Bank Of The West ripoff Bank Receipts Are Worthless Livermore California

The issue here is the method of deposit. If you hand the teller a $100 bill, and you get a receipt, then the deposit is done, there isn't really any additional processing that needs to be done.

However, when a check is deposited, that check must be presented to the maker's bank for payment, because a check is not currency, it is an instrument to obtain currency. (Seinfeld has a bit where he says a check is like telling someone "I don't have any money now, but if you contact these people...")

If the check is lost in processing at some point (which happens on occasion, because we're all human) then it cannot be presented to the maker's bank, and your bank never receives the cash for the check. The bank then has a choice: Take a loss (which they might, if it's not a big amount) or adjust the account.

In this situation, your best bet is to do exactly what you did. Contact the maker of the check and find out if the check cleared (possibly to the wrong account) or if it was never presented. If it cleared, then have them send you a copy of the check, and show it to the bank and that will fix the problem. If it hasn't cleared, have the maker place a stop payment, and write you a new check minus the stop payment fee (don't worry, your bank will reimburse you the cost of the fee).

The thing to remember in these circumstances, and I know it isn't easy because it's hitting you in the pocket, is that when you deposit a check, it has to pass through 10 sets of hands. If one of those hands types your account number as 1243 instead of 1234, then your deposit may not go through. Even if errors are only 1 in a million, consider the millions of transactions that get processed daily.

The end result is that banks are not infalliable, but the bank will work to help you correct the situation.

Last friday, June 2nd, the bank returned the money to my account. The person who helped me with this matter could not have been nicer. I do want to note that I have been with this bank for several years and have always found the people to be very helpful and considerate. I have never had a complaint against the people working at this bank. It's the policy that i consider shocking and abusive. And this policy is for all Bank of the Wests, not just Livermore branch.

In doing some research on the subject, I discovered this is policy for most banks. An exception I do want to note is UNCLE Credit Union who assured me they do not punish their customers for their mistakes. And in speaking with the FDIC, San Francisco branch, I was told there is no law that banks have to honor customer receipts.