Commerce Bank Sucks

[xanis]

At the end of August I went to Commerce Bank to open up an acccount to use for cashing and depositing checks from my job. I picked Commerce because of the convenient hours, as I work late sometimes and need to cash my checks. I'm not yet 18 (17) so I went over with my dad to set up a custodial account. After I set up the account, they explained to me that I could cash and deposit my checks, but my parent's name would be on it because I wasn't 18. I got my account information, some deposit and withdrawl slips and went on my merry way.

I get paid bi-weekly, and for a few pay cycles I cashed and deposited my checks with no problems. Then, one day, the teller informed me that she could not cash my check, only deposit it. I asked why, and she told me that I had to have my dad with me, because it was a custodial account. I said fine and had her deposit the check, and I got my dad to come with me and talk to a rep to straighten it out. The rep said that the teller was correct, it was a custodial account and therefore I needed my dad with me to cash checks. They said that as soon as I had some form of government-issued ID, that I would then be able to cash my own checks. Fast forward to early November, when I got my driver's license. I took my paycheck and drove over to Commerce. Take a wild guess at what the teller said: That I needed my dad with me to cash the checks. I was pretty pissed off at this point, I deposited my check, got my dad and made yet another trip to Commerce.

This time, the story changed AGAIN. This time they told me that it was some state law that they couldn't let under-18's cash their own checks under a custodial account. I couldn't change the type of account, because a custodial account is the only one someone under 18 can have. Both my dad and I were pissed now, and we asked to cancel the account. I got my cashier's check and proceeded to open an account at my local Wachovia. I spoke to a rep, who was very nice, and he said that it would be no problem at all to open an account where I could do all my own banking. I haven't had one problem since.

What really pisses me off is the fact that they lied to me. If it's a state law, then how come I could cash my checks at other banks? And what the fvck is the purpose of me having the account if I can't even do my own banking? I'll never deal with Commerce Bank again.

 

[Al Neri]

take your dad off the account

problem over.

 

[xanis]

I would have, but at Commerce I can't have an account without my dad's name on it because I'm not 18 yet.

 

[gotsmack]

can't you use the ATM card for cash?

I've never been inside my bank. I have drove past it a few times though. My checks get mailed in or direct deposit.

 

[Deeko]

So the only thing they wouldn't let you do is cash checks? What do you need to cash all your checks for anyway?

 

[BlackOmen]

#1 If they cash a check against a custodial account and the check comes back bad, Commerce cannot legally recover the funds from that account since it is a custodial account. These accounts are meant to be "gift" accounts, not transaction accounts used for regular business. Cashing checks against the account, even by your dad, is verboten.
#2 Under PA law, the custodial account does not pass to you until you are 21. Even if you are 18-20 years old, YOU cannot conduct any business on this account.

Commerce did everything right in that respect.

"UGMA/UTMA stands for Uniform Gifts to Minors Act and Uniform Transfers to Minors Act. They are laws passed by each state, which vary somewhat from state to state. Generally, these allow a gift to minors without having to set up a special trust. Instead, the gift is set up in an UGMA/UTMA account that has a designated adult custodian. The account is owned by the child but is controlled by the custodian until the minor reaches a designated age (21 in Pennsylvania). At that point, the child has a legal right to spend the money however he or she wishes."

from: http://www.lfg.com/LincolnPageServer?LFGPage=/lfg/pa5/sav/529/index.html

However, in the respect of customer service, they did everything wrong. Most banks will allow a 16 year old to open a regular joint savings account with your dad so that you can make withdrawals, cash checks, etc. This is the account they should have set you up with. I wouldn't even blame the rep you dealt with. Commerce has tons of turnover and poor training.