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View Full Version : #@$(@&# BANK. A Novel.



psophia17
03-10-2008, 01:00 PM
I'm so annoyed by this.

DH opened a business banking account at the same bank we have had joint checking for several years. He has a 5-day hold on check deposits, and has to go into his branch and talk to a live person to make deposits over a certain (very low, IMO) amount, because the ATM's defaults are set very low for business banking deposits. Meanwhile, the business goes chugging along, and while we wait for checks to clear, suppliers go unpaid. We keep them in the loop, but it's getting embarassing.

This is bad enough, but for the past several weeks, he's been working long, long hours, 6am-6pm, minimum, with only one afternoon "off," to go to the doctor. He had a check to deposit that whole time, but he has been unable to make it to the bank during business hours. He finally makes it to his branch, and even though the check is drawn on the same bank, there's going to be a 2-day hold on the funds. Rather than deposit it, he came home, gave it to me, and I got on the phone. In less than an hour, I had the manager of a nicer branch on the line, who was able to help us get the check cleared right away, and who was just so incredibly helpful and nice to work with. He said that policy for business banking is to have everything done at your branch, but any bank can access the info, and work with it, and he could help us out since it was an emergency. We took the boys in with us, and even they had a good time, thanks to this manager. Yay for the bank!

So - money cleared, checks written and delivered (by hand) to where they needed to go. And this morning, DH calls - oh yes, the preschool payment is coming out, but the money is not in the bank, I have to transfer from our personal checking to the business checking? I am thinking - no problem. A transfer is a transfer, I can do that over the phone, easy peasy. Except that his branch doesn't accept transfers into business banking over the phone unless the amount is a large increment. They suggested I go to the nearest location, and they could make an exception and allow me to make a transfer into his account (my name is not on it anywhere), just once. Excuse me??? Does this make any sense at all????

We are changing banks, because this is bloody stupid.

DS1 requests: :jammin:

kozachka
03-10-2008, 01:14 PM
I have a bit of experience with banks through both working with a few when I was in operational line of work, DH business was with at least half a dozen banks and I am currently working on a consulting case for an international bank, and I can tell you good call. Move your DH's business account to another bank. Some banks are good for individual banking, some are more business oriented. There are of course also banks that are good at both. In most cases it depends on the branch manager and personnel that s/he hires.

MontrealMum
03-10-2008, 01:16 PM
Banks suck. I've known people that have had bad experiences with nearly all of the major banks here, although it is usually the actual branch or just a few people that are the problem not the bank itself, or all the staff. I switched everything between major banks a few years ago because my branch accused me of depositing counterfeit money in my checking account - money that I'd withdrawn from their own ATM! No apology AND lots of red tape to straighten out - you've lost my business! I'm happy at the new bank but we keep getting tons of sales calls. I'd switch again but I'm sure it's just the same problems everywhere...and we only have, what, 8 banks to chose from here? Sorry, didn't mean to hijack your rant. I just wanted to empathize and say...hope it's better at the new place. Navigating the banking system nowadays is one big headache :dizzy:

psophia17
03-10-2008, 01:21 PM
I think I'm working with the same 8 banks, gotta love Canada. I bet you can guess which I'm complaining about...you're MontrealMum, after all ;)

If I could get everything switched to the branch with the good manager, all would be well, but apparently you can't transfer your business banking to a different branch without closing your account and starting from scratch. WTF?

And not too long ago, they cancelled my bank card because it may have been compromised, but never told me. Umm...maybe a phone call? And the fees...they're terrible. Grrr. Headache is putting it mildly. I'm still on the phone trying to get a transfer done - somewhere must be able to do it!

MontrealMum
03-10-2008, 01:33 PM
What a PITA you're dealing with.

Yes, we are complaining about the same bank :) The kicker? DH still has an account there, after I cancelled in a huff, and won't cancel it because he has some sort of archaic, totally phased-out personal account that doesn't charge any fees if you keep a certain balance. I was quite ticked at the time that he didn't cancel because I was taking a stand!

I will not mention names here but I have switched to the one that is blue and yellow and have been quite happy (tho I only have a personal account). My good friend is using their business banking and personal banking and likes it, but again, so much is branch specific.

I will say that this little tidbit was shared by a teller a few years ago: the holds placed on your account at your own branch (shorter), and at branches w/in your bank but that are not your own (longer) - can be discretionary! As in, they are supposed to be shorter at your own branch, but won't be if the teller doesn't recognize you. And if he/she does know you, even if it's not your branch, they may waive some of that waiting time. I had a US $ check cashed immediately (no 28-day hold) over Xmas to my great surprise because of this. Not so wonderful for those of us who rely on telephone banking. My advice, switch banks definately, and make friends with a teller :)

psophia17
03-10-2008, 01:48 PM
I just got off the phone with the manager who helped us on Saturday - he was able to help me, even though it's not our branch, and I'm not on DH's business account. YAY! He even remembered me when I introduced myself. He said he'd try and help us get the business transferred to his branch without having to close and open accounts, so here's hoping that works.

We're going to go with blue and gold if we can't switch branches...so I'm glad to hear that they're decent. Plus there's one in walking distance of the house, so I can get there to accomplish things if I have to.

I just opened a no-fee checking and high-interest savings (4.1%) at the maroon and yellow bank...I just opened the account, and I love it. No stinking branches to deal with, and every time I've dealt with someone on the phone, they've been so helpful.

ShanaMama
03-10-2008, 09:40 PM
Petra, no advice for you, only some :hug5:. I *hate* beauracracy (and cetrainly can't spell it!!) I just had to say that I'm LOL at the two of you renaming your banks. I have no clue what those colors mean down here in the red white & blue.

MontrealMum
03-10-2008, 11:20 PM
Just to follow up...I was treated extremely nicely when I had problems with a credit card issued by the maroon and yellow (they contract those out, so my problem wasn't with them specifically). The tellers and phone people were really understanding and helpful...so they get my thumbs up too. But for personal banking it's blue and gold all the way :applause: I'm just ignoring those sales calls since we have caller id anyways. I think I'll stop now and put the American readers out of their misery!

bubbaray
03-11-2008, 02:14 PM
Have you considered President's Choice Financial? Not sure if they do business accounts, though. No fee, all internet banking, etc.. They are a subsidiary of CIBC, which I presume is the maroon & gold (why not mention names?).

I know people who are happy with Royal Bank and TD bank. If you want zero fees, though, PCF is about the only one. TD has really great no-load MFs.

ING Direct is no fee savings, but I don't know if they offer full service banking too.

HTH

psophia17
03-11-2008, 06:14 PM
PC Financial doesn't do business banking, I asked when I got my no-fee checking and high-interest savings. Otherwise, I'd be all over that.