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Why is it that it takes 10 to 14 days for my check to get to the credit card folks but it only takes two days for their statement to get from them to me?
Inquiring minds want to know.
-------------------- Chapman Sign Studio Temple, Texas chapmanstudio@sbcglobal.net Posts: 6306 | From: Temple, Texas, USA | Registered: Nov 1998
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The Postal Service has a magnetic ink detecting machine that automatically shunts all mail with checks into a holding basin where it is aged, sometimes as long as a year, before it is released to be delivered. Interestingly, those checks that have spent a year in the mail often sport yesterday's date when they finally arrive. I still haven't figured out how the Post Office does that.
I pay my charge cards online.
-------------------- David Harding A Sign of Excellence Carrollton, TX Posts: 5084 | From: Carrollton, TX, USA | Registered: Nov 1998
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It's called the "let's delay posting his payment as long as we can and hope we can charge a hundred dollar late fee" theory...
Funny how it works though... Then the next time, I send in a big check to my credit card people and don't have the money in the bank to cover it thinking.... man, I got two weeks to take care of this...
Mailman stops by, picks up the mail and almost instantly, there's a email from my bank saying my check has overdrawn me and the Overdraft Protection has kicked in.... the flag barely gets down on my mailbox and they're posting it.
Weird.
-------------------- Jon Jantz Snappysign.com jjantz21@gmail.com http://www.allcw.com Posts: 3395 | From: Atmore, AL | Registered: Nov 2005
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My bank "loves" me .... after being slugged umpteen $$$$$$$$$$ interest on one late payment to clear a card, I set up an automatic transfer on due date from my check account for all the cards. Have three ... one personal, one business, one for Sue.
Haven't paid a cent in interest for past two years! Just the small annual card fee.
Not only that, the cards carry "bonus" points for usage. ie: last lot of bonus points on business card brought $50 gift vouchers for the grandkids each for Christmas presents.
quote:It's called the "let's delay posting his payment as long as we can and hope we can charge a hundred dollar late fee" theory...
Actually, Avanta, did this,, and worse. They would post you as late at 5AM on the morning it was due. And then charge you $35.00 Late fee. They got sued and cost them millions.. I got my payoff of exactly .63 cents. But I was happy to see them get licked anyway.
-------------------- Leaper of Tall buildings.. If you find my posts divisive or otherwise snarky please ignore them. If you do not know how then PM me about it and I will demonstrate. Posts: 5274 | From: Im a nowhere man | Registered: Jul 2001
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It's the same technique they use in checking accounts where the deposits "seem" to take a long time to get posted; but the checks go thru real quickly.
Many years ago, I had trouble with a particular bank. Never had a lot of money in the account and wrote few checks. But the sequence of events was always strange. Have 50 bucks in bank..buy 20 dollars worth of groceries...deposit 80 bucks...send a bill payment for 75... Somehow, the 75 dollar check would get to the bank before the 80 deposit....overdraft fee; then the 20 check goes thru....overdraft fee.
I eventually called them on it, got some money back and changed banks. I just always thought they had some weasley old coot in a dark room somewhere with one of those green visor thingees on looking at a screen with peoples' checking accounts going by....trying to see how he could pop a check into somebody's account before a deposit, so they could collect another fee.
Can you sense I don't care for banks much?
-------------------- Dale Feicke Grafix 714 East St. Mendenhall, MS 39114
"I can do all things through Christ, who strengthens me." Posts: 2963 | From: Mendenhall, MS | Registered: Apr 1999
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Several years ago I deposited a check for $14,000 into my studio account. It just happened to be deposited right at the end of the month and showed up on my statement as a deposit. I wrote a bunch of checks for bills and then started getting ISF notices and fees to the amount of about $600, plus they were sending back checks to some regular accounts that I had.
When I asked about what was going on, they told me that large checks from out of town companies were held for 10 days before they were deposited to make sure there were funds available. The check was on a local church. I couldn't get the banker to understand that they had posted the check as a deposit on my statement the day after I turned it into the bank.
They finally reluctantly refunded all the fees and reinbursed me for charges that had come from my clients. The sad part was that they never apologized for the hassle. They said that I was supposed to know that....although there was nothing in writing that stated that policy.
I no longer bank there.
-------------------- Chapman Sign Studio Temple, Texas chapmanstudio@sbcglobal.net Posts: 6306 | From: Temple, Texas, USA | Registered: Nov 1998
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Deposited $5500 in my Savings account with a BANK check from England (Sue inherited some money from a long lost Aunt).... it took 6 weeks to "clear" and register in our account.
Not only did the banks collect the interest on the money during that time, but they charged like a wounded bull for the transfer!
PS: Sue's brother got same amount in TWO days ... no charges!!!!!!!!!!!!
[ February 26, 2009, 10:03 PM: Message edited by: Jon Butterworth ]
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Dale, I used Compass Bank for a while, and I swear they were like that. If I was ever running close I'd always end up getting overdraft fees, and they'd always run the checks through from biggest to smallest and then post deposits last... that way they'd get you over early, and hit with *$35* a pop for all the small checks. You could barely deposit money fast enough into the account to catch back up. I only had a checking account with them because I had a loan with them and it was constant trouble. They had a fee for absolutely everything.
I finally closed that account, since I absolutely have NO trouble out of my account at my local bank who I've dealt with for years.
And Ray, they did the exact same thing to me. I deposited money from a client who I do regular business with. I had deposited many checks from this guy but had one come in for around $5,000. Compass Bank put a hold on it and I had no idea, merrily writing checks... few days later I get a mailbox full of NSF notices.
Took an act of Congress to get my fees back from them. They tried to wiggle out of it by saying the teller had given me the form that said they were going to hold it... I said 'No, she didn't...' and they emailed me a copy of one all filled out and signed by the teller. Luckily I noticed a place where *I* was supposed to sign it, and it wasn't signed. I raised holy heck and they said they'd investigate it more.
Finally called back and said that the teller HAD forgotten to do it right away and it had been done afterward... and I'd get my fees back. Took about 2 weeks for them to put it back my account. Meanwhile they still didn't release the check and I had to scramble around and get more money in the bank to cover my checks AND the fees.
Hey, I don't hate banks, but I hate COMPASS BANK. I paid off that loan and closed that account about a week after that whole ordeal ended.
[ February 27, 2009, 02:08 AM: Message edited by: Jon Jantz ]
-------------------- Jon Jantz Snappysign.com jjantz21@gmail.com http://www.allcw.com Posts: 3395 | From: Atmore, AL | Registered: Nov 2005
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good post! every month I have to call chase and have the "late fee" removed. I could mail that payment the day the bill comes and it doesn't matter its still late. just think of the "extra money" they are getting by doing that.
AT&T cellphone: heres their sneaky crap. When I signed up for their website and logged in that "automatically" signed me up for bank draft payment, so the paper bill stopped coming to the house. late fees, cancellation of service, pizzed me OFF! I finally figured out what they were doing, trying to push paperless on me. I still get paper and i dont log online to their site anymore.
I have contacted the FCC, the POPO and the FBI...no one cares that this type of racket is going on, so they continue to do so.....but yes raymond 2 days to deliver bill and for some reason 3 weeks to deliver it back and post payment back to them
-------------------- You ever notice how easily accessible people are when they are requiring your services but once they get invoice you can't reach them anymore
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And didja ever notice.....no matter how much of a mistake they make, and how long it takes to get it corrected.....they never apologize. They seldom ever admit to a mistake. They sometimes act like they're mad because you had the gall to call them on it.
But if you don't catch them, they'll just go right on taking from you, just happy as a lark.
-------------------- Dale Feicke Grafix 714 East St. Mendenhall, MS 39114
"I can do all things through Christ, who strengthens me." Posts: 2963 | From: Mendenhall, MS | Registered: Apr 1999
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To avoid overdraft fees you are supposed to set up a floating line of credit.
So, they get you either way.
Heck, I deposited a check from my personal account to my business account and they even held THAT check. WTF? Boy was I mad I overdrafted because of that. How long does it take a check to pass from your left hand to your right hand?
-------------------- Dan Beach Cylinder 9 Designs 1650 Glassboro Rd Sewell, NJ 08080 Posts: 625 | From: South Jersey | Registered: Sep 2008
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I just transfered several thousand dollars from one card to another, since they changed my 1.9% interest to 19%, stating I didn't pay on time. Every bill I receive goes to the same place and is payed regularly, but I never got that bill they were referring to, which is why it didn't get paid. Try and tell them that? I didn't even try. This was the second time they cancelled that low interest wrongly, the first time it took two hours on the phone, six people and a considerable amount of nerves to reverse what they tried to convince me couldn't be reversed. It's ok, I got a new card, and I'm paying everything off and be done with owing anything to anybody.
We are in the middle of a 7 month stay in Mexico. We never use credit cards in Mexico unless we stay at a reputable hotel. BUT we did notify our credit card companys and our banks that we were going to be in Mexico, to avoid red flags on their systems.
A couple of weeks ago I phoned a personal friend and travel agent in Michigan to get her to find and book a cheap flight from Mexico to home and then back in October. I gave her my CC info and the flights were booked.
THEN my credit card got flagged AND cancelled because of the "possibility" of fraud!!!
I was ****ed BIG TIME, but all they told me was "too bad, so sad".
"Sorry that you have to switch certain pre authorized withdrawals for Satellite TV, cell phone and Sirius Sat radio to another CC"
Screw em!!!!!
-------------------- Dave Grundy retired in Chelem,Yucatan,Mexico/Hensall,Ontario,Canada 1-519-262-3651 Canada 011-52-1-999-102-2923 Mexico cell 1-226-785-8957 Canada/Mexico home
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I won't go into all the details, but my bank of hate choice is B of A...
They did same thing to me, deposited check took entire weekend to clear, in meantime payment for house went south...after all the smoke cleared, there wasn't enough money left in account to satisfy payment to mortgage company...ended in foreclosure of folks house, the start of my ten year problem...
As we speak, I'm playing the waiting game from an American ins. co., about the same principles are employed, oh my! Did I say principles and banks and insurance companies in the same sentence? Fruedian slip, because I'd sure like to _ _ _ _ them!!!!!!! Like they've been _ _ _ _ _ _ _ us...and the worst part??? There seems to be no one or anyone dept. anywhere, that has the gonads and fortitude to implement change for the good, business as usual, _ _ _ _ _ _ _ the American public, but good...
I don't know the answer, I just hunker down as low as possible and hope their radar goes over my head...........A$$holes!!!!!!!!!!
-------------------- Frank Magoo, Magoo's-Las Vegas; fmagoo@netzero.com "the only easy day was yesterday" Posts: 2365 | From: Las Vegas, Nv. | Registered: Jun 2003
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You big city folk have it rough when it comes to banks because I assume that your only choices are the big banks. My small independent hometown bank credits my business account the same day ANY check is deposited. It's something they do for business accounts. Personal accounts are different but they still run the check immediately and the funds are available as soon as the check clears which is usually 2 to 3 days. With the new methods banks use to clear checks, it's never more than 3 days so you all are right, they are playing games with your money.
Credit card companies look for any chance they can to raise your interest rate or charge late fees. My wife's card just got posted 4 days earlier in the month than it has for years. Most likely an attempt to create a late fee.
Another one to look out for are rebates. Anything not specifically done according to their instructions and the rebate is denied. And they make sure they take long enough to process it so you will go beyond the cut off date so you can't reapply.
The world is so full of greed, it is so disgusting.
-------------------- Dave Sherby "Sandman" SherWood Sign & Graphic Design Crystal Falls, MI 49920 906-875-6201 sherwoodsign@sbcglobal.net Posts: 5397 | From: Crystal Falls, MI USA | Registered: Apr 1999
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I agree Dave! I know all my tellers at our bank by name. When I was little, I used to take my piggy bank into the bank president office where he kept the key to open it and deposit the money! When I was in college, I would get my statement in the mail with a note, "Hi Jane. Your parents were in yesterday. How's school?" My Chicago friends in the dorm just couldn't get their head around that one!! We have banked there forever and so do the boys. It feels good to be able to talk to a person and know they care about you!!
[ March 03, 2009, 11:16 AM: Message edited by: Jane Diaz ]
-------------------- Jane Diaz Diaz Sign Art 628 W. Lincoln Ave. Pontiac, Il. 61764 815-844-7024 www.diazsignart.com Posts: 4102 | From: Pontiac, IL USA | Registered: Feb 1999
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Jane - I grew up with that kind of bank. Knew the President and most of the tellers. Just after getting out of college I would phone down to the loan officer that had known me all my life and tell them I needed a loan, how much, for how long and he would tell me that they would deposit it in my account and I could come by and sign the papers anytime I wanted.
Then....they were bought out by a larger bank and their headquarters were three states away. Suddenly I'm having to show ID to cash a check and the faces are all new.
Times change.
-------------------- Chapman Sign Studio Temple, Texas chapmanstudio@sbcglobal.net Posts: 6306 | From: Temple, Texas, USA | Registered: Nov 1998
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This is why I've used my credit union for years instead of a bank for both business and personal. Can't remember the last time they actually put a hold on a check... they just ask if I'm sure it will clear and the funds are available immediately.
Would hate to go back to being a nameless, faceless account number.