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That Monopoly "Bank Error in Your Favor" Card is Bullshit; Fuck Wells Fargo

tigerswood said:
sav·ing (svng)
n.
1. Rescue from harm, danger, or loss.
2. Avoidance of excess expenditure; economy.
3. A reduction in expenditure or cost.
4. Something saved.

Please see definition 2. Perhaps if you're too broke to pay a cell phone bill, you shouldn't go extend your wardrobe. Hopefully you at least went to Jos A Bank and got the "buy one get rest of store free, sale".
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Thanks for your advice. It's nice to know that people on this board have my best interests at heart, and really care about me. It would be really sad if it was all snarky douchebags here.
 
I gotta have me more boats 'n' hoes. :thumbsup:
 
deacondamo said:
$5 monthly debit care fee? C'mon Wells Fargo, you're better than that. I have one bill set up for Bill Pay. For some crazy reason, they debit my account when the check goes out as opposed to when the recipient cashes it. I also hate their website. I will be leaving prior to August 2012. Fuck 'em.
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DeacHoops said:
why is this an issue?
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It is an issue to me, because I sent a check to a person who did not deposit it for over 90 days. So Wells took an interest free loan from me for that time period. The dollars noted in my checks should stay in my account until they are deposited by someone else. It is way for WF to use (take) my money while it is still mine.
 
deacondamo said:
It is an issue to me, because I sent a check to a person who did not deposit it for over 90 days. So Wells took an interest free loan from me for that time period. The dollars noted in my checks should stay in my account until they are deposited by someone else. It is way for WF to use (take) my money while it is still mine.
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i disagree. the second you write that check, it isn't yours. from a pure budgeting-perspective, it's GOOD that they took it out of your account immediately so you didn't lose track of the fact that you had written that check and think that you still had the money to spend. (assuming you don't actually record all of your checks. i know my grandmother used to do that, but i don't think i know anybody who does anymore. if you do though, your argument makes more sense). also, how much interest are you making on a checking account that it would even matter?
 
DeacHoops said:
i disagree. the second you write that check, it isn't yours. from a pure budgeting-perspective, it's GOOD that they took it out of your account immediately so you didn't lose track of the fact that you had written that check and think that you still had the money to spend. (assuming you don't actually record all of your checks. i know my grandmother used to do that, but i don't think i know anybody who does anymore. if you do though, your argument makes more sense). also, how much interest are you making on a checking account that it would even matter?
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Mrs. DF07 records all her checks. I basically never write checks.
 
I used to have the checks that had the carbon copy of all checks. That was awesome. I don't really use checks often now though but I try to remember to record it if I do.
 
deacondamo said:
$5 monthly debit care fee? C'mon Wells Fargo, you're better than that. I have one bill set up for Bill Pay. For some crazy reason, they debit my account when the check goes out as opposed to when the recipient cashes it. I also hate their website. I will be leaving prior to August 2012. Fuck 'em.
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DeacHoops said:
why is this an issue?
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DeacHoops said:
i disagree. the second you write that check, it isn't yours. from a pure budgeting-perspective, it's GOOD that they took it out of your account immediately so you didn't lose track of the fact that you had written that check and think that you still had the money to spend. (assuming you don't actually record all of your checks. i know my grandmother used to do that, but i don't think i know anybody who does anymore. if you do though, your argument makes more sense). also, how much interest are you making on a checking account that it would even matter?
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It's still my money until the recipient deposits the check. If I write a check and send it through the mail, Wells Fargo isn't entitled to somehow snatch the money until it is deposited. Wachovia BillPay did not withdraw the funds until the check was negotiated. It was one of many changes I hate about WF and will be changing banks soon.

The effect on me may be small, but taking all of the Bill Pay money from WF customers adds up to huge coin that WF is using without paying its customers for.
 
deacondamo said:
It's still my money until the recipient deposits the check. If I write a check and send it through the mail, Wells Fargo isn't entitled to somehow snatch the money until it is deposited. Wachovia BillPay did not withdraw the funds until the check was negotiated. It was one of many changes I hate about WF and will be changing banks soon.

The effect on me may be small, but taking all of the Bill Pay money from WF customers adds up to huge coin that WF is using without paying its customers for.
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i mean, if the person had deposited the check as soon as it was received, you wouldn't have had the money for those 3 months. are you saying you should be able to profit from your friend's irresponsibility?
 
DeacHoops said:
i mean, if the person had deposited the check as soon as it was received, you wouldn't have had the money for those 3 months. are you saying you should be able to profit from your friend's irresponsibility?
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Are you saying that WF should be able to profit from my friend's irresponsibility? I am saying that Bill Pay should work the way normal checks work. It's not a direct transfer of funds. My problem is less on the effect on me and more with WF using people's money interest free.
 
no, i'm saying that unless you had specifically asked your friend to hold that check, then they had a right to deposit it at any point. which means that money wasn't yours at any point after you wrote the check.

for the record, i don't have a wells fargo account. i use BofA (i have my reasons. yes, i know i could get a higher return at a credit union). they operate the same way. and i'm curious what kind of bank DOESN'T.
 
ProfessorDeac said:
Hypothetical: If MDMH had closed and cashed out his bank account before the bank realized its error, and a few months later they wrote him a letter saying "please give us our money back," should he do it?
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Anyone? I'd probably ignore the letter, unless my conscience led me astray and convinced me to give the money back.
 
myDeaconmyhand said:
Thanks for your advice. It's nice to know that people on this board have my best interests at heart, and really care about me. It would be really sad if it was all snarky douchebags here.
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Just rustling your jimmies bro. Sorry for my snarkiness.

Serious question. Do you live in DC or NYC? I know tons of recent grads who don't make enough to cover cost of living (or shirt money), and are still depending on their parents for help. Crazy how it seems easily over half of Wake grads move to these two cities after graduation. I think it's just become the "cool" thing to do, and they want to be around their friends rather than find a better job that could lead to more money/better career. I like spending time in both cities, just don't think I could enjoy living there unless I was making serious coin.
 
deacondamo said:
It's still my money until the recipient deposits the check.
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I'm not sure that's the case. Even though it may stay in your account, it's technically been promised to someone else. When checks were a normal part of everyday life, you deducted the balance from your account as soon as you signed the check. Checks are an interesting deal when we are now accustomed to instant digital transfers.

Further, your bank make have some sort of instant transfer setup with the company you are paying the bill to rather than sending them an actual paper check in the mail.
 
when you do bill pay, you are essentially giving the money to WF to make the payment on your behalf. the "interest free loan" should be looked at as payment for that service. the .005% or whatever you'd earn on your $100 cable bill for a few days is worth far less than the hassle of having to write/mail a check or have to keep up with separate online payments for all of your various bills.
 
A check is an order to a bank to make a withdrawal. When you do online bill pay you are instantly giving them that order and they have the order in hand.
 
bmoneydeac said:
when you do bill pay, you are essentially giving the money to WF to make the payment on your behalf. the "interest free loan" should be looked at as payment for that service. the .005% or whatever you'd earn on your $100 cable bill for a few days is worth far less than the hassle of having to write/mail a check or have to keep up with separate online payments for all of your various bills.
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So I'm guessing rather than paying a tax bill every year, you let the government hold your taxes for free, no interest, and get a refund come April, eh?
 
i don't usually get much refund, but yes, i withhold each month knowing that it is an interest free loan to the government. it would be economically beneficial for me to have no withholdings, set the money aside each month in my own savings account, and then pay in April, but i sacrifice that opportunity for the knowledge that the money is being set aside and i have no opportunity to blow it by making it rain at the skrip club.
 
Discipline. I'm at the point where I've accumulated enough interest in my tax account that I pretty much pay my taxes out of what I seeded the account with years ago. Just like an escrow account. But you know you just don't draw from it except once a year.
 
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