It’s called a Debit dispute and we take them very seriously. It’s your money and it can only be spent the way you want. If a company charges you twice, or if the merchandise you got wasn’t as described or whatever the case, if someone has YOUR money and you are not ok with it, we will back YOU and fight on your behalf.
Lots of people sit at my desk and want to pay off a car loan or credit card and I just wanted to put it out there that I’m happy to do that but you can go to a teller, no need to wait. Also, when you pay off a loan you will always get a payoff letter within a few business days. It is an important letter and you should keep an eye out for it. Especially for an auto loan in case you go to sell the car one day.
Late payments are not the end of days. Don’t get yourself all worried. I used to think if I made a late payment my credit score would be horrible. And yes it will be if it’s over 30 days late. If your payment is due Monday and you don’t get paid until Friday, don’t beat yourself up. You may get a late fee but your credit report will never know
It’s a rule, cheque is made out to “Sam AND Chris” so Sam AND Chris HAVE to sign the back of it for either one to do anything, even deposit it. But, if Sam and Chris have a joint account and only Sam is present, Sam can write “for deposit only” with no signatures on the back and, you guessed it, he can now magically deposit it!
Where I work they charge $10 for a new card. Unless it was stolen.
Lots of people will come in and want to know why their debit card didn’t overdraft from their savings account. Because after 6 times of doing ANY type of electronic transfer a month, it will not go. Electronic transfers are basically anything you aren’t there to sign for:
From a mobile app
At an ATM
Automatic transfers set up online or otherwise
Basically, if you aren’t in the bank signing to transfer the funds that count as 1 of your 6 transfers. It’s not a bank rule, it’s put in place across all banks in the US. There is nothing your bank can do about it.
However, it is ONLY FOR SAVINGS ACCOUNTS, your checking account you can transfer all day until your finger breaks from hitting transfer so much. Bathe in the transfers from your checking account. Run in a field of unlimited Internet transfers! Just not from your savings.
I’m going to recommend credit unions over banks. They aren’t as flashy as banks, I’d even go ahead. But you normally only have to keep $1 in the account to keep it open. That’s it. No strings attached, fees are WAY less. Rates are way better on loans. They aren’t looking to make money off of you so almost everything is free. And if you bank with a credit union you’ll be more likely to be approved for a loan when applying through them, because they “know you”
So let’s say you bank with Long Island Federal Credit Union, but you travel to Vegas and need cash. You can go to nearly any credit union and not get charged fees at ATMS and you can go to the tellers and do deposits and withdrawals. So let’s say you’re in Vegas and see “Nevada Federal Credit Union” you can go in and have full access to your “Long Island Federal Credit Union” account. They’re all linked. It’s called shared branching.
If you have cash sitting in a savings account you don’t touch, putting it in a CD is probably smart. They freeze the money so you can’t touch it, but if you weren’t going to anyway then you could be earning much more in interest. CDs normally have double the amount of interest that a regular savings account would have. Literally, the bank is just giving you money. You can freeze it from as little as 3 months to 5 years. The longer you leave your money frozen the higher the rate, the higher the rate the more money you make. Also, banks do promotions on them, so sometimes you can get a really good rate on 6 month CD. Easy way to make some extra cash, so shop around. Some people leave the bulk of their cash in CDs and I just watch the money grow.
“Oh snap I forgot to cash this 4 months ago when I got it” The person who gave it to you will probably be peeved but we’ll take it If it was 8 months ago then you’ll need a new check
I wish I had known this before I got this banking job. My job didn’t offer direct deposit so I constantly got checks and brought them to a check cashing place like a silly billy. Go to a credit union with a dollar, open an account and bring your pay stub with you, or a note from your employer stating this is a payroll check and boom! Now you don’t have to pay anything and they will clear your check instantly.
I wasn’t making good money before this job, so I didn’t have a bank account. I was embarrassed. I thought the tellers would laugh. Now on the other side, I can tell you they do not care. They don’t laugh or anything, they don’t even discuss it. I’ve seen LOTS of people who keep only the $1 requirement in their account and it’s not weird at all, don’t feel bad or worried. I promise you it’s ok.