I attempted to cash a $1500 cashier's check issued by a local and reputable S&L but was told that I had to have matching funds in my account in order to cash a cashier's check. "Since when???" I asked them. "Isn't a cashier's check as good as cash?" NOT IN THIS WORLD apparently, or so I was told. The once reliable cashier's check is reliable no more...Of what use are they then? A lot of banks would cash them outright, with the understanding that the depositor is responsible for any problems that may arise in the course of its processing.
The teller explained that a portion of the funds had to remain on deposit until the check cleared the issuing bank...a process that takes one day according to him. I asked them why it would require ONE day in particular...and not two or three? A day was all it would take he repeated. HmmmmO.K.
Based on my account balance it was determined that I needed to deposit $500 in order to cash the check. They gave me $1000 and assured me of the fact that the remaining funds would be available for withdrawal the following day.
I returned to the bank the following day to withdraw the remaining $500 and was told by the same teller that the funds were not yet available. He also informed me of the fact that a $500 withdrawal had been made from my account earlier that day.
Needless to say, I was NOT a happy camper.
While I proceeded to hammer on him with a barrage of questions about who, what, when, where, why and how this could've happened, he was hammering away on his computer keyboard. He seemed to be unwilling or unable to give me a straight answer to any of my questions and in fact came up with a different answer each time I asked him about what time the withdrawal had transpired.
He finally stated that the money would become available at midnight that night, giving me hope that the problem would be reconciled. I left the bank thinking that he must be high or he's looking at someone else's account.
All I know is that I didn't make the withdrawal...If he was telling the truth, I would have been at work and had a check stub to prove it. My employer uses a card key system for their payroll. Every punch of the clock is documented on your paycheck stub. That would have been all the proof I needed were it not for the fact that HE WAS LYING.
These people are fools for thinking that I would be stupid enough to attempt a stunt like trying to make two withdrawals of $500 from my account when I know that there is only $500 in it to start with. That's the story as they see it though. Why would you endure the embarrassment of being told by the teller that you are $500 shy of the $500 you are trying to withdraw? Or make a fool of yourself while going stark raving mad pretending not to know anything about it. What's the point? You're not going to get the extra 500 bucks, so why waste your breath? Besides, I'm just not that fond of the idea of GOING TO JAIL!!!
This scenario makes no sense whatsoever. ATM transactions are processed instantly. There is no time lag involved here. Or is there?
Note: Information contained in a statement of my account, which I obtained a few days later indicated that it would not have been possible for the funds to be available at midnight as promised, due to the fact that my account was showing a balance of about $8.00 that day. Whoops! The teller's comment about the withdrawal having been made earlier that day also proved to be bogus according to this statement.
Online banking transaction records show that this transaction took place at 5:19PM Central Standard Time or 4:19PM Mountain Time. The bank computers showed that the transaction occurred at 18:19 or 6:19 PM. At 6:19 PM on Nov 3 I was in the bank, at the teller's station attempting withdraw $500 from my account.
I can't remember which clock the ATM is on, but I think it's the same as bank time. The bank manager had me so confused by the time he finished explaining about this time, and that time, that I wouldn't venture a guess. Not in a court of law anyway. I just want to know why this bank operates on two different clocks, and why doesn't anyone there think that is significant? I certainly do.
I finalized the car sale by issuing the seller a $600 check in hopes that my funds were intact and merely delayed. I told him not to cash it for a couple of days, as I needed to deposit another $100 to my account to cover it. I returned to the bank the following night to make the deposit and chose to deal with the bank manager. The balance shown on my deposit slip shocked me. He verified the fact that the withdrawal in question had indeed been made.
I promptly withdrew the money I had just deposited and accepted his offer to exercise my right to dispute the issue by filing a Regulation E report. I left the bank with my account at $0.00 but did not close the account because the bank was getting ready to close.
To make a long story short, the seller of the car cashed the check at his bank. TCF paid his bank, leaving my account $600 in the hole. Now, tell me, what other bank on this planet would honor a $600 check on an account with a zero balance?
TCF sent me a few letters urging me to make a deposit of $635 to bring the account to zero. With whose money I had to ask myself...theirs or mine? I was prepared to claim full responsibility for my portion of the debt, which was $100. I would have gladly paid them if I had been given opportunity to do so. I would have refused however, to take responsibility for their share which was now $533.
Less than two months after the first bomb dropped on this account, TCF charged off the negative balance and turned my name into ChexSystems. Last week I received a letter from my new bank informing me of the fact that they would be closing my account in 7 days unless I was able to have TCF remove my name from the ChexSystems list. GO FISH!!!
It came as no surprise to me that the Regulation E Investigation findings revealed that I was observed on videotape at the ATM on Nov 3 at 6:19PM. How convenient for them that I attempted to make a $20.00 withdrawal on the night my money disappeared, just to see if what I was being told was for real. I didn't get 20 bucks though. My money was gone by then. It was approximately 7:30 according to the clock inside the bank by the way. Which leaves me wondering...WHOSE CLOCK IS THAT ATM ON ANYWAY?