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Archive for March, 2006

I have noticed lately that every street corner, there seems to be a bank being built. I find this odd since we have the technology now to do most everything without visiting an actual bank! We have online access to our accounts, we can pay bills online, we can get money from ATMs, we deposit money via ATMS and direct deposits… I can’t remember the last time I actually went inside a bank or even to the drive through window!

Of course if you do need service, forget the individual service that you once had driving to your bank. Everything inside a bank is automated and the people working there only have the ability to do what the computers allow them to do, no more. If you need something beyond the capability of the computer program, then they are going to have to escalate it to a higher office and wait.

Now with that automation the banks save money. They don’t need as many people to process loans, process canceled checks, mail letters, etc. But the banks have found most everyway to charge for more services. Not only do they charge for ATMs to non-account members/customers, but they charge some high fees to customers, especially when they are down.

I once had a situation that just amazed me. I have a home equity account with a company other than my primary bank. I had done some work on the house and needed to replinish my checking account before paying some bills. So I wrote myself a check and deposited it using my ATM machine. I then went home and payed some bills online, and then the next day, I left the country on business. While away, I needed to check on a bill my wife asked me about. I went in to my account online to find the deposit had been reversed. I then called the bank. Seems I forgot to sign the back of the check, so they reversed the deposit and mailed my check back to me!

Now let’s review. I had a check made out to me, from me. The name and address of the payer was me. Written to the same person…me and signed by none else….ME! I used MY ATM card to deposit it, with MY PIN number, into my account. Depositing the whole amount, no “less cash” option. Hmmm, who else would have made the mistake of depositing a check into my account? Who else would have my ATM card with my PIN number? And is it possible there is another person living at my address with the same name paying me by check? Seems if the bank had just accepted the check, there would be extremly little risk of anybody disputing the check! But no, reverse the deposit, send it back by mail and…. Instant money for them. Now my bills come in and there is no money, so they get to charge me $30. Since most places that get a returned check try depositing a second time…bang… another $30. I did have some luck though, the payee of my bill didn’t charge me for the insufficient funds, but most do! Now, my bank has $60 because they decided not to take the risk of accepting a check that had an extreme little risk of dispute! (oh, by the way, I did call them before the bill check came in and bounced. I was told sorry, the rejected check was already in the mail back to me, so they couldn’t do anything about it now. Be more careful next time to sign the back!)

They must be wanting to build a new bank somewhere. Maybe the next street corner away? Okay, two corners away. Oh, and my bank…. It is a Credit Union where the “members” are treated as owners not just customers. Hmmmm, wonder what they would do if we were customers?

Overdaft protection? Well, the bill was more than a few hundred dollars, so no they don’t offer protection for large amounts. If they did, I am sure there would be some fees for it somewhere!

Imagine if banks charged less for ATM fees, Knew their customers better and were willing to look at situations and take a little risk on customers with good standings that have been with them many years. Instead of building more banks, increase the amount of interest they pay back to customers that invest in them. So what if you have to drive 2 miles to the bank, the cost of gas would be less than a few cents. Oh then they could compete with some of the online banks such as ING direct, instead of complaining about them.

So next time you pass a new bank being built, go home and look at how much interest your bank pays you. And wonder, is that bank worth it? Maybe my matteress is a better place to hold my money (just kidding, I wouldn’t dare put it in the matteress, that would be uncomfortable to sleep on!)

This past weekend my wife and I visited the Verizon Wireless store. Our 2 year contract was up and we decided to drop my phone since I only use my work cell phone now. The idea was to drop my number (the primary number) and then convert her number to a single plan instead of a family plan. Easy enough, should be just a few minutes. Maybe a bit longer if she decides to get a new phone….. wrong

First they told me if I drop my number and convert her number, we would not qualify for the $100 credit toward a new phone. Only the primary number was eligable. If I drop the primary number, it is the same as coming in for the first time wanting an account. What a rip off. We agreed then we would drop her number and she would assume my number so we can use the $100 credit toward a new phone. The girl said she would have to call the change in and she would be back by the time my wife decided on a new phone. She then came back to tell me the rep needed to talk to me on the phone. He wanted to confirm who I was and the changes. He explained that since my billing cycle had just start 3 days earlier, the second number would not be dropped until the 15th of the next month. (I already had paid this months bill). I didn’t like that I missed the cut off by 3 days. Hmmm

Now, isn’t it weird that you go to a Verizon owned store, yet they don’t have the ability to make changes? They have to call somewhere else to have changes made. I already thought it was stupid you can’t make changes online if you have the family plan. But now I see their own employees aren’t trusted to make changes either.

My wife decided on a phone that listed at $129 with a 2 year contract, and it had a $50 rebate. So I asked the girl if all we had to pay today was $29 since we have a $100 credit. I was then told no, because it had a $50 rebate, I would have to pay $50 today and I would get it back after I sent the rebate. I didn’t expect to get more back than I paid, but why can’t they just charge me $29 and then with reciepts that must be sent in anyway, reduce the rebate to $29? Why? Because they know people will forget to send the rebate back on time or forget a detail like the upc codes and they will make money! So in reality, I only get $79 of the $100 credit since there is a rebate (I would get that if I didn’t have a credit) Shouldn’t they throw in an accessory?

The phone my wife picked out has, like most phones today, a camera built in. The girl then tried to sell us the text plan for an extra $10 per month that allowed 500 text messages and pic to be sent and recieved. No thanks, we aren’t young enough to enjoy text messaging and I will just look to buy a cable to download the pics to my computer. Oh, there is a 25 cent charge each time you download a pic to your computer if you don’t have a text/pic plan. Wait a minute. I supposedly just bought the phone, and I own my own computer, why do I have to pay to connect the two and transfer pictures! I am not using cell technology here at all! Now is this a rip off or What!!!!!! That is like going and buying a camera and then finding out you can take pictures all you want, but you have to pay to download them to your other equipment like a printer or computer. How can they get away with this? It’s because all the phone companies follow suite. They know each other are doing the same, what else are you going to do? Same with bluetooth in cell phones. They restrict the bluetooth to only work with headsets. Can’t use the technolgy for transfers to other devices, PCs or printers, etc. If you want to do that, they expect you to buy their services! By the way, the manufactures give full bluetooth, it is the cell phone companies that modify the technology to limit it.

So what did we do? Grin a bear it! We know the same as they do… Can’t go to another Cell phone provider and do much better. You may own the phone with the nice technology, but they own your rights to use the technology!

Oh, now the girl can’t activate the phone because of the account changes made earlier. She then has to call whomever again. Guess what, they make their employees wait on hold also. 6 minutes according to the recording she got! Finally after getting somebody on the line and reviewing they finally decided they would have to drop the second line now, and credit me for it. It was the only way they can make the changes and activate the new phone today. Hmmm, you would think they would have thought that one out the first time!

Okay enough for today. Use your phone and take pictures, but remember, they are in control… Not you!