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Owning A Bank Must Be So Awesome.

 
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Old 05-07-2015, 02:30 PM   #1
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Owning A Bank Must Be So Awesome.


I love the idea that when I write a check, that money is gone instantly. Like, the very second the teller enters it, it is gone from my account.

When I deposit a check, they need to put hands on it for 3 or 4 days, just to be sure.
If it's a good sized check, you know, we're gonna need to sit on that for a good week. You can never be too careful, right? I mean, it's the same process as the other end, but we really need to make sure we cross our T's on this side.
I actually appreciate them test driving my money for me. Once they hand over my 10k I'll know that it's a decent interest-making commodity. Worth my time to keep around.

Whoever opened the first bank was probably like, the smartest dude ever.

What do you think they opened it with? Pointed rocks? Marrow bones? The pelt-heavy portfolio wins every time, gentlemen.
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Old 05-07-2015, 02:33 PM   #2
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Re: Owning A Bank Must Be So Awesome.


I use to do work on one of the biggest banks in the state. The owners dad started it many many years ago. The guy was one of the most stuck up a$$holes on the planet.

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Old 05-07-2015, 02:39 PM   #3
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Re: Owning A Bank Must Be So Awesome.


I feel for him.

It must be so awful having to deal with all these plebeians too stupid to open a bank.

He's basically going to be the smartest guy in the room no matter what room he steps into.

"Oh you have a doctorate? That's cute. I own the school you bought it from."

Is he accepting applications for coat tail riders?
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Old 05-07-2015, 02:45 PM   #4
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Re: Owning A Bank Must Be So Awesome.


My bank will let me spend my deposits instantly. Usually they ask me if I'm planning on spending that money immediately, which seems to be code for "how much do you trust the person who wrote this?"

But they give me a hard time if I try to deposit more than a thousand or two in cash. Heaven forbid I move $5k from one bank to another (across the street) using actual cash instead of a check.
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Old 05-07-2015, 02:53 PM   #5
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Re: Owning A Bank Must Be So Awesome.


Quote:
Originally Posted by Easy Gibson View Post
I love the idea that when I write a check, that money is gone instantly. Like, the very second the teller enters it, it is gone from my account.

When I deposit a check, they need to put hands on it for 3 or 4 days, just to be sure.
If it's a good sized check, you know, we're gonna need to sit on that for a good week. You can never be too careful, right? I mean, it's the same process as the other end, but we really need to make sure we cross our T's on this side.
I actually appreciate them test driving my money for me. Once they hand over my 10k I'll know that it's a decent interest-making commodity. Worth my time to keep around.

Whoever opened the first bank was probably like, the smartest dude ever.

What do you think they opened it with? Pointed rocks? Marrow bones? The pelt-heavy portfolio wins every time, gentlemen.
Worse things can happen with your money while in the bank, so count your blessings.
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Old 05-07-2015, 03:26 PM   #6
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Re: Owning A Bank Must Be So Awesome.


I have always wanted to fill out an application.
Position desired: owner
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Old 05-07-2015, 04:52 PM   #7
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Re: Owning A Bank Must Be So Awesome.


My banks gives me full credit on deposits the next day. I suppose if it were 25k or whatnot it could be broken up. BOA in florida used to do partials, then 3 days later more partials then 7 days the rest. It was iddiotic.
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Old 05-07-2015, 05:03 PM   #8
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Re: Owning A Bank Must Be So Awesome.


Yeah, anything over 5k I get like 2k up front or something, then the rest takes 5 business days. Next time I'll ask for 4 $2500 checks.
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Old 05-07-2015, 05:08 PM   #9
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Re: Owning A Bank Must Be So Awesome.


I bank at a small local place. All my deposits are available next day. The only time I had a problem was with a check over 10k. I think the other bank put a partial hold on it.
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Old 05-07-2015, 05:18 PM   #10
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Re: Owning A Bank Must Be So Awesome.


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Yeah, anything over 5k I get like 2k up front or something, then the rest takes 5 business days. Next time I'll ask for 4 $2500 checks.
I've sort of done that when I needed the funds released. At my old bank if i made a DEPOSIT of over $5k they only released $500 until the cheque cleared, 5 business days. Sometimes I'd invoice a pile of smaller jobs all at one time and pick up all the cheques at one time, so I may have had $10k or $20 but it was 5 or more cheques. I'd group them together into a few deposits of less than $5k so I'd have access to the funds. Not that I needed all the funds but when I had 6 or 7 jobs out that I hadn't invoiced in a month or more I sure wanted more than just $500, especially cause it always seemed like there was a stat holiday on the monday or something
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Old 05-07-2015, 05:57 PM   #11
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Re: Owning A Bank Must Be So Awesome.


That sounds irritating. My bank clears funds the next business day.

Banks don't actually clear money from other banks that fast. Some do, but others really do take several days. Check imaging is becoming more common so next day will become ubiquitous soon. The banks are typically working with a clearing house to handle deposits. So the check I deposit today might have funds become available tomorrow but I could find out in four days that it actually bounced and get the funds withdrawn(worst case scenario). That's how a lot of the weird email scams are working.

Your bank won't always debit your account when one of your checks is deposited either, it depends on their system and that of the bank where the check was deposited.

I'd find a bank with a next business day deposit policy.
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Old 05-07-2015, 08:48 PM   #12
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Re: Owning A Bank Must Be So Awesome.


Banking systems and organized religion. Two of the biggest scams perpetuated on the human race since we were invented. We pay fees to let these polesmokers borrow our money interest free... And once it's deposited it's legally no longer yours. Look it up. If all of the truths about our monetary system were to come forth at once the ensuing revolution would make 18th Century Frenchman blush in their graves...
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Old 05-07-2015, 09:03 PM   #13
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Re: Owning A Bank Must Be So Awesome.


My bank holds deposits up to $2k for 3 days, $2k to $5k they hold for 5 business days, anything over $5k they space out over 7 business days.

Henry Ford said: "It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."
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Old 05-07-2015, 09:06 PM   #14
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Re: Owning A Bank Must Be So Awesome.


I get funds cleared the next business day no matter the amount. Must be your bank and the relationship you have with them.
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Old 05-07-2015, 09:11 PM   #15
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Re: Owning A Bank Must Be So Awesome.


Banks are a necessary evil if you happen to live in today's society

And yes it is your reputation with your bank for clearing.
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Old 05-07-2015, 09:47 PM   #16
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Re: Owning A Bank Must Be So Awesome.


I really didn't know this was a big issue. When I moved to RI, I opened an account with a local bank and gave them a deposit check for $15k. They held that check for the legal limit of 10 business days. When it cleared, I closed the account and asked for the total in cash and told the branch manager that he was a dick, then I opened a new account at another bank and haven't had to wait for funds since.

On a couple jobs where the checks were regularly going to be north of $10k I have opened accounts at the customers bank to ensure they really cleared immediately. I usually only do that if the bank is also having some sort of new customer offer. It's a way to try out new banks and see how they compare while also making sure I don't get a bad material deposit.
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Old 05-07-2015, 09:51 PM   #17
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Re: Owning A Bank Must Be So Awesome.


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I get funds cleared the next business day no matter the amount. Must be your bank and the relationship you have with them.

Could be....my old bank only held deposits over $10k and that was only for two days and usually a couple grand was available immediately. But that bank closed their local branch in town - the nearest branch is now a half hour drive. So I switched over to the other bank in town about a year ago.
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Old 05-08-2015, 09:32 AM   #18
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Re: Owning A Bank Must Be So Awesome.


I have five banks and they run the gambit. Two of them are solely used for customers on other islands to make deposits/payments. One gives me all funds available next Buisness day, other is one to seven days depending on amount.
When I write a check to my business acct from these or deposit anything local its available instantly.
Fourth bank is my primary buisness credit card, as a bank they suck but the annual fee is only $25, I get discounts all over town with the card and a LOT of miles on any airline I chose.
5th is USAA and I have it for auto insurance purposes and backup credit card. They let my scan in a check up to 10,000 a day available instantly 24/7.
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Old 05-08-2015, 09:39 AM   #19
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Re: Owning A Bank Must Be So Awesome.


I have five banks and they run the gambit. Two of them are solely used for customers on other islands to make deposits/payments. One gives me all funds available next Buisness day, other is one to seven days depending on amount.
When I write a check to my business acct from these or deposit anything local its available instantly.
Fourth bank is my primary buisness credit card, as a bank they suck but the annual fee is only $25, I get discounts all over town with the card and a LOT of miles on any airline I chose.
5th is USAA and I have it for auto insurance purposes and backup credit card. They let me scan in a check up to 10,000 a day available instantly 24/7.

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Last edited by maninthesea; 05-08-2015 at 09:42 AM.
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