Customer Service...yeah right!

[tinkntraining]

I am so angry right now and need to vent. I think it's budget-related -- it involves money, so.....

I log onto my bank account this morning and notice my account is over $600 less than what it should be. After checking, I realize the bank double-posted a $603 check twice, so now my balance is $603 less than it should be.
I call the 1-800 number, am put on hold for 32 minutes and what is the resolution? Yep, it's their error. They put a "request" in to reverse the bank's error, but it may take up to 48 hours for the money to show back up in my account.

What??? 48 hours???!!! That is unacceptable. I understand, mistakes happen. But if it only took a second to take the money OUT of my account, why does it take 48 hours to put it BACK???

I ask to speak with the supervisor, same old story. 48 hours. Yada yada yada. I tell her it's unacceptable. I know there must be some way to immediately (or less than 24 hours) put my money back into my account. Her answer? The department that handles that isn't in yet. She'll call me back. Surprise, surprise.

Grrrrrr. I have several hundred dollars in outstanding checks and need to withdraw cash from the ATM for our weekend. I am completely at the mercy of the bank and I am not happy that they are holding my money hostage!!!
Sorry. Just needed to grrrrr.

 

[becky1960]

My bank has made that mistake, and I email them and it corrected next days posting. Beware of ATM mistakes, my son withdrew money ( Walmart) no money, only receipt. It takes up to 30 days to correct. Walmart will not correct theirself, has to go thru bank. This has happened twice..

 

[miprender]

No words of advice, but I feel your frustration. Just keep bugging them until they put the money back

 

[msmayor]

Remember that transactions are not really processed 'in an instant'...they are batch processed, normally overnight. At a minimum you're looking at 24 hours before the correction will show up in your account.

In the meantime, I'd suggest actually GOING to your branch and sitting with someone to explain that you are both concerned about outstanding checks, and ask for guidance about what you should now do about accessing cash you expected to be available. It puts a lot more pressure on the bank to DO something if you are physically standing there instead of just over the phone.

 

[Kickapoo Joie Juice]

I am so angry right now and need to vent. I think it's budget-related -- it involves money, so.....


Grrrrrr. I have several hundred dollars in outstanding checks and need to withdraw cash from the ATM for our weekend. I am completely at the mercy of the bank and I am not happy that they are holding my money hostage!!!
Sorry. Just needed to grrrrr.

Switch to a credit union.


we have found the treatment to be much, much better. You are a member of a credit union, at a bank, you're just a stooge they take money from.

 

[hercamore]

I also recommned switching to a credit union.


herc

 

[coolbeans]

most banks can give you research credit if it's obvious that is their error...I would call back!

 

[JB2K]

Remember that transactions are not really processed 'in an instant'...they are batch processed, normally overnight. At a minimum you're looking at 24 hours before the correction will show up in your account.

Absolutely -- same works for Visa/MC-branded debit/credit cards, too.

While the money comes out in a flash, should you ever get money refunded to your Visa/MC from a merchant, it's going to take at least 48 hours for the refund to post.

 

[Soon2B4]

Remember that transactions are not really processed 'in an instant'...they are batch processed, normally overnight. At a minimum you're looking at 24 hours before the correction will show up in your account.

In the meantime, I'd suggest actually GOING to your branch and sitting with someone to explain that you are both concerned about outstanding checks, and ask for guidance about what you should now do about accessing cash you expected to be available. It puts a lot more pressure on the bank to DO something if you are physically standing there instead of just over the phone.

Absolutely correct! I used to work at a bank and the federal reserve. When I was at a commercial bank I worked in that area, something can memo post that day, but the funds will not actually be there until the next day. They will correct any fees associated with overdrafts or any fees assoc. with the error for that matter. Just remember, not everyone a the bank has the ability to put the money back in your account. If you go the branch like the pp said, they can call the department and try to get them to fix the error. But, just remember, the money will still not actually be there until the next day since they have to run end of day for all transactions to post. Once it was taken care of that day, you would see a difference in the available and actual balance until they ran end of day processes.

 

[andrews_dad]

Last tax season I deposited my refund check ... and they SUBTRACTED the amount instead! It was supposed to be something like a $1500 IN, and $1500 came OUT. That is a $3k swing. It took several days and lots of phone calls to get worked out.

Speaking of this, is there a free online tool to help you keep your cehckbook balanced? I tried Quicken online and it was not very helpful, IMO. It assumed too much. If I deposited a random $300 check from ebay items or something, it would assume I was getting $300 each month. I would pay my entire balance on my credit card, but it would subtract my credit card bill twice. I am sure a more savvy computer user could navigate and fix these types of things .... but I just want something simple.

 

[lindsmom]

As others mentioned, I would go in person, ask about speeding up the process, and also ask about how the bank intends to cover any overdraft issues that arise due to their negligence. If you have checks out there that may bounce at the recipients bank, they will charge that back to you, generally $15 - $25 per check. I know if it were ME, it would be just my luck that all the checks would go through right now.

Good Luck!

 

[PinkRhombus]

It's been 15 years since I worked at a bank...and it was a small bank...but as a teller, we were able to put a "memo" on a person's account to adjust things until the paperwork caught up with things.

 

[j's m]

They probably mean 48 bank hours, which could be Monday, not Saturday since things don't post over the weekend. I think you should try the bank itself, and really make a fuss.

 

[tinkntraining]

To my surprise, the supervisor did call me back. As PPs have mentioned, she posted a memo to my account, showing my "available balance" as correct ($603 more than was showing this am) and confirmed that it will be available tomorrow (which was my big worry, since we have weekend plans for the money). She also said that if any checks are presented tonight, the correction deposit will post first, so there shouldn't be any overdrafts, but if so, the bank will cover the overages and charges. Whew! That's a big weight off my shoulders.

I guess 24 hours is twice as good as 48 hours. Next time they want my HELOC payment, I'll just tell them to go ahead and post the payment, I'll have it to them in 48 hours.

Thanks for your responses. I feel better now.

 

[4 Little Bears]

I guess 24 hours is twice as good as 48 hours. Next time they want my HELOC payment, I'll just tell them to go ahead and post the payment, I'll have it to them in 48 hours.

I wish it did work like that!

 

[memy26]

I also recommned switching to a credit union.


herc

I totally agree

I banked with Wachovia for years (was First Union when I started) and they were nothing but a headache. Since I've switched to a credit union things are much better

 

[scrapquitler]

Thats crazy, isn't it? You know that if YOU made a mistake it would only take them seconds to take the money back out. It is very frustrating, and I don't blame you for being irritated.

 

[Inigo]

Credit Unions aren't always better. I had bad service at our local credit union, but have never had a problem with my locally owned bank. It's a smaller bank, based out of the neighboring rural county. I get great service. When there's been a problem, I can call someone at the main office or I can call my friend from HS who is the branch manager for the office near my work.