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Any "good" banks still out there "nj"?

Discussion in 'Landscape Architecture and Design' started by Ramairfreak98ss, Jun 29, 2008.

  1. Ramairfreak98ss

    Ramairfreak98ss LawnSite Silver Member
    Posts: 2,210

    Ive about had it, but what really to do about it?

    Since i was 16~ i had one smaller bank locally that was pretty good. Had my ups and downs and learning experiences with bouncing checks when young and all.. but learned by the time im 20 how to handle things well.

    A little over a year ago now, that bank was bought out/merged with Sterling in central NJ. Suddenly all of my deposited checks, the funds were not available until extremely long wait times. My old bank used to be a couple days, maybe 3 at most even for out of state checks, in NJ, everything is out of state because the state is so small, you frequently get NY, PA, DE, MD checks, even if all business is in NJ.

    I switched all of my accounts to PNC.. some people recommended it... low and behold i was slammed for almost 1k over about 8 months worth of open accounts on "NSF" fees for debit card charges. If funds were not deposited into the account and "available" the debit card ALWAYS would still work, upto negative $1k ! Meanwhile, myself and my crew leader i send out on other jobs is buying supplies, sometimes little stuff, $10 here, $15 there etc. All racking up $34-$39 NSF charges PER transaction. The bank reps were aholes to us constantly. They refunded on many occasions some fees, but i always ended up paying lots anyway. In the end, last fall, i must have looked like an m80 ready to explode when i went in there. She refunded a few of the charges, not all of them, in total it was 4 i think for over $100. The next day, three more charges come out because they were already pending.

    I tell them to close the accounts. I moved every penny online from the business and my personal to our family joint account. So both accounts of mine there were at zero. Auto billpay starts sending crap out two weeks later, truck payment of $700, some others, all that bounce because there is no money. Not only did they bounce, but i come to find out, all payments WERE paid in the end after my erroneous charges to my account by PNC. Finally accounts are "closed" or written off or something, i really couldnt care less at this point. I get a call from PNC bill pay office stating i owe them $700 for the truck payment, confirm with the truck loan company they did receive it and so i bilpay from my new bank account online a check to PNCs bill pay dept of $700 for the reimbursement amount... They call me up, they only accept money order or some other nonsense. I mail you a bank check for $700 and you "dont want it". F@#$ you people. In this business, we dont have 20 minutes to drive to a bank or get special money order payments, thats why i do almost everything online. If they want their $700, they will cash the $700 Beneficial bank check.

    On another note, We have switched to Beneficial, formerly farmers and mechanics bank. They seemed descent at first, but now the main issue is again, just like Sterling, long hold times for check cashing. I mean 5 business days is sometimes 7 days after the date of deposit on friday/saturday because most commercial accounts are federal banks not state banks.

    Now we dont cash a ton of what i consider "high value" checks, usually theyre smaller, deposits, 25% and final amounts etc. I took a check to "deposit" the other day from a very large company, out of state but through CitiBank.... The amount was over 13k.... The teller hands me a "Notice of Hold" to sign off on for the check, WTF? They state all checks over 5k require this extended hold. Now ive cashed 7k~ in the last two months here and didnt have to sign this pita sheet.

    I deposit check on Saturday 6/28/2008 Day 1
    sunday 6/29/2008 Day 2
    Monday 6/30/2008 Day 3
    "next" day i will have $100 available Tuesday 7/1/2008 Day 4
    Regular hold 2 days $4,900 avail Wednesday 7/2/2008 Day 5

    This part REALLY pisses me off to no extent. EXTENDED hold 7 business days
    Thursday 7/3/2008 Day 6 nada
    Friday 7/4/2008 Day 7 nada july 4th holiday
    Saturday 7/5/2008 Day 8 nada
    Sunday 7/6/2008 Day 9 nada
    Monday 7/7/2008 Day 10 nada
    Tuesday 7/8/2008 Day 11 nada
    Wednesday 7/9/2008 Day 12 nada
    Thursday 7/10/2008 Day 13 $8,000+ becomes available FINALLY.

    You mean to tell me damn near two freking weeks to get your funds available ? Now i could care less if this shiathole bank burns the f%$ down, We've been waiting on 3 very large final payments from commercial accounts. This one was from work done in Early april-May 2008. "I" have had expenses on credit cards racking up interest because these commercial clients cannot pay their bill on time for contract work, mortgauge is due in 3 days, equipment payments, supplies to start new jobs etc. The bank does NOTHING and THEY hold MY money for 13 days? Im switching banks, AGAIN. Im gonna give the woman who i opened this business account with a piece of my mind. on monday.
  2. JNyz

    JNyz LawnSite Bronze Member
    Posts: 1,086

    I am here in PA and have used PNC for two years now. No problems what so ever. It sounds to me you just don't keep a large enough balance in your account or have over draft protection if you do business on a low balance. I run a small three man operation and maintain an average 40 thousand balance and never have a problem with my debit card.

    I know sometimes it is difficult to maintain a high balance but that is part of doing business. If your balance was high I do not think you would of had an issue. As far as the clearing date on out of state checks, the issue is with your states banking regulators that let them do this. If they were not allowed you also would not be having an issue. Remember these banks have thousands of small business accounts and these business's also must operate with high balances. Just part of the biz.
  3. Daily Lawn/Landscape

    Daily Lawn/Landscape LawnSite Senior Member
    Posts: 694

    You might look into getting a line of credit on the account so you don't have overdrafts. A bank I just left wanted to charge me $50 to close the account. I just withdrew everything from the account and let them deal with it. The bank I use now has a courier come and pick up any transactions, I don't have to go to the bank anymore.
    I do agree with JNyz, you have to build up an account ballance.
  4. JNyz

    JNyz LawnSite Bronze Member
    Posts: 1,086

    Line of credit is a great idea.
  5. shovelracer

    shovelracer LawnSite Silver Member
    Posts: 2,009

    You can try washington mutual or wachovia. Ive had problems with bank of america, pnc, valley national, wells fargo. I will say my problems werent with insufficient funds, but more hidden fees, finance charges, usage limits, etc. I did have a problem with washington mutual a while back with them manipulating my line of credit finance charge to get around 30% when it should have been 12%, but that disappeared immediately when I brought it to their attention. I never did get back the overcharged interest though.

    Regardless of bank a line of credit is good because you can use it to keep supplies moving when your money is tied up waiting for payments and such. However the interest on these is not appealing and you should pay them off right away.
  6. JNyz

    JNyz LawnSite Bronze Member
    Posts: 1,086

    PNC business is only 5.00/month but does not pay interest.
  7. Ramairfreak98ss

    Ramairfreak98ss LawnSite Silver Member
    Posts: 2,210

    yeah JN, i would NEVER have any issues with PNC with that checking account amounts :p Jesus, with that much floating around id have a new track loader by now :) Especially over the winter, with the lack of any snow/ice and then what we did have we didnt get paid for until late march for some of it.... just making ends meet with all the bills was enough. And im sure they make those rules with the debit cards so that your forced to keep high amounts in there so they can make interest on it, although it saves you having to pay them for every transaction :/
  8. Ramairfreak98ss

    Ramairfreak98ss LawnSite Silver Member
    Posts: 2,210

    Yeah at PNC, first thing i did was inquire about the OD protection... lol Their line of credit was something totally rediculous like 15% DAILY rates, thats like 4000% apr. Basically if you OD $500, and left the account that way for a couple days, youd have to pay $150 in interest fees.... no way.

    I did have OD protection from a direct savings account... so much that did, anytime they had to transfer $50+ a pop to your business account they charge you $15.00 per transaction of moving over $50 or more to cover debit transactions.. that pissed me off too.

    Its been difficult over the years to build up enough saved in the bank, all of our money goes into equipment, vehicles, supplies, mortgage, taxes, bills etc... like any business really. Plus it doesnt help i have my personal checking, business checking, savings and then joint account with my long time girlfriend so money id always divided up, even large amounts.
  9. Ramairfreak98ss

    Ramairfreak98ss LawnSite Silver Member
    Posts: 2,210

    Yeah i know, they charge you for just about everything there. I had all kinds of service fees every month that they still to this date couldnt explain to me. Amounts like $3.xx $6.xx $12.xx $17.xx i mean, wtf, sometimes 3 in the same month.

    Another thing crappy PNC does, if you ever run low, well in general, just you notice it when its crunch time heading towards $0.... if you have 5 debits for June 1st 2007 say... They all will come out the same time, the same morning and amounts totaling 1k, but you only have say $800 in the account.

    They will put through the largest to smallest first... so your say $650 payment goes through and wipes out the account, $150 left now, next transaction of $160 debits, bounce, then $25 bounce, then $15 bounce, then gas from 2 daya ago on debit card $62.00 bounce, then wawa drinks from 3 days ago $4.85 bounce. All while racking up $34-$39 fees for each one.

    In the winter, my boss plow, one of the lines came loose, didnt have the right side darn wrench with me, so i walk to the nearest store, pay $6.xx on debit, meanwhile a $700 billpayment came out of my account that morning, the account was -$85 or something for the entire day until a pending deposit was available to the account... cost me $40 something for a $6 cheapass crappy wrench. And the thing is, they allow you to keep using the car, unknowing that you have $0 in the account availalble, so you keep using it ALL DAY LONG.. Lunch, Gas, wrench, salt supplies, you name it, and thats not a busy day. You can understand my fury the next night i check online my bank account to see the whole screen filled with hundreds of dollars of fees:angry::angry:
  10. JNyz

    JNyz LawnSite Bronze Member
    Posts: 1,086

    Yea, I see where you are coming from and I don't want to piss you off but you need to keep some money in there for operating expenses. I am also sure you don't want to hear this either but even when you have a slow winter you have to keep working. Even it is just to keep the expenses being paid. I know it will seem like you are working for nothing but it will make it easier in the spring.

    This past winter since we also were not getting any snow, I was working as a sub for a large tree company. Most of their employees go back to Mexico in the winter and since there wasn't any snow, they were working. My best two men and myself were working for only 500 a day. My expenses are 200.00/day plus payroll, so in reality I was making about 40 bucks. See where I am going with this. If I was not working at all I would have been in the hole for 4k for just the month of Jan. and would have taken my account down 4k but it stayed the same. If we had snow it would have been up.

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