I continue to be amazed, saddened and I some ways angry about the inefficiencies in the US Banking system and the inability for big financial institutions to see how much this is costing the economy.
I’m sat in line for a drive up teller, coz the bank closed at 4:30 or 5pm, whatever, that’s not the point. The point is I have two checks to deposit, one for $0.07 from an IBM Share account I thought I closed 2-years ago, and the other, as attached my US GOVERNMENT TAX refund.
You’d think the government would save its money and the banks by just carrying this amount as a credit into the next year, or at least do a electronic credit. I could just rip the check up and let the government have the money but it doesn’t work like that in account the money just gets held in a suspense account for nearly ever.
Lets not even get started on how crappy the admin is behind the IBM share system that has been issuing ever decreasing amounts for the last 16-months…
The problem is the paper check. Its like many other things, when you don’t think the the system is broken, you can’t see how things could be. If nothing else, the processing banks, ie where I’m depositing the checks should be able to levy a processing charge from the issuing account, but not from mine. If issuing a check for $0.07 is the best they can do, and processing it costs $4.50, then they should be charged $4.57
Ps. If anyone from Amplify Credit Union is watching, that’s me sat out in the parking lot, your ATM workflow sucks if you are depositing more than one check. Oh yeah tell Sheryl I’m still waiting for a reply…
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Thanks for the call Sheryl!
I worked for Chase for about 4 months in 2009. What I learned in those few months opened my eyes on who is really running the show and suddenly my fear of terrorists disappeared
I worked for Chemical Bank in New York between 1983 and 1986, sometimes I think things have not evolved at all, and then I remember those two great corporate idioms, nothing stops progress like the fear of change; and, why change a winning formula? This summed up the whole approach of the British motorcar and motorcycle industry in the 1950's through the 1970's and we know what happened to them.The real problem are the Automated Clearing House rules, wikipedia has an example of why it's really broken, you can still appeal a transaction up to 90-days latyer. I guess the original check has to be returned by horse.