what do you think of this note to CHASE BANK?

[Kali]

Dear Too-Big-to-Fail Bank,

I would like to give my accolades and thank you so much for having the kindness and compassion to give computers weekends and holidays off. Of course that is only the computers that small customers might be dependent on. The ones that control say, direct deposits to the customer's checking accounts. From another Chase account, no less.

Of course the poor computers that control the customer's debit and credit cards have to slave 24/7 as do the hapless call center employees around the world. Ahem.

I would like some US citizen-employee (preferably in management) to please explain to me why a direct deposit scheduled for midnight August 31/September 1, 2012 can't be deposited as scheduled but instead may not happen and be available for my use until Wednesday September 5th, yet any time I use a debit or credit card the amount is INSTANTLY deducted any time of day or night, any holiday, weekends, in or out of the country. No matter what, the magic deducting computer is always on the job. But the special depositing computer needs extra care and time off to rest and recover from the tedium of letting customers have their money.

Oh, and thanks SO much for the automatic message suggesting I use my computer to go to your website which is – of course – available 24 hours a day!

Sincerely,
Small enough to fail, especially with your help.

[Tuesday Afternoon]

1. Way too subtle.

[Kali]

2. probably!

[Tuesday Afternoon]

3. I am in battle with Chase right now, since they bought out my mortgage. Fuck 'em-

and the shitty little bank that sold it. I am going to refinance with the Local Credit Union . . . asap.

[Kali]

5. I hate them but I am stuck.

3 CUs around here - one I had an account at, but they were so incompetent I just quit dealing with them. One has only one branch and I don't think I even qualify, based on their zip code eligibility although they sound nice. the other one is affiliated with the military and is just a little to god and country for me - the "artwork" and "decor" in the local branch is truly cringe-worthy and that is compared to banks in general.

Plus the other party involved in this transaction is... let's just say change id difficult. Setting this deal up required the help of a third party and several months of emails/phone calls. Ironically, done because forgotten paper mail was making these kinds of delays a regular occurrence.

[HopeHoops]

4. I think you need to work in a subtle "FUCK YOU, ASSWIPES" somehere in the third paragraph.

Nothing too obvious, just obscene.

[Kali]

6. it has certainly been present silently in my mind

in every communication with them

[HopeHoops]

13. Okay, perhaps go with something a little less subtle.

[Generic Brad]

7. I think you don't know anything about banking

Perhaps you should educate yourself on how deposits flow between banks through the Federal Reserve. You are complaining about the entire system, not the policy of an individual bank.

Of course, if you prefer to risk catastrophic failure of the entire financial system then by all means, go ahead and send off your rant.

I know it is currently en vogue to complain about banks. But, come on. At least focus your anger to something they can actually do something about.

[Kali]

8. no I guess I don't understand

why an internal transfer to my account can't happen on a weekend or holiday while debits and withdraws from it are always instantaneous.

I am not too worried that my rant will cause the "catastrophic failure of the entire financial system", however.

[Generic Brad]

9. I know my response sounds stupid to you

But fund availability is dependent on general ledger settlement. Banks have to adhere to the Federal Reserves processing schedules, and of course there is batch processing. Credits can't post and those funds cannot be available until the money transfers completely (and in the 1980's that process took 5 to 30 days).

Debits are only partially recorded right away. On a weekend, holiday, or after hours they memo post and impact your available funds balance. But the official debit hard posts once the general ledger has officially cleared.

If credits are available before the general ledgers are cleared, then your bank would be at risk of internal fraud and their deposits could be wiped out and out the door before they realized they had lost anything.

There is a reason banks operate the way they do. The settlement issue you are concerned about preserves the system so that customers can be served by their financial institutions. It is not set up to take advantage of customers.

[Kali]

10. and of course those rules and regulations have all been set up to "protect" the small consumer.

the industry has no input, their hands are tied by mean old big government.

look, I can buy the system working as it does, but to imply that system is set up to do much of anything but help the banks help investors and upper management isn't going to fly. It isn't there to help me and people like me, we are the mass of nickle and dimed and fee-drained slobs that are trapped in that system. Give me a break and let me rant at the giant in my helpless little way. I am not going to be causing financial failure for wanting logic in MY tiny part of this mess.

[Generic Brad]

12. Well, you can always keep your money under your mattress

It amazes me that so many here do not think banks provide any service of value to customers whatsoever or should not be paid for those services and protection.

Yes, the rules and regulations are there to protect the consumers. The new Consumer Protection Financial Bureau is vehemently on the side of the consumer and is making sure that all the players are following the rules to the letter.

But if you feel better ranting to an empty chair that represents reality as you see it, Eastwood away, Kali.

[riderinthestorm]

14. She's transferring funds between accounts within the same bank

I'm with PNC (and have been with Chase in the past) and typically that happens at the time of transfer.

She's not doing a transfer from one bank to a different bank, she's simply re-arranging the funds within the same bank. How do I know that the money moves from one account to the other (usually, except now obviously with Chase)? Because I've asked.

I drive up, I have a withdrawal slip and a deposit slip in the same canister. Send them in together. And voila! The funds are transferred. In fact, the first time I ever did this, the teller laughed and told me it was like "rearranging the chairs on the Titanic" when I moved the funds from savings to my checking acct.

[marzipanni]

15. We just tend to suspect they have their own best interest at heart, after all the New Consumer

Protection Financial Bureau wasn't created for no reason, was it?
They provide a service, but that doesn't mean they weren't tempted to try to sneak a few bucks here and there when they thought we weren't looking.
If you google 'bank kept moving payment due date'... that trick was was rampant.

[Generic Brad]

16. I too am angered at the unscrupulous players in my industry

But not all banks are the same. There are still banks out there that are honest and genuinely concerned about doing the right thing for their customers.

Where I work we have a term for bankers who bend the rules and take advantage of our customers. It is "Ex-banker".

[lunatica]

18. So you think anyone who isn't a banker is simple minded?

I've dealt with banks all my life and what they've done in the last few years is nothing short of criminal. My main gripe with banks is that they aren't telling the truth when you go online to see your activity. They don't bother to post when I've deposited funds but I see every single debit I've done. Then they make sure to post that I've overdrawn so they can charge me a penalty.

I've also seen where they post that a deposit has been made only to tell me that the deposit wasn't actually "in their hands" until three days later so therefore me believing them and using my debit card caused them to penalize me.

But maybe I'm just not smart enough to get it.

[Generic Brad]

19. I don't think that at all

Accounting can be a little complex. My industry could do a better job of explaining available funds vs settled funds.

[lunatica]

20. It would do better if it didn't penalize people for their inadequacies

I'd like to believe what I see when I log on. If it claims I have such and such funds available, I'd sure like it to be true.

[EvolveOrConvolve]

21. Here's what's not complex

If I purchase gas with a debit card, a "hold" is put on funds in my account, often for 2X or 3X the amount I actually spent. This "hold" is instant, and doesn't clear for several days, effectively holding part of my money hostage.

However, if I deposit a check from my job with a large multi-national corporation with hundreds of thousands of employees and a fairly well-recognized name, I'm told that I have to wait up to 72 hours for MY money. And for my trouble, I get to pay steep fees so the fucking executives at that bank can buy a new boat or condo or summer home. Fuck that.

I'm now with a local Credit Union that understands that people are not the same as dollar signs. Better interest rates, better customer service, and they know my name when I walk in.

[Generic Brad]

22. I give up

Believe whatever you all want.

[riderinthestorm]

23. You have not addressed MY point - an internal transfer of funds such as Kali's

And the arbitrary holding of her money for days internally.

In the "old days" at Chase, it was one of the PERKS of Chase that they'd actually "cover" a check overdraft by taking the money from savings. Voila!

But now?? No way in hell - that sort of thing mandates a penalty fee! Even when the account holder has actual paperwork requesting such a thing!




And you think this is some kind of dumbshit accounting measure that DUers are too STUPID to understand? Really? Sorry Brad but that don't cut shit. Banks are predators in trying to game the system in order to screw their customers and most of us have direct experience with this.

[lunatica]

24. I wish your precious banks would do the same

Give up fucking with us.

[Generic Brad]

25. Thanks for questioning my integrity, honesty and ethics

Your assumptions about me are inaccurate though.

[lunatica]

26. You're the one writing that spiel

What else am I supposed to question your ethics on?

[grantcart]

27. Serious Question

For years I have been at Washington Mutual/Chase (and quite frankly the local branches have helped me. Last week an advance was late from the company and I had an ACH to the IRS which they covered for me. BTW as a general rule if you go in to your branch and ask to talk to the branch manager you might be surprised at how helpful they are.) and here's my question:

For years if the company posted a payment to my bank I would get it the next day EXCEPT if it was posted on a Friday and (it seems) some Thursdays when the money would be available on Monday.

Ever since the President passed the Consumer Protection Agency I have noticed that payments posted were showing up the same night, albeit around midnight, and payments posted on Fridays are now available on Saturdays, with no deposits being held over till Monday. Am I imagining things or is this yet another benefit from the CPA?

[blueamy66]

11. SEND IT

BofA plays the same trick.

Bullshit!

[lunatica]

17. Kali, there's subtle and then there's

hit them over the head with a bat

My fucking bank does the same thing and it's Union Bank.