Bluebonnets To Peaches

Banks Have It All Wrong
March 25, 2011, 5:16 pm
Filed under: Uncategorized

I realize it’s been awhile A REALLY LONG TIME since I’ve posted on the blog and I have no excuses except that we’ve been busy living life 🙂

Here’s a post about my experience today in dealing with 2 different national banks, the frustration of them and how they have it completely backwards.

One of my nieces is getting married this summer on the beach in North Carolina. We are renting a house for the weekend of the wedding. I needed to send in the rental agreement on the house and a deposit. The owner requested a cashier’s check. No big deal . . . so I thought!

Our primary checking account is out-of-state; however, we have our “emergency fund” (3-6 months of our living expenses as recommended by Dave Ramsey) at a large national bank with a branch down the street from our home. Although this beach rental doesn’t qualify as an “emergency” our thought was to go in and get a cashier’s check and then reimburse the funds from our primary account.

I quickly found out that they wanted to charge me $8 for a cashier’s check. WHAT? WHY? There is plenty of money in the account to cover the small deposit and the balance does not fluctuate much since we use the account as our emergency fund. When I refused to pay the $8 fee, the banker informed me that we could “upgrade” the account and then I could receive the cashier’s check for free.

I realize that there are different advantages to different types of accounts and I don’t disagree with that; however, I don’t want to “upgrade” my account.  I know that the upgraded account requires you to keep a minimum balance – something I don’t want to think about.  If we had a true emergency then I want access to our funds without worrying about a minimum balance or being hit with enormous fees because I didn’t remember about the minimum balance agreement.   All I wanted was a low dollar cashier’s check – I didn’t want to spend the next hour sitting with the banker analyzing my account and “upgrading” it.

I left that bank and went across the street to another large national bank. This is a bank that we used previously as our primary bank years ago and never actually closed our account – don’t ask me why! It has a very small balance, but enough to cover the cashier’s check I needed.

I went in and asked if I could get a cashier’s check and if there would be a charge. The banker pulled up our account and told me that yes, they do charge for a cashier’s check; however, because we have our mortgage with them also then they would waive the fee. REALLY?

Does anybody else see the irony of this? The bank that holds 3-6 months of our living expenses wanted to charge me a fee; however the bank that we are in debt to for our home is willing to waive the fee!

This infuriates me on several different levels – they have it completely backwards! The bank that holds our money should be willing to issue the cashier’s check for free, not the bank that holds our debt!