Are Your Bank Deposits Missing Pennies?

I've always opened checking accounts with reputable banks, trying to avoid the big nationwide chains with "money laundering" charges. But now, with an account in a one-state bank chain, I'm having an odd problem I've never encountered before.

As an author with books for sale on Amazon, I occasionally get small checks of Sales Profits automatically deposited into my account by EFT toward the end of the month. At the end of November 2014, Amazon CreateSpace swears (and I verified this) that a small deposit for $1.52 was EFT'd to my bank account. However, my bank swears they only received $1.48.

Four cents is hardly worth quibbling about, but it could also be a wide-spread Amazon-deposits or bank-receiving problem that is slowly robbing a lot of authors. Everyone said to contact my bank. So I did, and the "Customer Advocate" for my bank couldn't have been less helpful. She insisted over and over that the bank had ONLY RECEIVED $1.48 from the Federal Reserve, which all EFTs go thru.

So my investigation is stymied, and I don't feel ready to accuse the Federal Reserve of stealing my pennies, per deposit.

Has anyone else had this problem? With a Depositor, Receiving Bank or the Federal Reserve???

a reply to: MKMoniker

Send a payment or set of payments to yourself via this system and see where the amounts differ. Maybe there is small print somewhere that states that they charge a 4% - 5% fee somewhere.

a reply to: MKMoniker

Getting payed through the Federal Reserve?

That sounds like a bad idea..

Are you saying your money is going from some publisher, to the federal reserve, to your bank, and then to you??

That's a few different spots to skim..

a reply to: stormcell

I may try that as a last resort.

Although I only have one bank account, and a send/receive from the same account may not go thru the Fed. Reserve.

Still ... helpful idea. Thanks.

a reply to: KnightLight

Thanks for your post. In researching the Fed Reserve, it looks like there have been a lot of changes to the Fed Reserve since Team Obama took over:

www.federalreserve.gov...
FEDERAL RESERVE COMPLIANCE GUIDE TO SMALL ENTITIES

"Section 205.11 Procedures for resolving errors
States that if a consumer notifies an institution that an error involving an EFT has occurred, the institution must investigate and resolve the claim within specified deadlines. Errors covered by this requirement include unauthorized EFTs, incorrect EFTs, and the omission from an account statement of an EFT that should have been included."

The charming "Customer Advocate" at my bank INSISTED the bank was blameless, and verified that it had only received $1.48. Just as Amazon INSISTED that it had sent $1.52 to my account. And both denied any transfer fees.

At this point, I think I'll just cut-my-losses and transfer to another bank.

sessions iv been over crimbo there missing more than pennies

originally posted by: MKMoniker
I've always opened checking accounts with reputable banks, trying to avoid the big nationwide chains with "money laundering" charges. But now, with an account in a one-state bank chain, I'm having an odd problem I've never encountered before.

As an author with books for sale on Amazon, I occasionally get small checks of Sales Profits automatically deposited into my account by EFT toward the end of the month. At the end of November 2014, Amazon CreateSpace swears (and I verified this) that a small deposit for $1.52 was EFT'd to my bank account. However, my bank swears they only received $1.48.

Four cents is hardly worth quibbling about, but it could also be a wide-spread Amazon-deposits or bank-receiving problem that is slowly robbing a lot of authors. Everyone said to contact my bank. So I did, and the "Customer Advocate" for my bank couldn't have been less helpful. She insisted over and over that the bank had ONLY RECEIVED $1.48 from the Federal Reserve, which all EFTs go thru.

So my investigation is stymied, and I don't feel ready to accuse the Federal Reserve of stealing my pennies, per deposit.

Has anyone else had this problem? With a Depositor, Receiving Bank or the Federal Reserve???

read the small print (it might me microscopic and take you 50 centuries ) but i bet there is some thing in there they are charging for for small transactions,

a reply to: MKMoniker

Out of hundreds of transactions, I may end up with less than 1% that have a couple cents variance.

With some credit card deposits, it may vary by a couple of dollars. The amount of time I would spend calling the processor, the merchant services help line, or my own banker would be worth far more than what ends up missing, so I typically just adjust it off.

If it is a problem for you, you can certainly try to run it down. I would typically say hold the transactor accountable for providing proof of the transaction. They will usually just add the variance as an adjustment on the next transaction.

dont wory fiat money aint real

a reply to: MKMoniker

Ghood evening- My name is Ghbnair Kowaklmeg or "Gary" I represent a family that has been had there money stole from the Nigeria Goverment. I will send yu $5,782,007.00 and yu can keep a percentage of 17% Shirley, I'm jesting..

But when You get down to the .01¢ what is the difference between the aforementioned "Gary" or the BigBankster stealing Your $$ besides "Gary" at least offering You a carrot, what did BigBank do? "They" stole Your $$ and how many customers do they deal with a day/deposit?

Fret not, when/if "Gary" does get a nibble and opens a bank I'll let Y'all know but until then it is either a bank or a mattress and I don't even know if they make coffee cans anymore.. precious metals? can't do gas stocks ever since the Crookefellers got out.. Pre-paid Visa™ or barter.. Just remember to save more than You spend and it'll all work out in the end, if it hasn't worked out, it isn't 'the end' and by then You get to start all over...

namaste

The Federal reserve needs money. If you complain, they may have you audited.

Give them a call and give them your two cents about this. You will have to call them twice to get your four cents worth.

originally posted by: haven123
dont wory fiat money aint real

Sure its real. "Money" is a unit of value, and that unit of value (as subjective as it may be) is very real.

Now, in the legal sense of "real", maybe not. it isn't land. But in any daily usage of the word "real", money does its job as a unit of value quite nicely.

Why do they need to take pennies, when they take large amounts of money, disguised as "overdraft fees". lol

a reply to: MKMoniker

We all have had the Federal Reserve steal from us. They have been doing it for over 100 years.

President Obama signed an Executive Order in October 2014, about:

www.whitehouse.gov...
EXECUTIVE ORDER: IMPROVING THE SECURITY OF CONSUMER FINANCIAL TRANSACTIONS
"... No later than January 1, 2015, all new payment processing terminals acquired in these ways shall include hardware necessary to support such enhanced security features. By January 1, 2015, the Department of the Treasury shall develop a plan for agencies to install enabling software that supports enhanced security features..."

(If nothing else, this proves that I'm not the only one complaining about dubious financial processes. I'll still go looking for a new bank, I think.)

Bank Of America screwed me a few years ago. Now I go elsewhere.

originally posted by: MKMoniker
I've always opened checking accounts with reputable banks, trying to avoid the big nationwide chains with "money laundering" charges. But now, with an account in a one-state bank chain, I'm having an odd problem I've never encountered before.

As an author with books for sale on Amazon, I occasionally get small checks of Sales Profits automatically deposited into my account by EFT toward the end of the month. At the end of November 2014, Amazon CreateSpace swears (and I verified this) that a small deposit for $1.52 was EFT'd to my bank account. However, my bank swears they only received $1.48.

Four cents is hardly worth quibbling about, but it could also be a wide-spread Amazon-deposits or bank-receiving problem that is slowly robbing a lot of authors. Everyone said to contact my bank. So I did, and the "Customer Advocate" for my bank couldn't have been less helpful. She insisted over and over that the bank had ONLY RECEIVED $1.48 from the Federal Reserve, which all EFTs go thru.

So my investigation is stymied, and I don't feel ready to accuse the Federal Reserve of stealing my pennies, per deposit.

Has anyone else had this problem? With a Depositor, Receiving Bank or the Federal Reserve???

a reply to: Asynchrony

Bank of America made a ton of money off my husband in just "overdraft fees". I went into Chase one time to get one of "their" checks cashed which I'd received. The standard has always been that banks will cash "their" checks for free. Not this one. They wanted $6 to cash a $10 check! I took my check and went elsewhere.

So I avoid the nation-wide banks, and now I'm having problems with a local one-state bank chain. I plan to change banks in the New Year. Plus I REALLY hope Obama's EO that goes into effect Jan. 1st, stops all this "penny skimming" I've been unable to nail down.

originally posted by: MKMoniker
a reply to: Asynchrony

Bank of America made a ton of money off my husband in just "overdraft fees". I went into Chase one time to get one of "their" checks cashed which I'd received. The standard has always been that banks will cash "their" checks for free. Not this one. They wanted $6 to cash a $10 check! I took my check and went elsewhere.

So I avoid the nation-wide banks, and now I'm having problems with a local one-state bank chain. I plan to change banks in the New Year. Plus I REALLY hope Obama's EO that goes into effect Jan. 1st, stops all this "penny skimming" I've been unable to nail down.

The reason for this charge: the tellers are provided as a convenience to the banks customers. if you don't have an account but are standing in line, you are displacing a customer.

Typically, the only reason people cash checks like that is because they don't bank. So the bank is using a stick and carrot approach to getting you to register for an account.

a reply to: bigfatfurrytexan

"The reason for this charge (at Chase): the tellers are provided as a convenience to the banks customers. if you don't have an account but are standing in line, you are displacing a customer."

I've heard this bizarre theory about Chase before. I know someone on Disability who got a special Chase account with just Debit Card. It was to encourage folks on Disability from just cashing their check at a convenience store (charging 4% off the top) and blowing it all before the month was out.

But he wanted to go into the bank one time to withdraw money, and was discouraged. He was told that Yes he could come into the bank, but that it was "only a courtesy" to help him with an in-bank transaction. And he was an account-holder!