Bank fees & where do I report that my bank is being weird

[LuvOrlando]

Where do I report that my bank is being weird. Friday night I wanted to transfer money to my kids which always been able to do before and it wouldn't let me. Normally I could just do it on mobile banking but they're mobile banking system set it up that I couldn't have any transactions until Monday and I didn't know the banks will have to do that. Had to call the center and they did it and they assured me that they would always be available to do it and now no one answers the phone & my bank is off-line. I made a big deposit on Saturday and none of it showed up as available at all Saturday and then today right now I wanted to go and take a look if they got into it and their site is down their phones are down and I have no idea to know where any of my money is , which is crazy and I didn't think things were allowed to do that. so now 2 things, 1) I wanted to file a complaint with the SEC or something and have them investigate what's going on but I can't find a way to do that does anyone know what you do with information like this? 2) I'm looking for a new bank and I know they sometimes charge ridiculous fees Plus there's been a scandal with theft through one of the big commercial banks lately so I don't want to use them - anyone have a good solid bank that's dependable and doesn't seem to charge outrageous fees?

 

[sharbear]

I would wait and see if there are technical problems that will resolve themselves by Monday. Also many banks do system updates on the weekend and on line banking is unavailable

 

[chiisai]

Is this a national or community bank?

I assume you are in the US?

You can try calling the federal reserve.

 

[MrPTato]

Probably just weekend updates and I wouldn't worry too much about it. Check on Monday and try calling them again at that point.

You can always do a little research in your area on local credit unions.

 

[cvjw]

Not having access to your money right after a large deposit is standard - your bank isn't being weird. It should state on your receipt when your money is available for use.

 

[msmayor]

It is fairly standard for any transactions that occur after 3pm Friday not to appear on your account until the following Monday (or first business day after, if Monday is a holiday). Even though many banks are open on Saturday (and some Sunday), those are not business days and have never 'counted' in the banking world.

Your effort to transfer the money on Friday may have shown as pending in your account but it would not have been available to your kids' accounts until Monday.

Same situation with a deposit on Saturday. Its not going to show up as available until Monday. In addition, if the 'big' deposit was a check, banks will generally place a hold on anything over $100 or so until the check clears through their system. I have had this happen even with large checks from big brokerage houses (Fidelity Investments) and the check becomes available on a graduated scale...$100 immediately and the remainder over the course of the next three business days.

If you truly feel there is an issue with your bank, there is an on-line complaint form you can file through the Federal Reserve. Before you go that route though, I would read through the account agreement to make sure you haven't overlooked the regulations and rules your bank has set up regarding transfers and deposits.

 

[LuvOrlando]

I think there's a misunderstanding there is money in my checking account that I was using to transfer that they disallowed that had nothing to do with the deposit I made which was into savings a different account so there should've been no overlap there. This was before 9 o'clock on Friday and are you saying that no one is able to transfer money from Friday to Monday because that's not really true I've always been able to do it before. This was not pending the system very literally changed the date on me, pending is when the system records all the transactions but they don't actually take place in the sort of concrete finite way until the system updates; that's not what is happening.

So I don't like the fact that there is no record of my money except for the paper receipt they gave me, that the system is down and the phones are off.

I have a lot of stuff with USAA but I've never lied on their banking exclusively I'm thinking about switching their does anyone use USA and do you like it? they have a lot of fees or are they reasonable

 

[maxiesmom]

I am going to echo others--many banking web sites go down for the weekend for maintenance. I would wait until tomorrow, and if things are still off then, go to a local branch if you can.

 

[msmayor]

I think there's a misunderstanding there is money in my checking account that I was using to transfer that they disallowed that had nothing to do with the deposit I made which was into savings a different account so there should've been no overlap there. This was before 9 o'clock on Friday and are you saying that no one is able to transfer money from Friday to Monday because that's not really true I've always been able to do it before. This was not pending the system very literally changed the date on me, pending is when the system records all the transactions but they don't actually take place in the sort of concrete finite way until the system updates; that's not what is happening.

So I don't like the fact that there is no record of my money except for the paper receipt they gave me, that the system is down and the phones are off.

I have a lot of stuff with USAA but I've never lied on their banking exclusively I'm thinking about switching their does anyone use USA and do you like it? they have a lot of fees or are they reasonable

I transfer money all the time between my two checking accounts. I have NEVER had a transfer go through immediately where I can 'see' it on the website. I get a confirmation that the transfer was made, but nothing shows up on the activity of either account. These transfers are normally made at night ('cause that's when I pay my bills) and I'll see it first on the next business day as 'pending', then see it go through on the second business day.

Its not that you cannot 'transfer' money, but you may not see it on the activity of your account.

I agree with one of the prior posters though...realize that on-line banking websites DO go down for maintenance, and at those times you won't have access to the on-line functions you may be used to.

We've become so dependent on electronic banking. You say you're not liking the fact that all you have is a paper receipt and there is no 'record' of your money. There once was a time when the ONLY paper record we received was a monthly statement in the mail.

 

[MomToOne]

I completely understand what you are feeling. Not being able to get someone on the phone I'm sure is especially disconcerting. Even my smaller credit union has 24 hour phone agent support. But I would take a deep breath and give things a few more hours before getting really worked up. The banking system in this country is well insured, so even if your bank was failing (which I really don't think it is), you should have access to your money eventually. It probably is just weekend maintenance.

For those that are saying you don't see money transfer instantly between accounts with your banks, I can personally attest that some banks and credit unions DO reflect the transfer immediately when you look at the accounts online. My credit union does. It doesn't mean the money has really been transferred (that happens at midnight or some such hour) but they do update the balances immediately so it looks like it has. And not seeing it behave the same way as it normally does could be upsetting.

I also think the mobile banking not allowing transactions until Monday is odd. I've never heard of something like that unless there was maintenance being done. And maintenance for an entire weekend is not a normal thing - a few hours overnight and even Sunday morning, yes; an entire weekend, no. It happens rarely, but is not the usual case by any means.

But back to your original questions OP - I have basic checking/savings accounts with Chase, that are largely fee free. I do most of my banking with a smaller credit union but I get a rebate on my mortgage with Chase if I pay it out of a Chase checking account, so I opened them just for those purposes. There are no fees associated with the standard transactions. I also find them more customer-service oriented than my credit union, believe it or not. I'm not generally a big bank fan by any means, but the Chase branch by me has Saturday hours, bankers that will jump up to help you with things as soon as you walk in, etc. And no lines. The lines at my credit union are always long, so I literally never go in there and just do everything online. If I need to actually go to a bank for some rare reason, I go to Chase!

 

[afan]

For those that are saying you don't see money transfer instantly between accounts with your banks, I can personally attest that some banks and credit unions DO reflect the transfer immediately when you look at the accounts online. My credit union does. It doesn't mean the money has really been transferred (that happens at midnight or some such hour) but they do update the balances immediately so it looks like it has. I believe the OP when she says that's what she normally sees. So not seeing it behave the same way could be upsetting.

My credit union does this as well. I can transfer money between checking and savings in either direction and it shows up immediately. I've transferred money from my vacation account the same day I pay my credit card bill, but neither of them are immediate.

I would see if your bank has a facebook page, if the site is down for maintenance and the website itself doesn't say that, there should be information of some sort on their facebook page. My credit union is good at using their fb page to update customers of when things will be down for maintenance or if there's issues with something.

 

[tvguy]

I was not familiar with USAA as a bank. Okay after Googling, it appears they are primarily an online bank. They only have one full service branch, and it is in San Antonio. They have 15 "limited service" financial centers nationwide, so with 16 locations they are certainly not a traditional brick and mortar bank.
My son uses another online bank, and the advantage of them is they pay high interest on deposits. My son's experience with his online bank is many services are not available on weekends and holidays, and money transfers can take 24 hours. Seems like you've just been lucky up until now with your transfers. Not sure there is anyone to complain too, this is just how these online banks work.
My bank has 43 branches in my county.

 

[lost*in*cyberspace]

.....

I have a lot of stuff with USAA but I've never lied on their banking exclusively I'm thinking about switching their does anyone use USA and do you like it? they have a lot of fees or are they reasonable

If you are eligible to use USAA, they are fantastic. You can check their web site for account information and fees.

 

[tvguy]

If you are eligible to use USAA, they are fantastic. You can check their web site for account information and fees.

OP is complaining about USAA and the fact that they can't check things online.

 

[MomToOne]

OP is complaining about USAA and the fact that they can't check things online.

Actually, no they are not - they were asking if anyone liked them:

"I have a lot of stuff with USAA but I've never (re)lied on their banking exclusively I'm thinking about switching their (there)."

 

[virge]

I have a lot of stuff with USAA but I've never lied on their banking exclusively I'm thinking about switching their does anyone use USA and do you like it? they have a lot of fees or are they reasonable

BIG fan of USAA! We do not use them as our primary bank but use them for several financial products. I started using them 20+ years ago and my customer service experiences have always been excellent. I have family members who use them as their primary bank and they have only shared positive experiences.

 

[GrnMtnMan]

1. USAA is not a publicly traded company, so the SEC has no jurisdiction over it. It more like an insurance company than anything else, and is 'owned' by insurance policy holders (kind of like State Farm).

2. The website says it is FDIC insured, so the FDIC would be one place to complain.

3. But banking systems and transactions being unavailable for some period isn't really all that unusual, especially for a weekend. Usually the fine print of a bank account agreement legally gives the banks a few days to get you your money once you ask for it. Even longer if a savings account is involved. Banks may choose to move money faster than they have to, but they can also slow down if necessary.

4. There are many external systems that a bank may use for which it has no control over, particularly systems run by the Federal Reserve that facilitate transfers between banks. If one of these has to go offline on a weekend for any number of reasons, USAA cold have to shut down all of its systems so that it does not find itself only transferring money out and not getting any in, or something else that could cause problems.

If it were me, and I've seen my bank vary how it handle deposits, I'd wait a few days. And I never rely on my money being immediately available.

 

[maxiesmom]

Any updates today OP?

 

[lost*in*cyberspace]

1. USAA is not a publicly traded company, so the SEC has no jurisdiction over it. It more like an insurance company than anything else, and is 'owned' by insurance policy holders (kind of like State Farm)......

Please read OP's post carefully. She is NOT complaining about USAA. USAA is far more than an insurance company these days.

 

[GrnMtnMan]

Please read OP's post carefully. She is NOT complaining about USAA. USAA is far more than an insurance company these days.

I'm familiar. I thought she was complaining about USAA bank:

I have a lot of stuff with USAA but I've never lied on their banking exclusively I'm thinking about switching their does anyone use USA and do you like it? they have a lot of fees or are they reasonable

I guess I'm not clear on what 'lied' means in the post. I thought it was 'relied' and guessed that USAA Bank was what she was talking about. But I see now that she might have been asking about moving to USAA. Maybe she can clear up when she comes back.