Bonzer Wolf™ (bonzerwolf) wrote,
Bonzer Wolf™
bonzerwolf

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No SHIT ?

Banks are greedy and impersonal according to many customers.

Trust in banks has weakened over the past 18 months for 64% of consumers, while 60% said their bank was not looking after their best interests, the study by communications firm Cohn & Wolfe said.

Almost half of people chose the word "greedy" to describe their bank, while 36% opted for "impersonal".

Only 2% said their bank was ethical, 4% said it was trustworthy, and 5% said it was transparent.

Bonzer LOATHES the banks, which have always sat at the top of the food chain of GREED.  Bank culture is built upon secrecy and deceit.  Banks “nickel and dime” millions of small depositors with hidden charges and fees each and every day.   The only way a worker can get paid is via "direct deposit" to a bank.  Banks treat their bread and butter depositors like shit.

These are the same banks that lost BILLIONS of dollars engaging in derivative based ponzie schemes. These are the same banks that caused the collapse of the world economy starting in December 2007. 

Bonzer did not start distrusting or disliking the banks recently.  This disdain for bankers goes back at least forty years when you couldn't find a bank that offered "free" checking .  Excellent credit and steady income never earn respect at the banks.  In fact, banks prefer deadbeats to responsible depositors.  Banks make their "easy" money by charging exorbitant overdraft & late fees (I won't even get started bank credit card greed).  If the Devil himself is among us, I guarantee he works at a bank.

Today, Bonzer made his semi-annual pilgrimage to the devil's house known as Compass Bank.   This journey is made to deposit a $13,000 check drawn on a 30+ year old Chase Bank in Ohio.  JP Morgan Chase is the second largest bank in the United States.

 Each and every time Bonzer deposits the check, the teller, a Hamburger University drop out looks at him like he placed a bomb in the drive thru tube. NOTHING every goes smooth at a bank drive thru when an out of state check is involved in the transaction.  After getting the "look” of horror from the teeny bopper teller, a supervisor always comes to the window

 "Sir, we have never seen a check for this amount deposited into this account.  We will have to put an 11 business day hold on this check." (15 real days, half a month)

 "That is not true ma'am.  I have deposited a $13,000 check drawn on the same Chase Bank account every six months for the last six years. There has never been a single problem on either the Chase or Compass account.  Therefore, not one transaction on either account has incurred a bogus bank fee.  Sir, this is large check drawn on an out of state account so we “must hold it for eleven 'bidness' days." 

“But what about all those other checks I have deposited, why don’t they count?”

"I am sorry sir; our computers only go back 3 months."

"You're a bank and you only keep records for 3 months?"

"I am sorry sir; we HAVE to put a hold on this check."

What the F is wrong with this country?  Why are we and our money being held hostage by these banking MOFO's?  Why can’t Compass pick up the telephone and call Chase verify the check?  The answer is GREED.  The banks prefer that you wire the funds and pay the exorbitant wire transfer fees. This is how the bank acquires funds to engage in the ponzie scheme they call "derivatives". 

Compass Bank CHOOSES to hold that check.  Compass Bank CHOOSES not to telephone the Chase Bank in Ohio to verify that the account holds many more thousands of dollars than the amount of this check. The local Chase Bank branch would vouch for the account holder who has been doing business with them in Ohio for over thirty years without a single problem.

There is a federal law, the Expedited Funds Availability Act, that limits how long a bank can delay your access to funds deposited to your account. The law is an attempt to strike a balance between protecting banks from the risks of paying funds from checks that turn out to be no good, and protecting depositors from the effects of unduly long hold periods.

Cash and some types of checks, if deposited to your account in person with a teller, must be available for withdrawal on the business day after the banking day of deposit. Weekend days do not count. The so-called "next day" deposits other than cash, include any electronic deposit that the bank isn't required to release on the same day it's received, plus cashier's check, U.S. Treasury, certified, or teller's checks, U.S. Postal Service money orders, checks on state and local government, and checks drawn on the same bank that is accepting the deposit.

Other checks that are drawn on banks in the local check processing region have to be made available on the second business day after the day of deposit, and checks drawn on banks outside of the local check processing regions generally have to be released on the fifth business day, one calendar week when no holidays intervene. $100 of the total of the checks, local and non-local, has to be released on the first day after the day of deposit.

The bank can exercise some exceptions to those rules, if your account is less than 30 days old, if you deposit more than $5,000 in checks on the same day, if you are repeatedly overdrawn in your account, if you deposit a check that bounced before, or if the bank has a bona fide reason to doubt that a particular check won't be paid. In all of these cases, except new accounts, the bank is required to notify you of these "exception holds." Exception holds can delay local check access until the seventh business day, roughly one and a half weeks from deposit, and non-local checks until the eleventh business day, generally fifteen calendar days, sometimes seventeen.  In every case, the bank has the option of releasing funds sooner than the law requires. Some banks have a policy of generally providing next-day availability on all deposited checks, but reserve the right to make to place holds, with notices to the depositing customers, so in reality, the rule is not as simple as you or your banker described it.

 Is it any wonder that only 2% of people believe that banks are ethical?





Tags: economy, today
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