Big Banks? No Thank You

During my early 20’s my best friend from junior high school who still had family here in Sacramento lived out of town.

One day while visiting she asked me to deposit some money she was leaving behind into her local bank account which she had not transferred over to her new location.

Being the helpful good friend I had no problem running this errand for her. This was a few hundred dollars we are talking about here maybe two or three. This woman knew me. I have never tried drugs. I do not like to drink. Our relationship is not built with mistrust and disrespect.

I went to BOA. I stood in line and handled my transaction like any other patron. I got a receipt for the business I was doing mostly as a formality since it is what I do when I bank. The teller and I had a pleasant exchange. I knew I was on security camera.

So nothing could have prepared me in the coming days for my friends’ frantic phone calls. The bank had no record of her money being deposited. 

I could hardly fathom this idea. It was not like I dropped the cash in the ATM. I had dealt with a live employee.

It also was not like something that has happened a few times at my small local bank where the computers are not up to speed so a hand written receipt is given. 

No, I had in my hands computerized output showing the transaction had taken place. This was only slight consolation to my friend as she spent days wrangling with BOA to clear up the problem.

I was just floored that a bank could lose cash. Call me naïve but that is not a mistake I want to wrap my head around. 

Not only was that off putting but then my friend and others would tell me: when these kinds of mistakes happen then their mega predators do not reimburse for fees or anything.

It took a few days and many phone calls to clear all this mess up. Had I not gotten a receipt or my relationship with my friend been more volatile this could have been a disaster. 

I know when she first called me in a panic she fully believed her bank. 

Initially she just thought I had not gotten around to making the deposit. Next I am sure it was driving her crazy being out of town having the best friend say one thing and her bank saying something so opposite.

Unacceptable. Not at all worth having a branch on ever corner and ATM’s by the dozen. 

It is much more soothing to bank where they know your name and treat you like a person. I know some people get involved due to auto or home loans. The rest of us have much more choice. 

Find a local bank. 

Find a credit union.