I'm so angry right now. My bank places a 3 day hold on all money orders. Mind you money orders are supposed to be better than personal checks.

I only have one local bank that is close to me. I don't want to have to run 'off the mountain' just to do banking.

Several times these past couple of months I have made atm deposits and kept the receipts. Before 2:00 p.m. I think they should consider the deposit that day. This is the rule of the bank, anything before 2 will be deposited that day. But no, anything after 12:00 noon may be considered the next day, it's up to the tellers when they pull the deposits (Mind you this deposit was made at 9:36 a.m. at the atm and was a money order for $22.99. To me it should have been deposited like cash on 8/14.

I have also made deposits, just like yesterday that doesn't even show up on my account today.

I'M SO ANGRY AND FRUSTRATED I COULD CRY. Because of their ever changing rules I have gotten stung twice with $32 yes $32 service charges.

How and why would you wait 3 days for a money order. This money order was gotten at our local blue ridge summit post office and given to me which I deposited at a local blue ridge summit bank

This bank is just out for money I'm so tired of it, I need to open my own bank or keep my money in my mattress.

By Marg on Wednesday, September 15, 2004 - 08:56 am:

P.S. the bank in the next town (same bank just different location) told me I should move my banking to their office because my local branch 'has problems.'

By Claire on Wednesday, September 15, 2004 - 09:00 am:

Postal money orders can be cashed at the post office.

By Marg on Wednesday, September 15, 2004 - 09:03 am:

I will have to remember that Claire, I'm so drained fighting with this bank.

I'm going down to the other branch and switch service areas. They told me that I can use any branch but they will 'handle' everything.

By Eve on Wednesday, September 15, 2004 - 09:18 am:

I would talk to your bank. We ran in to this a while back. You have to tell them to post it differently so you can have access to the money right away. I wish I could remember what it's called! Sorry, but I know our bank can go about it in 2 ways. One, treat it like a check and it takes time to clear or post it like cash if you need access right then. A pain, I know!

By Mommyathome on Wednesday, September 15, 2004 - 09:31 am:

This is exactly why we switched to a credit union. There is no "cut off" time for deposits. All funds are available immediately. They cash all our two party checks/money orders.
The bank we just left was awful for us. It was so inconvenient. DH usually went in and cashed his paycheck, and then immediately deposited the cash into the account. That way a portion of it was available right away. But, if he just deposited his check, it wasn't available until the next business day.
You'd think with all the technology we have now days that banks could work something out and be a bit more convenient

By Amecmom on Wednesday, September 15, 2004 - 09:42 am:

You can deposit any check as cash against the bablance in your savings account. They let the check go in as cash, but place a hold on the amount equal to the check from the money in your savings account.
I used to do this all the time, beccause it saved me from having to take money out of my savings and put it into my checking.
Ame

By Marg on Wednesday, September 15, 2004 - 10:34 am:

I went in and switched branches The lady at the other branch looked at me as if she couldn't believe my branch was causing me so much trouble.

She told me to keep my deposit receipt from yesterday, I told her it wouldn't do any good anyways because they won't go back and 'deposit' it on 9/14 they will deposit on their own time frame.

I need to open my own bank

By Boxzgrl on Wednesday, September 15, 2004 - 10:39 am:

We have the same problems at our bank and its a credit union. Just recently DH got a pretty big bonus from work and deposited the funds. He waited 2 days considering it was a big amount and it still didnt go through. Needless to say after talking to 4-5 different people he "made" them make the funds immediately available. I think they realized he wasnt getting off the phone until it was. And also I balance our checkbook online and I recently learned the online it tells you the funds you have, not your available funds. And they said it was my fault for not checking that sooner. Well, Duh! How was I suppose to know? DH and I are definitely ready for a different bank as well.

By Kittycat_26 on Wednesday, September 15, 2004 - 10:46 am:

Marg, I'm so sorry. But what you have heard seems to agree with what I had found out. That bank is notoriously uncustomer friendly. They seem to think that because they are the only ones around that they can "do what they want".

I'm glad to hear that you have changed and found a bank that seems to be able to work with you.

By Marg on Wednesday, September 15, 2004 - 10:58 am:

Thanks ladies

I knew you would know who it was Amanda. They have done this soooo many times to me and cost me so much $$$. I don't think they liked it I'm switching, I heard the phone conversation and I think she was blaming me to the woman at the other branch. But this woman had my receipt in her hand and she was just shaking her head. I'm tired of them being the only ones up here.

I heard F & M might close in Cascade so I don't want to open an account there I need an online bank but it seems you need a local bank to transfer funds.

By Marg on Wednesday, September 15, 2004 - 11:01 am:

BTW, my bank is trying to say "they deposited it (funny when I called them early this a.m. they couldn't even find it)" and passed it only to the next person and there is a problem in that area.

By John on Thursday, September 16, 2004 - 06:13 am:

Banks do this to make extra money. It's called taking advantage of the "float".

Your money is essentially in limbo for the "hold" period and during this period they can make short term overnight investments that return many thousands of dollars for the bank (with millions of dollars in limbo).

This "hold" period was established years ago when check clearing was a manual process taking several days.

Today, ALL banks clear a check OVERNIGHT(and sometimes that very day) regardless of the source of the check.

They can only continue doing this because all banks do it.

I agree, vote with your feet...

By Kittycat_26 on Thursday, September 16, 2004 - 08:00 am:

You're probably right, Marg, I'm sure it was made out to be your fault. In the end, it's whatever makes them feel better about themselves. You did the best thing and that's moved on to someone else.

My sister used to work there before she graduated from college and the stories she used to come home with. I'm just surprised no one has gotten angry enough to do something rash yet.

Many people have patience about many things but money is not often one of them.

By Marg on Thursday, September 16, 2004 - 08:32 am:

The worse thing is I complained about them umpteen times to the main office in Buffalo, New York and you know what they told me? It is up to the branch bank. I told them even if they have employees that don't know what they are doing?

I have had an account with them since I was 5, they changed hands I believe 4 times and it keeps going downhill