Speaking of banks, as I was in my last post, here's an incredible series of events that happened to me.
I had a small balance on my credit card which I paid off last year. Actually I miscalculated and overpaid by $1.99. That credit balance sat on the books for a few months and then they sent me a check for $1.99. I couldn't decide where to spend it so I put it in the drawer.
Then it got buried until recently. It says on the face that it is only valid for 180 days. Then what, the ink disappears? A check is contract - a promise to pay. It cannot be legally canceled or have limits placed on it.
So I put it in the ATM - all $1.99. Mind you it is my money - always has been. It was a refund of overpayment from the bank. They cannot hold onto the money.
A few days later, I get a letter in the mail. The $1.99 check was dishonored - the bank had stopped payment on it.
Not only that, the bank charged me a $6.00 returned check service fee.
So, instead of getting the $1.99 refund I was legally owed, I got charged $7.99. No wonder banks are doing well.
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Steve Hoffacker - Consultant, Coach, Author, Blogger, Photographer, Motivator, Teacher, & Strategist - for Realtors, Real Estate Sales Professionals, Home Builders, New Home Salespeople, Entrepreneurs, Small Business Owners, and Independent Sales Representatives.
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OUCH! Steve, that really stinks! Most checks have a shelf life of 6 months, but I suppose they can't leave it hanging out there forever... That's a bummer!
Amazing that they have time to account for the little teeny things. I bet next time you cash out before 180 days!
Don,
But a stop payment order without so much as an email or note. :)
Steve
Oh geez, Steve...this is a prime example of how things that make absolutely no "common sense" are the basis of how large institutions operate! Sorry to hear about this...it's kind of like how banks always input your debits BEFORE credits, so even if you deposited money the same day a check cleared, your account still will be "overdrawn" even if you made the deposit first thing in the morning! (Sigh.) :)
Leilani
Steve,
I'm sorry but I just cant stop laughing..... that is an excellent example! still laughing
Leilani,
That one really irks me. They don't like to play fair that's for sure. :)
Steve
Patrick,
It is funny, but in a pathetic way. :)
Steve
Lindsey,
You bet. I'll run right down there while they still have the money. :)
Steve
It's kind of like a casino. The "house" always wins. Sorry to hear that it's true with that bank!
...I have been shifting all my accounts and credit cards to my credit union... they are not required to make obscene profits and won't rob their members...
OMG, that is just too funny. However, you really do need to call them and make sure they aren't putting it into collection and "dinging" your credit.
This is just one of the reasons I hate most gift cards as well. Is many states they lose a $1 a month if you don't use them. So, I give you $20 and my friend if he doesn't use it for 5 months only gets $15 for holding your card? Makes sense to me, there have been a few stores that did this a few years ago here in Oregon and I haven't shopped at them again since. Hope them getting that $5 was worth it!
Another "good" bank story. We seem to have a lot of bank stories of late.
Liz,
I like that compariosn. Banks are very much like a casino. :)
Steve
Phyllis,
Sounds like a plan. :)
Steve
Juli,
I'm calling them alright, but not for that. :)
Steve
Todd,
There is new legislation that governs this. No more service fees and cards have to be good for a minimum of 5 years. :)
Steve
Paul,
Are there really any "good" - as in nice - bank stories? :)
Steve
It's no wonder people are keeping and putting away more cash these days. I went to inquire about CD rates the other day at my bank, remember when they were advertising those all the time? Well, now they don't anymore because they pay just a fraction of 1%.
Steve,
My checks are good for longer than 180 days but maybe I should start writing that on mine??
Ann Hayden in Wildwood, MO
Silvia,
Banks no longer exist for the average depositor like us - only for the major clients and each other. :)
Steve
Ann,
Actually notes on the face have no bearing. If I wrote "paid in full" but still owed more, it wouldn't pay off the debt. :)
Steve
Hello Steve and this is some horrible "Customer Service" and it is quite sad and another reason VB hates banks ... your post has been "Highlighted/ Featured" at one of my favorite groups ...
CUSTOMER SERVICE
Vegas Bob ;-)
Bob,
Thank you. Banks have a long way to go to get back to what they were. :)
Steve