Midfirst Bank Rant.

[shotoond]

I don't know if this is the correct area to post, but I just want to complain about Midfirst bank.

We've had an account here for a long time. One of our business accounts is located here at Midfirst for over 10 years.

I am Asian, and never had problems with a bank before. I had deposited large amounts of checks at Bank of America with no problem. Just as I come up to the teller at Midfirst, she saw the amount and talked with her manager. At first she told me to wait 2 weeks until it can be cleared. Then when I started to question, they told me to cash the check at another bank before they allowed me to deposit in my own business account.

What kind of bank is this? I've never dealt with such bad service or attitude at a bank. I really feel it is because of my ethnicity. What can I do? I'm cancelling my account tommarrow, and I bet they are going to hold the funds for another 2 weeks. They are like AOL.

[Martin]

you had me until you played the race card. my folks bank at midfirst and they've tried to do the same thing to them when depositing large amounts.


seriously, it has nothing to do with your race. it has everything to do with the size of the check. the longer that a bank can keep you from withdrawing your money, the longer it has to earn interest off of it. it's called float.


unless the check you deposited is written from first national bank of podunk, the transaction should be near instantaneous. it doesn't take anywhere near two weeks to determine whether or not sufficient funds are available in the account from which the check is written. -M

[MadMonk]

There is also the issue of notifying the feds if your deposits (or withdrawals) are more than $10,000. That takes time and that's true for every bank.

I seriously doubt race had anything to do with it. The only color banks can see is currency-green.

BTW, contrary to many people's views, high float is generally a bad thing for banks. It works both ways. Longer floats mean keeping money longer, but it also means it takes longer to get money in their accounts. Generally, banks have more money coming in than going out so, believe me, banks are trying their hardest to minimize float. In fact, since Check21 legislation passed, float has drastically reduced and check processing has become more efficient (checks clear electronically rather than waiting to clear after physically exchanging checks through a clearinghouse).

[Easy180]

Was it a personal check?...Was it from another country?..Do you have enough funds in your account to cover the funds in case the check does not clear?

Have worked for a bank for over 12 years and can tell you no way this is racism...place holds on all kinds of deposits especially large personal or out of state businesses...why should midfirst put itself in a risky situation?

I can guarantee that you will have a long hold on your funds if you open a new account elsewhere...just deposit it and wait til it clears

[shotoond]

Thanks for the replies. Very informative.

It was a $27,000 check from Bank of Oklahoma. I just refinanced my home to renovate my business.

If it matters at all, I deposited a $50,000 check at Bank of America with no problems with my funds available the same Friday. The amount I am depositing at Midfirst is not close to this amount. I think it's a bunch of baloney I can't rely on Midfirst to do the same even though it's much smaller.

[dirtrider73068]

Thanks for the replies. Very informative.

It was a $27,000 check from Bank of Oklahoma. I just refinanced my home to renovate my business.

If it matters at all, I deposited a $50,000 check at Bank of America with no problems with my funds available the same Friday. The amount I am depositing at Midfirst is not close to this amount. I think it's a bunch of baloney I can't rely on Midfirst to do the same even though it's much smaller.

Don't use race as an excuse, I use tinker fedral, and have had numerous other banks as well, at tinker fedral, they hold even a 2k check for clearance, and it was retirement loan check from a very well known company they still held the check, even bank of america held a 3k check, but called and checked and it cleared sooner than they said, even calling ahead of time saying there would be a big check to give thewm a heads up helps, then give it a day or two and call the bank and push them to get the check cleared will work sometimes. The bigger the check the harder its goin got be to get the check cleared all banks have to follow procedures and can't bow to everybody. Just be glad there is a bank willing to take the check and give you the money.

[OklaCity_75]

One thing you have to understand is that a bank is a business. They owe it to the other customers to follow certain procedures. Sometime those procedures are required by law or by banking regulations.

People come in with bogus checks all the time. Sometimes it a bank's own customers that have a bogus check and not even realize until its too late. They cannot always take the customers word for it.

Anytime a bank (or any business) gives you a time frame it is usually the worst case scenario.

In the future I would ask the other bank to do a wire transfer. The cost is minimal and the longest you will have to wait is one business day. Wire transfers are often hassle free and you do not have to worry about all the headaches that come with checks.

[Easy180]

a BOK check...now thats a different story..I could see a 2 to 3 business day hold, but no way they can justify longer than that on a loan proceeds check from BOK...Sounds like they either have a new gunshy mgr or have some very strict hold policies

Doubt race had anything to do w/ it, but doesn't make sense to me...sounds like time to close the acct

[OKCMann]

I deposited a 60K check with Wells Fargo back in Dec. They gave me access to $500 instantly and said it would take 7 business days for the rest to clear. I'm white too

[osupa05]

When they held a deposit that I had made (at midfirst), they gave me a schedule that told me when certain amounts would clear and then the teller gave me her name and number to call to see if the funds would be cleared sooner than expected in case I needed them before the 7 business days. I had never deposited that much money at once, so I wasn't aware of the hold, but I thought they nice about it and helpful there. I never had any other problems with them, even when they said I was overdrawn they figured out what had happened and reversed it... I don't do much business outside of personal checking and savings, but they've always been helpful!

[onemoreokie]

I don't understand why a bank holds it that long, I have deposited checks ranging from 10-50+ thousand at Chase and they never give it a second glance. Get a new bank!

[drumsncode]

I like the idea of "punishing" a bank that treats you badly. Pull out your money, it always sends them into a tailspin as they scramble around in their "OMG, someone wants to close their account!" mode.

Often you get a chance to tell them why you're closing it. Take the opportunity to tell them, and tell them LOUDLY if you want!

Often banks forget that it's YOUR money, and that without it, they don't have a business at all. To paraphrase Bill Murray in Ghostbusters, just ask them "Aren't you supposed to suck up to me and kiss my butt?"

[downtownguy]

It's not a race thing. This is going on at almost all the banks now, even if it involves a check from another bank on a house sale, etc. It's not right. But MidFirst isn't alone in doing it.

[dirtrider73068]

All banks are doing it, there is no way around and going in and saying I am closeign my account because you won't cash a 15k check, if I was the teller then I would just say then leave. If you were a bank and a stranger or even still a customer comes tromping in and puts down a 15k check and ask to cash it would you? Or would you rather verify funds before getting scammed into cashing a bogus check?

[shotoond]

Wow, lots of feedback. To update, I cancelled my account at Midfirst and opened a new one at Chase. They gave me access to $100 immediately, and the rest on wednesday. Thats 4 business days compared to the 2 weeks over at Midfirst.

Everybody has a different story about a bank. This is mine. Midfirst :thumbsdown:

[dirtrider73068]

Most banks will usally give you at least a hundred to start with and liek I said if you call sometimes its already released, at the most it may take 7 days, but most likely not.

[MadMonk]

shotoond, do you still believe your issues with Midfirst were race-related or was that comment made only because of your anger with the bank?

[Easy180]

drums...bank managers really don't mind closing out many accounts especially if the customers are using the "it's my money" routine...if all you have is a checking account then they will gladly close it out if you are playing the suck up to me game...in the grand scheme of things $5,000 in a checking account isn't all that important, because they may be making about $100 or less a year off your money

Now if you have a business account, cc and loans the power play is way more effective!!

[sweetdaisy]

I deposited a $30K check (home equity loan) into my Chase personal checking account on Thursday of last week...the funds reflected as "available" by the time I got home that evening, and no holds were ever placed on it.

I was pretty pleased with the quick turnaround.

[soonerguy85]

As a former Midfirst employee, I can tell you they are horrible, and some of their policies confused me.

Holds are placed on checks when necessary depending on your banking history, the amount of the check, look of the check, etc. In this case, a 2 week hold on a local Bank of Oklahoma check is ridiclous (one of the many reasons I couldn't stand to work at Midfirst anymore).