New Banking Rules?!?

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mr ed

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Federal Employee Credit Union (now WeStreet) told me they had to hold my cashiers check 5 days from a local bank because it was Saturday and they couldn't confirm it until Monday. I told them the bank was open right now and you can pick up the phone and confirm it today. Nope, 5 days they said. So to be safe I waited 7 days to starting writing checks on it. They bounced them ALL, the deposit didn't take effect until TEN DAYS on a cashiers check from a local bank.
I have had an account there since the 60's and they have really went downhill since they became westreet.
 

TwoShoots

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All you guys using multi-national banks need to move to an quality Oklahoma bank that won't play games with your money. Midfirst and Bancfirst are my top two. BOK and Arvest are ok too. If you want a credit union it's usually pretty easy to get a referral. Just ask on here and someone will pop in.

The one thing you should not be doing is giving your money to Bank of America, Capital One, Chase, or any of the other multinational government arms that are more likely to "forget" you made a deposit for weeks. Remember BOA about a year ago cancelling some people's paycheck deposits? Didn't happen at local banks. Hmm....

We've also seen that the gov't has no problem dipping into retirement funds when things get tight. They'll hit the big banks first if it happens again, giving you time to get out if you're local.
 

harley128

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All you guys using multi-national banks need to move to an quality Oklahoma bank that won't play games with your money. Midfirst and Bancfirst are my top two. BOK and Arvest are ok too. If you want a credit union it's usually pretty easy to get a referral. Just ask on here and someone will pop in.

The one thing you should not be doing is giving your money to Bank of America, Capital One, Chase, or any of the other multinational government arms that are more likely to "forget" you made a deposit for weeks. Remember BOA about a year ago cancelling some people's paycheck deposits? Didn't happen at local banks. Hmm....

We've also seen that the gov't has no problem dipping into retirement funds when things get tight. They'll hit the big banks first if it happens again, giving you time to get out if you're local.
Are you saying Banks can get our retirement funds? When did we/you see this? Can you cite the example?
 

rickm

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Personally i use Vision Bank even thou they do have one branch in Kansas and Ga most of their banks are in smaller cities/towns in Okla, I get free checking with interest paid on balance at the end of month not much but better than me paying them to use my money along with free checks when i need them. And they have always (with me anyway) a friendly atmosphere.
 

C_Hallbert

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Common practice in banking. A check isn't money. It's a promissory note. Read your account agreement. If you don't have matching funds on deposit a bank may hold a portion of the deposited item pending its clearance with the issuing bank. Generally the portion that it held back will be released after one business day but depending on where the payor's bank is located that can be longer. That's why you see two "balances". Your account balance reflects the entire amount of the deposit. You're available balance is what your bank feels is a safe balance between good service and protection from potential fraud.
Some merchants have taken our Check and copied it with the signature, then returned then gave the it back. The money is debited from our account in seconds or minutes.
 

Oklahunter3

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Something I found out recently is congress passed a bill, can’t remember the name of it, when you deposit money in the bank it is no longer yours, it is legally the banks money. I couldn’t believe it but it’s true. For instance if there is a run on a bank because of other bank failures they can close the bank and keep your money.
 

TedKennedy

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I always figured that lag time is for the bank to earn interest on your money. Sure, a 2K check from one guy makes little, but multiply that times thousands of customers and interest earned over days adds up. Keep the gig up 24/7/365 and you're constantly getting wealthy without lifting a finger.
 

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