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Why are some banks so SLOW

Old 01-16-2007, 09:50 PM
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Default Why are some banks so SLOW

My wife and I have a couple of accounts and I have 1 business account at BB&T. I a couple of other accounts and 2 other banks (one large and one small bank) and for the life of me I can not understand why it takes sooooo long for a deposit/check/debit card transaction to show up on BB&T.

I can make a deposit at the smaller bank and drive back to my office (2 minute drive) and go in and log onto the online service and my deposit shows up then. However I made 2 deposits at a local BB&T on Friday(yea after 2pm) and as of tonight they still do not show up on the online service. I understand it is a holliday weekend and all but this has to be the slowest bank in the world for posting transactions.

What kind of time frame do the rest of you see on bank transactions??

Another thing I can not figure out is when we make a deposit using the atm at a BB&T branch it shows up quicker than when you give it to a teller???


I have talked with their customer service and I am about ready to move these accounts to another bank but with all the bank drafts it will be a PIA to do
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Old 01-16-2007, 10:23 PM
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Default RE: Why are some banks so SLOW

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Old 01-16-2007, 11:07 PM
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Default Re: Why are some banks so SLOW

Early in life I discovered that “everyone works in his or her best interest”. This includes damn near every business one might deal with.

Some businesses get so wrapped up in “business” they forget about the guy who makes their business possible in the first place.

I have found it very effective to send a letter (certified) to the bank president. Almost always works to whip em back into shape, at least when I (the letter writer) wants or needs service next time. The bank president doesn’t like it when you rattle his chain, so he rattles chains down the line of command for a fix of the problem.



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Old 01-17-2007, 12:22 AM
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Default RE: Why are some banks so SLOW

tprice - 1/16/2007 10:50 PM

Another thing I can not figure out is when we make a deposit using the atm at a BB&T branch it shows up quicker than when you give it to a teller???
I'm under the understanding that tellers run a day behind in banking. No joke; a transaction today is accounted for at the end of the shift and then it is the following day it is submitted/ logged/ filed or whatever else you want to call it.

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Old 01-17-2007, 06:37 AM
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Default Re: Why are some banks so SLOW

I too am a BB&T customer and the delays that you are seeing are about the same as I see with my accounts. The delay may just be in the posting to the online access portion of the transactions. But I agree, they are much slower than they should be.
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Old 01-17-2007, 07:04 AM
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Default RE: Why are some banks so SLOW

This can get confusing sometimes, but, posting times depends on the type of system your bank uses. If the tellers are off-line, all of the work for the day (up till 3pm) is transported to a central site where it is processed and posted to your account on the next business day. If your bank uses an on-line teller system your account is updated at the time of the transaction via a memo post to your account. Of course the items themselves are still transported and processed. Most ATM networks are on-line so your transactions are memo posted when completed. When you opened your account your were given a discolsure that stated how soon deposited items would be available for your use.
At many banks, the ATM network, the teller line and on-line banking site are three separate channels that don't even talk to each other so each would have different posting times again depending on your bank.
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Old 01-17-2007, 07:23 AM
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Default Re: Why are some banks so SLOW

i'm with bbt in MD just outside of DC. If I take my business deposit to College Park branch, they truck the deposit to Wilson, NC and enter it during the over nite. I shows up the next day inless there is a hold on the checj. Or I take it to the Crofton branch - they scan it in and I get the money THEN ! I an about to get the device for my business where you scan the checks and get your deposits at 6 PM that night. Then you throw away the checks.
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Old 01-17-2007, 07:25 AM
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Default Re: Why are some banks so SLOW

They're using your money for free...the "float".
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Old 01-17-2007, 07:28 AM
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Default RE: Why are some banks so SLOW

?
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Old 01-17-2007, 07:56 AM
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Default RE: Why are some banks so SLOW

Maybe you can explain how posting of deposits the next business day gives a bank the ability to use your money for free?
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Old 01-17-2007, 01:47 PM
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Default Re: Why are some banks so SLOW

They have the use of your money, to "loan" to the fed and get interest, for one day. You deposit it, the bank "borrows" from you for a day, then finally credit it to you.
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Old 01-17-2007, 01:57 PM
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Default Re: Why are some banks so SLOW

Yup!....
The money should be in your account & available instantly......
Are they using an abacus?
I'd find another bank.....
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Old 01-17-2007, 02:21 PM
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Default Re: Why are some banks so SLOW

Billinstuart hit the nail on the head. That's what the fed fund interest rate is. The rate charged in bank to bank lending for one day.

I have BBandT and they suck but like you it's a big PIA to change especially since I have a mortgage with them and transfer funds electronically to make the house payment.

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Old 01-17-2007, 03:46 PM
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Default RE: Why are some banks so SLOW

i was in banking for 17 years, 15 of it as a Head Teller. (dont bother with the jokes on that I've heard them all![img]../images/emoticons/biggrin.gif[/img]) There are different types of banking systems: real time online and 'regular' online. Real time online is where the teller posts the depost/check/payment and it shows up at the ATM when you go outside! 'Regular' (used for lack of a better word) online is where the teller posts the deposit/check/payment and if it's before 2 it shows up the next day and if it is after 2 it shows up the next BUSINESS day which in the case of a holiday weekend can be 4 days later! By 'online' they mean that they can see it has been posted by looking in the computer, but that does not help us as customers.

It costs much more to run a real time online system than the latter so most banks work off 'regular' online systems. I have used both systems and trust me when I say REAL TIME is better for everyone. I wish all financial institutions were required to run that way. Their excuse is that they are saving you money in service fees by using the slow system but really they are just jacking up their profit.
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