with the recent earthquake in the economy and the banking industry, banks and credit unions are looking for more and more ways to increase their revenues. And include new methods of hanging on to your money for longer periods (float), and increase overdraft fees, automatic increase in interest rates whenever they can.
My SCB own is no exception. I've noticed they are waiting until the end of the day to account deposits to my account, but are much faster to take money from the account.
Another way my own credit union works to increase the float to which they belong with the issue of how much time it will take to calculate imminent. It has recently embarked on a transfer from my bank account secondary credit union for me to cover some of the bills. This is accomplished through the selection on the Internet, and I'm sure that all of you have used before.
The surprise this time was that my credit union has a policy, unknown to me, put on hold for five days on deposits above $ 2,500.00. This greatly increases the time the float has been seriously inconvenience you. Note that we are not talking about a personal check may or may not have the money; this was the choice of another bank.
However, the credit union or bank has also estimated for the release of the money the authority, if required to do so in the right way. Here are the steps that are used to resolve the issue and get my deposit without waiting for the credit.
(1). I'm willing to call through the presence of my account information in front of me. This included not log in to your credit union me online. I had also accelerate the program so that I could open the search previous transactions. I knew I might be waiting for a while, so I was prevented from time to work on this and set it up to use my wireless headset so I can use the computer and write as we talked.
(2). I called the toll-free number for the credit union and verify my account by providing personal information.
(3). I asked why although I can see a deposit from my bank account to secondary credit union had not seen my money in the "Available Amount" column. Note that anger at this stage will not help your case. Must be the mentality of trying to solve the problem together. The agent put me on hold while he has done some research and finally came back and said: "Our policy is to develop a contract for five days on all checks at $ 2,500.00. The check should be clear and in four more days."
4. This is the point at which you should ask for their help in obtaining funds. I said to him: "I understand the policy, but this is the choice of another bank, not personal checks. Please check and see if you can get the funds released, and if not, please release less than the $ 2,500.00 money . " Would have given this to me at least $ 2,499.99 of my money. I believe that given a choice of representative at this stage to a significant increase in the chances of success.
(5). The agent said he would have to pass the request to the supervisor for approval. He warned me that he must put me on hold, and may have to wait for as long as ten minutes. This is where you are willing to wait for help. I replied, "No problem, I appreciate any help you can give me."
(6). After about five minutes, and the supervisor came on the line. Again, I had to check out some personal information. She then asked me a number and contact the bank that issued the expense of my check details. This is the place after all my records in front of me helped. I gave her the other side of the phone number, my account number, check number issued. Again, I put on hold.
(7). The supervisor again after several minutes and said it was checking the information that I had with another bank and confirmed that my account had insufficient funds to cover the check. And he said it was approved for deposits should be funds available immediately.
(8). At this point, everything seems to be complete. However, I monitor my account online and the money is not yet available. I explained this to the supervisor. She asked me to update my screen several times, but there was no change in the "Available Amount" column.
9. asked that they check on this for me. She had to put me on hold again, and asked for another supervisor to perform some magic in the background to clear funds. This time, after several refreshes, "the amount available," finally showed my money.
(10). I made it a point to thank everyone involved for helping me. It may not help (but certainly can not hurt) to be nice when dealing with your bank.
11. Finally, but not least, I made a note you never send a check for more than $ 2,500.00 Credit Union own me. Since my secondary bank checks online for free, it would have cost me something to divide the deposits into two checks, each less than the limit held for five days is mandatory.
credit union is completely within their rights to place holds on checks. Screening systems that are included in holds control:
PART 229 - the availability of funds and collection of checks (Regulation CC)
The full text of these regulations is available at:
http://www.access.gpo.gov/nara/cfr/waisidx_00/12cfr229_00.html
Conclusion:
So, How much time did not take me to get this accomplished? The time to prepare 20 minutes. The time on the phone 30 minutes. Total time was less than an hour. It was well worth the effort because it enabled me to make the payments on time to other accounts.
Try this method the next time you negotiate with your bank or credit union.
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