[MTUCache]

Just like everyone else... stopped using banks probably two or three years ago and went 100% Credit Union.

The idea of the traditional bank seems to be going out the window pretty quickly. The idea of being able to safely put your money somewhere and still have ready access to it apparently isn't something that a bank can make enough money doing, so they require a bunch of additional fees and restrictions.

I tried to find a national bank here in Chicago that I could use together with my Credit Union back in Detroit, but when I asked them if they had a simple checking account with a reasonable minimum balance and as few fees as possible they looked at me like I was crazy. What do you mean you don't want a debit card? What do you mean you don't want overdraft protection? They seem to think that you're signing up for a complete "package" experience, like I'm going to be transferring over my retirement savings into their bank along with all my other accounts and doing all my personal financing through them.

I've gotta say, even from several hundred miles away, I'm glad to stick with the Credit Union I've had for more than a decade. Yes, they're careful with their (my) money, and no they don't lend it to just anybody... and that's why I like them. I'm not interested in banking with a place that's got dozens of different mortgage programs to show me. I'm not opening up an account with you if you require direct deposit of my entire check and a minimum of a dozen transactions per month... that's not what I want from a bank. I just want someone to hold my money for me until I decide I want it. That's it. Take all the other bs "services" you offer and shove it. As it stands right now, I'd rather drive for five hours to get to my closest branch than put up with any hassle from a new bank. 99% of what I do can be done online or over the phone.

As for the out-of-state payroll check holding.... sounds fishy to me. Like maybe your bank has been burnt by more than a few payroll accounts and isn't willing to go on faith anymore. Could be particular to your company or the bank they use, or it could be a nationwide trend. Fortunately, I don't have to worry about that (yet).

[stanman13]

My bank (one of the smaller local banks that some people don't like) has no hold whatsoever on payroll checks, and a five day hold on out of state. I have direct deposit, so there is no wait at all. I get paid on Friday mornings regardless.

Direct deposit is a 100% electronic transfer, so there should be no waiting period. If your bank puts one on, they are somehow scamming you. The transfer cannot happen if the funds are not there. Time to get a new bank.

[trinkit]

Ahhhhh, credit unions. Up until about 6 years ago, I would have agreed with everything positive that everyone has had to say about credit unions. I had been a member of one of THE largest credit unions in the country for over 50 years, with a 4-digit member number. Then they started thinking that they WERE a bank, changing policies with no regard for the fact that the credit union was owned by its members. (It shall remain nameless in this post, but anyone familiar with the Detroit area should be able to figure it out.)

Regretfully, I closed my accounts with the credit union and went with a local bank, Charter One. Three weeks after I opened the account I was offered a job in Cincinnati. When I opened the account, I was offered a debit/charge card and took it after being told that with the MasterCard logo I could use it just like a credit card, with one exception: the money had to be in the bank in order to cover the charge. (At the time, ALL of my credit cards had been cancelled due to the financial fiasco called 9-11.)

Well, back to my story about Cinci: I was staying at a Residence Inn and they refused to accept my MasterCard debit card and treated me as a "cash" guest, meaning that I had to pay at the end of the week in cash or they would lock me out of my room. My practice was to go home to the Detroit area every weekend. My paycheck was overnighted to my home from the company I worked for, in California. Charter One had a policy, as most banks do, of putting a hold on out-of-town checks for 5-10 days. THAT's when I discovered the kind of people I was dealing with at Charter One. I pleaded my case to the bank manager that if I did not go back to Cinci with cash in hand I would be locked out of my room. She made an exception and cashed my check! From then on my checks were overnighted directly to the bank and the manager would deposit them for me, so that even tho I was in Cinci, I still had access to my funds.

Fast forward to today: I am now living in South Carolina and STILL maintain that bank account, along with 2 other accounts with the same bank. (My payroll check is direct deposited.) The manager calls me on an average of every 2-3 months, just to see how things are going! I'll never change banks -- I still don't have one down here because I don't see a need for it.

So...the bottom line is, as other posters have said, change banks. They're not ALL cold and bound by "policy"!

[Coldjensens]

Banks stink, almost as much as credit card companies and insurance companies. If you ever find a truly good bank, do not tell anyone and sell the secret identity of the bank and you will become rich.

You will notice that although they put a hold on your check ofr several days, the money is removed from the other partys account immediately. Where is that money? It is not in their account, it is nto in your account? Yet someone is earning interest on it. When you multiply this tiny bit of interest among millions of customers, it is whole lot of money. That is why they do it.

I really love the trick of not stopping you or even telling you when you use an ATM for more than you have and then charging you $35 for the overdraft. I bought a soda at a gas station for about $1.25 when I did not realize that my wife had just cleaned out our account to buy gifts for children. That soda cost me $36.25! I was really mad, but when I checked into it I learned that all banks do this. It is a money maker for them. Finally I found a bank (La Salle Bank) that warned you before allowing you to overdraw with the ATM card. I switched all of my financial services to that bank. A year later, they got bought out by Bank of America who does the same dirty trick as all the other banks.

Every time I try smaller local and more friendly banks, they go out of business or get bought. Maybe I will go back to credit unions, however the problem with them is that they have few ATMS and limited hours. You end up paying a lot of ATM fees to other banks becuase you can never find one of their ATMS when you need money.

[Coldjensens]

Is Charter 1 local? I thought that it was scottish.

[stanman13]

Originally Posted by Coldjensens

Is Charter 1 local? I thought that it was scottish.

Charter One is indeed Scottish.

[jmlowman]

Originally Posted by trinkit

Ahhhhh, credit unions. Up until about 6 years ago, When I opened the account, I was offered a debit/charge card and took it after being told that with the MasterCard logo I could use it just like a credit card, with one exception: the money had to be in the bank in order to cover the charge. (At the time, ALL of my credit cards had been cancelled due to the financial fiasco called 9-11.)

Well, back to my story about Cinci: I was staying at a Residence Inn and they refused to accept my MasterCard debit card and treated me as a "cash" guest, meaning that I had to pay at the end of the week in cash or they would lock me out of my room.

Hotels and car rental companies are the exception to being able to use a debit card as a credit card. That's because they require one to establish credit with them, and that can't be done with a debit card. However, I would think that the hotel in question would have allowed you to pay a week in advance with no problem.

[jmlowman]

Originally Posted by Coldjensens

Every time I try smaller local and more friendly banks, they go out of business or get bought. Maybe I will go back to credit unions, however the problem with them is that they have few ATMS and limited hours. You end up paying a lot of ATM fees to other banks becuase you can never find one of their ATMS when you need money.

That happened to my wife. Within the timespan of about two years, her bank changed names three times, then was ultimately bought by CitiBank. The last straw for her was having to plead her case that the prior bank did not charge her a fee for using it at a POS terminal, like in a supermarket. She then went with Washington Mutual and was satisfied, then they were bought out by Chase. Still no real problems, though.

My credit union has ATMs on the Co-Op network, and there is never a charge for using another credit union's ATM that is on the network. I've gotten cash with no fee from either institution in various parts of the country, including Hawaii. Sometimes finding a credit union, much less one on the network, can be a challenge, especially in smaller towns.

[trinkit]

Originally Posted by jmlowman

Hotels and car rental companies are the exception to being able to use a debit card as a credit card. That's because they require one to establish credit with them, and that can't be done with a debit card. However, I would think that the hotel in question would have allowed you to pay a week in advance with no problem.

Residence Inn was the only motel I've ever had a problem with, and I've traveled quite a bit since then. But you're right about the car rental companies.