I hate banks

[sara..... 371]

I took a loan on my 401K

check is issued from citibank......my bank wont release the funds until citibank clears the funds....im ok with that but i was told by my bank i can call and verify the check has cleared at citibank if it has ask them to fax us proof.......so sounds easy right???????????

wrong! i called citibank they state they can not help me even if i give them the check number routing number blah blah blah i have to call the retirement program to find out so i all them they say why are u calling us you have to get this information from citibank.......any ideas? i need to leave next week i cant do anything until that check clears.......

i figure those of you that have been banking longer than i have will have a lot of information on how to get this done

sara

[Brother Hesekiel 2,236]

You need to understand business. If you have $1,000.00 pending clearance at a bank, and another 10,000 customers are in the same boat, that's $10,000,000.00 pending clearance. If that happens every day, and it does, the bank makes $1,000,000.00 from that money alone in interest. That's how banks work. They use your money, invest it, lend it out, and make money from it. Time is money. They want to keep your money as long as possible instead of giving it to you. That's the essence of banking and business.

If 100,000 people buy a Starbucks card and load it with $25.00 upfront, that's $2,5 Million Dollars Starbucks can use and play with. Give me these $2,5 Million and I double it in 4 years, easily. That's why they give you a free cup of coffee (which cost them 8 cents) after you gave 'em $25.00. Not a bad deal at all.

[sara..... 371]

uff nice for the banks sucks to be customer with needs lol

sara

[Deputy Purple 1,294]

You should have cashed the check at a Citibank branch.

When I did a 401(k) loan I simply cashed my check at the local branch and deposited cash into my account.

[Gary and Alla 3,694]

You should have cashed the check at a Citibank branch.

When I did a 401(k) loan I simply cashed my check at the local branch and deposited cash into my account.

If that bank has a local branch.

Banks will always protect themselves from bad checks. I do not blame them, and such has to be allowed for in your plans. Using moeny form a 401K has all sorts of negative results and I presume you are aware of what you have done as you are an adult and it is your money.

Using such funds can be time consuming and needs to be planned for far in advance, trying to push the process or making plans for the money before it is available is only a guarantee of frustration. NONE of the people you are dealing with are anxious to give you your own money, so they will use whatever means they can to delay the process (for your own protection, of course)

[thongd4me 69]

I took a loan on my 401K

check is issued from citibank......my bank wont release the funds until citibank clears the funds....im ok with that but i was told by my bank i can call and verify the check has cleared at citibank if it has ask them to fax us proof.......so sounds easy right???????????

wrong! i called citibank they state they can not help me even if i give them the check number routing number blah blah blah i have to call the retirement program to find out so i all them they say why are u calling us you have to get this information from citibank.......any ideas? i need to leave next week i cant do anything until that check clears.......

i figure those of you that have been banking longer than i have will have a lot of information on how to get this done

sara

Hate banks?

Buy FAZ, get even.

[sara..... 371]

this is the 2end time i have taken a loan on the 401k and i like the idea that i repay myself with interest....paid the first one back well over a year ago.

as far as cashing it at citibank have not been able to find one in oregon....im pretty sure someplace here has to have one but not with 100 miles of where i live at least i could not find one when i searched on the net for it.......

well guess i will just wait out the time but it still sucks

sara

[natty bumppo 297]

I took a loan on my 401K

...

sara

send me the $$$$$$ for safe keeping.

when I default ... simply call obama to bail me out so i can pay you back with gov't funds ...

[DEDixon 39]

as long as the funds are coming from a reliable source, your check is going through the same process that 400 million other checks go through so the bank isn't holding your funds any longer than other funds. to slow the process, it takes a human to intervene and when a human intervenes, it is because a check is bounced from normal processing by software for a variety of reasons none of which is "just so the bank can keep your funds longer."

[IndigoSkies 168]

401K Loans are a bad, bad, bad idea.

[sara..... 371]

401K Loans are a bad, bad, bad idea.

why?

[Hilarious Clinton 452]

401K Loans are a bad, bad, bad idea.

Especially for a vacation. Do it the 'old fashioned' way..... save money for expenses.

[natty bumppo 297]

Especially for a vacation. Do it the 'old fashioned' way..... save money for expenses.

many people have no idea what you are talking about ...

saving money for them is all about buying something on sale ...

[Darnell 8,478]

sara - your bank put a hold on the deposit, and told you the 'turn-around time' to clear that deposit.

What's the 'turn-around-time', per yer bank?

Something else - whilst you were 'issued' a check, you could have ALSO had the funds deposited in any other account via ACH or Wire Transfer, as well. IMO, faster than 'clearing at foreign bank'.

[w¡n9Nµ7 §£@¥€r 123]

401K Loans are a bad, bad, bad idea.

You know, people rely on the so-called experts. It's impractical for everyone to know everything. And yet, what is one to do when the so-called experts won't actually tell you that? When the so-called experts will encourage you to take a 401K loan, even though it is financially unwise to do so? I don't know what the solution is, but this is a widespread problem. The 'experts' aren't actually on your side.