Join Date: Apr 2002
Location: Chester County, PA, but I'd rather run free amongst the sheep
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I discovered today, while checking my balance, that it is the policy of Citizens Bank to consider payroll checks in the same light as personal checks and, in accordance with that policy, place a five-day hold on them. This means, of course, that the grocery shopping and bill payment we had planned for the weekend will now have to wait until Monday so the funds I deposited this past Wednesday can clear. This has never happened to me with any other bank I have used and, I don't need to tell you, I am steaming mad.
Here is the letter that I am sending to the CEO of Citizens Bank, after a very helpful customer service rep gave me his address and indicated that all complaints should go to him.
I wish to register a complaint with regard to your policy of placing a hold on all checks deposited, including payroll checks, in accordance with the routing number.
In the fourteen years I have been employed and depositing checks, I have never had a hold placed on a payroll check. All banks with whom I have been associated (i.e. had accounts within) have made funds from payroll checks available immediately. Yet, when I deposited a payroll check at my local Citizens Bank branch on Wednesday, August 20, 2003, a five day hold was placed on it thereby ensuring that the funds will not be available until Monday, August 25, 2003. This practice is, in my mind, completely unacceptable.
As an example, below is a list of banks I have used in the past, all of whom saw the need to make funds from payroll checks available immediately:
First Union Bank
Wingspan Bank (online banking only)
Most individuals who have the privilege to be working in this economy require the money from payroll checks to be available immediately in order to pay bills, and buy groceries and other necessities. I find the policy of your bank to be therefore "anti-individual" and "anti-community", which flies in the face of all of your claims to be a bank that cares about its customers. You are not only causing difficulty in budgeting by your policies, but are probably causing more overdrafts to occur simply because your customers believe funds are in their account when a payroll check is deposited.
As it stands, your policy is causing me to wait until August 25, 2003 to buy groceries for my family, buy school supplies needed for my son, and pay bills that are already scheduled through your online Bill Pay system. At this point, I have no qualms in telling you that I am seriously considering finding another bank that is truly in touch with its customers and their needs.
I hope that, for the sake of your customers, you will see fit to change the policy.
April <last name>
The address, if anyone else wishes to write, is:
1 Citizens Drive
Riverside, RI 02915