I was just wondering if there is enough people with the same problem?
I was just wondering if there is enough people with the same problem?
[FONT="]Why does a bank need are money for an extra five days. They say they do not use it or spend it but in the banking industry they spend money before they even have it.[/FONT]
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Look at it from their point. You've got $10 in the bank, you want to cash a $100 cheque. They've known you for 6 months. What's to stop you from putting in a bad cheque and running off with the money?
I'm not saying the above scenario applies to you, but it's kind of hard for banks to say, "Oh, he or she has an honest face, let's waive our procedures." Build up a bit of a history with the bank and they will waive the waiting period for sure.
It can take up to 5 days for the drawee bank to return a cheque. Internationally it can take up to a month. The negotiating bank has no access to account balance information of an account at another institution.It's not really about procedures IMO. The teller should be able to work out if a cheque is good or not, especially if it's not a personal cheque but one from a business. nevertheless when we pay a cheque we still get the delay. I suspect it's due to the fact if they have money for 5 days with no-one else having any claim to it, it goes into an account somewhere which is busy racking up interest. They don't use your money but they DO make interest on it, and use that. Now OK if you have a $1000 cheque for 5 days that won't make them a lot, but several hundred thousand $1000 cheques makes them a tidy little bundle.
We need people to stand up for a change. First step is to get people involved and help out.
It is not something just one person can change.
But collectively we can cause problems for example Do negative marketing picket specific businesses opening bank accounts and closing them tie up the banking staff. Make long line up for tellers we can make one dollar deposits. We can all schedule appointments to meet with managers just to ask stupid questions.
If we do not let them to do regular business it will cost them money how else will they listen. If we wait till some politician gets off his or her ass we will never see a change.
There are many things we can do this but it will cost you some time. We all have or had problems caused by them, should we not cause problems for them?
I would like to find as many people having the same five day hold. Then we can organize an association to focus on these businesses.
If we do not regulate this industry the abuse will never stop. Have you ever considered how many businesses are regulated? Have you had problems with any of them and contacted the so called regulating body if so what were your results?
A bad cheque here or there is not the problem. Full scale fraud wars are the problem. It's amazing how many people will rip them off when given the chance. There is massive organized financial crime as well. The administration involved in the follow up of fraud is high and expensive. It doesn't make sense to expose themselves to it unnecessarily. That's why the measures are taken.If we cause problem in there business like they cause for us. is all i am saying. Sure there are ways of doing this why not give suggestion instead of reason to sit on your ass and do nothing. What kind of ideas do you have? Like i said it takes more then one person. Maybe you could suggest something that could work?
Is it that hard to get some people to actually fight for there rights?
I am not saying not to have the five day hold but how long it takes for them to believe in you or to give you service for the money they charge every month.
If any one cashed bad cheques do you not think they would destroy there credit rating beside brings them up on charges did the person not have to give identification plus there address. It must be hard for the bank to find these customers.
What about when some one steals your identity do they solve the problem and fix everything or is it up to you to hire a lawyer and spend your money to fix things.