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I hate Banks/has this happened to any of you? *UPDATE*

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DaiShan

Diamond Member
Ok, you guys are getting tired of hearing my rants about my bank, I know, hopefully this will be my last question. About 2 weeks ago I deposited an international money order in US dollars at my credit union, it was drawn against J.P. Morgan Chase Bank, and had a routing number along the top, however the teller said since the routing number was not along the bottom she coulnd't deposit it right away and would have to send it off for foregin collection (the MO originated in Italy, but it was drawn against a US bank, it isn't rocket science, call up new york and ask for the money) Anyways she said it would take 2-4 days to clear, but they would have to take a $10 foreign collection fee, I was a little upset about this being that the money is from New York, not some foreign country, but it is on a $500 money order so i figured it won't make that big a difference. Anyways I go back 7 days later (6 business days) to deposit some cash into my account, and inquire about my MO, they told me that it would be 10-12 days for it to hit my account, so I was like, Ok, my cc bill is not due untill the 16th so I am fine. I went backe today (13 business days later) to make another deposit and ask about the status, the teller calls the main branch and they told her it would be ANOTHER 4-6 Weeks! I am thinking oh crap 4-6 weeks I kinda need that cash now to pay off some bills, now I know i got ripped off by that foreing collection fee, but I was ok with that, but 2 months to deposit gauranteed cash into my account (Money orders are Gauranteed cash) that is outright rape IMO. Anyways I am calling all of the other banks in town as we speak and explaining the situation in full to them to see what their policy is, if they say it is 2 months ok, I am still going to be mad about them lying to me, but I will at least know there is nothing I could have done, but if they say it is 10-12 days... Any how my rant does have a point to it, I need to know from any of you with experience if 2 months is standard procedure? I deposited a money order from canada about a month ago which they had to do a foreign collection item on (it really was from canada, not a US bank) and it took 10 days to hit my account, that is what really gets to me. Please if you read this post (entirely too long without proper paragraphs etc)Flame me, but if you have any experience please post that as well.

/Edit I decided to take some of your advice and went down to the main branch, I explained my situation to the teller and she said she was going to get her superior, I calmly explained the situation to him and he said that it shouldn't take that long, they must have made a mistake and sent it off wrong or some BS like that, I then calmly told him I would like my MO back and I will be closing my account now and My mother will be in tomorrow to close her account (in their system our accounts are semi-linked, they can see that her account vouches for mine or whatever, and also that she is one that they would like to keep) Anyways the guy starts getting kinda nervous because I am starting to raise my voice and there is a long line behind me, and says that he is sure we can settle this, he said that he isn't the head teller, but the head teller will be in tomorrow morning and can give me a call then to resolve it, I said "Nah I think I will just close my account" So he calls his superior over and we talk for a few minutes and I decide to wait for tomorrow on assurances that I would have my money, besides I wouldn't really want to close my account b/c of their proximity to my house, most of the time the convenience out weighs the hassles. Anyways, thanks for your advice, looks like I may finally be getting somewhere.
 
I depositied a Canadian MO (in US funds) into my account, and they said that as long as it was in US funds it was fine, and they did it instantly, as if I had deposited cash.
 
Never got an international money order, but, I agree--MO are supposed to be guaranteed cash. That's the whole purpose of them. Even if the MO was purchased with international funds, it should have been guaranteed at the time of purchase, not when you had to deposit it. Of course, banks do everything they can to rip you off, so, I'm not surprised. Who is your bank?

I'd have tried going a few other places to cash it BEFORE I agreed to any fee's and delays. Perhaps JPMorgan has a branch nearby that you could have gone to direct. Then I would have cancelled my account with my bank. Of course, I'm with my Companies Credit Union and couldn't be happier with the service I've received thus far. Being that they are not-for-profit has it's advantages.

 
I have a friend who deposits MOs all the time (many from Canada, although I doubt that qualifies as "International" to most American banks.) He said he's never had a problem with them.

He uses a credit union instead of a bank and they tend to be much better about depositing funds instantly instead of waiting for overnight and extended processing. That's my big beef with my bank right now. My company reimburses me for client and company charges to my AmEx Corporate card. Last month I did some online media buys via credit card for one client and the bill was over $15,000. My company cut me a check, but the bank says it'll take 7 business days to deposit the check and that they'll depost the money in installments until the check clears. So meanwhile, my checking account balance grows all fuzzy for a week and I have this huge bill in MY name waiting to be paid. Add to the fact that July 4th has the bank closed for a day and it won't be clearing until tomorrow with my bill due ASAP. Gotta love how long it takes for them to verify a check will clear
rolleye.gif
 
Dude...sounds like your bank is ripping you off there. I would DEMAND your MO back and tell them that you want instant credit for the $10 fee if it had been incurred. They should never take that long on a MO.
 
Thanks for the replies, if I had known that it would take this long I definitely would have gone to a few other banks, but being that they lied to be up front... Any ways, I am a member of Envision credit union, they are a credit union, but they act a lot like a bank if you ask me.
 
2 months for a money order? I agree with dman666 and notfred. Money Orders are treated as cash!

Even if it did require some time, no more than one business week should be plenty of time.
 
uhh. when i was a kid, i worked at a bank as a check sorter.. when the routing #, acct #, etc.. is unreadable, they have these white strips that go along the bottom.. i forgot what the machine is called, but we run it thru a machine that prints it out.. there's also jackets that you can slip the unreadable/phsyically messed up (to prevent sorter jams) could be used to enter that info thru the machine..

what the teller told you sounds like b.s. to me..
 
chase is suck. sounds like your bank is worse though.

<--- doesn't understand why money leaves his account the day of but doesn't get to it for 5 days.
 
go there with a really contorted look on your face, the kind of look youd have if you just eaten a gallon a beans, some 6 year old midget just mugged you, and you drank a whole bottle of laxatives.Demand your money right then and there. If they wont give it to you, demand your MO back, Don't leave there w/o one or the other. Remember, crank up the volume. If they still won't budge, volunteer to bring the police into the matter. They will definatly listen to you then because no bank wants their customers to see the cops dragged in. The banks knows it will lose many customers during that time. I'm sure they will agree to give you your money.
 
Have you talked to anyone else at the bank - like a customer service person or your branch manager? Tellers aren't the most informed people. 🙂
 
Banks are basically out to screw you. It's a blatant situation where you need something they have, and they can treat you like crap and make you wait for it, so they do.
 
heh, I am a member of a credit union, this all took place at my credit union, I think I am upset enough to go over there and do that demanding thing lol. To me $500 is some serious dough (only 17) but I have a question, I mean they say they have already sent it off to be collected on, does this mean they sent off the MO, or do they make a call or something and wait on the money? If they sent off the actual MO, there isn't any way I can get my money untill it clears right?
 
don't you love that with credit unions/banks...you could have $300 in green monetary U.S. dollar bills to deposit on a friday at 3:30, but because its after todays banking hours(after 2:30 for most banks its the next business day) your money won't be deposited until monday at midnight. Whats up with that? I depsoit $300 of my money into my checking account and I can't have it for 3 real days. banks are the biggest rip off in the world. Since when does a day go from 9am to 2:30pm?
 
Why would you deposit $300 in green cash on friday afternoon if you're going to need it back before Monday? Why not keep the money out of the bank? That doesn't quite make sense.

To the original poster, I would go to the bank and sit down with someone with a bit of authority, probably at the main branch, and let them know that this is crazy and at this point you either want your money order back or for them to just deposit the $500 immediately. Don't leave until it is resolved.
 
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