Why the rush to the bank on Friday?

[Danny_Ocean]

Can't help but notice...every Friday when I make my deposits (at the drive-up ATM), there are three lanes of cars backed up at the teller lines, while the ATM line is traffic-free.

Umm....

1) The money (check) doesn't get into your account any quicker if you hand it to a teller (especially after 3pm).

2) The receipt you receive from an ATM machine is just as worthy as a receipt from a teller.

3) Most ATM machines will give you $300 ~ $400 in cash per visit.

4) Most banks give you an instant $100 "float" when making an ATM deposit vs. "$0" float when depositing with a teller.

I guess I shouldn't advertise this...don't want all those folks clogging up the ATM line next week.

[slodave]

I go directly to the express box and drop the checks (in envelope) into the box. Gets posted that evening. If I need cash, I go to the ATM.

Dave

[Danny_Ocean]

I could use the drop box, but when depositing in the ATM, you must key in the amount deposited (plus you are on video). If there is a discrepancy later on, there are those "cross-references" backing you up.

[slodave]

Good point, never really thought about that.

[Danny_Ocean]

Plus, I'd have to get out of my car to reach the drop box. Not sure about your neighborhood, but that's not good for your health here.

[slodave]

Totally safe here I actually go out of my way to avoid my local branch. They are too secure. They have these double doors that you need to go thru to get to the tellers. You step on a device that I suspect sniffs/detects guns/metal.

Dave

[Jims5543]

I normally do all my banking on Tues. no lines lobby empty plenty of time to flirt with the cute teller.

I do my payroll transfers online and my weekly deposit on Tues when I do my personal stuff.

[Oh Haha]

I rarely go into a bank branch anymore. If I need cash, I use an ATM.

I use direct deposit for my paycheck and we pay most of our bills through automatic payment.

Of course, I pay at the pump too. I hate standing in lines.

[Danny_Ocean]

Originally posted by Jim Cesiro
I normally do all my banking on Tues. no lines lobby empty plenty of time to flirt with the cute teller.

I do my payroll transfers online and my weekly deposit on Tues when I do my personal stuff.

Why not do it all at the ATM machine (cute teller's nonwithstanding)? My point is, regardless of the weekday, there is really no reason to see a teller unless you have an out-of-the-ordinary request (e.g. purchase money order, dispute, etc.). Yet, people flock to the bank/drive-thru's as if they're going to benefit vs. using one of those "infernal ATM's"...

These are probably the same people who say things like "I'll never use my credit card on-line"...

[MRM]

What are these paper checks and live tellers that you speak of?

I can't remember the last time I had to deposit a paper check for anything but my business. I do everything possible by direct deposit or online.

[artplumber]

Originally posted by Danny_Ocean
Why not do it all at the ATM machine (cute teller's nonwithstanding)? My point is, regardless of the weekday, there is really no reason to see a teller unless you have an out-of-the-ordinary request (e.g. purchase money order, dispute, etc.). Yet, people flock to the bank/drive-thru's as if they're going to benefit vs. using one of those "infernal ATM's"...

These are probably the same people who say things like "I'll never use my credit card on-line"...

Well, waiting in a car may not be the smartest thing. OTOH, at least one reason is it's much harder to be scammed going through a person than through a machine. Haven't you seen the scams folks are running on ATM's etc? I guess I'm paranoid-I don't give out my credit card online either

EDIT: seeIts finally happend....ive bin internet frauded! help!

[rick-l]

Direct deposit everything
debit all the monthly bills
use a credit card to buy chewing gum (never carry cash)

Never go near a bank and the only effort is to look at the statement at the end of the month.


This worked great until

Payrol for the comapny you work for loses a laptop with your SSN, Bank account routing numbers etc and they reccomend you close that account.

Now try to remember all the direct deposits you authorized.

[HardDrive]

Originally posted by MRM
What are these paper checks and live tellers that you speak of?

I can't remember the last time I had to deposit a paper check for anything but my business. I do everything possible by direct deposit or online.

+1

My wife and I handle cash very rarely these days. We have a little box in out kitchen with $40 just for odd stuff.

[Moses]

Why would anyone go to the bank?

Direct deposit and cash machines. I don't need no steenking tellers!

[Tim Hancock]

Wifey does the banking, our little small town bank does not even have an ATM machine. About once a month she typically asks me to check my wallet and give her my paychecks that I have wadded up in there.

Some of the guys I work with on the other hand, rush to the bank on Fridays at lunch time or their wifes come in prior to lunch to pick up their checks. I can understand an occasional need to cover something big, but the weekly Friday rush just baffles me.

[Jims5543]

Originally posted by Danny_Ocean
Why not do it all at the ATM machine (cute teller's nonwithstanding)? My point is, regardless of the weekday, there is really no reason to see a teller unless you have an out-of-the-ordinary request (e.g. purchase money order, dispute, etc.). Yet, people flock to the bank/drive-thru's as if they're going to benefit vs. using one of those "infernal ATM's"...

These are probably the same people who say things like "I'll never use my credit card on-line"...

I have used the same branch for 10 years. I even drive past other branches to go to this one.

The manager and I know each other very well, and all the tellers and staff know me by my first name.

About a year ago I forgot to transfer my payroll, my employees use this branch as well per my instructions. They cleared al the checks, and called my cel phone to tell me what was going on, at my request they transferred my payroll over the phone.

I have also called in from out of state and had money wired transfered to me. No signature required. I have had loans pushed through for me.

There is a lot to be said for walking into the bank when it is slow, chatting with the teller, talking about your weekend and hearing about theirs, then sitting with the branch manager and chit chatting for a half an hour or so.

It has served me VERY well over the years.

[Jims5543]

I read Financial Self Defense a long time ago and one of the first rules was to establish a relationship with your local branch manager. I never understood how important that was until recently.

[Danny_Ocean]

You're just a number (or a $$ sign) to branch managers here. They could care less. When I deposit checks for more than $5k, they put a freakin' TEN DAY HOLD on 'em! I ask that they look up my account history to see that I've been around for years and never deposited a bad check. All I get is "sorry...that's the rules". Very impersonal here...most likely due to all the scammers. Therefore, we're all treated like scammers.

On the rare occasion I go inside (money orders, notary), I can't recall seeing the same manager twice.

I get much better service from the "1-800" call-in line.

[Danny_Ocean]

Originally posted by MRM
What are these paper checks and live tellers that you speak of?

Clients & tenants send me checks. I'm self-employed, so no direct-deposit.

[Jims5543]

Originally posted by Danny_Ocean
You're just a number (or a $$ sign) to branch managers here. They could care less. When I deposit checks for more than $5k, they put a freakin' TEN DAY HOLD on 'em! I ask that they look up my account history to see that I've been around for years and never deposited a bad check. All I get is "sorry...that's the rules". Very impersonal here...most likely due to all the scammers. Therefore, we're all treated like scammers.

On the rare occasion I go inside (money orders, notary), I can't recall seeing the same manager twice.

I get much better service from the "1-800" call-in line.

Change banks. try to find a locally owned one. I am not kidding.

I never pay for:

Notary
Money orders
Cashiers Checks
Wire Transfers (how I bought my Porsche and my vacation house in NC)
Overdrafts (forgeting to transfer payroll)


The list goes on.

I needed a loan 5 years ago 5 years prior to that I was almost bankrupt. ( Read - Bad Credit) I needed a favor. This bank floated me the loan no questions asked.


It pays to be friends with your branch manager. In return I have given her heavily discounted services for her personal use. I own her.