What Do You Think Of This Banking Situation?
Posted on October 1st, 2009 by admin
Banking
I deposited a $5,000 check from CitiFinancial into my checking account via a branch ATM. I didn’t have a pen, so I just put the check in an envelope and made the deposit — like I have done about a dozen times with no problem.
I deposited a $5,000 check from CitiFinancial into my checking account via a branch ATM. I didn’t have a pen, so I just put the check in an envelope and made the deposit — like I have done about a dozen times with no problem.
Now, I have $2,000 checks bouncing all over the place — I went online to see what the problem was. WAMU sent the check back to me saying that it was “missing endorsement.”
I went to the bank where I made the deposit and they said that the deposits are processed elsewhere and that I should be getting the check in the mail in about a week.
Am I missing something here, or is my bank trying to screw me? The check was made to me, deposited into my account and they don’t provide pens at their ATMs. Why are they now caring whether or not I signed it? I could have just written “For Deposit Only” on the back, but come on, is this ridiculous?
MateMediaSoft
Filed under: Other - Business & Finance
Endorsements are for your protection. they are simply following procedures. I would not have put it in the ATM without at least saying on the back For Deposit Only. I do understand you did not have a pen. Finding one would have been in your best interest to avoid a problem. I recommend NOT doing this in the future as you can get in to trouble (as you are finding out) The bank is doing what it is suppose to do. Sorry
Bob Laibach
Swine Flu Map
Banks have really tightened up on procedures recently, especially with larger amounts. They are also placing holds on larger checks until they clear with much larger frequency. I doubt they are trying to screw you but I’ve heard the feds are on their backs to tighten up on procedures.
Progressive Electronic Music
Well there are two answers:
1. Yes it sucks and it shouln’t be that way.
2. The Bank did nothing wrong. NEVER us an ATM if you need to positively need that $ in the Bank right away. At an ATM there is no quality control procedure if you make an error. It actually was right and proper how WAMU handled it.
Should they have communicated the problem to you before bouncing check? Hell Yes. Should they waive all the bounced check charges? If you are a good customer, long standing and this stuff has not happened before? If you explain what happened, nicely, they will probably waive the charges.
Welcome to the world of Identity Theft. More and More rules will be placed on banks and other financial institutions, which in turn they have to place on us, the customer.
I have worked in Banking and Investments for over 20 Years, the rules and lack of exceptions I can make for individual customers pisses me off to.
Good luck in the future. And if WAMU dosn’t help you out with this, there are a lot of other banks that will in the future.
I used to work at a bank – if checks were not endorsed we would simply stamp them with a stamper we had behind the counter (this applied for deposits only). I think your situation is ridiculous!
What is ridiculous is either your naivety or your stupidity, I don’t know which.
It is not the bank’s rule that requires a check to be endorsed – it is the banking laws that requires it. A check must be endorsed before it becomes negotiable.
By the way – your bank is NOT REQUIRED to provide a pen for you.
So you can’t blame anyone but yourself for your bouncing checks.
MateMediaSoft
No, I do not believe this is ridiculous. The larger the check, the more important it is going to be for you to endorse it. CitiFinancial need to see the item was endorsed by the payee before they release the funds — that endorsement is the proof they need. If it’s missing, you’re tempting fate, even if it has worked before.
Also, consider WAMU in this situation. I doubt they declined it. What probably happened is that WAMU passed it to CitiFinancial, Citi returned it, and WAMU either debited your account or placed a hold on your account. Either way, if you’ve used those funds on the rent or groceries, you will find yourself hurting because you will be overdrawn. Depending on the severity of your overdraft, WAMU may not have an option but to to start bouncing your checks. They are way too big to contact all their customers in the same situation (and believe me, I’m sure they have a LOT).
One option that some banks like WAMU have is to guarantee your endorsement. This is like the stamp that tellers may use. It is like WAMU is guaranteeing to Citi that the check was deposited to YOUR account. Citi would then likely accept it.
I work at a bank that is much like WAMU in this example. I manage the department that handles the returns. I would stamp the check and re-deposit it, and hopefully minimize the impact to you. Ultimately, though, it’s not WAMU’s fault, I don’t think. If Citi doesn’t see your signature, don’t be surprised if the check comes back — and there’s very little WAMU can do to change things.