US Banks - WTF???

[The_dip_sticks 0]

Washington Mutual

www.wamu.com Free checks, online bill pay & more Enroll 100% online. No monthly fee!

Also Compass Bank and Chase Bank offer free ATM fees world wide. You can go to any ATM in the world wide and the bank will refund you the atm fee if you use an atm that is not theirs. So that is a great deal beause when I first started to travel to the UK I used get F over with $7-20 ATM fees every time I needed to get cash out. So these banks are good for when you travel allot and use the ATM in places that dont accept check cards to make payments.

Now a days though, many people just use their check card to pay for everthing. Checks are starting to be a thing of the past. Good luck I hope you find what you need.

[govols 0]

I would like to say to people beware of US banks Hidden charges. When they say free checking they do not mean free checks. Most will give you free checks when you open the account then charge you for the next ones. This happened to me and when i said that it was a free checking account they said "oh but that doesn't included the checks". then when i argued that it wasn't free checking then they change there statement and said the checks don't come from them, even though i got an invoice from the bank and it appeared on my statement.

As far as overdraft charges they will manipulate your checks and debit card payments to get higher charges from you, a practise which is now illegal in europe. Banks in the UK are now refunding Bank charges for the last four years because of this.

Also online banking in the US is pretty useless to. It will take 3 business days to tranfer funds from one bank to another. The money will dissappear from one account on the first day but will not appear in the other account for another 3 days ( I wonder where that money is LOL). I think you'll find this is another practise not allowed in europe anymore.

The best rule of thumb to work by is that the banks here in the US are about 25 years behind Europe

Tony

[Jeraly 4]

I'd just like to add that I know BoA are cr@p - I can't speak for other US banks but my OH has had so many issues with his bank charging him for stupid reasons, showing he has money in the bank when he doesn't, not clearing things in time, saying there isn't money when there is... so much BS

When I consider I got charged twice by my bank for a bouncing cheque that was actioned twice (not by them) yet they still refunded me one of the charges (after I showed I had actually transferred money from my savings to cover the cheque the second time). Craziness!

[Dr_LHA 3]

I would like to say to people beware of US banks Hidden charges. When they say free checking they do not mean free checks. Most will give you free checks when you open the account then charge you for the next ones. This happened to me and when i said that it was a free checking account they said "oh but that doesn't included the checks". then when i argued that it wasn't free checking then they change there statement and said the checks don't come from them, even though i got an invoice from the bank and it appeared on my statement.

Yes, all "Free Checking" means is that they don't charge you a monthly fee to have the account open. To most people in the UK the idea of having to pay a monthly fee to have a bank account is patently ridiculous, but here its only recently becoming less than the norm.

As far as overdraft charges they will manipulate your checks and debit card payments to get higher charges from you, a practise which is now illegal in europe. Banks in the UK are now refunding Bank charges for the last four years because of this.

Yes, BOA are well known for doing this, and I believe have been successfully sued for it.

Also online banking in the US is pretty useless to. It will take 3 business days to tranfer funds from one bank to another. The money will dissappear from one account on the first day but will not appear in the other account for another 3 days ( I wonder where that money is LOL). I think you'll find this is another practise not allowed in europe anymore.

Yes, but on the other hand I can deposit a check and withdraw it 10 seconds later, in the UK you have to wait 3 days for the check to clear normally.

The best rule of thumb to work by is that the banks here in the US are about 25 years behind Europe

Apart from the online stuff (clearly banks had no websites 25 years ago!), this is a pretty far comment.

[Rubycon 0]

Also online banking in the US is pretty useless to. It will take 3 business days to tranfer funds from one bank to another.

I think this is a case of rose-tinted spectacles... have you tried paying a credit card online in the UK recently? 3 business days. Or how about transferring funds to a different bank? At least 3 business days. Oh, and did you try cashing a cheque recently? 5 business days to fully clear. In fact, the only thing I can do with online banking instantly is transfer money between accounts at the same bank. Great fun, but the appeal wears off quickly.

The fact is that ALL banks will drag transactions through, as your money makes money for the bank while it is in transit. Simple. With today's computerized banking systems there is absolutely no reason for these things to take the time that they do. The banks impose the wait times so that they can make money from your money while ensuring that you can't access it.

But, then again, I still believe that the US government is developing weapons based on technology taken from the Roswell crash sites. That's what comes from being part of the X-Files generation...

[mawilson 2,133]

I would like to say to people beware of US banks Hidden charges. When they say free checking they do not mean free checks. Most will give you free checks when you open the account then charge you for the next ones. This happened to me and when i said that it was a free checking account they said "oh but that doesn't included the checks". then when i argued that it wasn't free checking then they change there statement and said the checks don't come from them, even though i got an invoice from the bank and it appeared on my statement.

Yes, all "Free Checking" means is that they don't charge you a monthly fee to have the account open. To most people in the UK the idea of having to pay a monthly fee to have a bank account is patently ridiculous, but here its only recently becoming less than the norm.

FWIW, it's the norm in Ireland and many other European countries as well. The UK is quite unique in this respect.

[Dr_LHA 3]

Yes, all "Free Checking" means is that they don't charge you a monthly fee to have the account open. To most people in the UK the idea of having to pay a monthly fee to have a bank account is patently ridiculous, but here its only recently becoming less than the norm.

FWIW, it's the norm in Ireland and many other European countries as well. The UK is quite unique in this respect.

Hence why I prefaced the bit you bolded with "To most people from the UK" and not "Europe".

Edited August 6, 2007 by Dr_LHA

[mawilson 2,133]

Hence why I prefaced the bit you bolded with "To most people from the UK" and not "Europe".

I know -- I just mentioned Europe because the guy whose post you quoted believes that

"the banks here in the US are about 25 years behind Europe" (which couldn't be further from the truth.)

[Captain Oates 910]

There are alot of banks that don't charge for checks - Guranty bank in Wisconsin for example..

but I too need to find a national bank that does free banking and doesn't look blank when you mention the 'alien' world (where the aliens come from )

[elmcitymaven 9,711]

I know -- I just mentioned Europe because the guy whose post you quoted believes that "the banks here in the US are about 25 years behind Europe" (which couldn't be further from the truth.)

When I first moved here, I opened an account at the old Midland Bank (now HSBC) for my meagre wages earned at one of the exam bodies which produces and marks A-level and GSCE exams. I very proudly brought in my first cheque for deposit, and asked to draw £30 off it immediately, as I was used to doing through my old US bank (the Old Saybrook Bank & Trust) for years before. I was flatly told "no". Why not? I asked. The company I work for has given me a cheque written from an account held right here at the Russell Square Midland Bank! No, it takes 5 days to clear a cheque. Can't you check their balance and see if they're good for it? (And, thought but not said, ####### is wrong with you people???)

I lost it, collapsed in floods of tears (I was 22, people, and very homesick and alone!) and explained that I had no cash to get me through the next week, just my credit card which I was already close to maxing out. Stony silence, then I was told that this was not America, there were very good reasons for the rule (yeah, like making money off of accountholders!) and that it was hard to believe that American banks would trust their accountholders enough to give them anything before a cheque had officially cleared. Oh, and that I should stop crying, it was embarrassing!

Why I ever, EVER stuck with Midland/HSBC through the years is a mystery to me!

[Rubycon 0]

Stony silence, then I was told that this was not America, there were very good reasons for the rule (yeah, like making money off of accountholders!) and that it was hard to believe that American banks would trust their accountholders enough to give them anything before a cheque had officially cleared. Oh, and that I should stop crying, it was embarrassing!

Why I ever, EVER stuck with Midland/HSBC through the years is a mystery to me!

HSBC did used to have some pretty piss-poor customer service. I had to fight just to get a functioning Switch debit card out of them (note - not credit card), despite the fact that I paid a monthly wage into the account and had never gone overdrawn. On the same account, I also tried to get an overdraft (again, while I was paying in a wage) of £100, and I failed their credit check!

It was therefore a pleasure to close my HSBC account about two weeks ago!

NatWest, however, have been fine. They've given me credit cards and a whopping great overdraft (which I'd rather not use!!). In fact the only thing they've been useless at is giving me a reference letter to use in my interview - you know the one that shows your current balance, etc.

[Rubycon 0]

...one of the exam bodies which produces and marks A-level and GSCE exams.

Wierd, I wonder if you marked some of my papers..?

The company I work for has given me a cheque written from an account held right here at the Russell Square Midland Bank!

Yes, this sort of behaviour is bizzare. I've never understood how I can pay in a cheque from an account held at the very same bank and it still take so long to process. I mean, they put it through the whizzy thing right then and there while you're standing at the desk!

[Kez/JWolf 6]

Checks are not cleared at a local level in the banks.... the check info has to clear the check clearing center and it does take 2 - 5 days... most UK banks do have the ability to clear a check in 1 day and most/all charge the customer to do this...

Kez

[Dr_LHA 3]

Blah blah - must read post in future - please ignore.

Edited August 7, 2007 by Dr_LHA

[Dr_LHA 3]

...and that it was hard to believe that American banks would trust their accountholders enough to give them anything before a cheque had officially cleared.

I find this quite surprising as well, but its really nice. One thing I do know however is that as soon as you start depositing bad checks and withdrawing from that, the bank very quickly takes away this privilege. Not that that has happened to me, just to some dodgy mates of mine!