Imagine you’re about to get married and then find out that the venue you booked for your reception is not only closed, but that the venue operators knew it be shutting down and took your deposit anyway. This is exactly what happened to nearly 60 people who were tricked into making deposits with a Seattle gallery for weddings and other events that could never have possibly been held there. [More]
Several federal agencies teamed up like your favorite buddy-cop movie to bring down the bad guy today. In this particular case the bad guy was Citizens Bank, which must now pay a total of $20.5 million in penalties and $11 million in refunds to the owners of accounts it allegedly failed to credit for full amounts of deposited funds. [More]
When Paul’s wife brought a small check to deposit at a Chase bank ATM, she didn’t expect to have the machine spit it back out. Deposits, you see, have a $15 minimum. Wait, isn’t that the point of using an ATM to deposit checks – not having to waste a teller’s time on an $8 transaction?
$376 isn’t a lot of money compared to the amounts that flow through banks on a daily basis. But it is a lot of money to reader Craig, who deposited that amount of cash on Monday at a BBVA Compass ATM. The machine gobbled up his money during the deposit, and no one is quite sure where the cash went. It’s not in his account, he knows that much.
Peter is a longtime, but not particularly happy Sprint customer. Still, his nephew could get more from Big Yellow than with his previous provider, so the two went to the Sprint store to move his service over. It wasn’t unexpected that a young man without much of a credit history would have a limits on his account, but Peter was surprised when Sprint disconnected his nephew’s phones and demanded a $500 deposit that they had been assured at the Sprint store wasn’t required.
Adrienne tells Consumerist that she did something very mundane: she deposited a payroll check that her fiancÃ© had signed over to her in her Wells Fargo bank account using an ATM. Based on previous experience, and assuming that a payroll check from a Fortune 1000 company is a straightforward enough deposit, she then paid bills using the money that she thought was in her account.
Consumerist reader Beth is a telecommuter who needs something more than the standard residential internet connection. So she decided to spring for the business-grade line for the apartment she shares with her boyfriend. However, since their TV has nothing to do with her business, they opted to keep the cable service on their residential account. I probably don’t need to tell you that trouble ensued.
Meet Matt. He’s is the writer of the most reasonable, calm, thoughtful letter we’ve ever gotten from someone whose bank misplaced a check for $14,000. That bank is Bank of America, and they’ve lost a customer. Was it because their ATM ate the check? Not really. It was because they couldn’t even bother to act concerned about it. Matt is ready for a bank that thinks $14,000 is important.
Credit unions might be attractive alternatives to big commercial banks, but they’re not crisis-proof. OregonLive says about a fifth of the nation’s credit unions are having financial troubles right now. To get in better financial health, they’re introducing fees for services that have long been free, and even asking members to move their deposits to other institutions.
Sometimes a company verifies that a bank account by making a couple of small deposits in it, then asking you to report back the deposit amounts. Don’t rely on that verification process to block any activity in the meantime, though. That’s what Suzette did with Ally bank, and she ended up with a $35 stop payment fee from her own bank.
“The best advice I can offer to those who wish to commit check fraud against Wachovia Bank,” writes Jim, “is to purchase a typewriter.” Although he’s been a customer of the bank for years and had a hefty balance that more than covered the deposit amount of his handwritten check, because the dollar amount was in black ink and the signature was in blue ink the teller said it might be fraudulent and refused to take it.
Daniel filled out a Washington Mutual deposit slip listing several checks and $500 in cash, but “forgot” to hand over the cash. He normally isn’t a fan of “shady business,” but now that he has a bank statement crediting him for the $500 hiding in his wallet, he’s suddenly not sure what to do…
Dan’s fiancée mailed a deposit envelope containing $1,150 in checks to her bank, WaMu. Someone lost the checks, but nobody will take the blame, and they simply give her the run-around.
Ryan’s wife is currently traveling alone with their 3-month-old son on the way to an unexpected funeral near Salt Lake, Utah. Despite the fact that she paid for the rental up front as part of an Orbitz package, the local Hertz jerks are refusing to give her the car unless she goes to an ATM and brings back $200 cash, which they say they will mail back in check form a few weeks after she returns the car. Even Hertz says this isn’t their policy, but they can’t seem to stay on the phone long enough to help Ryan and his wife.
Are you so loaded that you exceed the FDIC’s guarantee limit for deposits? Consider the Certificate of Deposit Account Registry Service. Deposit the funds at one of 2,500 CDARS member banks and they’ll automatically spread your cash among other member banks as needed to stay within FDIC coverage limits. Kiplinger says, “You’ll earn one rate (set by the home bank) and get one statement and one form at tax time.” [Kiplinger]
Everyone knows that your money is safe in an FDIC insured bank because if the bank fails (Hello, IndyMac!) the FDIC will step in and repay your money (generally, up to $100,000.) But what if the FDIC runs out of money? It doesn’t have an unlimited supply and enough bank failures could completely drain its fund, says ABCNews: