The Bank lost my deposit

radcen said:

^^^

This. A thousand times this. A local or regional bank and/or credit union is the way to go.

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I would recommend both. The regional bank for the 1-1 relationship and personal service. The Big Bank for the easy access to ATMS and the variety of financial services.

Bucky said:

I would recommend both. The regional bank for the 1-1 relationship and personal service. The Big Bank for the easy access to ATMS and the variety of financial services.

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A community bank by definition is one that is less than $10 billion in assets. Most of them over the $1 billion in assets mark will offer multiple lines of financial services, including investment and retirement. Credit unions tend to offer better access to ATMs because they tend to have more shared networks.

The big banks have no redeeming qualities which is also why the OP is having problems. With a community bank he would have access to the SVP of Deposit Operations who would be able to resolve this issue much quicker.

tres borrachos said:

A community bank by definition is one that is less than $10 billion in assets. Most of them over the $1 billion in assets mark will offer multiple lines of financial services, including investment and retirement. Credit unions tend to offer better access to ATMs because they tend to have more shared networks.

The big banks have no redeeming qualities which is also why the OP is having problems. With a community bank he would have access to the SVP of Deposit Operations who would be able to resolve this issue much quicker.

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Big banks, IMO, are simply not necessary for the vast majority of people.

1) Other financial services are offered by others, too, and often at better quality. In fact, diversity of one's financial portfolio is a good thing, IMO.

2) Most times a person needs cash they can easily find an ATM or place without a fee. If nothing else, go to a Walmart or a Target or a large grocery store, buy a bottle water (which you will drink eventually anyway), and get cash back. Other than that, most of what you'll do is by card anyway.

tres borrachos said:

A community bank by definition is one that is less than $10 billion in assets. Most of them over the $1 billion in assets mark will offer multiple lines of financial services, including investment and retirement. Credit unions tend to offer better access to ATMs because they tend to have more shared networks.

The big banks have no redeeming qualities which is also why the OP is having problems. With a community bank he would have access to the SVP of Deposit Operations who would be able to resolve this issue much quicker.

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Community/Regional banks do not have as many atms and branches as say a BOA or Chase.

With BOA for example, you can find ATMS frequently, even in other countries. This makes banking highly convenient.

radcen said:

2) Most times a person needs cash they can easily find an ATM or place without a fee. If nothing else, go to a Walmart or a target or a large grocery store, buy a bottles water (which you will drink eventually anyway), and get cash back. Other than that, most of what you'll do is by card anyway.

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It seems more convenient to go to the atm and get cash without paying a fee than physically going inside a store and buying a product, and getting a bunch of change (usually pennies and nickels).

Bucky said:

It seems more convenient to go to the atm and get cash without paying a fee than physically going inside a store and buying a product, and getting a bunch of change (usually pennies and nickels).

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Why would you get coins? You pay $1.49 for a bottle of water and get $40 even cash back.

Sure, it's nice to not have top buy anything, but if you buy something you're going to use anyway, it's not a huge deal, and you're not getting screwed by a big bank the rest of the year, to boot. Shoot, I once went into a Walmart and bought a 79c pack of gum and got $100 cash back... and I was going to buy gum for my car eventually anyway. I always keep gum in my car.

Bucky said:

I am assuming you are complaining because it is a. a large sum of money or b. you need access to this money before 90 days.

Just send the bank a copy of the cashiers check. This is not that big a of a deal. Your post reeks of misplaced entitlement. The bank does not owe you anything. These are good hard working people. As humans, we make mistakes.

If you are that angry, go to a different bank.

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Uhhh.... Yeah they owe him the deposit of his money....

radcen said:

Why would you get coins? You pay $1.49 for a bottle of water and get $40 even cash back.

Sure, it's nice to not have top buy anything, but if you buy something you're going to use anyway, it's not a huge deal, and you're not getting screwed by a big bank the rest of the year, to boot. Shoot, I once went into a Walmart and bought a 79c pack of gum and got $100 cash back... and I was going to buy gum for my car eventually anyway. I always keep gum in my car.

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Hmmm. I guess I don't understand the logic why it would be preferable to get change from a grocery store when I could just go to the atm right next to or inside the grocery store.

I have several different bank accounts and never had any issues with the big banks. Having a checking account with the big banks is free, so I am failing to see how I am getting screwed from them.

Bucky said:

Hmmm. I guess I don't understand the logic why it would be preferable to get change from a grocery store when I could just go to the atm right next to or inside the grocery store.

I have several different bank accounts and never had any issues with the big banks. Having a checking account with the big banks is free, so I am failing to see how I am getting screwed from them.

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Many people do not have issues. No one said or suggested that everyone does, and your experience is not the experience for all. But if something does happen you'll find yourself wishing you could speak with an empathetic human instead of a mindless drone.

Glowpun said:

Folks,

What would you do in this case?

I deposited a cashier's check for $X last week. Three days later I get this notice from the bank that the amount had been taken out of the account, the reason being is that the bank someone lost/misplaced the paper check.

I went to a bank branch to find out why. They said to wait a week because they had to electronically search for it.

Well, I just now called and they said they could not electronically find it so someone will have to physically looks through stacks of paper to find the check. They told me that could take another week to find the check.

How would you approach the bank? I feel I should not have to wait another week as the money belongs to me and have a right to have it how. Your thoughts?

No stop payment can be put on a cashier's check and my other bank said I would have to wait 90 days before the check can be replaced. Why should I as a customer be inconvenienced due to the bank's mistake?

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IMO, this snafu should inconvenience the bank, not you. However, what do you expect them to do? If the amount is relatively small, a few hundred dollars or so, I would expect them to put a temporary and spendable credit in your account. If it's larger and you have funds in ANOTHER account to cover the check, I'd expect them to freeze that portion in your other account and again deposit a temporary and spendable credit to the account you deposited it to. They, of course, are afraid the check is a fake.

I'd also put pressure on the people who issued the cashier's check to stop payment and issue another.

Beyond these remedies, and cooperation from one of the banks, you're out of luck. Their bank. Their rules. A cashier's check is not legal tender. They have no legal obligation to accept it even if they COULD find it,

I think I might ask to speak to the branch manager and ask them how the hell they balanced their drawer at the end of the day you deposited that check. and politely and firmly ask them to inconvenience THEMSELVES instead of you.

Personally, I have never EVER heard of such a thing. I've dealt with a few dozen banks in my life and can't even imagine being inconvenienced in this way.

Glowpun said:

Yeah, like 9k worth. You are wrong. The money belongs to the customer and they apparently are not wanting to credit back the money.
Mistakes must be corrected. Theoretically, this refusal on the bank's part could constitute some form of theft.

The bank has 9k of money somewhere in their system. So why would the customer give them another 9k? This means the bank got 9k worth of money for free.

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It shouldn't be anywhere in their system if they took it off your account and misplaced the paper check since it was in your account in their system and not somewhere else. Something about that does not add up.

https://www.fdic.gov/consumers/questions/consumer/complaint.html

Glowpun said:

Folks,

What would you do in this case?

I deposited a cashier's check for $X last week. Three days later I get this notice from the bank that the amount had been taken out of the account, the reason being is that the bank someone lost/misplaced the paper check.

I went to a bank branch to find out why. They said to wait a week because they had to electronically search for it.

Well, I just now called and they said they could not electronically find it so someone will have to physically looks through stacks of paper to find the check. They told me that could take another week to find the check.

How would you approach the bank? I feel I should not have to wait another week as the money belongs to me and have a right to have it how. Your thoughts?

No stop payment can be put on a cashier's check and my other bank said I would have to wait 90 days before the check can be replaced. Why should I as a customer be inconvenienced due to the bank's mistake?

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Where did you get the cashiers check and was it from a recognizable bank?

https://www.occ.gov/news-issuances/consumer-advisories/2007/consumer-advisory-2007-1.html

However, cashier’s checks lately have become an attractive vehicle for fraud when used for payments to consumers. Although, the amount of a cashier’s check quickly becomes "available" for withdrawal by the consumer after the consumer deposits the check, these funds do not belong to the consumer if the check proves to be fraudulent. It may take weeks to discover that a cashier’s check is fraudulent.

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