| Author |
Message |
David & Lorna Schinske (Davidschinske) (67.216.166.23)
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, July 05, 2002 - 5:20 am: | |
I have a question that we can't seem to work out. It's kinda related to the bus. Here's the deal... We live in Eastern TN...David works in Western NC...He gets paid by check and receives checks from FL (Estate settlement)...The checks are normally either cashed at the bank it was drawn on (if local) or my mom cashes the check (if out-of-state) if she has enough $$ to cover check. If I bring the checks home to deposit, our bank insists on holding the check 5-10 days (Telling them the FED credits them with the money by the end of the day the Bank deposits the check is a waste of time). All the banks we have gone to in the Chattanooga area holds the checks. We don't want to open yet another checking account in NC. The woman David does remodels for (Middle GA) wants to build new houses...2 or 3 in Highlands, NC then it's (possibly) off to LA (Lower Alabama). Then we're really stuck on the check thing. I know this can't be a unique problem. Other of you out there work and travel. So how do you work the banking thing? We don't have or want a credit card...just a Mastercard Debit card. My bank has said we can deposit out of state by going to a bank and having a deposit wired (in Franklin, NC it costs from $5 to $40 depending on what bank I talked to) It's cheaper to drive the 210 miles to get back to the bank (and check on the house). But it's more that a 4 hour trip from LA to home! Any help would be greatly appreciated!
Thanks y'all
Lorna Schinske |
Scott Whitney (24.205.233.25)
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, July 05, 2002 - 9:41 am: | |
Might try finding a credit union that is a little bit more reasonable about depositing checks. If the checks are payroll checks or from an estate I would think that it should not be to hard to find an institution that would not insist on sitting on them for 5-10 days. My credit union (350 miles away) normally deposits all checks with no hold - even personal checks.
Scott |
Peter Broadribb (Madbrit) (216.67.211.236)
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, July 05, 2002 - 11:05 am: | |
Lorna,
may try getting the check issuer to send you money orders or cashiers checks drawn on an interstate bank such as Bank of America. They may be more acceptable to the bank you are depositing in.
Peter. |
joe shelton (Littlewind) (67.242.199.79)
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, July 05, 2002 - 12:40 pm: | |
our pay roll checks are direct deposit to our net-bank. should be able to reqest the same from Estate settlement. we just took a new job where there is no direct deposit and it has slowed our use of our net-bank account. but the local bank we use does allow us to draw on deposits the same hour we deposit the funds/checks. might look for such a bank. other wise ask to be payed in cash. |
Henry R. Bergman, Jr. (Henryofcj) (63.224.197.10)
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, July 05, 2002 - 2:13 pm: | |
Understand your frustrations. When I moved to OR from CA, the credit union wanted to hold my CA PERS check for 10 days! Real bummer! Banks here in OR were the same.
Only after I established a SAVINGS account equal or greater to the pension check $$$ did they cash it immediately. Even thought it was a state check. I guess grin and bear it. Henry. |
Doug (207.168.128.228)
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, July 05, 2002 - 3:12 pm: | |
Hold on folks.
For a regular check (nothing funny such as third party, etc) the bank MUST provide acess to funds on the FIFTH DAY. A day is a business day, and it starts with the end of the banking day - somewhere between 1PM and 3PM depending on the bank. This applies in the US to all US banks. The regulating authority is the Federal Reserve Bank. In this case, the maximum number of calender days would normally be 8 days (Monday to Monday is about 5 business days assuming the deposit is made before the end of the banking day (usually well before the bank closes so the bank can close the books and send checks to the fed for collection), and you access the money after that magic time. If the ank the check is written on is in the same fed area, the max number of days is THREE. By the way - you have to be depositing funds into a valid account at the processing bank to take advantage of this.
Call the Federal Reserve Bank and verify this. The banks love to hold your money as long as they can. Push the issue and don't be afraid to file a complaint with the Fed if you are getting ripped off.
By the way - most banks will do better than this time period. |
Gary Carter (216.17.49.36)
Rating: N/A
Votes: 0 (Vote!) | | Posted on Saturday, July 06, 2002 - 8:08 am: | |
We are full timers. Change to a bank with branches where you will be traveling/living. We use Wells Fargo with branches all over west of the Mississippi. Bank of America also has branches nationally.
Get some Credit cards. They work great, but you must have the disipine to pay them off every month. Not only that but you can get free air miles or cash and it costs you zero. Credit cards can be a win win situation. We also have a couple of debit cards, but only for the ATMs.
We pay almost all bills with credit cards. We make deposits by mail or direct deposit when we can. Some bills we pay via the internet.
BTW if you have you payroll checks direct deposited, they should be available immediatly. Direct deposit not only puts the cash in you account, but withdraws it from the payees account at the same time. |
derv (24.216.35.76)
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, July 11, 2002 - 11:20 pm: | |
Get a bank that is in multiple states. It doesn't matter where the branch is. This is most likely going to be Bank of America, Suntrust, or possibly Regions. You can bank at any branch with the same terms as going to your hometown bank. I've been doing this for about 4 years. I use Regions. |