Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Bank frustration
Old 01-04-2016, 11:43 AM   #1
Thinks s/he gets paid by the post
Dash man's Avatar
 
Join Date: Mar 2013
Location: Limerick
Posts: 1,670
Bank frustration

We recently received an influx of cash and decided to put some of it into Ally Bank since I had read good things about it previously. Opening a basic savings account was easy online, but we want it to be a trust account. Their online instructions say to call them to make the change to a trust account, so I did. They told me they have a form that needs filling out and copied of certain pages from our trust to set it up, which I expected. The form to complete the change is not available online, so they said the quickest way was to send it through their online correspondence page, and that is quicker than email since the trust department apparently has to send things to another department to get emailed. I keep checking the correspondence page of their site looking for the documentation...still not there several hours later. I called back having to go through the security verification process again before getting transferred to the trust department again. Then they tell me it takes 24 hours for any correspondence to appear on their site! That could have been mentioned on the first call! They also appear to have a problem setting up for ACH transfers with a brokerage account, since that has also been over 24 hours since the request went in. Never had this kind of problem with USAA or Synchrony Bank. If the document isn't there by morning, I think I'll just close the account...in no mood for headaches with online banks that don't let you do things online.
I'm done venting.
__________________

__________________
Dash man 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 01-04-2016, 11:55 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2004
Posts: 11,615
Quote:
Originally Posted by Dash man View Post
They also appear to have a problem setting up for ACH transfers with a brokerage account, since that has also been over 24 hours since the request went in. Never had this kind of problem with USAA or Synchrony Bank. If the document isn't there by morning, I think I'll just close the account...in no mood for headaches with online banks that don't let you do things online.
Geez, it's the first business day of the year! They've barely cleared away the empty egg nog cups from the office Christmas Holiday party. They are just returning from their family visits and are still bloated from the roast Granny made. Give them a chance to have a cup of coffee, "remember" their 16-character-with-caps-and-special-characters" passwords inflicted by the IT security folks (hint: probably on a Post-It on the back of the mousepad, like everyone else's), and read through their emails from the corner office with the "vision" and "mission" for 2016.
__________________

__________________
"Freedom begins when you tell Mrs. Grundy to go fly a kite." - R. Heinlein
samclem is offline   Reply With Quote
Old 01-04-2016, 11:57 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2005
Posts: 8,625
Reading this may help you feel better (or not):
http://www.nytimes.com/2015/11/15/fa...ine-about.html
__________________
LOL! is offline   Reply With Quote
Old 01-04-2016, 12:30 PM   #4
Thinks s/he gets paid by the post
Dash man's Avatar
 
Join Date: Mar 2013
Location: Limerick
Posts: 1,670
Quote:
Originally Posted by samclem View Post
Geez, it's the first business day of the year! They've barely cleared away the empty egg nog cups from the office Christmas Holiday party. They are just returning from their family visits and are still bloated from the roast Granny made. Give them a chance to have a cup of coffee, "remember" their 16-character-with-caps-and-special-characters" passwords inflicted by the IT security folks (hint: probably on a Post-It on the back of the mousepad, like everyone else's), and read through their emails from the corner office with the "vision" and "mission" for 2016.

Nope...no patience today. This is a significant sum I'm trying to place where it's working for me even if only one percent interest until we determine a longer term plan for it.


Sent from my iPhone using Early Retirement Forum
__________________
Dash man is offline   Reply With Quote
Old 01-04-2016, 03:48 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
easysurfer's Avatar
 
Join Date: Jun 2008
Posts: 7,891
I think there always will be banks that you can walk into and talk to a real live person. That said, I'm glad that I switched over to Discover Bank. Only have a checking account (and cc) with them though.
__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
easysurfer is online now   Reply With Quote
Old 01-04-2016, 04:06 PM   #6
Thinks s/he gets paid by the post
Dash man's Avatar
 
Join Date: Mar 2013
Location: Limerick
Posts: 1,670
Quote:
Originally Posted by easysurfer View Post
I think there always will be banks that you can walk into and talk to a real live person. That said, I'm glad that I switched over to Discover Bank. Only have a checking account (and cc) with them though.

Years ago I checked my credit report to find a joint credit card from Discover had recently been opened by my ex wife four years after the divorce. I called them immediately to report the fraud and close the account. I requested documentation of the account opening to use if needed against my ex. They claimed the documentation, including the signed application, no longer existed. Needless to say I won't do business with Discover.


Sent from my iPhone using Early Retirement Forum
__________________
Dash man is offline   Reply With Quote
Old 01-04-2016, 04:19 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,282
Why would you think anybody could set up a trust account online within a few hours



And if you give an example of someone who can, then why did you not go with them


Sorry, not feeling your pain...
__________________
Texas Proud is online now   Reply With Quote
Old 01-04-2016, 04:36 PM   #8
Recycles dryer sheets
 
Join Date: Aug 2015
Posts: 340
I also had a problem setting up for ACH transfers with a brokerage account at Ally. However I set it at a brokerage account site and do it when need it from there.
__________________
VFK57 is offline   Reply With Quote
Old 01-04-2016, 06:45 PM   #9
Thinks s/he gets paid by the post
Dash man's Avatar
 
Join Date: Mar 2013
Location: Limerick
Posts: 1,670
Quote:
Originally Posted by Texas Proud View Post
Why would you think anybody could set up a trust account online within a few hours



And if you give an example of someone who can, then why did you not go with them


Sorry, not feeling your pain...

USAA, PenFed CU and Synchrony Bank were able to get the paperwork to us quickly to get the process started. I know it takes a day or so to actually complete the conversion to a trust. We're maxed out for insured accounts at PenFed and Synchrony, so we want the 1% rate at Ally until we decide how to allocate this significant sum we recently received.
I'm not looking for you to feel my pain, I was just venting like you're being nosey.


Sent from my iPhone using Early Retirement Forum
__________________
Dash man is offline   Reply With Quote
Old 01-04-2016, 07:27 PM   #10
Recycles dryer sheets
 
Join Date: Dec 2015
Posts: 99
Sorry to hear about your experiences with Ally..we've had great luck with them and among the online banks, they seem to be about the best..(YMMV).
__________________
RetireSoon is offline   Reply With Quote
Old 01-04-2016, 07:37 PM   #11
Thinks s/he gets paid by the post
 
Join Date: Jan 2008
Posts: 1,495
Quote:
Originally Posted by samclem View Post
Geez, it's the first business day of the year! They've barely cleared away the empty egg nog cups from the office Christmas Holiday party. They are just returning from their family visits and are still bloated from the roast Granny made. Give them a chance to have a cup of coffee, "remember" their 16-character-with-caps-and-special-characters" passwords inflicted by the IT security folks (hint: probably on a Post-It on the back of the mousepad, like everyone else's), and read through their emails from the corner office with the "vision" and "mission" for 2016.
Well that made me sick. Pretty accurate description of the sort of insanity I was tolerating last year this time and what I can't conceive of ever doing again. What a nightmare all that was.
__________________
Options is offline   Reply With Quote
Old 01-04-2016, 07:46 PM   #12
Recycles dryer sheets
GreenER's Avatar
 
Join Date: Nov 2014
Location: Pastures
Posts: 135
We opened a trust account with Ally and it didn't seem overly onerous to me but I guess I expected to have to jump through a few extra hoops. Over all I've been fairly pleased with Ally.
__________________
GreenER is offline   Reply With Quote
Old 01-04-2016, 08:21 PM   #13
Recycles dryer sheets
 
Join Date: Jan 2014
Location: Austin
Posts: 496
Quote:
Originally Posted by easysurfer View Post
I think there always will be banks that you can walk into and talk to a real live person. That said, I'm glad that I switched over to Discover Bank. Only have a checking account (and cc) with them though.
I closed my BOA accounts and switched to a Discover checking account a few months ago. It's been okay so far but one problem I had was when I needed $750 in cash - which is almost double the daily ATM withdrawal limit and there are no physical branches I could walk into and make a withdrawal. So I opened another checking account at a local credit union in case I need to transfer cash from my brokerage account and withdraw it. That's about the only thing I would use that one for since they have a horrible online portal.

The Discover account also seems to take unusually long to credit deposits, whether they be check or direct deposits from my brokerage account.
__________________
ER'd 6/1/2014 @ age 53. AA=70/30, WR=3%
Looking4Ward is offline   Reply With Quote
Old 01-04-2016, 09:04 PM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
easysurfer's Avatar
 
Join Date: Jun 2008
Posts: 7,891
I do keep open a checking account with a local bank also, along with the Discover checking. No so much for cash at ATMs but for things like deposits then transfer to Discover, and good to have a physical bank for such things like trading in a jar of loose change .

I don't disagree about the delay in deposits with Discover. Initially, the lag felt like an eternity. But now I'm used to that and hardly notice. For, me I like the trade off as Discover Checking pays me (only a dime a check, I know) to use checks whereas the other bank charged about $35 for a box of checks.
__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
easysurfer is online now   Reply With Quote
Old 01-04-2016, 09:41 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Brat's Avatar
 
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 5,914
Quote:
Originally Posted by Dash man View Post
.. PenFed CU and...were able to get the paperwork to us quickly to get the process started. I know it takes a day or so to actually complete the conversion to a trust. ....
Might it be because PenFed has their customer service center located in Eugene, Oregon?? All those UO liberal arts graduates need jobs.
__________________

__________________
Duck bjorn.
Brat is online now   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


Similar Threads
Thread Thread Starter Forum Replies Last Post
Frustration SteveL Other topics 32 05-28-2011 12:27 PM
Linksys router frustration modhatter Other topics 27 02-26-2011 04:17 PM
Verizon Frustration (long) Amethyst Other topics 24 12-24-2009 12:59 AM
The Frustration of ER limpid lizard FIRE and Money 18 01-26-2008 03:43 PM
More Katrina rescue frustration sgeeeee Other topics 44 09-08-2005 01:02 PM

 

 
All times are GMT -6. The time now is 11:50 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.