Banking - I hate my bank!

[jennifer293]

Don't blame your bank it is not their fault. I will assume the place you work at knew there was a holiday since it occurs every year so they should have paid you early. Be mad at them not the bank. I feel the need to take up for the banking industry since I used to work for them..LOL

Also all credits will be posted before any debits so any thing you spend this weekend should be fine on because on Monday your credit of a paycheck will go in before those debits come out.

 

[m&m's mom]

Veterans Day banking holiday has totally consumed my week.
We sent out thosands of letters and called a ton of clients and there still were a huge amt that processed w/ an effective date of today.
Bottom line - check the pay statement you received.If today (11/11) is the p/date you are probably out of luck. If a bank happens to post a day earlier than the effective date of the file that goes to the Fed Reserve through the ACH system your employer is not responsible.
I am not sure why or how but banks often post early. You can't tell which banks will post early so it is impossible to rely on.

 

[m&m's mom]

Not that this helps any but it is several years until Veterans Day is on a Thur or Fri (most popular p/dates). By then everyone will have forgotten and this will happen again.

 

[HeatherFeather]

I second the vote for USAA. They have wonderful customer service and no fees. We bank long distance with them and have no problems at all. We also ALWAYS get our deposits before holidays. Hope this helps!

 

[minnie1928]

Direct deposit works at different rates of speed, depending on who it's coming from & which bank it's going to. I had an account at a big bank & a small credit union bank and my direct deposit would always show up in the credit union before the big bank (even when transfering from my employer's account at the same bank).

As for the company, check your employee handbook it will say whether employees are paid before or after the holiday. As far as I know, there's no regulation about what a company has to do (ours pays after).

Sarangel

It's not that they travel at different speeds, it's how often the bank updates their files. I work at a bank and we were pulling our ACH file once a day (1st thing in the am) and loading it to our customers so that the activity was posted prior to the branches opening. I believe you have the option of sending/receiving ACH files several times per day, if your bank elects to do that option.

As far as the money possibly being there on Saturday, I'd be surprised if it were. Saturday's typically aren't "business" days, even though the branches are open...usually the back office staff (the ones working with the ACH file) are not. I'd expect to see the money in your account on Monday. If this ends up causing overdrafts or any other balance related fees, I'd complain to the bank. Based on the fact that other coworkers have their deposits, I'd say it's simply a processing thing at your bank. My guess is that they don't run their files as often as the other bank(s). Tell your bank how that affected you. I work for a community bank and we listen to our customers, hopefully yours does to!

 

[kelleigh1]

Ours doesn't listen. In September I called about the fact that the ATM in our town had been down three days in one week. The answer "it was being serviced". Two days later it was down again.

I checked today. No deposit. And I'm the type of person who won't spend what I don't physically have so I'm not going to borrow against it with the hope that it will be there on time on Monday morning. With the way this bank has been handling things, I wouldn't be surprised if the money wasn't available until Monday afternoon.

I did stop by another bank this morning to inquire about opening a new account. This is one that I know had the direct deposits available because one of my co-workers banks there and she had her check. The girl I spoke with was surprised that my bank hadn't processed the direct deposits. She said that because they are automated, once the funds reach the bank they should be in our accounts, so the fact that other employees from my company received their deposits with no problem, that indicates that the money was at the banks prior to the holiday and should have been posted to our accounts on the same day.

 

[BrerMama]

For the first time in seven years, my husband didn't get his direct deposit paycheck yesterday. It's not a bank problem because his partner, who uses a different bank than we do, also didn't get paid. However, we already have his paper check stub that states his pay day at 11/11, and they had to have sent this earlier because we usually get it Monday or Tuesday.

I'm just hoping and praying it goes in on Monday. We're OK -- we have a nice buffer in our account that we try to ignore -- but I don't want there to be some major foul-up.

 

[got2lovedisney]

With the payroll processing company we use, I had to transmit our payroll by noon on Monday for a Thursday paydate. (as opposed to the normal Tuesday noon deadline for a Friday paydate). They explained it's because banks need 72 hours to ensure direct deposits are processed correctly. We planned in advance and changed our pay to Thursday.

If the paydate is normally Friday and your company neglected to change it, I wouldn't blame the bank. It's not their fault your company dropped the ball. I would go in to HR and complain about the inconvenience the uncertainty has caused. As someone else mentioned above, what does the company policy say about these situations?

 

[lovelyk68]

I would tend to think in most cases it is related to the employer and not the bank. My husband gets paid once a month on the last day of the month. If that day happened to be on a Saturday or Sunday the money was in the bank on Friday morning, but if it were on a Monday, the money would be in the bank on Monday morning.

DH just switched jobs and the pay is the same set-up: once a month on the last day of the month. In October they were to be paid on Halloween, which fell on a Monday. With this new employer, the money was in the bank on Saturday morning, so we didn't have to wait over the weekend. Same bank, same paydate, but different availability of funds, due to a different employer.

 

[Candleshoe]

While your company is partially to blame the bank could have also released the funds the day prior because technically they are already at the bank.

If you don't my mind doing all of your banking electronically, unless in San Antonio, I would suggest USAA. We have had them for over 12yrs and they are great. Unlike their Insurance you do not have to be in the Military to bank with them.

Hey! I read that about not needing to be in the military elsewhere. and I'm actually in the process of bank-shopping. I went to USAA's website and it won't let you open an account unless you're military. Would you point me to a place where it can be done? (I'm not military neither is DH.)

 

[maggiew]

Same thing happened to me. My paycheck didn't deposit until today. Luckily for me, they didn't process the automatic payments either.

Maggie

 

[maggiew]

Don't blame your bank it is not their fault. I will assume the place you work at knew there was a holiday since it occurs every year so they should have paid you early. Be mad at them not the bank. I feel the need to take up for the banking industry since I used to work for them..LOL

Not really in my case. I got an email from my employer that said that they had checked with all the banks where they direct deposit and had everything worked out. It was a few branches only of a couple big banks that didn't process.

Maggie

 

[jobo]

Hey! I read that about not needing to be in the military elsewhere. and I'm actually in the process of bank-shopping. I went to USAA's website and it won't let you open an account unless you're military. Would you point me to a place where it can be done? (I'm not military neither is DH.)

1-800-531-2265 Press 0(operator) and ask for Deposit sales and Services.

 

[disneymom3]

Also all credits will be posted before any debits so any thing you spend this weekend should be fine on because on Monday your credit of a paycheck will go in before those debits come out.

Not if you bank at Wells Fargo. They do it the opposite way. Debits first, then credits. Makes no sense other than as a benefit for them. They also clear your largest debit first and work their way down. That way, after they don't clear your deposit, they have even more overdraft fees they can hit you with.

 

[gr8ful4Him]

Our work told us today to have our timesheets in a day early this week (I drive school bus, so we just keep track of the days we're there). That way we will be paid the day before Thanksgiving. I think every employer should take into account holidays, etc. and pay their employees the day before!

 

[Candleshoe]

1-800-531-2265 Press 0(operator) and ask for Deposit sales and Services.

Thanks, ever so much!

 

[michvin]

I second USAA...my husband was in the military and we have had our banking with them for over 9 years. They are awesome. And I think, if someone's parents were in the military, you are able to use the other services too besides the banking. Their customer service is the best I have spoken with ever, anywhere. Give them a try!

 

[ellyn2000]

Ours is always available early when there is a bank or govt. holiday. Mine is deposited into State Emp Credit Union and with online services I never have to even visit the branch unless I just choose to. I'd really look for another banking option.

 

[kelleigh1]

This morning, I stopped at the ATM to make a withdrawal. When I get the receipt, there's no balance information on it. So I tried calling the 24-hour automated system...yeah, so much for that. Again, it's not working.

I'm in the process of opening a new account and moving all my money. This is ridiculous. It's been nothing but problems since the new company took over. I was with the old bank for 6 years with no problems and since the new bank took over, the ATM's don't work consistently, the 24-hour automated system hasn't been anywhere near 24 hours, and despite a direct deposit - you can't be sure that the funds will be there as expected. I've had enough.