are banks needed

You're telling me!

I sent my bank an internal secure message inquiring to the status of a bill payment (made by check) few weeks ago. Below is the response I got.

https://i.imgur.com/00vW9vw.png

I got so pissed reading it. Called and requested to speak to a supervisor.

Clearly they are hiring based on DEI and not merit or capability. I'd severe all ties with this bank in a heart beat if they weren't within walking distance and management at the local branch has been fantastic.

About twenty some years ago when I opened a checking account at the credit union I currently use, I was mailed a debit card that upon receipt, I immediately ran the card through my paper shredder that obliterated it. I've never wanted nor have I ever used a debit card. I only use credit cards that pay a minimum rebate of 2%.

I had to Google "TD Bank" as this was the first I've ever heard the name. A Google search shows locations in the following states: Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington, D.C.

In this day and age debit cards pretty much offer the same protection as credit cards. A major difference, and it is major, is that with a debit card your money is gone and has to be gotten back and until that happens, well, your money is gone.

Phil

Debit cards are linked to a specific account and the full balance of that might be available to someone thats acquires your card.

In my case I set up a special account at my bank and I linked my debit card to that account, and only that account. Right now that account has a balance of about $300. If someone were to attempt to use the card for an $1800 purchase, it would crash and advise the user that insufficient funds were available. So perhaps the user might try $750, again a crash. On the 3rd attempt the card access is totally locked.

For online purchases, where I don’t know the business real well, something like eBay, I use that card exclusively. If I use a method like PayPal, where I have 2FA, that too goes through that card.

Yes, I have to be sure sufficient funds are there before making a purchase, but that is a small inconvenience.

You asked if a check cleared and the reply was that it cleared and gave the date it occurred. So...?

I have never ever used a debit card. Other than to withdraw from an ATM. I may not activate the replacement and not sure if the Mastercard feature can be disabled.

Naively, I asked my dad 20 years ago, why do people use debit cards, seems silly, I use credit for the points. He said because some people carry a balance and don't want to pay interest. Got it. And as bright as I think that I am, I don't know things especially when I've never done them.

Debit cards are a PITA with full serve gas, the driver getting out of the car with the attendant and punching things in, really slows things down and imho a risk for the driver's safety as well....

I just don't like the idea that people can access my savings and checking because of that...

I have TD also and I always get charges that I did not make, but after that I have to get New account numbers and new debet cardss.

@CraigW
The date cleared is before the date of the check!

Now why bank employees do things bordering on fraudulent (after the Wells Fargo fiasco).

I long ago had Commerce Bank which became TD, and I went in to cancel.

I sat at someone's desk while he canceled the accounts.

Next month I get whopped with fees and accounts still open.

I walked into the branch and did the Jack Nicholson "Five Easy Pieces" chicken salad sandwich routine. It was fun.

Other than the free pens, why would anyone transact with them? Then again, it's totally reasonable for someone to say look at what happened to you and an internet bank...yep

Not sure how many banks offer it but my son has a UGMA with the internet bank....

I haven't used a bank in over 30 some years, Straight Credit Union and have never experienced much of a problem. What small problem I have had was handled with a phone call and fixed while I was on the phone.

I think a member credit union is much better than a corporate bank.

Not sure if you have NavyFed but they are in fact stellar.

PenFed not so much but I have their 5% cash gas rebate card that I guess we're grandfathered in. Don't see such a product today. 5% is automatically deducted from every month's statement when gas purchases.

I use America First and have been with them for over 50 years.

worked many years in a credit union. She had customers that she really liked. I remember when she'd describe scenarios I was thinking it's odd, it's as if the customers are friends.

In reality, they are members...

Several years ago I went car shopping. The dealership used two different credit unions. One wanted 5 and a half percent interest and the other was about 5 and a quarter percent. Went to my bank, they were close to 4 percent. We had a credit union that had been in town about 2 years, so I thought, let’s see what they can do. Walked in, told the manager why I was there and asked her about their interest rate. She gave a rate of 2 and a half percent. She then asked me if I was a mature citizen, to which I replied, if you are asking me if I am old, the answer is yes. She replied that the interest rate was now 2 and a quarter percent. Great credit union. New Horizons in Cincinnati. Fast forward.to November 2021. NHCU got bought out by one of the credit unions mentioned above. This place is 180 degrees from NHCU. Their customer service is atrocious, they require an ID when you make a payment, even with cash; never could understand that one; (someone is going to make my car payment for me?), and they are constantly hiring people because they are constantly losing people. I got so frustrated with them that I paid my loan off two years early. I now refuse to deal with them.

A check from the future cleared in the past... That's so.

Reread what I wrote! And to clarify, the bank's bill payment service generated the check.

When was the check written, or if done online, when did you make the request? You wrote "bill payment (made by check) few weeks ago" which I assumed was on or before February 15. I admit I did assume you wrote and mailed a postdated check. If the bank wrote the check at your request, when did you make the request?

I've always believed this and it seems standard policy in most places in the US:

Can You Cash a Postdated Check Before Date Shown?

A signed check immediately becomes legal tender that a bank can deposit or cash before the indicated date on the check. Therefore, a bank will be able to accept a check if it is dated and signed. Ask your bank or credit union for their specific policy for postdated checks in their account disclosures.

@CraigW

If the agent responding had any confusion to which check was in question, they could have verified it against the confirmation number provided.

scenario, I still have 2X the reimbursement, and no debit card that was to be overnighted. Again, they are not a good CU, at one point #3 largest in the nation. But again I have a grandfathered 5% cash rebate gas card that automatically deducts 5% every month from the statement balance, so no revolving categories for a necessity like gasoline...

What also seemed not too bright? They gave me $150 to sign up for autopay and paperless statements about 1 year ago. Isn't that more than most? Verizon said $10/mo., which I took. (pay by checking acct--$10 > 2% cash reward when paying by credit--they too avoid the interchange and imho are offering a fair incentive)