My bank and "due diligence"

[Minnow]

I'll try to keep this, my tale of woe, as brief as possible. It is in response to Hartley's article. Treasury Finalizes Flawed UIGEA Regulations...By Hartley Henderson I think it is a relevent example of a banking "due diligence" nightmare, though not gambling related.

My daughter's car went TU and she needed a replacement ASAP. She has 2k savings as a down payment. We ended up at a small (one guy) lot where I have purchased 3 or 4 used trucks in the past. About all he has available is a car she is already smitten with, a couple of K over her budget. He is cash only guy, but works out a payment plan with her, as she is trying to establish credit.

I cash out a money market account my Dad set up for her years ago, where I am named the custodian, and a few days later we are at the bank I have been with 25 years. My household checking account is with them as well as a few cd's, Sep IRA and a low limit "emergency" credit card. A new teller says he can't cash the (loomis govt funds) check as he is unfamiliar with "State Street Bank" in Boston. I say fine. I'll deposit it and I'll need a counter check, since I had let my paper check supply dwindle due to the wonders of debit card and online banking. (my fault there) Sorry, no can do as there is only 2K in the checking account. Again I say fine. There is a 3k overdraft "personal loan" associated with this account. He is shaking his head sadly. I ask if Mary is there.. head teller and family friend for many years, but of course she is not. Instead he dashes across the bank to a cublicle supervisor woman, and waits since she is with a customer.

I am starting to sweat getting to the daycare on time, and then to pick up my carless daughter at work. Apparently Grandma sweat looks a lot like suspicious character sweat, because he comes back and says so and so says its too late to call Boston now, but she will clear it tomorrow. I explain that the car lot owner (5 blocks away) is staying open after hours for us to do this deal. He says I can give you the 2000 in your account, even though we have no way of knowing that there aren't outstanding charges pending. He is giving me the "lady I am just doing my job" look I have been getting for the past hour. By now I have no choice but to take the 2k and run.

[southie]

Wow - that really sucks. The worst part about experiences like this is the helpless feeling you feel. No matter how well you explain things and your situation to people such as this $10/hour person it is like banging your head off of a wall. I sympathize Minnow!

[stevo]

Minny

That really sucks. You got a # of people including myself on this board who would of WU you the money you are so trustworthy.

So much for customer loyalty too with all the biz you do with them. They should of granted you the privelege period.

I'd leave them. A hassle I know but I would go straight to Mary and say that was unacceptable and you would like to know how to transfer and get out of there.

They dont deserve your money. Maybe she tries to make it up to you somehow.

[Don Eagleston]

Banking is a slow process. Better now than it used to be thanks to consumer advocates. Why not make a down payment on the car and have the dealer hold it for you until banking is done? (Get it in writing) Or, perhaps you enter into a written contract, pay what you can, take the car, and come back next day or two with rest of the money if the guy trusts you, which he should considering you are a repeat customer. You might want to make the purchase subject to a mechanic's examination of the car.

[Rogthedodger]

I'll p2p you $ by MG if that ever happens again, Minnow. You have friends.

[Rogthedodger]

Originally Posted by Don Eagleston

Banking is a slow process. Better now than it used to be thanks to consumer advocates. Why not make a down payment on the car and have the dealer hold it for you until banking is done? (Get it in writing) Or, perhaps you enter into a written contract, pay what you can, take the car, and come back next day or two with rest of the money if the guy trusts you, which he should considering you are a repeat customer. You might want to make the purchase subject to a mechanic's examination of the car.

I think she needed the car ASAP, Don. Prob for work.....

[Minnow]

You guys are sweet. We managed to muddle through though.

The main problem was I put all my eggs in one basket trying to save time. I figured my bill paying account would cover any little extra's and was handy to the car lot. I had other slush funds I could have hit up, though I really didn't think I'd have to and with the rush rush it would have been very inconvenient.

Plus it was a big deal for her to do it with her own money, and all that, though she didn't mind me covering the insurance for her. :) The car lot guy was awesome.. stayed late 2 days in a row. I dropped her off and ran for the baby on the 2nd day and when I got back I stuck my head in and asked if they needed me. I thought for sure I'd be asked to co-sign, but no. He said they were just finishing up and I could take off. Maybe he was afraid I'd bring the kiddo in his office again.. lol She had loved his model car display a little too much the day before. Anyway, it ended ok but Christ, the whole bank episode left me cold.

[Buck Swope]

State Street is one of rinky dink 20 billion dollar market cap neighborhood banks