Might be looking for a new bank

[WebSnyper]

Also, in some areas there are shared branches for credit unions. This means there may be a credit union branch that while they are a branch of a specific CU (for example the one in my area is a Forum Credit Union branch) but they can perform services for customers of several different credit unions.

 

[HEADKNOCKER]

We,ve had trouble with 5/3 & US bank..
After that I started a new account @ Chase & they also put $200 in our account after 10 days for opening an account..
I've had zero trouble with JP Morgan & Chase..

 

[amboy49]

As someone who works in the financial industry I can provide some insight into the charging for cash theme that others have mentioned. Recently legalized substances at the state level, have seen the creation of businesses that are almost 100% cash driven, and they are unable to do business with almost any large bank or credit union. Since the proceeds are from products that are federally prohibited, it falls within federal rules that prohibit the banks from accepting those funds or risk their ability to maintain in good standing with the Fed, FDIC, etc. It falls to the banks to prove that the funds are from proper persons/entities, and not derived from organizations associated with drugs, terror, money laundering etc. So banks have become more cautious since cash doesn't have a source code associated with it.

As to the OP and his original interaction - various types of phishing schemes, combined with social engineering strategies have made what used to be simple transactions a convoluted quagmire of letters of authorization, journal requests and compliance policy headaches in an effort to avoid potential fraud. Banks often encourage their tellers/cust service reps to avoid if at all possible things that make sense or would make it easy to limit liability that costs them time, money and bad press. Often the only way to get the service you've grown accustomed to is to do something so frequently it become inconvenient for you.

Sorry, I don’t understand your last sentence.

There is a whole lot of misinformation in this thread. To include:

No individual customer is required to fill out a currency transaction report. That is the sole responsibility of the bank. The report is required when (1) a customer deposits or withdraws $10,000 or more in one transaction or (2) is believed to have structured multiple smaller cash deposits to try to avoid the reporting requirement. There are some permitted exclusions to this rule. Car dealers, boat dealers, casinos, etc. Any business that commonly deals in large sums of cash can be exempted from the reporting rules.

There is no federal restriction re: exchanging cash for cash. It may be a bank policy. I have never heard of a bank or CU refusing to accept a hundred dollar bill and give back change in smaller bills. Some banks do charge businesses who have large amounts of cash and, especially, coin. It is an extra expense to banks for teller and vault employees to maintain cash/coin for exchange. Like anything else, tie up more of my employee’s time and you will get charged.

Get charged a monthly fee for having a checking account ? What is your average balance ? Some folks keep only very minimal balances ($100 or less) in their account and write several checks a month. No offsetting balances - but expect a free service to be provided by the bank ? A bank is not a not for profit organization although some folks believe they are “entitled” to free banking services and don’t expect to be charged for such things as money orders, cashiers checks, safety deposit boxes, check cashing when you don’t have an account there, etc. Others complain when they get charged for writing a check with insufficient funds (NSF) - and sometimes having their check returned.

On the whole, I would say the comments recommending credit unions are correct. Their service is generally more personalized than large regional banks. Regardless, every financial institution is limited by federal regulations as well as prudent business methods.

Disclaimer: I worked in various banks for forty five years starting in a small community bank and ending my career in a large regional bank. Over the years many of the smaller/mid size banks were bought out by larger financial institutions. With each merger and the resulting larger bank, fees increased and customer service declined. Banks have become sales organizations and employees are trained and incented to sell you every banking product they can. When you are no longer a viable customer to “buy more stuff” you are no longer of value to that branch manager or loan officer because they are incented to sell more stuff. When they can’t sell any more products they move on to concentrate on the next potential sales opportunity. That’s when existing customers are often given 800 numbers for problem resolution.

 

[amboy49]

I tried to put cash into a friends account and the bank wasn't going to let me because of identity fraud something blah blah blah. Wanted me to transfer from my account to theirs. Well duh banker, i dont want my wife to see what im buying thats why im giving CASH to my buddy
Criminals ruin it for everyone. Cant even pay cash for a vehicle without having to fill out tax forms or letting them run your credit for identity verification. And you already have to fill out IRS forms when you take out like 10k cash from your own bank account.
Stupid

Lots of fail in in the second paragraph. I’ve paid cash for a number of vehicles at a dealership and NEVER had to fill out a tax form. I can’t think of any reason why this would be required. When I have paid cash or written a check for a vehicle I’ve never had to fill out a credit application. I’ve been asked to show my drivers license, but that was so the accounting dept could get the title info correct.

No individual is required to fill out any form, let alone for the IRS, when withdrawing $10,000 or more in cash from an account. That is the sole responsibility of the financial institution.

 

[1775usmarine]

Been with 5/3 for 7yrs and have had no issues. My wife has been with them since she was 18 so 15yrs. We know our bankers and they know us. No one has batted an eye at us for open carrying in the bank. All my loans are on auto pay which has saved me almost a 1% of each. I have my check deposited and before I got out of the reserves we got the military banking. They pay the fee on our first 3 withdrawals on others atms in a month. Our safe deposit box is 10% cheaper for doing auto pay as well. We each had our card info stolen by a skimmer at one time in the last few years and customer service was quick to cancel the card and issue a new one as well as reverse the charges that were added.

 

[ArisakaTiger]

The last sentence was more of an experiential comment. Accounting for increasing transition occurring at the client facing level, one has to be present enough to see that there are new faces behind the counter or managers desk at you local branch regardless of bank or credit union. Continually rebuilding some form of connection to be recognized when conducting transaction in person. Most of this is based upon experience with a workforce that either moves up or out with some frequency. Seems to be in my area that most branch positions see people on-site for a max of 10-12 months, so if I'm not in with any frequency I have to spend more time to resolve the issues I have.

 

[MrsGungho]

If you don't want to deal with an anti-gun bank like Citibank and whoever else, try teachers credit union. The google map only shows them in South Bend but I still did all my banking with TCU when I lived in Camby/Indy, and so does my sister in Camby. I always went to the TCU desk that was in a Meijer's.

I can think of 3 locations, without using google maps, in Indianapolis.
I live in Indianapolis, my daughter lives in Plymouth. The Indianapolis branch let me put money in her account, no troubles at all

 

[Mark 1911]

I switched to BMO Harris when they were still known as Harris in the US. Bank of Montreal has been around for a long time, very solid financially, and were not affected by the banking crisis a few years back.

 

[mkbar80]

Plus 100 on credit unions. We moved from Chase to Elements Financial (credit union, used to be Eli Lily Federal Credit Union..but anyone can join) a few years back. We love it. If you are in Indy metro I highly recommend.

 

[Buzz Saw]

I understand that a bank is a for profit business and I'm fine with that, profit is not a four letter word. I thought banks made profit by taking my deposited money, giving me for all practical purposes zero interest and loaning same money to others for a higher interest rate. That is where the profit is supposed to come from, not bleeding every customer dry with fees and charges.

 

[mammynun]

I understand that a bank is a for profit business and I'm fine with that, profit is not a four letter word. I thought banks made profit by taking my deposited money, giving me for all practical purposes zero interest and loaning same money to others for a higher interest rate. That is where the profit is supposed to come from, not bleeding every customer dry with fees and charges.

But interest rates are low, and have been for years. They've had to change their business models accordingly. Add in the stricter lending rules (both internal and gov't mandated) that came about as a result of the subprime housing market crash, and some banks make very little from the traditional method. I imagine that the larger the bank, the less is made (as a percentage) by riding the spread.

 

[dieselrealtor]

1/3 has been a terrible institution for years. I can count on 1 hand with fingers left over how many prequal letters I have received from them actually made it to closing over the past many years.

 

[indyjs]

I banked with fifth third for many years and last year I figured out that they were charging me $11 a month just for having a checking account. So knowing that they had been charging me $132 a year just for the use of a checking account I went in and asked them to give me all of it back(5 years worth), when they refused I immediately closed my account and they did not even offer free checking when I told them I was going to bank elsewhere. The bank I went to I made sure to tell them I wanted free checking or I would find one that would give me that. They did and no more 5/3 for me.

I had to set it up to auto draft 5 dollars monthly to keep activity in the savings. Location is convenient. Can't say I am overly fond of any bank. Bank of Indianapolis was best, but locations are sparse and remote to me

 

[maxwelhse]

I've only skimmed here, but I'll place another vote for 3 Rivers FCU. Been with them since 1995 and have nothing but good things to say about them and in Fort Wayne you're never more than about 5 minutes from a branch.

I'll also toss it out there that I'm able to "deposit" into anybody's account I want through the online bill payer feature. I think on the nuts and bolts side of things it actually acts more like a wire transfer, but the net result is the same. It just takes a couple of days to go through.

If you want to do something more immediate with your kids accounts, just setup joint accounts with them at 3RFCU. My girlfriend and I have done it that way for years for sending money back and forth and it's dead simple. We have hers, mine, and ours and they don't mingle except in the "ours". Transfers are instantaneous that way.

 

[henry0reilly]

Dad's bank insisted he had to make my step-mother co-owner of the account to make deposits so he did. He did not change his will, probably didn't even think about changing his will. When he passed she did not split the money in the bank with us, she didn't even file probate at all.

 

[FWP9MM]

My vote would be Pro-Fed credit union. Never a problem and have always been treated well. The locations are convenient in my case, but always something to look into when picking a banking institution.

 

[drawer86]

I had 2 accts with 5th3rd for many years. 10 years ago ebay stiffed me and through paypal they started stealing my money. I asked the branch manager to stop it and he said he could not. He told me only paypal could stop it. So, he was telling me outsiders have more control of my money than I. He left me no choice. I told him I want to cancel the accts immediately, withdrawal all funds, and receive a document stating the accts were canceled, notarized. Eff em. I walked across the street to First Merchants and opened 2 accts. The day is coming when I go back to the way it was 50 years ago, all cash.

 

[dk598]

I have had no issues with 5th/3rd. I hate it when politics get involved!