any bank you are giving them the right to use it as they see fit. Recently we've seen this abused to the maximum and used more for personal benefit than for the benefit of the stockholders.

 

[ffamom]

I have an old accounts with Compass Bank. When we opened the account is was a small community bank. Since that time, I changes hands once a year. We had 3 accounts. Then I notice they changed a 15 fee for not having $20,000 in each account. Very upset when I called, but they said it was sent in the new terms packet in the mail. Have to admit I didn't read it.

Since that time, I found another locally owned bank that I switch most of our accounts to. My pay check is directly deposited and I haven't gotten around to changing it.

The other day I asked for a bank check to transfer my paycheck to the new bank. They made me take it in all $20's. I'm only paid once a month so it was a fairly large pile of money. Really didn't like it, but the new bank was fairly close.

 

[TexasBred]

ffamom, I've found that small locally owned community banks still bank "the old fashioned way" as best they can. They too have some pretty strict regs they have to abide by but in general, they still know your name, your face, your kids and above all your business and treat you like you are the best customer they have. Best Wishes.

 

[Txwalt]

I've used credit unions for the past 18 years or so. Banks are bought and sold and run like the huge corporations that they are.

Walt

 

[novatech]

Figure out the interest gained by your bank just for 24 hours. Not much on yours but when you total the amount of money deposited on pay day, into banks the size of Chase, it adds up. Then add up what they have accumulated in 365 days, or how ever many pay check, or your average bank balance.
With its recent acquisition of Washington Mutual, JPMorgan Chase has over 5000 branches, making it the Largest Bank based on Deposits in the United States.

 

[Jogeephus]

Bigger is not better. Find one that is small enough to want your business and know you by name.

 

[Jim62]

They probably need the proceeds of that daily $100 million to pay the bonuses to the big boys.

Locally owned is the way to go, but some of them are getting pretty independent, too. One of our local banks got off into a storm when it became public knowledge that WE were paying for vacations for all the officers and board members AND their families under the guise of "board meetings". Folks thought that board meetings could have been held in the bank meeting room just as well as in Hawaii, Las Vegas, San Francisco, etc.. Silly us............

 

[novatech]

Bigger is not better. Find one that is small enough to want your business and know you by name.

Sure is nice knowing I am something more than just a number.

 

[rockridgecattle]

With the banks changing hands alot, and some bigger fella like Chase coming along and buying them up, who owns chase. What are the chances the banks are not "owned" by Americans or Canadians like they used to be. But rather the Chinese or some other company. That interest would be leaving the country and head to some asian market instead. In Canada, our banks used to be Canadian owned, are they now?
Just a thought?

 

[Ryder]

Just be thankful there have been no "declared bank holidays"...yet.

 

[Jogeephus]

Bigger is not better. Find one that is small enough to want your business and know you by name.

Sure is nice knowing I am something more than just a number.

I agree. My bank is a small bank (3 branches) and it only invests in our community. It is sound and didn't miss a beat during this financial meltdown.

 

[john250]

Bigger is not better. Find one that is small enough to want your business and know you by name.

Sure is nice knowing I am something more than just a number.

I agree. My bank is a small bank (3 branches) and it only invests in our community. It is sound and didn't miss a beat during this financial meltdown.

Mine also. Locally owned, solid as silver. Very good people trying hard to practice traditional small town banking. They know their customers good and bad and they might just take character as a justifiable reason for a loan when collateral is a bit questionable. How they get that past the examiners I'll never know.

The MainSource bank here has been very good, just to give some credit where it is due. (MainSource is one of those huge banks).

We didn't fly near as high as some places when the livin' was easy, so we didn't fall as far.

 

[DavisBeefmasters]

Our local bank was bought by Washington Mutual... now bought by Chase (sigh)

...so there is another local bank that is on the list for a visit come the New Year.

Happy New Years everyone!

 

[TexasBred]

With the banks changing hands alot, and some bigger fella like Chase coming along and buying them up, who owns chase. What are the chances the banks are not "owned" by Americans or Canadians like they used to be. But rather the Chinese or some other company. That interest would be leaving the country and head to some asian market instead. In Canada, our banks used to be Canadian owned, are they now?
Just a thought?

You'd have to find who owns the most stock and he controls.

 

[alabama]

I sold some hay a while back and was paid with a check written on Regions bank. I took the check to a Regions bank to cash it but I don't have an account at Regions so they wanted to charge me $3 to cash it. I know the teller and the teller knows me and the person on which the check was written so we had no trouble with identity and there was plenty in the account but she told me that it was new Regions policy to charge to cash checks if you don't bank with them even if the check is written on that bank and branch.
Now if I run it through my bank there is no fee but I have to give Obama part of it. I decided I would rather pay the fee. It is just a way for banks to make more money. Another rip off.

 

[hurleyjd]

I sold some hay a while back and was paid with a check written on Regions bank. I took the check to a Regions bank to cash it but I don't have an account at Regions so they wanted to charge me $3 to cash it. I know the teller and the teller knows me and the person on which the check was written so we had no trouble with identity and there was plenty in the account but she told me that it was new Regions policy to charge to cash checks if you don't bank with them even if the check is written on that bank and branch.
Now if I run it through my bank there is no fee but I have to give Obama part of it. I decided I would rather pay the fee. It is just a way for banks to make more money. Another rip off.

Please explain to me why Obama would get part of it if you send it through your bank