Solutions to Banking Problems Caused by the Bank!

Banking Problems

Banking Problems

Pin It

I’m having problems with my bank – primarily with the bill pay system.  I’m not sure what’s going on, but since we moved a year-and-a-half ago, we’ve had at least six issues with on-line banking.

The first two issues were with the sewer department in our podunk little town.  The sewer department isn’t automated so the bill pay system has to mail the checks.  Unfortunately, one time the sewer department never received the check and the next time they got it late.  They refused to waive the penalties (the bank reimbursed us) and then marked us late.

The next two incidents were with the water department in our podunk little town, also not automated (one currently in process).  Both times they received the payment one day late even though I set it up to be delivered a day before the due date.  They also refused to waive the penalty (again reimbursed by the bank – at least the first time) and marked us late.

The fourth incident was totally unbelievable.  I scheduled a payment for the bank that holds our home equity loan.  According to on-line banking, the payment was made.  Then I got an email from our home equity banker saying they hadn’t received our payment and were going to withdraw the payment from another account we had there so we wouldn’t be charged a late fee.  I was confused since my on-line banking statement showed it had been paid 15 days ago!  Then I noticed a new entry on my on-line banking statement – the payment couldn’t be delivered and had been returned to my account.  What????  What do you mean it couldn’t be delivered????  I checked all the information on the account to be sure it was correct and it was.  The banker for our home equity line had no clue why the payment wouldn’t have been delivered. And we weren’t notified!  It just showed up in the account.

This morning we had another incident – this time it was with one of our business accounts – a paint account.  I scheduled the payment for March 20th and received an email from the company today notifying us that they hadn’t received our March payment.  Our account shows the payment has been made but they didn’t get it.  I sent the company documentation to show that I made the payment, when it  cleared my account and a copy of the claim I filed with the bank.  I’m waiting to hear from the paint company and the bank.

So something obviously has to change.  The bank’s inability to do what it’s supposed to do is beginning to affect our credit rating and that’s not okay.  Of course, our initial reaction is to

change banks

But that’s easier said than done for several reasons.

  1. We have our business accounts and personal accounts linked so it’s easy to transfer money from one account to another. All the banks I talked to before opening the business account couldn’t do this.  That meant that transferring money would require a paper check and a trip to the bank.  I don’t have time for that.
  2. Our bank is a large bank and has locations EVERYWHERE which is extremely convenient.
  3. We have pre-authorized withdrawals set up that will be a pain to change.
  4. We have a long history with this bank and multiple accounts.
  5. This bank allows us to make deposits using our iPhones. Most of our customers pay with checks and it’s a pain to go to the bank to deposit them. Being able to deposit them using our iPhones is a huge benefit.

After thinking this through, we decided to stay with the bank for now and pay bills a bit differently.  Here’s the plan:

  1. With bills that aren’t automated, we will mail payments the old-fashioned way using the United States Post Office.
  2. With bills that have their own payment systems, we’ll pay there instead of through our bank.
  3. For the water and sewer bills, we might just drop them off in person since they’re close by.

Making these changes is a little more work, but the peace of mind will be worth every extra minute that it takes.

LESSONS:

  1. Don’t act on a knee jerk reaction that comes as a result of a problem. Wait until you have time to think it through.
  2. Analyze the data. In this case, changing banks seemed like the logical solution but we would be giving up more than we wanted to.
  3. Consider alternatives that will solve your problem without having to make big changes.
  4. Try to figure out what the problem is. I’ll be contacting the bank to see if they can figure out what’s going on.  Perhaps there’s an easy solution or something small that needs changed.
  5. Don’t assume that switching companies will solve your problems. The truth is, no company is perfect and sometimes you’re just trading one problem for another.  We discovered that recently when we switched from one internet provider to another.  We were hoping our internet would be better but it isn’t.  Switching doesn’t automatically mean better.

Have you had a problem like this before?  What did you do?

The following two tabs change content below.
Born in Kentucky, I am a wife and mom to 1 son and 2 daughters . I have an ink pen obsession, as well as a love for all things planner. I have been married for 10 years to my high school crush. I am a member of the church of Jesus Christ of Latter Day Saints.

Latest posts by Steph Caldwell (see all)

6 thoughts on “Solutions to Banking Problems Caused by the Bank!

  1. I don’t really have a solution for you, but wanted to say that I have been there too. All the banks I’ve used automatic bill pay with in the USA have had some problem or another, so switching probably won’t help. I ended up just doing things the old fashioned way. Most bills I just walked into the office and paid in person, but where that wasn’t convenient I would mail a check or use my debit/credit card over the phone. Sending you e-hugs!

    1. Thanks, Jane. What’s interest is that I’ve been using on-line banking for years and never had any problems. It’s only been in the past year that all this has happened. Something must have changed within the bank. The bottom line is the same, though – this can’t go on.

  2. I’ve never trusted bill pay. A banker told me years ago that no matter when payments are scheduled, they often take 8-10 days to post. I’d hoped this situation had improved, but I guess not. I’ve had issues with the USPS recently as well. They mailed back part of the check with our health insurance payment and the mangled envelope, with an apology. I took it to my insurance agent and she made a copy of the letter, envelope, and the remains of the check. My Verizon payment was never received and I ended up paying that online with a $3 processing fee. AND, while I still believe that the USPS is the cheapest and most efficient mail system in the world, one stamp costs almost 50 cents!! I know I’m showing my age, but I can remember when stamps were eight cents a piece. It’s hard to fathom that they’ve gone up to over six times as much in my lifetime. I pay everything I can at the office *where* they are due *on the day* that they’re due and I get a paper receipt for every transaction. It does seem old-fashioned, but overdue notices are stressful and late fees can be expensive. Endless phone calls to various entities often net less than satisfactory results. Side benefit: I get to see all my neighbors while running around town. Hope this helps Patty and good luck solving this problem. Seems like you are on the right track.

    1. Lisa – the water department did tell me that I needed to send the payment EARLY if I was going to do it that way for the very reason you mentioned. I was trying to do that but time got away from me last time. I won’t let that happen again.

  3. Wow, that sounds so frustrating. I won’t do automatic payments but I do pay everything on-line. I’m not sure if that would make a difference for you or not. Health insurance is the only thing that we pay automatic withdrawal because it is required. Everything else, I insist we get a paper bill and then, I pay it online making note of all the confirmation numbers. A bit tedious but I feel more in control doing it that way. I also get e-mail confirmations whenever I can that my payment has been made. I’m sorry you are dealing with so much hassle and hope you find some solutions soon. On a lighter note, the first time I glanced at the title of your post, I read it wrong and thought it said “Solutions to BAKING problems caused by the bank” I was curious how to get the bank to bake for me 😉

Leave a Reply

Your email address will not be published. Required fields are marked *