I've been with the same bank since I started my company over 25 years ago. It is a larger one with branches across the US. Until about 10 years ago I had a great relationship with management of the local branch in our town. It was easy to get in touch with the right person for any kind of loan or foreign wire transfer I may need. In all, it was a good relationship. Then they started to go through some personal turnover, but I could still work with them, all be it not as enjoyably.
The troubles started after the pandemic when they decided to close our branch as part the banking trend to shrink brick and mortar presence. They don't even have an ATM in my town anymore. I gave up on them for equipment loans last year when I needed a quick turnaround time on an equipment purchase. I could only apply on-line and was then informed it would be several weeks before anyone would contact me. Not what I wanted to hear from the bank I run several hundred K through a year. I ended up giving my business to a finance company that had been hounding me for years.
With loss of a local branch, the only way to deposit money is via their 'App' or drive into the next town. The using the apps has its limits. You can only deposit checks up to something like $15K any anything over $5K is held for an extended time. Most of my projects are large enough that this poses a problem, so I normally make deposits at the branch ATM in the next town when I happen to be driving by. A couple of weeks ago I received a significant payment on a large project I worked on earlier this year so I drove into the next town and deposited it before I left home for a project. Looking at my account late last week I noticed that the deposit was on hold. I called the bank and they confirmed that funds would be available after 7 business days with no real explanation. When I got back home there was letter waiting for me stating that they had put a hold on the deposit because I had exceeded my limit of $5,525. WTF, in the last 2 years I have only made 4 deposits less than that amount. Nice of them to collect interest on my $77k for 9 days while I have to pay them interest on the loan principal that that deposit would have lowered.
Time to start looking for a new back.
Venting completed.
I've tried using banks twice in my life and both times they tried to screw me, and because of that I'll never use one again. I'd suggest going with a credit union if you've got one in your town.
You do need a new bank. I've been having issues with both my banks.
One is simply falling apart, the other has "interesting" tellers.
At the second one I needed to pay a huge payment and wanted to do it electronically. I transferred the amount through the teller.
the teller sent the money and I made sure the people got it.
However, the teller also credited my account the same amount.
It wasn't caught for a week.
I check the accounts at least 2-3 times a week now.
Also, trying to get my rewards from the first bank is almost impossible.
Yeah,
We are slowly changing our personal banking to a FCU that I have been a member of since the Gulf War. When the other bank left town the pulled their ATM so getting cash means a drive to the next town or paying $$ for the privilege withdrawing my own money. With FCU I can get cash at the 7-11.
I'm thinking about changing the business over to them as well.
I still cannot figure out why the pulled out of our town and stayed in the other. Forest Grove is considerably bigger and the other town, Cornelius, is 3 miles for downtown Hillsboro aka the silicon Forest with population approaching 100k.
I had to do the same thing. I use NFCU for personal. My farm is with a small local bank. I can call and they respond. But the online portion and apps is not up to the technical skills of the bigger banks. But so far me or the wife can call and they walk the deposit through asap if we do it remotely.
