Banking differences
#16
Re: Banking differences
And I thought it would be so simple....
We bank with both HSBC here and in the States, I can't believe just how different the two systems are, and how much harder the American's make it!
Here I would log on to Internet banking, set up a standing order and that's that, payment into their account same day every month until I say so.
Or if a one off payment is needed I would transfer the funds and the recipient would see them in their account within hours due to the faster payments system. No need for anything other than name, account number and sort code, no need for internet banking, can be done over phone or in branch or even on my iphone.
There, go through long winded sign up for 'Bill Pay' which can only be done once we changed the bank address to our USA one.
Find out Landlord's new address by emailing him and realise that for some reason HSBC doesn't recognise him as being able to have electronic payments due to the fact that it wouldn't even entertain the idea of me adding his account and routing number. We do all this on the 10th thinking the same processes would be in place, but give the money 5 days to get into his account, just incase, we'll be good tenants.
WRONG!! Bank issues a check to be sent to Landlord, a check (It'll take me a while to get back into using those old fashioned things) and they don't issue this check until the 13th.
Which ensues snotty email from Landlord asking where is the rent and if it's not in his account by Friday... So I show him the online statement to say it's left and on its way.
Great start to our lease!!
Must remember next month to do all that a little earlier in the month!
16 days until we move!!
We bank with both HSBC here and in the States, I can't believe just how different the two systems are, and how much harder the American's make it!
Here I would log on to Internet banking, set up a standing order and that's that, payment into their account same day every month until I say so.
Or if a one off payment is needed I would transfer the funds and the recipient would see them in their account within hours due to the faster payments system. No need for anything other than name, account number and sort code, no need for internet banking, can be done over phone or in branch or even on my iphone.
There, go through long winded sign up for 'Bill Pay' which can only be done once we changed the bank address to our USA one.
Find out Landlord's new address by emailing him and realise that for some reason HSBC doesn't recognise him as being able to have electronic payments due to the fact that it wouldn't even entertain the idea of me adding his account and routing number. We do all this on the 10th thinking the same processes would be in place, but give the money 5 days to get into his account, just incase, we'll be good tenants.
WRONG!! Bank issues a check to be sent to Landlord, a check (It'll take me a while to get back into using those old fashioned things) and they don't issue this check until the 13th.
Which ensues snotty email from Landlord asking where is the rent and if it's not in his account by Friday... So I show him the online statement to say it's left and on its way.
Great start to our lease!!
Must remember next month to do all that a little earlier in the month!
16 days until we move!!
Beware of Direct Debits...even when you have cancelled the DD the company can still keep withdrawing the money from your bank account.
Last edited by Jerseygirl; Oct 15th 2009 at 6:56 pm.
#17
Re: Banking differences
You'd think that. I paid my water bill using my banks bill pay system for a couple of months and I always got a note saying it was paid late even though it was scheduled a few days before the due date. Turns out that they printed off a check on the day it was scheduled, mailed it out sometime later via regular USPS from the banks main office and it was getting to the water company late. The banking system here is archaic and still very much paper based regardless of what they say.
#18
Lost in BE Cyberspace
Joined: Jan 2006
Location: San Francisco
Posts: 12,851
Re: Banking differences
my bank told me it was like that. I asked a million questions as i just couldnt believe 'electronic payment' just meant a bank employee wrote and posted a cheq instead of me - but they were adamant this was it! I have to say though - it is better no (has improved over last 2 years we been here) and most of utilities I pay by direct pay (similar to dd in uk - but that simply wasnt availalke when we first arrived)
#19
Re: Banking differences
http://www.ftc.gov/bcp/edu/pubs/cons...dit/cre31.shtm
#20
Re: Banking differences
That is strange since the following article indicates that more and more paper checks are converted to electronic checks and a physical transfer is not made. So it seems strange that a bank would issue a paper check.
http://www.ftc.gov/bcp/edu/pubs/cons...dit/cre31.shtm
http://www.ftc.gov/bcp/edu/pubs/cons...dit/cre31.shtm
Sucks for me when she doesn't remember to schedule me a week before I need the money.
#21
BE Forum Addict
Joined: Feb 2008
Posts: 3,259
Re: Banking differences
Banking in the US makes you feel like you've gone back in time to the stone age.
#22
Re: Banking differences
There are good options out there but nothing gives you the full package. My local bank gives me free wire transfers but charges me $25 if I go 1c overdrawn. My ING account gives me interest and a $1000 free overdraft but it won't accept wire transfers.
I was trialling out a bank last year and the sales pitch I got was about how great online banking was and how they were in their 10th year of it, yadda, yadda, yadda. So when I asked how how I signed up for it I was kind of surprised when I found out that I needed to fill in a paper form that included giving them 3 different user names (in case some were taken), a password but NOT an email address. Then, within 10 days, I should receive a letter in the mail telling me when my account was set up and which user name they used. Needless to say after I trialled it out they failed dismally and did not get the job of my primary bank. The final straw was when I wanted to change my PIN but there was no option to do it on the ATM or online and could only be done by calling up. I figured it would be automated but no, it was a person who asked me for my old PIN and what I wanted to change it to. When I said no and it was crazy that she would ask for my PIN she replied (no joke) "Why? It's just a number. I'll tell you mine if you want." 10 minutes later I was in the closest branch closing my account and politely explaining to an account manager and branch manager how I thought their bank was shite and I had no confidence in the security of my account.
These are just some of my banking stories, I have many more illustrating how crap the US system is!
#23
Joined: Jan 2008
Posts: 7,605
Re: Banking differences
The final straw was when I wanted to change my PIN but there was no option to do it on the ATM or online and could only be done by calling up. I figured it would be automated but no, it was a person who asked me for my old PIN and what I wanted to change it to. When I said no and it was crazy that she would ask for my PIN she replied (no joke) "Why? It's just a number. I'll tell you mine if you want." 10 minutes later I was in the closest branch closing my account and politely explaining to an account manager and branch manager how I thought their bank was shite and I had no confidence in the security of my account.
These are just some of my banking stories, I have many more illustrating how crap the US system is!
These are just some of my banking stories, I have many more illustrating how crap the US system is!
One aspect that jars with me is paying utility bills with a debit or credit card. I can do it for my water bill, just like I did in England. I can do it for my gas bill, through a third party processor, at a cost of $1. If I want to do it for my electricity bill, it's through a different third party processor and it costs $4.
That just makes no sense at all...
#24
Re: Banking differences
One other crap thing here is - they do not seem to want to introduce the "chip and pin" system - seems the mentality is that it would be too costly to implement, so they'd rather just reimburse fraud victims. Which is fine for now, but not very forward thinking.
#25
Joined: Jan 2008
Posts: 7,605
Re: Banking differences
C&P, as implemented in the UK, is not a fraud reduction technology. It is, however, a very effective risk transfer technology, shifting the financial burden of card fraud from the banks to the merchants and the customers.
But, again, there is a risk of comparing apples with oranges. In US law, somebody whose card is cloned has legal status as a victim (Kyl-Feinstein, iirc). That is not the case in English law, where the bank is the legal victim (and, incidentally, fraud claims are now filtered through the banks before reaching the police, with all of the moral hazard that implies).
Of course, it all depends what one is trying to achieve.
#26
Re: Banking differences
There is nothing much wrong with US banking
Just remember its still 1954
Just remember its still 1954
#27
Forum Regular
Joined: Jul 2009
Posts: 51
Re: Banking differences
I was stunned at the banking here. Going from a Current/checking account with Cahoot where i got 3% interest and 6% on my savings account. Imagine my surprise when i saw the interest on my savings account here was 0.01%...................it was closed very quickly