Rant: Banks All Suck

[RougeUnderoos]

I've just been chattering with a lovely young dummy who is employed by a crappy and very large bank.

I need them to do something for me by Thursday @ 11:59 p.m.. She said "maybe, because we do require 3 days to process your request, but we'll try". Today being Monday I thought, "gee, going by the calendar I use, Thursday seems like it's at least 3 days away from Monday".

I told her how I felt, and how I count, and she said "if you want something done on Thursday, the request has to be in by the previous Friday. We need 3 business days to process the request".

So they need 6 days, basically a week, to do one simple transaction. A minor one. In 2005.

Is there anyone out there that works at a bank and can explain this mindboggling policy? I mean you'd think with the billions in profits pouring into these institutions every year, they might be able to buy, oh I don't know, maybe a computer? Give up the carbon paper and the old ****ing typewriter already.

Does anyone out there use a bank that doesn't suck? I use two different, gigantic ones, and they are both useless.

Thank you all this rant is now over and I feel better.

[Cowperson]

I don't think you need to be a banker to figure it out . . . . . she said three BUSINESS days didn't she?

If you asked on Friday, then Monday, Tuesday, Wednesday and its done in time for you by Thursday.

If you ask on Monday, then its Tuesday, Wednesday and on Thursday your request is still being processed, completed in time for Friday.

Although some banks have branches open on Saturday's, I don't think that's a processing day.

As to whether or not they need three business days in 2005 to process what you consider to be something minor . . . . well, that's another topic. Obviously there is such a thing as competition and you can always see if its minor to them.

Cowperson

[Shazam]

Banks are still incredibly manual. They are hardly automated. They literally have hundreds of people that just sit in some warehouse and process all the transactions that you do at ATMs and tellers. This is why they need so much time.

Basically, everything you see entered into a computer at the bank is nothing more than a request, and needs to be verified and actually done by one of those warehouse monkeys. There's so much potential for abuse using fully automated systems that it all needs to be seen by human eyes. Wonderful, eh?

[RougeUnderoos]

Originally Posted by Cowperson

I don't think you need to be a banker to figure it out . . . . . she said three BUSINESS days didn't she?

If you asked on Friday, then Monday, Tuesday, Wednesday and its done in time for you by Thursday.

If you ask on Monday, then its Tuesday, Wednesday and on Thursday your request is still being processed, completed in time for Friday.

Although some banks have branches open on Saturday's, I don't think that's a processing day.

As to whether or not they need three business days in 2005 to process what you consider to be something minor . . . . well, that's another topic. Obviously there is such a thing as competition and you can always see if its minor to them.

Cowperson

You are correct. Three business days is three business days.

EDIT! but this thing isn't supposed to go through until Thursday at midnight. Tuesday, Wednesday, Thursday! Isn't that 3 business days?

I guess sometimes I just forget I live in the 19th century.

The worst part about it is that 6 months ago the exact same thing required 3 business seconds to accomplish (they pushed a button), as long as I phoned them before 4 on the day the transaction was to take place. Maybe they've travelled back in time. In a ****-fuelled rocketship.

There is no competition. It is student-loan related and our benevolent government dictated long ago that this is the bank I deal with and that's it. I'm stuck with them, and they suck.

[Tron_fdc]

Yup. Royal DEFINATELY give preferential service. They always come to the plate for me whenever I need something, and a lot of that has to do with the fact my whole family banks with them, and so does our 80 year old family company. I hear all the horror stories though....my girlfriend banks with TD and they treat her like garbage, so when it comes to anything financial it all gets passed to me and the direct phone line to my account manager.

Rouge: Nothing is impossible. They can do whatever they want, it just depends how high up the ladder they go (or how high you force them to). I have been given large loans overnight, without applying, simply by asking my manager to pay it.

[FireFly]

Originally Posted by RougeUnderoos

There is no competition. It is student-loan related and our benevolent government dictated long ago that this is the bank I deal with and that's it. I'm stuck with them, and they suck.

Can you not go to a different bank and ask to take out a loan for the remaining amount of your student loan? I'm sure a different bank would be happy to get the interest from you.

[RougeUnderoos]

If there is a customer hierarchy then I'm probably looking up at the soles of the feet of the guy on the bottom rung of the ladder. I owe them plenty, they've got nary a penny of mine.

The effed up thing about it all is that they recently changed the policy that made it easy to do this thing (delay a payment by a day) into a total goddamn 3 day hassle. I did the same months ago and it was a keystroke. Now the wait is on. It's not just me either. The phone system at the call-centre tells you this immediately before you even talk to a person. "Hi, this call will be recorded, and effective September 1, three days notice will be needed bla bla bla".

R.B.C S.U.X

[RougeUnderoos]

Originally Posted by FireFly

Can you not go to a different bank and ask to take out a loan for the remaining amount of your student loan? I'm sure a different bank would be happy to get the interest from you.

Maybe, but I doubt it's worth it. I know TD sucks, RBC is worse and CIBC is terrible.

When I was actually getting the money back in the good days, I went through the CIBC and they "needed" 7-10 days to clear a cheque from the federal government. I asked them why this would take so long, I was told they wanted to make sure the cheque wouldn't bounce. The policy was something like "the federal government of Canada might not have 4 grand in the bank right now so we'll have to verify that the country isn't bankrupt for the next two weeks before you get your money".

I actually transferred everything from the CIBC to the RBC because they were so hopeless.

[FireFly]

BMO has been the ****s for me too. Once a month they send me a thing for a Mastercard with them. For a couple months, I thought I'd try and get one, but they kept denying me. All that does is lower my credit rating. Thanks guys! All that pre-approved stuff I'm not approved for is nice! I appreciate it! You'd think being with them for 10 years would be worth something, but nope. I don't make nearly enough money, so they don't want to help me save any. Bastards.

[Hack&Lube]

I worked in one of those processing centers before. It's like a sweat shop but somebody needs to do it because there is no way electronic systems can possibly handle all the various types of paper and wierd things people put in envelopes.

You also need human labour verify everything several times over for security purposes.

[La Flames Fan]

Originally Posted by fotze

I can guarantee if you were a preferred customer it could be done yesterday. In my experiences Royal bank is the worst for treating customers according to how much business they do.

I have a friend whose father is/was the CEO of a local insurance company, he made a mistake and deposited a cheque in a wrong account, he went to the bank and sorted it out not angry as he made the mistake. As he was walking down the street, an employee ran out of the bank apologized and handed him a money order for $20. His dad bankrolls him so their accounts are connected. He swears they gave this ridiculously good service is because his dad has at least 7 digits in the bank. Not that there is anything wrong with this but it is something. I have also heard that your bank card number can distinguish a preferred customer as well.

You could go to Presidents Choice bank where you will recieve the same ****ty, **** YOU service but at least you will be paying less feeage for it.

ROYAL BANK BOOOOOOOO....I still have them, but I remember when I first went to open an account there and they seemed disinterested to the point of not wanting to open an account for me...then they saw the size of the check and my ass was kissed mightily....Bastards.....

[Delthefunky]

nm

[Incinerator]

I never had any problems with TD and I'm a starving student with a mortgage, so I don't know why everyone thinks TD sucks?

[Bobblehead]

CIBC screwed me over with my student loan. I had finally saved up enough and paid it off. Next month, I get a notice of the outstanding balance. I called up to find out what happened, and ended up having to fax copies of the paperwork I had. 3 days later they admitted that they had credited the payment to the wrong loan.

They have screwed me over 3 other times, but other times I have had exemplary service (but not in a while). It really seems to matter who you happen to speak with.

But I still think I am going to move my accounts and RRSPs.

Anyone have any warnings or recommendations?

[ericschand]

"I never had any problems with TD and I'm a starving student with a mortgage, so I don't know why everyone thinks TD sucks?"

Yes, TD sucks. You can't bank with them without any fees.

I have an account, it gets 2 deposits per month and then
2 transfers per month to another TD account.

That's it. Every month, same thing. Over and over. More gets
deposited than taken out, by $20 or so per month.

You would think it would be free, right?

Nope, I get the luxury of paying $3.50 per month in fees.

When I asked 2 different people at 2 different branches,
because I had a hard time believing this to be the case,
I was told that I had the cheapest account available.

Oh, they tried to get me to signup for the $10/month
flat-fee, but why would I pay them *more*?

TD sucks.

ers

PS. I cannot change the bank and transfers.

[Tron_fdc]

Originally Posted by fotze

Marry TronFDC, urinate off snakeye and get great bank service.

But you better do it before the conservatives have their way, seeing as we're all dudes here and it'll be illegal for us to get hitched pretty soon. Just remember, you're only gay if you recieve, so you better be ready to catch..

Actually, I met with my broker recently and I think she wants to have secret relations with me (she's married, no kids, around my age). Maybe that's why I keep getting exemplary sevice.....

[Frank the Tank]

My wife works for TD and even we think they suck. And they have all our money and we get "deals" on fees and rates, even though we could go elsewhere and get a lower rate for our mortgage.

She just got an extra bonus because they had such a good year. TD had the nerve to give all of their employees a 512MB ipod shuffle as a "bonus". Thanks TD, your generosity knows no bounds. A $129 ipod? Wow! Thanks! What a great way to say thanks to the people who made you over $400 million in profit last quarter, while eliminating overtime, flex time and half of our "benefits". You're awesome.

[Incinerator]

Originally Posted by ericschand

"I never had any problems with TD and I'm a starving student with a mortgage, so I don't know why everyone thinks TD sucks?"

Yes, TD sucks. You can't bank with them without any fees.

I have an account, it gets 2 deposits per month and then
2 transfers per month to another TD account.

That's it. Every month, same thing. Over and over. More gets
deposited than taken out, by $20 or so per month.

You would think it would be free, right?

Nope, I get the luxury of paying $3.50 per month in fees.

When I asked 2 different people at 2 different branches,
because I had a hard time believing this to be the case,
I was told that I had the cheapest account available.

Oh, they tried to get me to signup for the $10/month
flat-fee, but why would I pay them *more*?

TD sucks.

ers

PS. I cannot change the bank and transfers.

Judging by your comments I think you have the basic "Value" chequing account, I have the same thing and you don't pay any fees if you have a balance of over $1000 consistently. I also do all my transactions over the phone or online, you can do 10 of those per month before they ding you I believe. And yes 2 full-serve teller transactions but I never go to the teller unless it's deposit, which doesn't count as a transaction.

[Bertuzzied]

I used to work for TD. Don't they get their year end bonus anymore?

But working in a branch is the worst job you can have at the bank. I transfered to a branch from TD Waterhouse when they moved up to Edmonton and I was making the same pay as someone who had worked in the branch for 18 years. hehe. I was only at Waterhouse for 2 years.

I don't really like the banks much but by far Scotiabank is the worst bank i had ever had to deal with. At least TD has alot of bank machines and locations around the city.

Originally Posted by Frank the Tank

My wife works for TD and even we think they suck. And they have all our money and we get "deals" on fees and rates, even though we could go elsewhere and get a lower rate for our mortgage.

She just got an extra bonus because they had such a good year. TD had the nerve to give all of their employees a 512MB ipod shuffle as a "bonus". Thanks TD, your generosity knows no bounds. A $129 ipod? Wow! Thanks! What a great way to say thanks to the people who made you over $400 million in profit last quarter, while eliminating overtime, flex time and half of our "benefits". You're awesome.

[flamingchina]

I bank with the ATB, and they've always treated me well.
I can deposit cheques, and they'll let me use up to a 1000$ of it right away without it clearing first, never seem to wait when I call in, etc.
Just wish they were supported in the budgeting programs..