I hate banks. I despise them. I wish a plague of death and disease upon them.
The concept of a bank seems simple, and indeed, useful, at least at first.
People have money that they want to secure somehow so their money doesn’t get
stolen from under their mattress or out of their wallets. So they give their
money to an insured “corporation” of sorts that holds their money and
keeps a record of how much they have. For large transactions, the account
holder can write a check for the amount of money they want to transfer to
another party and sign it. The “corporation,” (aka the bank) honors the
request to transfer and handles the details so that the account holder doesn’t
have to. This is simple, right? This is “protecting ourselves,” right?
Maybe, maybe not. In my experience, banks are nothing but hassle, especially
for people like me that have very limited funds available and need to bleed
our accounts dry about every week or so. Illinois Tech pays me every two
weeks with a check that I deposit to my checking account at Lakeside
Bank. These checks are not out of state (obviously); In fact, they’re
drawn from Lakeside Bank! So why does it take a week for my deposit to
show up in my account?
This was the question I set out to answer a couple of weeks ago. The problem
arose when I made an electronic bill payment after making a deposit that my
online account information reported had been deposited and was available. The
bank charged me an overdraft fee, claiming that the deposited funds were on
hold, even though the account screen online clearly said that the funds were
available. I called the bank and was given the basic run-around:
“This person is who you need to talk to.”
Phone transfer. Wait for a while.
“No, it’s so and so.”
Another transfer. Doesn’t go through. Back to operator.
“I’m sorry, she’s out of town for… ummm… looks like forever.”
“Is there anyone else I can speak with?”
“Ummmm, no. You’re screwed.”
Can you help me at all?
“No. That’s not my job. I just transfer phone calls. I am here to make your
life miserable.”
“Well, tell your supervisor I said you’re doing an excellent job.”
“Ummm, OK.”
After that entirely useless exchange, I headed over to see if I could have
better luck in person. I did, sort of. I got thrown around a bit from person
to person, but finally one of the bankers helped me. She explained that these
checks were not being deposited in my account immediately because I was a “new
customer.” New customer?! I’ve been banking there for four years! And
seriously, Illinois Tech, who’s writing me the checks, hasn’t bounced a check
in who-knows-how-long, so what are they worried about? I don’t know. I hate to
say it, but I gave up. My thirty dollars is gone forever. It just wasn’t worth
it. I guess I’ll try to set up direct deposit. But with my luck, they’ll mess
it up and I’ll lose the money permanently, or have to wait even longer to have
access to it. I hate banks.