Bank Secrets Revealed and Debunked

A Bank Teller Reveals Secrets and Debunks Banking Myths

Katherine Muniz  Updated: Aug 30 2019 Editorial Disclosure

Bank secrets revealed and debunked by an unnamed bank teller at a major bank on bank practices, teller capabilit..

Bank Tellers

We all know what a visit to a bank branch will bring. Average consumers have no clue what goes on behind the glass windows of their bank's local branch.

We talked to one bank teller from a major bank and he debunked some myths, as well as shared a couple secrets of his own.

Does it really take three days for checks to clear and post to your account?

No -- It all depends on a person's credibility and the type of check it is. For instance, payroll checks usually clear right away, and so do checks deposited by customers with an ample amount of cash in their account. Sometimes a portion of the check clears right away, and the rest clears in the next few days.

The teller we spoke with said he has no knowledge of how the percentage is determined, as it is set by a system.

Debit Card Loss And Theft Are Not As Well-Protected As Credit Card Theft

True. Some banks will cover all the fraud-ability charges, such as Bank of America. However, typically the protection is less than that of a credit card, so if you're concerned, contact your bank and inquire about all the loss and theft protection coverages available to you.

The Only Bank Staff That Can Work At The Teller Window Are Tellers

False -- It all depends on the bank and their protocol. For instance, at this particular teller's bank, assistant managers have to work at the window but that doesn't mean they always do if they're feeling lax... particularly at his branch. Another example is at Chase, where bankers are cross-trained as tellers.

The Bank Is Allowed To Pull Money From Your Deposit If You Owe Overdraft Loans Or Fees.

True.

Calling A Representative Or Going In Person To Your Branch To Resolve A Problem Will Be Better Than Filling Out Forms Online

True -- Representatives are empowered to forgive fees at their disclosure, given the situation and judgment merits it.

Fees Are Always Negotiable

False -- You cannot work the system. Our source says that fee forgiveness happens to a certain extent, however, a customer with a track record of abusing their fee-waiving privileges gets blacklisted. They may waive fees the first couple of times, but after that you're on your own.

"Tellers Have A Quota Of New Accounts They Must Get Customers To Open"

False -- It all depends which bank you go to. For instance, two big banks are more stern with this policy, and tellers who fail to meet those quotas have those notes marked on their records. However, the tellers do get a small referral fee each time a customer opens an account through their recommendation.

To continue reading, please go to the original article here:

https://www.mybanktracker.com/banking/faq/bank-teller-reveals-secrets-138688