You want it how?

Yes and I assume you’ll receive it by email as a pdf, because the last time I used a fax was around 1989, assuming we don’t count 3rd world countries…

My bank approved a Home Equity Line of Credit, it comes with a mandatory 3-day cooling off period, the loan officer at the bank email me and reminded me that the final form had to be faxed back tomorrow, and couldn’t be sent early. My reply was how I feel about banking in the US.

Less than a buck, WTF

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…

Posted from WordPress for Windows Phone

Banking in America

I don’t get it, I just don’t. For almost a year I worked to get away from the evil empire, Bank of America. I was proud that I’d moved all my business to a credit union, for UK friends and family, thats pretty much a building society. I bank with Amplify Federal Credit Union. I was pleased when just after the new year I shutdown my BoA account, cancelled my BoA credit cards etc.(1)

As much as Amplify have been really helpful, their inability to do electronic payments to accounts outside the bank has got me to the point where I think it’s time to move again. I just never realized how inefficient their processes were, how they were totally dependent of printed checks and that’s all just too slow for me.  Back in the UK at FirstDirect I can logon, enter an account number, routing code(for the bank), amount and date and in many cases the transfer is done electronically, often simultaneously and always within 2-hours.

At Amplify, I have to use the pay-a-bill system. Essentially this with a few details, allows me to tell them to print and mail a check.

So for example, today I logged on, had to enter a name, a full postal address, and only the account number of a payee; then I entered the amount of the payment, and could select the day I want to send the payment, I chose today. Low and behold the system informed me the payment would be received on March 27th. Note in this instance when they mean received, what they mean is a check would be received on 3/27, they couldn’t mean anything else since they didn’t ask for a routing number for the receiver.

My alternatives were Overnight check – $18.95. Yep some how they were charging me about $12 for them printing and handing my check to USPS for next day delivery, or some other courier company. The only other option is to do a domestic wire transfer, cost $15.

So I’m looking for other responsible banking options., None of the big international banks, ideas anyone?

This seems to be another area, like cellphone plans and cellphones in general where America is gradually has little more than a 2nd rate service. Which really is a shame. Anyone got any insights into why?