Archive for the ‘Bank’ Category

Service of Billions in Limbo–Not in Recipient’s Pockets

Thursday, February 4th, 2021

Photo: wired.com

Are you accessing all the money due you? Banks and businesses have pots of money left behind.

We’ve heard of gift cards with unused balances that reside in wallets, bureau and desk drawers. “At any given time, 10% to 19% of gift card balances remain unredeemed — and around 6% of gift cards are never even used,” wrote Zachary Crockett in thehustle.com. In 2019, Americans bought some $171 billion worth.

And what about the cards themselves? Crockett reported that 70 percent of gift cards are redeemed within six months but after a year, almost 80 percent aren’t. That’s a tidy sum for the issuers in addition to the fees many charge while they also make money on the interest.

Photo: wikihow.com

It’s not just gift card balances that are unclaimed. Without proper documentation or an estate bank account, checks made out to an estate cannot be deposited in a widow, widower or other beneficiary’s retail bank account even if they are named executor in the will. For some, the cost to pay a lawyer to acquire documentation may represent more than the lost money. A friend said that each of several checks for interest on an investment made to her husband’s estate were for less than $100. The issuer of the checks kept the money because two banks in her town refused to cash or deposit them.  Long after the checks had expired someone said she could have helped her retrieve the money.

Another friend got a check from a bank made out to his wife’s estate for well over $3,000. It had a life of 180 days. The issuer said that no other check could be cut after that and it could not write a check to his name. Predicament was solved because a proactive customer service person figured out a solution. Otherwise, if the lawyer hadn’t open an estate account in time this money would have remained in bank coffers unclaimed.

This must happen to the bereaved countless times a year.

Do you use gift cards immediately? If you’ve not spent the entire amount, do you remember to use the remainder? Do you prefer gift cards from a business or ones  like American Express? Have you forfeited money because you weren’t able to cash a check in time for any reason?

Photo: fairyblooms.com

 

Service of Pandemic-Caused Rigmarole That’s Hard on City Seniors & the Time-Pressed

Monday, December 14th, 2020

Block long line to be tested for Covid-19, 8:30 a.m.

The pandemic is hard on everyone. Here are a few things I noticed about getting things done in the city that impact seniors, those with disabilities and the time-pressed.

It’s ironic because a city like New York allows seniors to be independent with its myriad transportation options, nearby watering holes and entertainment opportunities.

Standing for Service

Photo: iphoneroot.com

I needed a battery for my iPhone. The Apple staff at the store at Grand Central Terminal couldn’t have been nicer. But there was a lot of standing around waiting: to go upstairs after being checked in; on a line upstairs properly socially distanced–and then hanging out in the station for an hour while the phone was fixed. My appointment was in early evening so the few stores that remain in business at the station were shut. There were neither seats nor distractions.

Standing for Testing

We’re encouraged to be tested for Covid-19. The procedure at urgent care locations in Manhattan is daunting I’m told. You must have an appointment and can only sign up for one the same day. At certain hours I pass long lines outdoors, some with people better socially distanced than others, on cold, rainy and mild fall days [photo above].

I wonder, as I head for the gutter to keep more than a 6-foot distance, why are these people in line? Have they been exposed to Covid-19? Are they feeling ill?

Photo: statnews.com

One friend found a place that had no line. She made an appointment and they called her when they had a free time-frame which gave her 30 minutes to get back. Best that you live very near this place and choose a day with no appointments because you don’t know when you’ll get the call.

Goodness only knows what the rollout to get a vaccine will be like.

A benefit of the suburbs is that you can wait for a test in your car.

Pin the Tail on a Bank: Three’s a Charm

I needed to have a document notarized and was told by my bank that every branch had notaries. No longer accurate. I asked a customer service staffer at the first branch to call another one to confirm that they had a notary. Nobody picked up so I walked there. That customer service man disappeared in a back office.

After I waited the length of time in which three people could have had their signatures notarized he returned and told me I needed an appointment for the next day. At least this customer service person knew of a branch that had a few notaries so off I raced.

I appreciated the mileage I’d covered–recorded on my iPhone–but not the stress and I couldn’t help wonder what if I was unable to hotfoot it around town?

Just Sayin’

I love Trader Joe’s but notice that many shelves are empty during early senior hours no doubt because there hasn’t been time, at 8 a.m., to restock them.

Have you noticed other topsy-turvy situations during the pandemic that have impacted the way/how quickly you do business and/or conduct your life? Do you observe situations that especially impact seniors and the time-pressed?

Photo: liveoak.net

Service of a Bad Sign: Who Approves the Proofs?

Monday, August 19th, 2019

Photo: wshu.org

It’s not just road signs in the NY Metro area that need to be corrected at significant expense, but sloppy work by admins that when added up must cost corporations a pretty penny.

I read an Associated Press story in The New York Post which reported that all the signs to the newly named Gov. Mario Cuomo Bridge need patching to add his initial–M. “The nearly $4 billion bridge over the Hudson River opened last year. Connecting Westchester and Rockland counties north of New York City, the span replaced the former Tappan Zee Bridge — or, officially, the Gov. Malcolm Wilson Tappan Zee Bridge.”

Photo: lohud.com

The article continues the “missing ‘M.’ fixes come as a state agency is also correcting a misspelling of the name of the Verrazzano-Narrows Bridge in New York City. For over 50 years, one “Z″ was missing.” Hmmmm.

On a far smaller scale, a bank put the III that had been at the end of my husband’s name at the end of mine, i.e. Jeanne-Marie Byington III. I called to correct the error for future statements. It took three calls and additional incorrect references to my name for III to disappear.

At another institution, I changed a joint account to one in my name. After asking me all sorts of financial questions for 10+ minutes, the customer service person ordered new checks. [I may be the last person on earth to use checks.] I noticed that the account numbers on the new checks matched those of the closed account. Can you hear the bounce of checks near and far had I not caught the error?

As for the road signs: Who proofs them? Must we spend money to fix them right now when funds could be better applied to road repair?

So who pays for the reprinted checks? I don’t know what to think about the banks’ administrative errors except that I hope that the departments at each institution that add and subtract deposits and withdrawals do a better job.

Photo: yonkerstribune.com

Service of Who’s the Boss II? Social Security, A Bank & A Museum

Monday, July 1st, 2019

Photo: db4beginners.com

The answer to “who’s the boss?” often muttered as a rhetorical question, isn’t always negative, though in two of the three following examples it is. Sometimes a decision-maker deserves praise and other times, he/she doesn’t seem to be watching the ball. In either case, you really may want to know.

I’ll start with a happy surprise.

Feeling Secure

Photo: en.wikipedia.org

I’ve recently needed to make countless calls to ask for documents and information. I lucked into Mr. Gopaul who picked up the phone at the West 48th Street NYC Social Security office. He didn’t pass me on to someone else as seems to happen increasingly these days, but quickly answered my questions, some relating to recent correspondence. I asked for his name so I could write a letter to recognize his exemplary service. His voice, at first impatient so as to get on to the next call, softened and he ended our conversation saying, “bless you.”

Who’s the boss? I took to Google.  My letter to the regional Social Security director went out that day.

One + Zero=Five

Photo: credit.com

In the private sector, I had a different experience. A bank handling my husband’s pension—Bank A–needed to take back a direct deposit payment I wasn’t entitled to.  My retail bank—Bank B–said it happens all the time and would handle the request from Bank A.

But Bank A didn’t take that one simple step. Instead, it sent me three documents, each one with different information and dollar amounts about upcoming payments. Two customer service people couldn’t figure it out any more than I could. To pay itself back Bank A has instead given itself five steps–that many more times to mess up—instead of one. I’m neither a banker nor a numbers person but this doesn’t compute. Who’s the boss?

Water, Water Everywhere….

I received a sell piece from a major museum for a five day trip to the Berkshires accompanied by the institution’s curator of American paintings and sculpture. I know this area well and have been to most if not all of its museums—there aren’t many–but was tempted by an excursion not too far from NYC with a knowledgeable curator. The fee got my attention–$5,999 per person double rate or almost $12,000 for two—but the charge is not why I ask “who’s the boss?” The “Rate Includes” section on the sell piece was the reason. You get “bottled water and coffee/tea with all meals.” For $12,000, I wouldn’t call this out any more than I would put on a dress’s price tag “$175 includes thread and zipper.” The program director should have deleted this and created some toothsome or valuable perks for the sell piece. [I also noted that not included are “meals not specified.” Let’s hope participants get all meals.]

Do you sometimes wonder who’s in charge and if the person is focusing on the work? Do you take time to find out who’s the boss to credit people who have done a superlative job as well as to gripe about those who don’t?

Photo: twitter.com

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