Are Banks Strictly Enforcing New Checking Rules?

[Dotty]

I don't know how new this is, but I've been recently having trouble. I've had to go back and ask for re-written checks.. the Federal Reserve (or whoever checks checks) is getting very particular about every check.

Tip from one to another.. review all your checks before you accept them.

1) Make sure the year is correct
2) No cross-out & initials
3) Ensure the two amounts (written and printed) agree

 

[babywings76]

I don't know how new this is, but I've been recently having trouble. I've had to go back and ask for re-written checks.. the Federal Reserve (or whoever checks checks) is getting very particular about every check. Tip from one to another.. review all your checks before you accept them. 1) Make sure the year is correct
2) No cross-out & initials
3) Ensure the two amounts (written and printed) agree

Really? They won't take that anymore? Gee Whiz, chalk that up to another reason why people using a debit card is SOOOO much better! Because I know I goof up on the year a lot--especially when it's Jan/Feb and the year still is new. I hardly ever write checks, so when I have to I make little mess-ups. It's such a waste of checks to have to void and throw them away, so most people just cross out the oops and then initial it.

 

[flemings99]

Are they checking them @ the time of deposit or contacting you after the fact?

Interesting, I don't have many people cross things out but have never had an issue.
Thanks for the heads up.

 

[pchockeymom]

One of my customers works at my bank and she has found errors on my checks before. One biggy is that the bank goes by the written in words dollar amount, not the numeric one so, like what has happened a few times to me, the person will write a check for $50.76 but then only spell out "fifty dollars" with out the cents. I'm out the cents. They also go nuts when I come in with all these checks written in red ink. I always had out red pens, that way I get them back!

 

[winklermom]

2) No cross-out & initials

I found this one out a few months ago. I took it first to my credit union then to the bank that it was drawn upon and both refused the check. I spoke with the host who tried to get the guest to just call me with a debit/credit card but she wouldn't do it that way. I had to wait another day or two for the corrected check! It can be very frustrating, to say the least!

 

[CarolynnLee]

There is nothing wrong with using red ink to write a check.

 

[Leanna]

Wow- thanks for the tips! I wasn't aware of the cross out/initial deal for sure.

 

[barbara_anne]

Checks written in red ink have to be processed by hand and cannot be processed by computer. Apparently the computer cannot read the red ink -- at least that was the "rule" a few years ago.

 

[CarolynnLee]

It's never been a problem since I use red pens at every show. I'm going to ask my banker about it.

 

[cookingwithdawn]

wow, I've had people make the check out to Pampered Chef and cross it out and put my name and initial....but that was a bit ago.

 

[Amanda Hubbard]

funny my director said sometimes people write out the check to PC and she just crosses it out and writes in her name, I'm thinking, "where do you bank?!" I can't do that, I strongly encourage credit/debit cards, so much easier and don't have to worry about them bouncing

 

[lt1jane]

no, they just decline.... (J/K ) I've run into other consultants who make a point of using cash because they know how conveient that is for me. I prefer plastic. I figured out what they meant when I realized they had to pay for thier own CC transactions.

 

[almondfarm]

I work at a bank, and the issues that are listed in the original post are NOT from the Federal Reserve, they are from whatever individual bank you are using to deposit your checks at. Each bank writes procedures for how much risk they are willing to accept on accounts.

Also red in is perfectly fine, we are a SMALL bank and even our computers can do RED ink just fine.

 

[lkbcovington]

I work at a bank, and the issues that are listed in the original post are NOT from the Federal Reserve, they are from whatever individual bank you are using to deposit your checks at. Each bank writes procedures for how much risk they are willing to accept on accounts.

Also red in is perfectly fine, we are a SMALL bank and even our computers can do RED ink just fine.

Ditto almondfarm. I'm a Vice President, Compliance Officer and In-House Counsel for a community bank. These 'no-no's' are simply your bank's policy.
Maybe you need to find a friendlier bank. I'm just guessing that this isn't a local community bank you're dealing with b/c these sound like typical big bank practices. At my Bank we bend over backwards to accomodate our customers (sometimes more than I would like).

 

[ChefBeckyD]

Ditto almondfarm. I'm a Vice President, Compliance Officer and In-House Counsel for a community bank. These 'no-no's' are simply your bank's policy.
Maybe you need to find a friendlier bank. I'm just guessing that this isn't a local community bank you're dealing with b/c these sound like typical big bank practices. At my Bank we bend over backwards to accomodate our customers (sometimes more than I would like).

We are members of a local credit union. The tellers have had me actually WRITE my name on the line after someone has written out a check to "Pampered Chef" instead of to me. I just put a dash, and my name, and hand it back to them. Can't get much friendlier than that. I think they accommodate me because I bring them goodies. :chef:

 

[lkbcovington]

We are members of a local credit union. The tellers have had me actually WRITE my name on the line after someone has written out a check to "Pampered Chef" instead of to me. I just put a dash, and my name, and hand it back to them. Can't get much friendlier than that. I think they accommodate me because I bring them goodies. :chef:

Don't tell, but I'm a member of a credit union too (b/c that's where my account was started when I was born)! As a banker, I've been trained to dislike credit unions because of the unfair advantage they have due to the fact they do not have to pay income taxes. On principle I would love to move my account but its just too much hassle trying to switch over all of the auto debits and credits.

My credit union is ok, but sometimes I can't believe what my coworkers will do for our customers- not to mention our favorite ones who bring us goodies all the time! In any case, I can't believe how some of the big banks get away with treating their customers like crap- I wish people knew they could get better service and lower fees at their local banks.

 

[Sheila]

The date & amounts have always been a requirement from my bank. So far, they haven't made an issue about the corrections.

My bank did start asking about a year ago that I only accept checks written in blue or black ink. They had just gotten a new check reader that's designed to only read the blue & black ink ... the bank teller (who felt the need to elaborate!) said that the other colors interfere with the safety colors added into the check & confuses the machine.

 

[jimgass]

I can't believe how some of the big banks get away with treating their customers like crap- I wish people knew they could get better service and lower fees at their local banks.

I've just recently learned this fact. It's even true about some regional, or "State" banks. I listen to the Dave Ramsey Show almost religiously, and my Wife and I are currently working on our debt snowball, hence why I joined PC for some extra income. To listen to him, big national banks like Bank of America, CITI, etc are basically the Devil.

I hold an account at a "First Insert State Name Here Type Bank" and am surprised at how poorly they treat us, as far as fees and such goes. It's hard to believe the best they can do on a savings account is a minimum balance of 500, with a 10 a month fee if you go below that. And, if the account is at 0 you get the 10 dollar fee, plus an overdraft fee.

There's a local bank with a minimum of 50, and a 2 a month fee if you go below, and at 0 the account becomes dormant and won't go into the negative.

I always thought big shiny banks were better because they obviously had more money. Well, they do have more money, and they get it all from their customers!

My primary account is at a very very small Credit Union, and I do my PC business (for now) at the "First Insert State Name Here Bank." I'm strongly thinking about switching my PC account to the "Hometown Federal" type bank instead.

I won't even THINK about one of those great big national banks. Dave Ramsey is right...again.

Just my $0.02

 

[wadesgirl]

I've just recently learned this fact. It's even true about some regional, or "State" banks. I listen to the Dave Ramsey Show almost religiously, and my Wife and I are currently working on our debt snowball, hence why I joined PC for some extra income. To listen to him, big national banks like Bank of America, CITI, etc are basically the Devil.

I hold an account at a "First Insert State Name Here Type Bank" and am surprised at how poorly they treat us, as far as fees and such goes. It's hard to believe the best they can do on a savings account is a minimum balance of 500, with a 10 a month fee if you go below that. And, if the account is at 0 you get the 10 dollar fee, plus an overdraft fee.

There's a local bank with a minimum of 50, and a 2 a month fee if you go below, and at 0 the account becomes dormant and won't go into the negative.

I always thought big shiny banks were better because they obviously had more money. Well, they do have more money, and they get it all from their customers!

My primary account is at a very very small Credit Union, and I do my PC business (for now) at the "First Insert State Name Here Bank." I'm strongly thinking about switching my PC account to the "Hometown Federal" type bank instead.

I won't even THINK about one of those great big national banks. Dave Ramsey is right...again.

Just my $0.02

When DH was trying to rebuild his credit, the only option we had was to apply for a secure credit card at a well known bank (something to do with horse and carriage ). Since then we have discovered that they have the most ridiculous practices! After so many times of paying his bill online he can no longer do so! It's weird, it tells us he has reached his limit - how the heck can they limit you to how many times you can pay your bill on time. I keep stressing to him that he needs to pay it off and get rid of that card - it's nothing but trouble!

 

[jimgass]

When DH was trying to rebuild his credit, the only option we had was to apply for a secure credit card at a well known bank (something to do with horse and carriage ). Since then we have discovered that they have the most ridiculous practices! After so many times of paying his bill online he can no longer do so! It's weird, it tells us he has reached his limit - how the heck can they limit you to how many times you can pay your bill on time. I keep stressing to him that he needs to pay it off and get rid of that card - it's nothing but trouble!

In rebuilding my credit, I'm going the opposite route. I'm hoping that in a few years I can have a FICO score of 0. I'd like to be radical and be completely off the credit grid. I only pay cash for cars, and contrary to popular belief, you don't have to have a FICO score to get a Mortgage. If the lender just looks up a number on you and that's how they determine if they'll loan you money for a house, a new lender is needed. Again, it's the local vs. national bank thing. A good local bank or mortgage company will look at things like what your income is etc, and decide whether or not to loan money the way they did in the old days.

 

[wadesgirl]

In rebuilding my credit, I'm going the opposite route. I'm hoping that in a few years I can have a FICO score of 0. I'd like to be radical and be completely off the credit grid. I only pay cash for cars, and contrary to popular belief, you don't have to have a FICO score to get a Mortgage. If the lender just looks up a number on you and that's how they determine if they'll loan you money for a house, a new lender is needed. Again, it's the local vs. national bank thing. A good local bank or mortgage company will look at things like what your income is etc, and decide whether or not to loan money the way they did in the old days.

Oh yes, we know this now but at the time he had bad credit so we had to rebuild it some how and get him in good standing. Now we are working on no credit cards. He's worse than I am though!!

 

[Dotty]

This has been very interesting! I made the original post, and my bank IS a local credit union.