Banks!

Reply

  #1  
Old 02-10-17, 06:54 AM
the_tow_guy's Avatar
Group Moderator
Thread Starter
Join Date: Feb 2001
Location: SW Fla USA
Posts: 11,571
Banks!

Sorry just have to vent on this. Got a renewal reminder notice from HO insurance carrier yesterday. Called carrier to make sure payment had in fact not gotten there and maybe crossed in mail. Payment is supposed to be from our escrow account with lender. Ins co confirmed no payment. Now keep in mind today is the 10th and the policy EXPIRES on the 17th! [Side note: I originally thought it expired on the 20th, didn't realize it was 3 days sooner until after talking to lender or I would really have gotten loud and obnoxious].

Called lender [major national/international banking/credit card/etc corporation]. Lady said payment had been "sent" on the 8th. When I pressed the issue she stated payment could take 5-7 days to get there. Although sorely tempted to lay into her about this being the 21st century and how could it take 5-7 days (which would roughly have been the time needed in the 1800s to get it there by Pony Express), I instead opined, rather forcefully, that IMHO it was highly irresponsible for "C" to wait until less than two weeks before expiration for them to send MY money from MY escrow account to MY insurance company. Her only response to that was that "C" sent payment when the invoice was received (which she supposedly couldn't tell me when that was). Said okay fine, have a nice day.

Called ins co back and asked when the lender was invoiced. December 22nd, which I suspect info was available to the lender agent I was speaking to, meaning I was having smoke blown up my anal orifice.
SO, even allowing for holiday mail delivery schedules it took "C" SIX weeks to "send" my payment. So now, I'll have to call my ins co every day next week until they confirm receipt of the payment.

What the heck is up with financial corporations any more?

On a positive note, won't have to go through this NEXT year. Wifey will write final mortgage check next month.
 
Sponsored Links
  #2  
Old 02-10-17, 07:05 AM
Group Moderator
Join Date: Oct 2004
Location: WI/MN
Posts: 18,709
FWIW, this is one of the reasons I do not have my property taxes or HO insurance escrowed - I am in control of when the check is sent instead of someone else who doesn't even know me.
 
  #3  
Old 02-10-17, 07:22 AM
Forum Topic Moderator
Join Date: Mar 2005
Location: USA
Posts: 43,991
Not having an escrow wasn't an option when my youngest son bought his place, presumably because of his lack of credit.

I used to bank with a nationwide bank but they got harder and harder to deal with so I switched to a local bank - no such issues. Fortunately it's been a long time since I had a mortgage
 
  #4  
Old 02-10-17, 07:51 AM
ray2047's Avatar
Group Moderator
Join Date: Mar 2006
Location: USA
Posts: 32,986
This is why I do not pay bills by check. I pay them online. Online payment is almost instant and I have proof paid both from the initial online payment and subsequent email from the company it was received. I have an ongoing mild disagreement with a friend who believes in checks by mail. I've pointed out the entries in your check registry is not proof of payment because you can write anything you want and there is no guarantee if or when USPS will deliver it and no guarantee even if recieved the company mail room won't lose it.

No choice I suppose if escrowed but just wanted to post my opinion on checks. Escrow comments also apply to banks bill payer service is something else I won't ever use. Who knows if they will screw up and your left holding the bag. Automatic payment to utilities no way. We have had the water company overcharge a customer by thousands of dollars. That could wipe out a checking account.

Sorry for off topic.
 
  #5  
Old 02-10-17, 11:28 AM
the_tow_guy's Avatar
Group Moderator
Thread Starter
Join Date: Feb 2001
Location: SW Fla USA
Posts: 11,571
You're excused.

I'll be sure to post back on how close to the deadline the payment posts.
 
  #6  
Old 02-10-17, 02:18 PM
chandler's Avatar
Banned. Rule And/Or Policy Violation
Join Date: Dec 2005
Location: USA
Posts: 39,968
Now, Ray, as far as paying online, I do that, too, but I pay each and every account on THEIR site using my secure banking information. I do NOT use my banks "bill pay" system. They have been known to blow the proverbial smoke like John encountered, stating it would take 5 to 7 business days to process. But you let your account balance drop below $500 for a few minutes and see if they don't charge you an $8 service fee for the month.
 
  #7  
Old 02-10-17, 02:24 PM
Forum Topic Moderator
Join Date: Mar 2005
Location: USA
Posts: 43,991
That's one of the reasons I changed banks, they were constantly changing the rules concerning their free checking and other 'free' services. My new bank has free checking with free checks for seniors I only pay a few of my bills online, the water company doesn't do online, the elec company charges a hefty fee to pay online and Lowes claims I'm not a qualified empolyee of marksr painting
 
  #8  
Old 02-10-17, 02:56 PM
chandler's Avatar
Banned. Rule And/Or Policy Violation
Join Date: Dec 2005
Location: USA
Posts: 39,968
My two banks (personal vs business) have photo deposit, which is quite nice. Just take a picture of the front and back of the check on their site and deposit it. Being a business, I get zapped a charge for doing it. Personal account, nope. I even get a charge for using the night time depository on my business account
 
  #9  
Old 02-10-17, 03:50 PM
Handyone's Avatar
Forum Topic Moderator
Join Date: Aug 2000
Location: U.S.
Posts: 5,451
If I might ease your concern (or not)

My insurance payment posts out of escrow about 7 days before due date. The bank has never missed. The only time I ever called to verify was the first payment back in '98.

I use Navy Federal which is great, but I would hope any bank would be on top of this.

I think maybe your bank would be quicker if you owed them money, they can pull it out in seconds
 
  #10  
Old 02-10-17, 04:29 PM
ray2047's Avatar
Group Moderator
Join Date: Mar 2006
Location: USA
Posts: 32,986
I do NOT use my banks "bill pay" system.
Yep! Said so in my post. Just too much to go wrong if you do.
 
  #11  
Old 02-10-17, 08:33 PM
Member
Join Date: Mar 2006
Location: Wet side of Washington state.
Posts: 18,399
I have two words for everyone, CREDIT UNION! I have not had an account at a commercial bank or savings & loan for about twenty years. Now IF you run a business you MIGHT have to have a commercial bank account but I know for a fact that both of the credit unions I belong to handle business accounts.

And I DO use the credit union's bill-paying service. I have been doing so for at least a decade and NEVER had a problem. I have one account that is on an automatic payment, my electric utility, and that is because I am on a plan that uses previous years data to calculate a fixed monthly payment for an entire year. Last year my payment was $35 a month and this year it is $32 a month. All other bills I manually input the amount paid and the date I want them paid. Again, never had a problem except when I have been late inputting the data.

As for the insurance premium being late, any insurance company I ever dealt with would allow a grace period of at least a couple of weeks between when the payment was technically due and when they would actually cancel the policy. They would also send numerous letters informing you of the missing payment.
 
  #12  
Old 02-11-17, 02:31 AM
pugsl's Avatar
Forum Topic Moderator
Join Date: Mar 2008
Location: Raleigh, NC
Posts: 7,848
I do use the banks bill pay system and never missed a payment. I always set payment up 10 days before due date. One thing I never do is let ANY company take a automatic withdraw.
I quit big banks many tears ago and have never been sorry.
 
  #13  
Old 02-11-17, 04:02 AM
Gunguy45's Avatar
Super Moderator
Join Date: Dec 2007
Location: USA
Posts: 21,017
As others have mentioned letting the company take out money is a bad idea. I'm not sure if it's changed (since I've never had any issue), but back when employers first started doing direct deposit, everyone was gung ho about signing up since it saved them time. What they didn't understand was that in addition to deposits the companies could make withdrawals as well.

No way am I giving up where and when my money goes out of the account. There was a time when I was younger where I sometimes had to decide what I could pay on time and which ones I had to wait a few days for. Long ago luckily.

Now, how about my rental company who will only take a check or MO for rent? Couldn't believe I couldn't go onine or pay with a debit Visa at the office. I actually have to buy some checks in the next few months. One box will probably last me til the 2nd coming.
 
  #14  
Old 02-11-17, 04:30 AM
chandler's Avatar
Banned. Rule And/Or Policy Violation
Join Date: Dec 2005
Location: USA
Posts: 39,968
I have one supply house (large wholesale supply) that has no provision on their website for payment. I have to either mail a check or pay my bill when I am in the store. Same way with the feed store, but, hey, it's a feed store, and everything is done manually (20th century on the inside, too)
 
  #15  
Old 02-11-17, 10:09 AM
Member
Join Date: Mar 2006
Location: Wet side of Washington state.
Posts: 18,399
It is absolutely true that if an institution has direct deposit authority it also has direct withdrawal authority. You can get around this by having an account at a separate institution and transferring the funds from the first to the second yourself. This transfer CAN be made automatically a few days after the direct deposit because automatic transfers are not subject to the same rules as direct deposit.

I agree with the concept of never giving a company access to withdraw from your account for paying bills. My arrangement is with the Credit Union, not the electric utility. The CR receives a copy of the billing and then remits to the utility but ONLY up to the maximum I have authorized and only once a month. Very little chance of someone in the utility being able to drain my account.

I use my Visa and MasterCard for the majority of my purchases but one place I do NOT use them is for fast food. News yesterday had a story of Arby's being hacked and if I remember correctly about 300,000 card accounts were at risk. Now maybe it is soccer moms buying a dinner for six but I just can't understand not paying cash at a fast food joint.

About the only time I write a check these days is dental services, Medicare Advantage insurance and my real estate taxes.
 
  #16  
Old 02-11-17, 11:03 AM
Member
Join Date: Mar 2007
Posts: 1,341
Arby's has been hacked, Target has been hacked, SSA has been hacked, OPM has been hacked, Prudential has been hacked. Has enyone seen anything published about what the consequences were to the cardholders?
 
  #17  
Old 02-11-17, 11:46 AM
Forum Topic Moderator
Join Date: Mar 2005
Location: USA
Posts: 43,991
If I'm not mistaken you can't be held liable for more than $50 if you report the fraudulent charges in a timely manner. I had a 79 fraudulent charge on my credit card and the card company called me to verify [I wasn't even aware of it] cancelled and reissued my card and I paid nothing. They said the little charge was a precursor to racking up big charges. Apparently the crooks want to make sure the cc number they have will work.
 
  #18  
Old 02-11-17, 03:16 PM
the_tow_guy's Avatar
Group Moderator
Thread Starter
Join Date: Feb 2001
Location: SW Fla USA
Posts: 11,571
...bank would be quicker if you owed them money...
Ya think?

Furd, I keep my serious money in a credit union. Nearest branch is about 200 miles away [joined when I was stationed at NAS Jacksonville circa 1977], so I have to use on-line. Currently have two vehicle loans and HELOC with them. Great rates.

Just checked online ins account and still not posted, now 5 days and counting to expiration. I'm really not stressing over this, I'm quite sure it will show up in a couple of days. Just frosts me that I should get the renewal reminder because they couldn't get the funds transferred in what I would consider a timely manner after receiving the invoice. If I had one of their credit cards [I don't], I would be running it thru the shredder.

Mark, I had unauthorized charges - about $300 - on one of my cards [what's in YOUR wallet] two years ago and didn't cost me a dime. Never did figure out how they got my info. The purchases were on line at a store (some kind of computer products) I hadn't done business with.
 
  #19  
Old 02-11-17, 03:25 PM
the_tow_guy's Avatar
Group Moderator
Thread Starter
Join Date: Feb 2001
Location: SW Fla USA
Posts: 11,571
Just thought to check payment history with ins co and for the previous 4 years the payment has posted 1/28, 2/7, 2/6, 2/5. So this year's is a bit out of the pattern, 4+ days later than latest previous posting.
 
  #20  
Old 02-11-17, 04:20 PM
Member
Join Date: Mar 2007
Posts: 1,341
I've been a member of the same credit union (the worlds largest with nearly 7 million members) for 45 years. I do all my banking through them. I have never had a problem. Last year my debit card was skimmed at a gas pump and they covered everything.

I joined them when the bank I was with wouldn't cover a rent check because of insufficient funds even though I had way more than enough in my account to cover the check. That was my last bank experience.

Now I do everything on line (they have a really good web site) and rarely write a check.
 
  #21  
Old 02-11-17, 05:05 PM
chandler's Avatar
Banned. Rule And/Or Policy Violation
Join Date: Dec 2005
Location: USA
Posts: 39,968
CW, I remember when Home Depot was hacked, they set everyone up with 2 years of credit monitoring for free. I got reports every month from them and they actually found things like changing passwords, etc. that I had actually done, but they still reported it.
 
  #22  
Old 02-11-17, 07:43 PM
Handyone's Avatar
Forum Topic Moderator
Join Date: Aug 2000
Location: U.S.
Posts: 5,451
the worlds largest with nearly 7 million members) for 45 years. I do all my banking through them
I joined in '84 (I had the required 5 bucks even though I was stationed in PI). Direct deposit was a guy walking a big box of checks over to the building.

Tow, there are many branches here and I haven't been in one for probably 10 years or more.
I do all my banking including business and mortgage and have no need to go into a branch.
 
  #23  
Old 02-12-17, 04:38 AM
Norm201's Avatar
Member
Join Date: Sep 2013
Location: USA
Posts: 6,031
I don't disagree with anything said on these post. But if you want total security and proof of payment, pay your bills in person and get a receipt. Of course in today's society that's not practical. But it's guaranteed. If you're retired, it will give you something to do.

On another note concerning on-line and auto pay be it through bank, CU or whatever. Be sure to have another trusted person (not necessarily your spouse, and I don't mean power of attorney) who understands computers and electronic billings/payment, knows your passwords and account numbers. In the event of an injury and you can't control your own destiny, you want someone who knows how to pay your bills.

I say this from current experience. A friend who is recovering from a debilitating injury is concerned about his finances. His wife (who has power of attorney) has no clue about how their finances work. Or so we surmise. She will not confide in anybody. I know he is concerned but he cannot communicate his concerns. We are afraid at some point when he is recovered enough to take back control of his life, he will be faced with debt and financial problems.
 
  #24  
Old 02-12-17, 06:01 AM
the_tow_guy's Avatar
Group Moderator
Thread Starter
Join Date: Feb 2001
Location: SW Fla USA
Posts: 11,571
Could have bought an awful lot of San Miguel with $5 in '84.
 
  #25  
Old 02-12-17, 06:08 AM
Member
Join Date: Mar 2007
Posts: 1,341
Brian, I joined NFCU 1972 when we were living in Spain. Now I live only 5-6 miles from a couple of NFCU branches. They have a change machine (dump in your coins and it gets deposited automatically at no charge) that I use every few months. I also visit to get crisp new bills for the grand kids' birthdays. Other than that I never visit.

Norm, I pay my bills on line. I've been doing that without a single problem for as long as it's been available. I get an immediate conformation number and within 24 hours a confirmation e-mail. Some bills can't be paid in person and others require driving somewhere and standing in line. It's way easier to just hit the send button. We do have an emergency folder in our file cabinet and my daughter has a duplicate. It has all the info you suggested except POA. That's something I had not thought about. I will now.
 
  #26  
Old 02-12-17, 10:29 AM
Handyone's Avatar
Forum Topic Moderator
Join Date: Aug 2000
Location: U.S.
Posts: 5,451
Good CW, I'll check out the coin machines.

The emergency folder is great advice from Norm, I personally have never thought about making passwords very clear to someone else.

As far as additional security I did create a code word, which I didn't know was available until about 3 years ago. No over the counter transactions can be made without knowing that word.
 
  #27  
Old 02-13-17, 04:54 AM
the_tow_guy's Avatar
Group Moderator
Thread Starter
Join Date: Feb 2001
Location: SW Fla USA
Posts: 11,571
I have a code word at our bank, but only need it for phone business; OTC I suppose they recognize me and my tow truck. Never heard of having to use one in person.
 
  #28  
Old 02-13-17, 01:14 PM
Handyone's Avatar
Forum Topic Moderator
Join Date: Aug 2000
Location: U.S.
Posts: 5,451
Yeah, I didn't make it clear. The code word is only for if you walk into a branch and want cash, not for any other transactions.
For example if I write a check to a sub for whatever amount and the sub wants cash, I will get a phone call from a supervisor before cashing out.
It has nothing to do with business, just anyone trying to come in and cash a check won't be able to.
 
  #29  
Old 02-13-17, 04:35 PM
the_tow_guy's Avatar
Group Moderator
Thread Starter
Join Date: Feb 2001
Location: SW Fla USA
Posts: 11,571
Got it, I misunderstood.

Aaaaand still no payment posted for my insurance. Looking forward to ripping lender a new one on Wednesday if still not posted.
 
  #30  
Old 02-13-17, 05:55 PM
Norm201's Avatar
Member
Join Date: Sep 2013
Location: USA
Posts: 6,031
May I hi-jack this post temporarily? Thank you.

In addition to my suggestion about letting a trusted person aware of your accounts and/or passwords, I have a sealed envelope taped to the underside of my keyboard. That envelope list all my important websites that might be important to my family if the event of my death or if I become incapacitated. On the outside its labeled as

EMERGENCY- RELATED COMPUTER INFO
In the event of an emergency
this note contains important
computer related information.


The letter inside reads:

Emergency Computer Related Info
In the event of an emergency, this note contains important computer related information.
All passwords for all web sites or Internet based accounts are located on the WD MyCloud drive in the DATA folder under PASSWORDS. There is a backup file located in the right hand draw of this desk.
To access any password file the program LockNotes must be present (it is in the password file folder and the backup disk). To access any file double right click on it and wait for the popup screen asking for master password. The master password is my most common but private password that only family is aware of.
Most web sites are of no consequence and can be ignored or forgotten. However, several should be attended to either for legal or security reasons or to be deactivated.
They are the following.


I then proceed to list those sites. I never spell out the master password or web site passwords. I will occasionally update this letter as conditions change.

Thanks Towguy for letting me interrupt.
 
  #31  
Old 02-14-17, 05:09 AM
the_tow_guy's Avatar
Group Moderator
Thread Starter
Join Date: Feb 2001
Location: SW Fla USA
Posts: 11,571
Well, I WAS going to say no, but......

Good interruption and great idea; I need to do that as well, as the thought has occurred to me that my loving less-than-tech-savvy spouse could have difficulties sans moi.
 
  #32  
Old 02-20-17, 05:18 AM
the_tow_guy's Avatar
Group Moderator
Thread Starter
Join Date: Feb 2001
Location: SW Fla USA
Posts: 11,571
Update: Mortgage company came through in the 11th hour.

As it turns out, by state statute if the payment is received from escrow within 90 days the policy is still in force, or at least retroactively in force, whatever. Still didn't like it and I have a suspicion that this week I'll get a cancellation notice from ins co followed couple of days later by a "never mind". Can't imagine the potential hassle involved had I had a loss between due date and receipt of late payment from escrow. Talked to lender's escrow department day it was finally posted (earlier in the day before it actually happened) to again register my displeasure. Agent I spoke to this time actually was interested in the matter and said normally it would have gone out about 3 weeks prior to due date and she would have a look to see what happened. All academic, of course, since this will be last year for escrow.
 
  #33  
Old 02-20-17, 06:27 AM
Norm201's Avatar
Member
Join Date: Sep 2013
Location: USA
Posts: 6,031
Glad you have it solved.

Just this week we have a similar problem. Our Health Care payment check was not cashed and we face cancellation. This is the third time this has happened. We both have medicare and pay our insurance (Independent Health) on separate invoices for each of us. The first time my wife sent the two checks in the same envelope clearly marked for each account. One was cashed the other not and the account went past due. She was told not to put both checks in the same envelope. Second time she wrote one check to handle both invoices, with clear instructions the payment was for two accounts per included invoices. Total payment was credited to one account and the other went past due. She was told not to use one check. Third time two checks, two envelopes (mailed at the same time) and instructions to automatically deduct payment from our bank account. One check cashed and set to do automatic withdrawal. Second check went missing and listed as past due! What's a mother to do? She must now go directly to the Independent Health Office and clarify the problem. We also decided to give her authorization to handle my account directly without my being there or my written signature.
 
  #34  
Old 02-20-17, 06:47 AM
Forum Topic Moderator
Join Date: Mar 2005
Location: USA
Posts: 43,991
Norm is your Independent Health separate from medicare or is it an advantage plan? If the latter you should be able to have it deducted from your SS check each month.

I don't like the agency where my youngest son has his auto insurance. He used to have both auto and mobile home insurance thru them. One month he didn't get around to mailing his premium payments in on time so he gave me the cash to go down and pay in person, which I did. Later that month he got a cancellation notice from the auto policy for non payment. I went down to their office with the receipts and got it straightened out. I made a point to ask about the MH policy and was not too politely told it had nothing to do with the auto policy. I went back a week later to get that policy uncancelled
 
  #35  
Old 02-20-17, 08:07 AM
Sharp Advice's Avatar
Admin Emeritus
Join Date: Feb 1998
Location: The Shake and Bake State USA
Posts: 10,440


One of the best ideas any bank has had is the one offered by Chase, IMO. A liquid account. A credit/debit card totally separate from all other accounts you have with them. You manage (increase or decrease) the amount of money on the card via your web site page.

Use it for any purpose you would normally use a credit/debit card. If the account is hacked, the hacker gets only the remaining funds in that account not the entire amount in bank checking account or the entire limit of your credit card. Those are 2 excellent features IMO.

Not often is there any or even some praise for financial institutions. However, IMO this is one of them. Thanks Chase bank. Possibly other banks have it or a similar method/system.

Ask at your bank...

That's my 2 cents... on banking......
 
  #36  
Old 02-20-17, 09:00 AM
Norm201's Avatar
Member
Join Date: Sep 2013
Location: USA
Posts: 6,031
Norm is your Independent Health separate from medicare or is it an advantage plan? If the latter you should be able to have it deducted from your SS check each month.
Both. The basic amount is deducted from SS but we also have a $65 additional (Advantage?) that we must pay. Don't remember what the extra is for, but wifey says we are going to drop it.
 
  #37  
Old 02-21-17, 05:40 AM
Member
Join Date: Mar 2007
Posts: 1,341
Norm,
It might be time to rethink your banking practices. Pay bills on line with a card and you get an instant confirmation that the payment has been made. In most cases you can check that the payment has been deducted from your account within 24 hours.

In the case of my credit union, my debit/check card has 100% protection.
 
  #38  
Old 02-21-17, 05:59 AM
Norm201's Avatar
Member
Join Date: Sep 2013
Location: USA
Posts: 6,031
CW,

You're correct. And in fact we do have that. But the wife is not that computer savvy yet. But she is getting there. She has most of the bills paid via on line and she can check for the payments. This is how we found out about the missing payment on the Health care.
 
  #39  
Old 02-21-17, 06:46 AM
Member
Join Date: Jan 2010
Location: North East Kingdom of Vermont
Posts: 2,449
Originally Posted by the_tow_guy
". . . On a positive note, won't have to go through this NEXT year. Wifey will write final mortgage check next month . . ."
This probably could have been avoided many years ago, or once you had more than 20 or 30% equity in your home . . . . and you could actually be trusted save up your own money and pay your own Real Estate Taxes, Home Owners Insurance et cetera.

Even though interest rates are at an all time low, it's not practical to give the Banks (or the IRS) an interest free loan of your money so that they can pay your bills for you out of some escrow account that's as complicated to run as an ancient "interest free" Christmas Club Account for them.

I got into the habit of paying my own bills decades ago when interest rates were high and it was worthwhile to wait until the last minute to pay everything . . . . just like an adult. And even now, I pay almost everything with a credit card so that my money is held by me for an additional 6 weeks before it stops earning something FOR ME, (piddley as it may be); plus I get 2-3% back by running it through the credit card. Earns me $300 to $400 "tax free" per year.
 
Reply

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Thread Tools
Search this Thread
Display Modes