New bank rules: No Float for you or me, only for the Bank

Have you noticed? You write a check and it is debited that night, no matter where it is cashed. But if you make a deposit it can take three days to be credited to your account. So that check is debited from the account of the person who writes it immediately, but the Bank gets the float and you bounce checks.

Time to keep it under the mattress. or get out the pitchforks. I'm beginning to think we've lost the battle.

GOP gift that just keeps on giving!

I don't think this is anything new to the repuke administrations. I don't agree with it but I understand why they do it. The bank gets the "float" because it is assumed that if the check is no good, the bank could cover it. A person can write themselves a check for 1 million dollars, and if the bank didn't ensure the funds were present, the person could walk out after depositing and withdrawing the money. I don't understand why it takes the bank 3 days to process it, though. With today's high tech systems, they should be able to verify the funds in a matter of minutes at the most.

They can confirm a check I write to any other bank immediately, but they cannot confirm a check written to them immediately? They will make millions on returned fees and millions or billions more on the interest they make while witholding the funds. And the banking laws are quite arkane. Some issues can be dealt with on the state level while others are federal.

Check Clearing for the 21st Century Act
http://www.federalreserve.gov/paymentsystems/truncation/default.htm

I was referring to the fact that a deposited check takes days to clear but a withdrawal comes out immediately.

with check cash card

I'm not concerned that my checks clear immediately and I write few. But my deposit should be credited as quickly as my checks. It's a system that favors the banks and penalizes everyone else.

edit: sp

They're no longer obliged to return your checks either. If you request a return, a facsimile is what you'll get.

That deposit withholding is reeeally annoying. Congress is supposed to revisit the situation in the coming year, see if banks are making an effort to tighten the window between deposit and availability. I won't hold my breath waiting for that to happen.

Is because Veterans day added another day to a deposit and I got $150 charged in fees while my account never showed an overdraft.

my credit card had about 60 bucks left on it. I had alread sent in the payment electronically and my bank account is the same bank that issued the credit card. It took 3 days for my payments to be credited. In the meantime, they charged me $62 in finance charges and then $25 in over limit fees. Why is it that if I have an account with bank X and a credit card with the SAME bank, that it takes them 3 days to electronically transfer money from one account to another?

That happened to me. Because I was a good customer, and I went down in person and talked to them, they did a "courtesy refund" and gave me the fees back. The teller told me in a whisper that (Bank Name) had made NINE AND A HALF MILLION DOLLARS in overdraft fees since the law was passed. This is in TWO WEEKS.

:grr: :grr: :grr: :grr::grr: :grr::grr: :grr::grr: :grr::grr: :grr::grr: :grr::grr: :grr::grr: :grr::grr: :grr::grr: :grr::grr: :grr::grr: :grr::grr: :grr::grr: :grr::grr: :grr::grr: :grr::grr: :grr::grr: :grr::grr: :grr::grr: :grr::grr: :grr::grr: :grr::grr: :grr::grr: :grr::grr: :grr::grr: :grr::grr: :grr:

In fact, before this happened I called them about something else and asked about the new policy. The person I spoke to said she would pass my complaint along and suggested that I write the bank too. Customer complaints started a new policy to print statements on two sides of a piece of paper instead of one for environmental concerns (though that saved them money too.

I think we will need an outcry at the federal level as the States have less control of these issues, especially if it is a National bank.

The Sunday New York Times had an article on credit cards and said that there are no limits to their greed. Some actually charge 40% interest. WTF??

Their policies and their fees are absurdly out of hand.

I tried to buy foreign currency for a recent trip abroad and the bank I went to wouldn't allow me to buy it since I didn't have an account with them (my own bank didn't handle foreign currency).

I explained I was going to exchange cold, hard cash for euros so what did it matter if I had an account or not? It's not like I was trying to write a check off another bank.

The teller asked me if I'd like to consider opening an account.

I just rolled my eyes and asked "Are you SERIOUS?" and walked out.

I have only bounced a handful of checks in my life, but thankfully they were years ago. A bounced check fee at my bank is $30 now. Granted, you shouldn't be bouncing checks, but c'mon....$30 bucks???

You didn't send them on a paid vacation, what do you expect?

they're deposited?