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Banking

Mrepp

Mrepp

To boldly troll where no Troll has trolled before
Joined
Nov 17, 2005
Messages
2,328
Hey,
Well I have been far less then satisfied with my current bank as of late. It seems that they hold my payroll check for 3-4 business days. When I cash my check they put a hold on my account for the time of the check to clear (not the amount but the whole damn account). And now apparently if I put cash into my account they hold that amount for 3-4 business days (for what to see if the cash clears?). This just seems like total BS to me. Has anyone herd of these practices before? I can maybe understand waiting for the payroll check to clear but the rest seems a bit much. Anyhow I’m going to be switching banks, anyone have any experience with Chase?

-Mark
 
I would just switch banks. Does your employer offer direct deposit? If they do find out which bank they use and see if they would offer you free checking. Chase is a large commercial bank and their fees are a bit steep. Maybe a savings bank or credit union would be better for you if you also have a savings account linked to it. Your mattress is also good, LOL. Good luck on finding a bank.
 
Man that would blow bad. I've had my fair share of crappy banks and seen some wacked out crap. I had a Military bank while in the Service and some how $200 or so managed to walk out of my account with no trace. :angry2: Never did get it back. My last bank I've been with since March 1998 and very happy with them. Unfortunately they just merged with a bigger bank in December 2005 and the final transition just took place. All is well. And I'm still happy with them.

Best of luck getting a new bank. :)
 
Like Tony said, Chase is a larger commercial bank and their fees are gonna be higher than normal banks. Smaller banks are probably your best bet.... Find one that offer free checking without a minimum balance
 
I use Wachovia (sp?) And am very happy with them. Don't know if they are in your area or not.

BTW that holding of your money... is so they can earn interest on it.
 
BofA and Wachovia should each offer some sort of free checking.

When banks "hold" checks, it is to make sure that there are funds available in the account that the check was written on. You can avoid this by cashing the check at the bank that it is from, since they can verify funds instantly.

I am kind of surprised that they would hold a payroll check. Does it go through a large payroll company like PayChex or ADP? If so, then it should not be held.

There is absolutely no excuse for putting a hold on cash.
 
I know I've seen some folks who don't agree with me, but I've been with Wells Fargo for about 10 years and don't have any major complaints (otherwise I guess I would have left!). When I first started banking with them I was a recent college grad making $8.50/hour and never keeping much more than $100 in my account, and I don't recall ever having to pay any fees. Now thankfully my circumstances are slightly different, but they treat me really well, especially in a small town like this, and actually give me free stuff all the time, like college hockey tickets.

I would think all the major banks have to offer free checking, as long as you don't insist on too many bells and whistles with the account. And usually minimum balances are fairly low too.

Good luck!
 
And I'll add that if you ask enough people, you'll hear some type of horror story about how their bank screwed them. Every retail organization no matter how good they are will always end up with some dissatisfied customer who will not rest until they find something to complain about.
 
Find a locally owned and operated bank. You know, the kind that let's farmers use cows as collateral. They must have those in a dairy state like the one you live in.

Doc.
 
I like Washington Mutual www.wamu.com

They're not supposed to put a hold on payroll checks. Maybe that's a California law.
 
Rod said:
I like Washington Mutual www.wamu.com

They're not supposed to put a hold on payroll checks. Maybe that's a California law.
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WAMU is by far the best IMHO. US Bank has done ok for me w/ checking, but their loans can be a pain. My favorite rule of theirs is you have to have a min balance in your savings or be charged a fee-unless...you have an auto transfer on a monthly basis. However, they don't even blink when I transfer the amount right back out and bring the bal back to $0. Go figure.
 
Putting a hold on your money since the Check 21 law passed is total bullshit. The money clears within 24 hours so holding your money isn't right.

I use Sun Trust here in FLA.My money goes in before 3 and it is availble to me the next day. I get free checking and free on line bill pay. I have my line of credit attached to me checking account so I can never bounce a check.
 
I've an ING Orange Account, which seems to front the money for interest purposes; whenever I transfer from another bank, the money appears to be simultaneously in both accounts for a day or two. Also always get a real person on the phone whenever you call.

I've also Netbank, which is pretty good but old school when it comes to internet banking.

I've several coworkers who have HSBC, which advertises higher rates then the aforementioned.
 
I have a free checking account with City National Bank in Taylor. I get free checks, they don't charge fees for using other banks ATM's, they refund the fees other banks charge for using their ATM's up to 5 times a month, and I earn 4.03% interest on balances under $25k (I would never keep more money than that in my checking account anyway, even if I did have it). The only catch is that I have to use my debit card at least 10 times each month (run as debit or credit) or I don't earn interest or get ATM fees refunded, but it's still free checking. I have direct deposit, but I don't think it's a requirement for the free checking. I have been with them a year and am extremely pleased so far.

Edit: I've also used HSBC, Bank of America, and Wells Fargo free checking. I didn't like any of them and only keep Wells Fargo open with $1 in there (in case I'm back out West again) and Bank of America with an emergency reserve for immediate cash access. HSBFee I couldn't wait to get rid of.
 
Rod said:
I like Washington Mutual www.wamu.com

They're not supposed to put a hold on payroll checks. Maybe that's a California law.
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Agreed, Washinton Mutual is great:

1) Free Checking (no strings attached)
2) Free Online Bill Pay

Haven't seen them ever put any holds on any checks I've cashed and my payroll is directly deposited. I'm sure you can call them from their 800 # to find out... :thumbs:
 
Personally, I'm a big fan of credit unions. If you have a large one available in your area I would check them out. Generally they have no or lower fees and higher interest rates.
 
i would can the current bank you are using, and let them have it when they ask..."why?". Bank of America has no fee checking if you have direct deposit for payroll checks.
I have a large regional bank, Citizens Bank, been with them since 1985 when I went off to college, back then they were Old Stone Bank. All in all, they are ok, but as with all other semi-large to mega banks, they can be kind of impersonal, and charge wacky fees for everthing, reminds me of Verizon (no offence brandon).
 
Banks are becoming more and more non-traditional, to our benefit. I use USAA, not important I use them specifically, but they are solely internet based. Because they have no branch office, they do not charge ATM fees. In fact, they reimburse the fees other banks charge. As with many others, free checking, savings, money market, web bill pay, investing, brokerage services(that is for a small fee)... the list goes on. Both my cars are financed through them. Each time, I called them for preapproval and they said to let them know by 6 that evening an exact amount and I would have the draft FedEx'd by 10am the next morning. I get better service from a bank that, to me, doesn't have a physical branch and is 4 states away than I do from the local branch down the road. My point, look elsewhere. And look at internet banking. They can get away with cheaper services because they do not have the overhead traditional banks do.

*edited* because I can't spell or punctuate to save my life.
 
Washington Mutual for Checking and ING Direct for Savings. I've been extremely happy with both of them
 
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