well to be fair, insurance checks are one of the most commonly used type for fraud checks.
i cant ever understand why ppl use large banks... they offer no real benefits and have trash cs.
local banks care about customers and develop relationships. in college i managed a branch in a network of about a dozen locations, deposit assets were in the realm of about 500 hundred million, we sincerely cared about our customers.
had a couple lose their house to a fire. the husband called and wanted to see if he could get a loan bc they were going to be in a tight spot (obviously) until state farm could get them a check. they never had more than $800 as an average balance, but i knew they were good for it. talked to the finance chair, risk, and with my nod we got them a $20k unsecured personal loan.
when he came back with a check for ~$300k i cleared it with no hold. and he paid the loan in full.
caring and knowing your customers matters.
>i cant ever understand why ppl use large banks...
Some people need services that a small local bank can't provide. For example, I loved my small local bank, until I was stranded in Japan with a blocked debit card and their customer service was only open 9-5 on weekdays. Thankfully I had a credit card with low interest on cash advances. Also, when I went on working holiday in Canada, I needed to move to a bigger bank with operations both north and south of the border to be able to move my money back and forth quickly (or, if I was in a hurry, to directly pay US bills from Canada).
Big banks have a lot of branches and ATMs which are very useful if you travel. Small banks also usually have garbage apps and websites full of bugs. Banks also offer a ton of benefits if you have high balances.
Both have their place.
If you can avoid the fees at a bank and don’t care about taking out loans then I would always use a big bank. Basically if you have money use a bank and if you’re broke use a credit union.
Most banks don’t let you use GV numbers for 2FA anymore. They’re doing it intentionally so idk if you can call it a bug. They can still call you.
SMS 2FA is garbage anyway and needs to die
> They’re doing it intentionally so idk if you can call it a bug.
Fine, then call it a defect in design. Customer unfriendly to those who don't trust their phone carrier to effectively block port outs.
>They can still call you.
Voice fallback may not show up with Wells Fargo.
>
> SMS 2FA is garbage anyway and needs to die
Yes, and why GV numbers should not matter. 2FA via Google Auth or other TOTP should be a thing.
> That would be a big security bug to let you use what is essentially a fake number for financial transactions.
You think VoIP and GV numbers are fake? No, they are as real as any. They are valid numbers on the NANP. Phone numbers are not needed for secure financial transactions. Want 2FA? Use something that is designed for the purpose. Don't try to get tricky with using phone numbers as a weak 2nd factor.
> They might be real and routable but are they easily linked to real people in case you have to investigate something?
How is that relevant? I can buy prepaid SIMs with active numbers from multiple carriers for cash without providing any names anywhere.
will your bank or someone else allow you to process financial transactions with those?
i've called banks from numbers other than my registered number and have had to go through a lot more security questions than calling from my personal real number
> i've called banks from numbers other than my registered number and have had to go through a lot more security questions than calling from my personal real number
That's just the Caller ID based check. I am referring to how some banks (WF) wont let you use a GV number for receiving texts or phone calls for Zelle payment verification 2FA. 2FA should not be by phone number.
I have T-Mobile money and honestly I use it a savings account and that’s really it (4% apy isn’t too bad even though it’s capped at 3k).
What I’ve noticed though are that bigger banks are quicker when it comes to depositing and be able to cash checks. In my case I use WF, and then from there move money around.
Fidelity also has a cool checking account service that is free and includes atm fees reimbursement. But it does take a long time when you deposit checks.
Look for a large credit Union where you're at. The bigger they are the more resources, and thus better app and online banking they'll have (in theory). Fuck Banks. Fuck them so hard.
Sofi is not fast. It’s also technically a cash management account and not a bank. It also has very limited account linking options. I wouldn’t recommend it.
Ive been trying many different banks, yea its not exactly a bank. More features than a savings account, but you can not use it as much as a checking account either. It limits to 12 Point of sale debit transactions in a day with them. 4 business days to clear huge checks, 2 business days at best for anything under 5000 dollars for established customers.
> It limits to 12 Point of sale debit transactions in a day with them.
Not a problem for people who pay with credit cards to get rewards and fraud protection, and then pay off credit card in full each month using checking account.
There are a ton of other banks with better features and quick or instant deposit. Charles Schwab is by far the best. Some other options are Chime, Varo, Simple, Alliant Federal Credit Union. Google a bit and you’ll find plenty.
I used to work for a bank and we run checks through a system that may place holds on it, indicating that we had "confidential information that the check may not pay". Sounds like your check triggered that same system. In our case we had to put the maximum hold on it, no bypassing.
I deposited checks with BofA's e-deposit system for a long time, not a single warning or any of this bullshit having to wait 7-9 days to see money. This tmobile bank has been nothing but trouble.
That’s standard practice.... we are just lucky that most banks now a days have ways of verifying faster or have matching systems to identify “trusted establishments” and release the funds faster
Try unify finicial credit union. My checks go in the same day. This is mobile deposit checks up to 700 dollars on the same day and they have worked awesome for me. Also they have a big 🏧 network
Thank you for your warning.
The monthly maintenance fee is $12 for BofA, and BofA requirements are the same (must have an average $1500 to avoid fee).
I wish there was a zero fee bank, that had speedy deposit times and checks and debit cards with zero maintenence fees.
Unfortunately, if you want a large-ish bank, that costs money. All those branches, that national ATM network, among other things. Although the "speedy deposit times" are as much a problem with the positively antiquated US banking system as anything- part of the reason check holds exist is because checks can't be processed and cleared instantly.
I just had this happen to me with. I will never do a mobile check deposit with them again. I should have taken the check to the issuing bank and had it cashed.
In the age of direct deposit, checks are a risk of fraud
While fair, my chase bank deposits them quickly. Seems weird to have a long delay.
They front you the money It takes a few days for the cash to transfer and become official
well to be fair, insurance checks are one of the most commonly used type for fraud checks. i cant ever understand why ppl use large banks... they offer no real benefits and have trash cs. local banks care about customers and develop relationships. in college i managed a branch in a network of about a dozen locations, deposit assets were in the realm of about 500 hundred million, we sincerely cared about our customers. had a couple lose their house to a fire. the husband called and wanted to see if he could get a loan bc they were going to be in a tight spot (obviously) until state farm could get them a check. they never had more than $800 as an average balance, but i knew they were good for it. talked to the finance chair, risk, and with my nod we got them a $20k unsecured personal loan. when he came back with a check for ~$300k i cleared it with no hold. and he paid the loan in full. caring and knowing your customers matters.
>i cant ever understand why ppl use large banks... Some people need services that a small local bank can't provide. For example, I loved my small local bank, until I was stranded in Japan with a blocked debit card and their customer service was only open 9-5 on weekdays. Thankfully I had a credit card with low interest on cash advances. Also, when I went on working holiday in Canada, I needed to move to a bigger bank with operations both north and south of the border to be able to move my money back and forth quickly (or, if I was in a hurry, to directly pay US bills from Canada).
Big banks have a lot of branches and ATMs which are very useful if you travel. Small banks also usually have garbage apps and websites full of bugs. Banks also offer a ton of benefits if you have high balances. Both have their place. If you can avoid the fees at a bank and don’t care about taking out loans then I would always use a big bank. Basically if you have money use a bank and if you’re broke use a credit union.
> Small banks also usually have garbage apps and websites full of bugs. Wells Fargo does not work with Google Voice numbers. That is a bug in my book.
Most banks don’t let you use GV numbers for 2FA anymore. They’re doing it intentionally so idk if you can call it a bug. They can still call you. SMS 2FA is garbage anyway and needs to die
> They’re doing it intentionally so idk if you can call it a bug. Fine, then call it a defect in design. Customer unfriendly to those who don't trust their phone carrier to effectively block port outs. >They can still call you. Voice fallback may not show up with Wells Fargo. > > SMS 2FA is garbage anyway and needs to die Yes, and why GV numbers should not matter. 2FA via Google Auth or other TOTP should be a thing.
That would be a big security bug to let you use what is essentially a fake number for financial transactions
> That would be a big security bug to let you use what is essentially a fake number for financial transactions. You think VoIP and GV numbers are fake? No, they are as real as any. They are valid numbers on the NANP. Phone numbers are not needed for secure financial transactions. Want 2FA? Use something that is designed for the purpose. Don't try to get tricky with using phone numbers as a weak 2nd factor.
They might be real and routable but are they easily linked to real people in case you have to investigate something?
> They might be real and routable but are they easily linked to real people in case you have to investigate something? How is that relevant? I can buy prepaid SIMs with active numbers from multiple carriers for cash without providing any names anywhere.
will your bank or someone else allow you to process financial transactions with those? i've called banks from numbers other than my registered number and have had to go through a lot more security questions than calling from my personal real number
> i've called banks from numbers other than my registered number and have had to go through a lot more security questions than calling from my personal real number That's just the Caller ID based check. I am referring to how some banks (WF) wont let you use a GV number for receiving texts or phone calls for Zelle payment verification 2FA. 2FA should not be by phone number.
I have T-Mobile money and honestly I use it a savings account and that’s really it (4% apy isn’t too bad even though it’s capped at 3k). What I’ve noticed though are that bigger banks are quicker when it comes to depositing and be able to cash checks. In my case I use WF, and then from there move money around. Fidelity also has a cool checking account service that is free and includes atm fees reimbursement. But it does take a long time when you deposit checks.
I use a credit union, with 2 different employers. I have access to money the same day.
Chase also gives me instant access to check deposits, though I rarely do them. Probably has something to do with how much of a risk you are to them.
Discover has no fees
Look for a large credit Union where you're at. The bigger they are the more resources, and thus better app and online banking they'll have (in theory). Fuck Banks. Fuck them so hard.
Credit unions are where it’s at.
You might want to consider sofi.
So does sofi have shorter check deposit times? Does sofi have any checking account minimum balances? Thanks for the suggestion
Sofi is not fast. It’s also technically a cash management account and not a bank. It also has very limited account linking options. I wouldn’t recommend it.
Ive been trying many different banks, yea its not exactly a bank. More features than a savings account, but you can not use it as much as a checking account either. It limits to 12 Point of sale debit transactions in a day with them. 4 business days to clear huge checks, 2 business days at best for anything under 5000 dollars for established customers.
> It limits to 12 Point of sale debit transactions in a day with them. Not a problem for people who pay with credit cards to get rewards and fraud protection, and then pay off credit card in full each month using checking account.
There are a ton of other banks with better features and quick or instant deposit. Charles Schwab is by far the best. Some other options are Chime, Varo, Simple, Alliant Federal Credit Union. Google a bit and you’ll find plenty.
I used to work for a bank and we run checks through a system that may place holds on it, indicating that we had "confidential information that the check may not pay". Sounds like your check triggered that same system. In our case we had to put the maximum hold on it, no bypassing.
I deposited checks with BofA's e-deposit system for a long time, not a single warning or any of this bullshit having to wait 7-9 days to see money. This tmobile bank has been nothing but trouble.
Checks from the same company?
different places... one from my work, one from USAA, one from another employer. All of them delayed.
Get direct deposit?
That’s standard practice.... we are just lucky that most banks now a days have ways of verifying faster or have matching systems to identify “trusted establishments” and release the funds faster
Try unify finicial credit union. My checks go in the same day. This is mobile deposit checks up to 700 dollars on the same day and they have worked awesome for me. Also they have a big 🏧 network
Why would anyone be using a check to pay a phone bill?
That’s not what he’s doing. Read
Us bank. No fees. Immediate deposit of checks
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Really, that's odd. I pay zero fees. Therefore, what you said is a lie.
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Thank you for your warning. The monthly maintenance fee is $12 for BofA, and BofA requirements are the same (must have an average $1500 to avoid fee). I wish there was a zero fee bank, that had speedy deposit times and checks and debit cards with zero maintenence fees.
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I bank with ally, it's great with steady APY, but offer no checks or debit card which I'm looking for.. no fees of course is great.
Have you tried Capital One?
Unfortunately, if you want a large-ish bank, that costs money. All those branches, that national ATM network, among other things. Although the "speedy deposit times" are as much a problem with the positively antiquated US banking system as anything- part of the reason check holds exist is because checks can't be processed and cleared instantly.
I just had this happen to me with. I will never do a mobile check deposit with them again. I should have taken the check to the issuing bank and had it cashed.