It’s a Stage Coach Robbery

April 6, 2010 – 2:27 pm

Doesn’t it seem to you that banks think it’s their money more than they think it’s your money these days?

Online billpay these days offends me.  Maybe Im just getting cranky, but I have found online billpay a nice convenience over the years.  Instead of managing recurring or one-time payments manually, the bank does it for me.  A couple of years ago, I didn’t mind that the bank wasn’t super prompt.  I was forgiving of slow internet-aided business models.  I knew that behind the scenes, Wells Fargo was just scrambling to get it working anyway.

Today?  Not so forgiving.  Not when I notice that Wells Fargo is guaranteeing itself seven days between when it takes the money out of my bank account and when the recipient should receive a check.  Interesting.  Seven days to a Sacramento, CA address.  For a check that a recipient then has to go and deposit.    That’s a lot of float, Wells Fargo.

I know it doesn’t take 6 days to get a letter to an urban address in Sacramento or LA or NYC, but that’s what reported these days.  That’s longer than it took a couple of years ago.

I’m going to mail my own checks from now on.

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