Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
It Takes the Teller 3 Minutes just to cash a check
Old 10-22-2013, 01:21 PM   #1
Thinks s/he gets paid by the post
John Galt III's Avatar
 
Join Date: Oct 2008
Posts: 1,285
It Takes the Teller 3 Minutes just to cash a check

Just curious if others have the same experience. Whenever I cash a check at my bank, the teller stares into the computer screen, clicks, types, clicks, types, stares and waits, clicks, etc, etc ..... Takes about 2 or 3 minutes.
__________________

__________________
John Galt III is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 10-22-2013, 01:51 PM   #2
Moderator
Sarah in SC's Avatar
 
Join Date: Sep 2005
Location: Charleston, SC
Posts: 13,456
What is this "cashing a check at the bank" experience you talk about?

Rewahoo, can you explain?
No, really...who goes in the bank anymore? They have these machines outside. And deposits by snapping a photo. And online. And...
__________________

__________________
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way

Sarah in SC is offline   Reply With Quote
Old 10-22-2013, 01:53 PM   #3
Recycles dryer sheets
 
Join Date: Apr 2013
Location: Thousand Oaks
Posts: 220
If at all possible, I use the ATM. This seems to minimize those kinds of delays.
__________________
"Being shot out of a cannon will always be better than being squeezed out of a tube. That is why God made fast motorcycles, Bubba…" Dr. Hunter S. Thompson.
chilkoot is offline   Reply With Quote
Old 10-22-2013, 02:00 PM   #4
Thinks s/he gets paid by the post
target2019's Avatar
 
Join Date: Dec 2008
Posts: 3,708
We are hooked on the deposit by mobile app. Log in, take a picture of front and back, and press the button.
__________________
target2019 is online now   Reply With Quote
Old 10-22-2013, 02:02 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,018
On the (rare) occasions that I have a cheque to cash, I put it in the ATM if it is a small amount. If it is a larger cheque or if I need to access the funds without waiting for clearance, I take it to the teller. The few clicks that he or she needs to do involve accessing my account, visually inspecting the check to make sure it is not outdated or counterfeit and that I have signed it, verifying where I want to deposit the money, and printing a receipt. If i were the teller, I'm sure this would take me a few minutes too. Seems like a perfectly reasonable process and the staff are always friendly.
__________________
Meadbh is offline   Reply With Quote
Old 10-22-2013, 02:11 PM   #6
Moderator Emeritus
aja8888's Avatar
 
Join Date: Apr 2011
Location: The Woodlands, TX
Posts: 7,165
I go into the bank because of the following:

1. I need the exercise,
2. I want to be sure that robots are not handling the transactions,
3. I need some interaction with another human being every once in a while,
4. I want to make sure it actually IS a bank.
__________________
......."Everybody has a plan until they get punched in the face." -- philosopher Mike Tyson.
aja8888 is offline   Reply With Quote
Old 10-22-2013, 02:14 PM   #7
Thinks s/he gets paid by the post
 
Join Date: Feb 2012
Posts: 1,104
I think the apps that take an image with the phone of the check for deposit are the coolest idea....ever. It was the one reason I had to go to bank/ATM. I use so little cash that a couple of trips to ATM a year is it for me.
__________________
H2ODude is offline   Reply With Quote
Old 10-22-2013, 02:15 PM   #8
Thinks s/he gets paid by the post
steelyman's Avatar
 
Join Date: Feb 2011
Location: Triangle
Posts: 3,218
I agree with Meadbh. I've been banking with the same credit union since graduate school (mid 80s) and they've never messed up a transaction. They are careful, most are young, and I bet they are not paid much.

I also mostly use ATMs unless it's a large deposit.
__________________

steelyman is offline   Reply With Quote
Old 10-22-2013, 02:42 PM   #9
Recycles dryer sheets
 
Join Date: Nov 2010
Posts: 241
Sad to say, I would rather interact over the 'net or at an ATM than actually have to talk to someone at the bank.
__________________
MDJO

Retired at 59 1/2 and trying to stay that way.
MDJO is offline   Reply With Quote
Old 10-22-2013, 02:53 PM   #10
Thinks s/he gets paid by the post
 
Join Date: Mar 2009
Location: Pittsburgh, PA suburbs
Posts: 1,769
I am a fossil among you. My local bank is across the street from my office and I walk over at lunch to cash/deposit checks. I know the personnel and this relationship can come in handy. They will notarize documents for me and were very agreeable in providing me with a medallion signature guarantee on a couple of occasions. When I travel they get me foreign currency ahead of a trip in a couple of days time. I get free checking and free personal checks.
__________________
WhoDaresWins is offline   Reply With Quote
Old 10-22-2013, 02:55 PM   #11
Thinks s/he gets paid by the post
veremchuka's Avatar
 
Join Date: Oct 2010
Location: irradiated - too close to the nuclear furnace
Posts: 1,294
I just got a cash back check from my credit card company and went to the bank Monday to deposit it. You are right! I was ready to ask her what was taking so long, all I was asking for was it to be deposited into my checking account at that bank and I had a deposit slip made out for her.
__________________
veremchuka is offline   Reply With Quote
Old 10-22-2013, 03:06 PM   #12
Moderator
Sarah in SC's Avatar
 
Join Date: Sep 2005
Location: Charleston, SC
Posts: 13,456
Quote:
Originally Posted by target2019 View Post
We are hooked on the deposit by mobile app. Log in, take a picture of front and back, and press the button.
This is truly the best thing in the world. Schwab was one of the first to offer it, and I loved it from the first day! My God, what a wonderful invention.
__________________
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way

Sarah in SC is offline   Reply With Quote
Old 10-22-2013, 03:08 PM   #13
Moderator Emeritus
 
Join Date: May 2007
Posts: 11,044
Quote:
Originally Posted by target2019 View Post
We are hooked on the deposit by mobile app. Log in, take a picture of front and back, and press the button.
+1

My bank has no brick and mortar branches anyways.
__________________
FIREd is offline   Reply With Quote
Old 10-22-2013, 03:19 PM   #14
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,109
Quote:
Originally Posted by FIREd View Post
+1

My bank has no brick and mortar branches anyways.
+1

It has been years since I had a bricks and mortar bank.

Last week my daughter needed to send me some money so I expected to receive a check and then use my laptop or iPad to deposit it, but she send an email asking if I had Chase Quickpay. While I don't have an account I do have a Chase Cash Back credit card so I logged on and found a drop down where I can set up Chase Quickpay with my existing, non-Chase bank account. It took a couple of days after set-up for them to make 2 small deposits and a withdrawal for the same amount, then I had to verify by logging back onto Chase and entering the value of those 2 deposits (in this case it was 44 and 46 cents, with a corresponding withdrawal of 90 cents).

Same day I received an email from Chase saying a Quickpay deposit had been made to my {non-Chase} checking account by my daughter. Pretty simple, and from the payers end all you need to know is the email address of the recipient that you are sending money to.

I'm sure this old hat for many of you but it was all new to me, at least for the US. (In the UK I've used our bank for years to send and receive money from friends and relatives).
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is offline   Reply With Quote
Old 10-22-2013, 03:29 PM   #15
Thinks s/he gets paid by the post
ls99's Avatar
 
Join Date: May 2008
Posts: 4,792
Quote:
Originally Posted by Sarah in SC View Post
What is this "cashing a check at the bank" experience you talk about?

Rewahoo, can you explain?
No, really...who goes in the bank anymore? They have these machines outside. And deposits by snapping a photo. And online. And...
I go to the bank once a month to cash a pension check, a result af my defined benefit, which I receive from Columbia University every month for $29.43. This amount I will receive for the rest of my life.

It is always a pleasure to watch the befuddlement and pity expressed by the teller when I tell them it is my pension check. Hey, it covers coffe and tip a few times a week.

More of a joke, but I also insist that CU send me a paper check every month.

Long story behind it, some day I will eleborate.

Edit add: By the way the bank is along the route I take to the coffee shop.
__________________
There must be moderation in everything, including moderation.
ls99 is offline   Reply With Quote
Old 10-22-2013, 03:32 PM   #16
Recycles dryer sheets
 
Join Date: Jan 2011
Location: Lake City
Posts: 131
Quote:
Originally Posted by John Galt III View Post
Just curious if others have the same experience. Whenever I cash a check at my bank, the teller stares into the computer screen, clicks, types, clicks, types, stares and waits, clicks, etc, etc ..... Takes about 2 or 3 minutes.
As an ex-banker ..... I can tell you that the process for depositing an item through the teller varies widely from bank to bank. Some are extremely automated while others are still running work the same way they did 10 years ago.

In general, when you're cashing a check that is not written on your bank, the teller is having to pull your account, ensure that there are funds available to cash it against, and then will be placing a hold against those funds for several days (the length of time is dependent on where the check has originated). If you're cashing a check against your own bank, then the process is the same as above except that the hold will be placed against the check writer's funds.

Depending on the bank, and this is fairly prevalent especially in the mid and large size banks, the teller is likely also paging through "sales suggestion" screens instructing her that you may be best approached for a savings account, a mortgage, a credit card, or some combination of products.

Most banks today are more like retail stores that are looking for additional "sales" than they are like the financial institutions they used to be. In fact, some banks (I believe TD and Wells Fargo) actually have stopped referring to their locations as "branches" and now openly call them "stores."
__________________
jflynn4 is offline   Reply With Quote
Old 10-22-2013, 03:36 PM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2005
Posts: 8,620
The teller is training folks who cash checks in person to not do that. The screen has the following on it:

Quote:
In our effort to reduce expenses, we need to get customers to not cash checks in person. Therefore, please follow these instructions:
Please enter the name of the Payee:
Please enter the check's ABA number:
Please enter the check's Account number:
Now please wait while we determine if the Payee and/or account has had any bounced checks in the past few months:
Now please wait while we determine if the Payee and/or account has sufficient funds to pay cash out:
....
If one simply deposits the check and drives away, then these checks (pun intended) are done by back office staff.
__________________
LOL! is offline   Reply With Quote
Old 10-22-2013, 04:26 PM   #18
Thinks s/he gets paid by the post
 
Join Date: Feb 2007
Posts: 2,424
I go inside the bank once a month to get our monthly cash which is for groceries, eating out and other shopping done with cash. I could do without the chit chat about the weather and the weekend and the offers for credit cards, balance transfers and refinance of the mortgage we don't have.
__________________
Married, both 62. DH retired June, 2010. I have a pleasant little part time job.
Sue J is offline   Reply With Quote
Old 10-22-2013, 04:39 PM   #19
Thinks s/he gets paid by the post
 
Join Date: Nov 2009
Posts: 3,869
I have to deposit a check every month so I use the teller at my local bank. I go in there around 11 AM on a weekday so it is usually empty in the bank. At my bank, to speed up the deposit, I swipe my bank card and enter my PIN at a keypad on my side of the teller's station. It takes maybe 2 minutes tops for the transaction to complete.

I try to align the deposit to when I get cash from the ATM but if I can't it is not a big deal. The bank is nearby, near the pizza joint I sometimes have lunch at, also saving me a trip.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is online now   Reply With Quote
Old 10-22-2013, 05:21 PM   #20
Recycles dryer sheets
 
Join Date: Oct 2007
Location: San Diego
Posts: 283
I'm having a huge problem using the mobile deposit app for checks. I take the photos, upload to the bank, then 20 minutes later (maybe shorter, but long enough for me to move on to doing something else) they tell me there was a problem and it wasn't deposited. And if I try to go back and look at the history of deposits to check what deposited, I only get a day or two of transactions, so I can't even reconcile the deposits at the end of the week.

So now I have all these checks laying around my house and I don't know if I've deposited them.

Any ideas?
__________________

__________________
Office Space
Bob Porter: Looks like you've been missing a lot of work lately.
Peter Gibbons: I wouldn't say I've been *missing* it, Bob.
meekie is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 05:52 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.