Trusting My Bank

[+ Lucky]

We all know that some banks can't be trusted, but the large banks wouldn't even think of trying a fast one on their customers.

Yesterday I ordered new checks from Bank of America. There was a drop-down box where I could select the speed of the delivery. $27.95 was the cost of the fastest delivery, then it went down gradually according to how slowly you were willing to let the checks be delivered.

I chose the slowest option, which was at no added charge, and promised my checks would arrive by August 11th. They arrived today, August 1, one day later. I feel sorry for those who choose the more expensive option!

But the bank collects their money, and they are none the wiser when their checks arrive the next day.

[Romann]

Maybe you're the lucky recipient of a system glitch!

[KMEM]

We all know that some banks can't be trusted, but the large banks wouldn't even think of trying a fast one on their customers.

Yesterday I ordered new checks from Bank of America. There was a drop-down box where I could select the speed of the delivery. $27.95 was the cost of the fastest delivery, then it went down gradually according to how slowly you were willing to let the checks be delivered.

I chose the slowest option, which was at no added charge, and promised my checks would arrive by August 11th. They arrived today, August 1, one day later. I feel sorry for those who choose the more expensive option!

But the bank collects their money, and they are none the wiser when their checks arrive the next day.

 

You are always wondering what world I live in with my views on how to treat others. I want to know what world you live in where one can trust ANY bank.

 

I suppose it depends upon what you trust them to do. I trust them to try to increase their fees and profits there from as much as the law allows and possibly more. I have no problem with them making a profit but I do have a problem with gouging. I also have a problem with them changing the rules on a whim.

 

I do know some honest bankers. They often remind me of how they are restrained by the powers that be from doing what is "right". Do I sound bitter? I view banks as a possible necessary evil. The evil part I am sure about, the necessary part is still under advisement.

 

Best regards,

KMEM

 

Perhaps you were just pulling our leg? But, you found one of those "buttons", at least for me.

[jackcali]

It's not just banks

 

The experience you had isn't limited to banks, Lucky. Pretty much every online retailer offers different speeds of delivery for incrementally greater prices, and the delivery times they give you are the guaranteed delivery times of the different delivery services they use. So for the overnight option they use FedEx, for the one-week option they use UPS Ground Delivery, for the two-week delivery they use the US Postal Service, etc. You get the idea.

 

If you've ever used any of those services, you know that they often deliver a lot faster than their guarantee. I get my contact lenses online and always choose the slowest option rather than pay an extra $7.95 for a one-week guarantee. I've never waited more than three or four business days to receive the order.

 

That being said, they all make a big mark-up on charging for expedited delivery, and I think that's pretty shitty.

[+ deej]

I would be surprised to learn BofA prints their own checks, or has any involvement in the process at all beyond providing a web page listing options (including shipping options) given to them by the check printing company.

 

So it's actually the check printing company that's soaking customers, not BofA. (THIS time!)

[Luv2play]

I'm for Successful Companies

 

deej is probably right. In Canada there is one company that prints all the cheques (as we spell it) for all the banks in Canada. It is an income trust and my brother, who has invested in their stock, assures me that they are indeed a very profitable company and pay wonderful dividends for their shareholders. Shouldn't we all be happy when companies succeed? There are enough failures around after all and who wants them!

[MsGuy]

I would be surprised to learn BofA prints their own checks, or has any involvement in the process at all beyond providing a web page listing options (including shipping options) given to them by the check printing company.

 

So it's actually the check printing company that's soaking customers, not BofA. (THIS time!)

 

In a process completely opaque to the end user, BofA selects a sole supplier of an inexpensive, high volume and absolutely necessary item for its checking account customers, purchases being paid for by an instant charge to the customer's account. Deej, would you care to make a friendly wager on whether BofA diverted a hefty slice of that income stream to itself in its contract with the printer?

 

Luv2play: All the above, plus a monopoly check printer. I don't doubt it does pay "wonderful dividends."

[+ ArVaGuy]

Are you sure the bank has not charged you the 27.95 anyway? I suggest scanning your statement very closely at the end of the month just to make sure. The way the banks play with fees these days diligence is a necessity.

I have my checks sent to my local branch office. A few years ago my reorder was stolen out of the mail by a DC postal worker. He/she was part of a ring stealing check orders and reselling them out of state. It took me over a year to unravel part of that damage. Since then I go to the branch office and have manager place the order. Within a week I pick them up at the branch. It’s inconvenient but gives me some peace of mind.

[+ g56whiz]

I'm a recovering banker and I agree with deej: I don't think any bank prints its customer's checks. Too many potential problems and Deluxe sort'a has that market to itself. It's probably only a web link to producer's order queue with a direct charge to your account. And why wait to scan your statement: you should be on line with your bank in any event. With business so bad and people like LandsEnd giving free overnight delivery, I not really surprised at the short wait. The delivery companies are hurting also.

 

I've not bought checks in decades even though they were a freebie to employees. Since I use Quicken, it's easier to produce my own checks as I need them using http://www.insticheck.com/ software and check stock from VersaCheck http://www.formsandchecks.com/BlankStock.htm?gclid=CLuB-uCthpwCFRyenAodDw49_w. Last I looked, 250 sheets (3 checks to a sheet) cost $20 plus postage. All I need to do is sign and lick the envelop.

[+ g56whiz]

For the record, in most banks, there's a vast chasm twix the banking function and the greedy rapacious folks in the credit card division or subsidiary.

 

Many years ago, during a stint in "private" banking, I inherited the case of recent widow of a major real estate investor in New York (no not Leonia!). She was very, very wealthy but rather illiquid - I was working on that - but certainly worthy of a $5,000 credit card line (she had many times that in her checking account). But she had no credit history what ever. Every thing was in the name of her late husband. She had applied for a card without my knowledge and was turned down. She had to pay everything in cash and weekly a member of her staff would appear to cash a check large enough for me to worry about having to report her to the DEA. When I found out about it, I called our credit card mavens and was given a royal run around. It took many calls over several weeks for me to finally reach someone with a brain, who remembered what he read in the newspapers (she was not unknown in the press) and had the authority to authorize it outside the computerized morass. He agreed that she was probably an OK risk for five grand. He sent me the card and when I delivered it to her this rather hard bitten business women, she actually choked up. It seems no one had ever gone out of the way to do something for her without demanding a large fee first. So the twain seldom meet between bankers and the usurious bastards in the credit card operation - short of the bottom line and dividends that is.

[KMEM]

No one has mentioned going checkless. Am I the only one here that hasn't written a check in over 2 years?

 

Best regards,

KMEM

[Kevin Slater]

No one has mentioned going checkless. Am I the only one here that hasn't written a check in over 2 years?

 

Best regards,

KMEM

 

I suspect a lot of the working guys on here are members of the cash economy .

 

Kevin Slater

[Kevin Slater]

In a process completely opaque to the end user, BofA selects a sole supplier of an inexpensive, high volume and absolutely necessary item for its checking account customers, purchases being paid for by an instant charge to the customer's account.

 

Just because there's a link on BofA's site, you by no means have to go through them. Those same firms that offer you pre-printed return address stickers and the like can also print new checks for you. They just require a canceled check (for the ABA and routing number or whatever) and where you want them to start numbering the checks for you. And they typically charge a lot less.

 

Kevin Slater

[+ Lucky]

Surprised that my little thread has received any attention, I will go ahead and confirm that deej is right. I was online with Bank of America, but they did redirect me to another site. Since this was the only choice I was given, I had no doubt that if it were not the bank itself, it was a pretty close cousin doing the business. No one is going to argue that the bank let this contract without a little return being made.

[rvwnsd]

Check Printing

 

Deluxe and Harland-Clarke print most of the checks in the U.S. BofA happens to use Harland-Clarke. The box will say "Bank of America," but if you look at the checks you will see the "Harland-Clarke" imprint. The bank doesn't receive a huge commission, but they do get a small cut of the order's cost. Kevin is correct, you can save a couple of bucks if you use one of the check printers that advertise in the magazines or online. A word of caution: the advertised prices assume a two- or three-box order. The cost increases significatntly if you order just one box.

[CF]

We all know that some banks can't be trusted, but the large banks wouldn't even think of trying a fast one on their customers.

Yesterday I ordered new checks from Bank of America. There was a drop-down box where I could select the speed of the delivery. $27.95 was the cost of the fastest delivery, then it went down gradually according to how slowly you were willing to let the checks be delivered.

I chose the slowest option, which was at no added charge, and promised my checks would arrive by August 11th. They arrived today, August 1, one day later. I feel sorry for those who choose the more expensive option!

But the bank collects their money, and they are none the wiser when their checks arrive the next day.

 

Lucky, don't count your chickens before your eggs hatch. You may have chosen the slowest delivery for the maximum savings, but you haven't received your statement yet. I got that rude awakening a few times when dealing with Bank Of America. Of course the subsequent haggling on the phone, which took a lot of my time was annoying enough for me to close my account with them.

Now, let's not forget about insurance companies, which in my opinion legally get away with mugging you.....lol CF

[Guest TNT Ted]

What's a Check?

 

I've not bought checks in decades even though they were a freebie to employees. Since I use Quicken, it's easier to produce my own checks as I need them using http://www.insticheck.com/ software and check stock from VersaCheck http://www.formsandchecks.com/BlankStock.htm?gclid=CLuB-uCthpwCFRyenAodDw49_w. Last I looked, 250 sheets (3 checks to a sheet) cost $20 plus postage. All I need to do is sign and lick the envelop.

 

No one has mentioned going checkless. Am I the only one here that hasn't written a check in over 2 years?

 

 

Haven't used them in so long I doubt that I could find my old checkbook. Replaced by Quicken, credit/debit card, bank transfer, and in a pinch, cash.

[+ Lucky]

Lucky, don't count your chickens before your eggs hatch. You may have chosen the slowest delivery for the maximum savings, but you haven't received your statement yet. I got that rude awakening a few times when dealing with Bank Of America. Of course the subsequent haggling on the phone, which took a lot of my time was annoying enough for me to close my account with them.

Now, let's not forget about insurance companies, which in my opinion legally get away with mugging you.....lol CF

 

I checked my online statement, and even though they got the checks to me fast, they have yet to post the bill for them.

[Lookin]

Better make sure there wasn't a Nigerian postmark.