My mother worked at a bank, my aunt worked at a bank, my sister worked at a bank, and I have worked at a bank now for quite a few years. There are many things you may be curious about. What goes on behind the scenes of the teller line? Do they just sit around in their chairs and count money? Well, I’m about to spill the beans on all the dirty, money secrets!
1) Please, bring your deposit tickets. I cannot tell you how many times a day I would write a deposit ticket for a customer. Is it checking or savings? I probably mutter those words in my sleep. Nothing is more valuable than either A) knowing your account number and filling it out on a slip OR B) having your pre-printed deposit ticket ready to go! Your account number is individualized. That is YOUR account. Not only does it save time for both you and the teller, but it also leaves no room for error when you have the number ready for the teller behind the line. Most banks will even order your deposit tickets for you-at no charge!
2) Send in your photo ID whenever you are receiving cash or a balance. There are so many instances I can remember where I would ask someone for their ID and they would get upset with me for asking. If you do not know the teller by name, chances are they do not know you! Tellers see hundreds of faces every day-they cannot remember every one. They do not ask for your ID to be annoying, they ask because they are looking out for you. Sending in your debit card is nota photo ID; it actually does not help, except for telling them the name on the account.
3) A checkbook register is your best friend. You may wonder what people did to keep track of their balances and purchases before the time of telephone, internet, text, and mobile banking. Well, they used something called a checkbook register and chances are your bank also offers these for free. While checking your account online is a wonderful way to remind you of purchases, some transactionsdo not always come through the moment you swipe that card, nor does it keep track of that check you wrote out a month ago that has yet to be cashed.
4) When a teller greets you in the lobby and politely says, “We will be with you in a moment” is not an invitation to walk up to their teller window and wait. Usually when a teller says this, it means that they see you, but are currently occupied and will be with you in a moment. They do not like you waiting at theirwindow, because chances are they have other customer’s informationat their station. They are trying to protect the other customer’s privacy, just as you would want them to protect yours.
5) They like to go home at a reasonable time, too. Please, try not to wait until 2 minutes before the bank is supposed to close to bring your large transaction. If you have ever worked retail, it’s kind of like that customer that walks into the store a few minutes before closing time when you’ve already gotten everything ready for you to leave.
6) A bank teller does not control fees-nor do they have any “power” in changing them. They do not set the amount of the fee a bank charges for an overdraft, a wire, an official check, a return check, or a early closeout. If you walk into the bank, wanting to get a fee refunded, ask to see the manager.
7) Personal checks are usually cheaper if you order them from a company not through the bank. Do your research when you order checks. Call your bank to see how much it costs you to go through their check ordering company, then check online. You can even order checks through Amazon now. Don’t use checks that often but want to have some just in case? Most banks offer “variety packs,” which consist of around 50 checks of different graphics. It never hurts to have a few on hand. A lot of gyms and places of employment like to use at least one voided check to get your routing and account number.
8) A routing and account number – how do I know which is which?! When looking at your checks, there should be 3 sets of numbers at the bottom. One is the check number (which should also be the top right number in the corner too), and then two other (longer) numbers. Your routing number will always be the number between the smiley faces. Didn’t know you had smiley faces on your checks?! Give it a look! The bottom of your check will look something like this:
|: 050110203 |: 05697656 00101 See the smiley face now?
Do you currently or have you worked at a bank? Do you feel like I missed something important?
Do you still have lingering questions about banking? Ask me and I’ll try to answer as best as possible!
As always, thank you for reading! Like what I write? The biggest compliment you can give me is to refer my writing to a friend, share it on your Facebook, or Pin it! on your Pinterest
Can the bank place a hold on a payroll check? Yes. When funds become available for withdrawal primarily depends on the type of deposit. While all banks are subject to the same maximum hold periods established by law, each bank may make deposits available sooner.
Why does the bank place a hold on my deposit? The hold allows us (and the bank paying the funds) time to validate the check – which can help you avoid potential fees in the event a deposited check is returned unpaid.
According to banking regulations, reasonable periods of time include an extension of up to five business days for most checks. Under certain circ*mstances, the bank may be able to impose a longer hold if it can establish that the longer hold is reasonable.
It generally takes about two business days for a check to clear, but this may vary depending on the check amount and the specific bank or credit union's policies.
However, for individual cashier's checks, money orders or traveler's checks that exceed $10,000, the institution that issues the check in exchange for currency is required to report the transaction to the government, so the bank where the check is being deposited doesn't need to.
A bank account freeze means you can't take or transfer money out of the account. Bank accounts are typically frozen for suspected illegal activity, a creditor seeking payment, or by government request. A frozen account may also be a sign that you've been a victim of identity theft.
Some banks or credit unions may make funds available more quickly than the law requires, and some may expedite funds availability for a fee. If you need the money from a particular check, you can ask the teller when the funds will become available.
A federal law, the Expedited Funds Availability Act (EFA), or Regulation CC, provides exceptions that allow banks to delay or "hold" funds deposited by check for an extended period of time. When this happens, you must be given a notice stating the reason for the hold and when your funds are available for withdrawal.
A deposit of a large check, an out-of-state check, or a foreign check may trigger an account hold. New accounts are typically subject to holds on initial deposits. A bank may temporarily block the use of funds to investigate suspicious activity or identity theft.
Banks must report cash deposits of more than $10,000 to the federal government. The deposit-reporting requirement is designed to combat money laundering and terrorism. Companies and other businesses generally must file an IRS Form 8300 for bank deposits exceeding $10,000.
While you can deposit checks over $10,000 at any bank or ATM, cashing this requires the bank to report it to the Internal Revenue Service (IRS), a rule for all cash transactions over $10,000. If you need a substantial check, you may also want to consider cashier's checks that the bank guarantees.
The banking rule states that all internal control programs adopted by banks must include a requirement that each officer and employee be absent from the institution at least five consecutive business days each calendar year unless otherwise approved by the bank's bonding company.
Cashier's and government checks, along with checks drawn on the same financial institution that holds your account, usually clear faster, in one business day. A savings account is a place where you can store money securely while earning interest.
Once you've decided to cancel a check, it's important to act fast, as you will not be able to stop payment on a check after it has been deposited or cashed.
Even though a bank may be open for regular business on a Saturday, that day is not considered a banking day for purposes of Regulation CC because Saturday is never a ''business day'' under the regulation.
In that instance, the bank generally must make the first $5,525 available according to the availability schedule. The bank can place a hold on the entire amount of the cashier's check if it has reasonable cause to believe the check is uncollectible from the paying bank.
A federal law, the Expedited Funds Availability Act (EFA), or Regulation CC, provides exceptions that allow banks to delay or "hold" funds deposited by check for an extended period of time. When this happens, you must be given a notice stating the reason for the hold and when your funds are available for withdrawal.
When you deposit a check, the bank may put the check on hold. While you might have to wait a bit longer to get your money, check holds can help protect you — and the bank — from the consequences of depositing a bad check.
Introduction: My name is Kerri Lueilwitz, I am a courageous, gentle, quaint, thankful, outstanding, brave, vast person who loves writing and wants to share my knowledge and understanding with you.
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