IB check request ??

Lobster · Sep 22, 2003

Quote from Sashe:

Citibank charges $10 for the incoming wire
why? I am bringing money in the bank and get charged for that?

And the funniest thing about this is, if instead of a wire, which takes their computers a nanosecond, you bring in a check, which they have to handle by hand, scan in, mail around, etc. etc., it is free!

crazy_trader · Sep 22, 2003

Open an account with a credit union. They is no fee for incoming wires.

I dunno where you guy live. But i do most of the wire with my local credit unions. Domestic wire is only $10, no incoming fees.
International wire is $25. Yes you can do it over the phone as long as the money is going into an account under you name.

Quote from Lobster:

Most banks charge for incoming wires. Do you know one that doesn't?

profitseer · Sep 22, 2003

Quote from Sashe:

Citibank charges $10 for the incoming wire
why? I am bringing money in the bank and get charged for that?
the only reason I am with Citibank cuz I have online access to my acct to see upto date balances etc.
But they charge $25 for domestic and $40 for intl wires and they dont even have direct access wire transfer feature, meaning that I should fax them the wire out transfer request.
Anybody knows any other reputable bank but with less problems?
I'd switch in a sec

good topic for a thread. Anyone know of a good online bank? I had bank that was great. Was 2000 miles away and tried to use my atm card and it wouldn't go through. I put up with that for two days and finally called the bank and they told me I didn't have an account there anymore. My branch had been sold.

The bank I have now is very old fashioned. They didn't even know how to set up online bill pay. Said I was the first to ever ask. But they have good calendars.

sprstpd · Sep 22, 2003

Quote from profitseer:

Anyone know of a good online bank?

I have used NetBank:

http://www.netbank.com

No incoming wire fees. I think an outgoing wire might be $15. I am close to a no-fee ATM for withdrawals. The only drawback to pure online banking is that change is more of an inconvenience.

sprstpd · Sep 22, 2003

Quote from Sashe:

Citibank charges $10 for the incoming wire

This ranks up there with a bank charging you for trying to cash a check from someone else that ultimately bounces. I say to hell with them.

Hurricane · Sep 23, 2003

A nominal charge for depositing a bad check is in order. It may not be your fault, but it certainly isn't the bank's fault either and they have to handle the check twice and return it to you in the mail. This fee is usually very small as compared to the charge when you write a bad check.

Lobster · Sep 23, 2003

Quote from Hurricane:

This fee is usually very small as compared to the charge when you write a bad check.

AFAIK the latter is a felony charge if the total amount is more than $50.

sprstpd · Sep 26, 2003

Quote from Hurricane:

A nominal charge for depositing a bad check is in order. It may not be your fault, but it certainly isn't the bank's fault either and they have to handle the check twice and return it to you in the mail. This fee is usually very small as compared to the charge when you write a bad check.

Then why not charge everything to the person who wrote the bad check? Because they can't catch the person, I presume. It just seems wrong for a person who unknowingly cashes a bad check from another party to have to pay for that mistake which could not have been avoided. It seems more fair for the bank to eat that cost as a cost of doing its business - not to pass it onto the individual (or even profit from it - I'm pretty sure my bank profitted off me in my case). Certainly credit card companies eat the cost of credit card fraud and they come out ok.

Lobster · Sep 26, 2003

Quote from sprstpd:

Certainly credit card companies eat the cost of credit card fraud and they come out ok.

But only because people prefer 327 monthly payments, 520 weekly payments, and the standard CBP or crippling balloon payment to earning money BEFORE they spend it.

But it's true. When someone writes a bad check, the bank has no moral right to charge the innocent victim for it. Does the police send you a bill for chasing a thief who has stolen from you? Does the judge who convicts her charge you for his time? Do you have to pay for the thief's prison accommodations?

mrpace · Sep 26, 2003

Quote from Sashe:

But they charge $25 for domestic and $40 for intl wires and they dont even have direct access wire transfer feature, meaning that I should fax them the wire out transfer request.

Not true...log into your Citi account...recently, they added online wire transfers, if that's what you were referring to...no more having to go to the bank or faxing....

Also, with citibank, if you use their online banking to write checks, and send an online check to IB, the money is in your IB account no more than 2 business days later....at least this has been my experience....