Americans have no idea how backward their financial systems are. Charles Arthur (author and commentator) via The Overspill No. 1618 Yesterday evening I went through the usual dance at a restaurant in my home town of #louisvilleco . You ask … Continue reading CHASE Backwards Banking
My disdain for the US Banking system should be obvious to anyone who follows my blog. Their attempts at modernizing, really are just “lipstick on a pig”. While most countries are looking for ways to get out of the check processing business, and many to avoid it all together, using micro-banking and straight-through-processing to enable both a more effective user experience, and also reduce risk inherent in a real-time banking system. The UK even initially announced an end-date for the use of “cheques” in 2018, although that was later withdrawn. It’s still possible to transfer money between accounts in different … Continue reading Just checking in…
aka too big to do anything useful. So, most mornings lately, during breakfast, Chase Bank has been running these commercials on TV. Yep, they are selling their bank on the basis of being able to make easy check deposits. Most US Banks and Credit Unions provide some form of ATM check deposit, similar to this… So while most western countries are running from checks as fast as they can, some have even announced the end of checks/cheques as we know them, the US is not only persisting with the check model and clearance process, they are making ATM’s better at … Continue reading Laughing at US Banks
Another frustrating, and wasted effort trying to deal with my FCU over online/electronic payments. I tried to set up an online payment to pay my Attorneys. They gave me all their banks details and double checked they could receive online payments. I went online entered my Attorneys details, it asked for the account number but not the ABA Routing number. I asked online via chat and then in person while at a branch doing a wire transfer today, both reps from the bank confirmed that when I made a payment, the payment would generate a check; the check could be … Continue reading Check’s in the mail
The Planet Money podcast has a great summary of the topic I was frustrated and grumpy over about 15-months ago, the US Payments clearing system, known as the Automated Clearing House. which I discussed in a follow-up comment to this post. Except, they really didn’t get to the bottom of the problem. I wrote in a comment on their facebook page, here, but figured I’d post my comment here as well. “I was excited to hear this and actually set aside time to do it via the podcast. Your description of the problems and the explanation of the ACH was … Continue reading ACH – We got ya by the checks
So, as I pulled into the drive through ATM at the Amplify Brockton Branch yesterday to deposit two checks, worth combined less than $2, something grabbed my attention out of the corner of my eye. Yep, there was a guy on a bicycle in the drive through bank. Apparently it’s not all that uncommon, all I know is I laughed hard until I started to try to deposit the checks. Here is a zoomed version. Continue reading The Bike Through Bank
I’ve got one of those CapitalOne No Hassle cards, instead of getting worthless points, I get cash back based on how much I spend. I can use that “cash” on the same sort of useless purchases as I could with worthless points, or I can request a credit in my CapitalOne card account, or, yes, a check. I elected to just get the credit, $67.18 as an account credit. Seemed like a good thing, I clicked, confirmed etc. and then got the message Order Number: 19330721 Order Date: April 4, 2012 Estimated Posting Date: 5-7 business days I guess they … Continue reading No Hassle Cash – My foot
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 … Continue reading Less than a buck, WTF
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 … Continue reading Banking in America