Archive for May 6th, 2018

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None Can Recommend – Joys of Banking

May 6, 2018

Posted by Kanga. Please do not reblog.

Banking is one of the guaranteed areas of culture shock when you live abroad.

Let’s talk banking in the U.A.E.

What was strange:

1. The bank required a letter from one’s employer certifying employment and listing the salary figure.

2. There was no such thing as a joint account.

3. One could and was actually encouraged to write post-dated checks.

4. We had a credit card with the bank and they drove us crazy with constant calls to verify our transactions. If they didn’t reach us to confirm the transaction, they suspended the account, but only after letting the transaction go through. They did this over $.99 iTunes transactions.

5.Even better was when we were using our debit card in a store and the store received a “not authorized” response, so that we had to pay in cash or do without, yet the bank showed the transaction as authorized and withheld that amount from our account until the transaction expired 8 weeks later, or longer.

6. There was a limit on how much we could withdraw per day, no matter how high our balance was.

In America:

1. The bank doesn’t need to know where you work and does not ask how much you make. If they do ask, they take your word for it. You can open an account with a government issued ID and proof of mailing address (and money, of course).

2. Joint accounts are common and easy to establish.

3. Post-dated checks are illegal.

4. I never had to speak on the phone to my credit card company. They never suspended my account, either.

5. Rarely are debit transactions falsely rejected.

6. You can purchase whatever your balance allows. ATMs have withdrawal limits.

The checks DaddyBird received always led to interesting and inconsistent bank transactions. Since we did not have a joint account, depositing a check written to his name was a challenge. The first one, we took to the bank it was drawn on and were able to cash it. The next time we tried that, they refused. A few times we were able to deposit checks into my account, but I had to go with him to do this. The corker was the time that the check was made out in just his first name. Our bank wouldn’t let us deposit it because the account was in my name only and they suggested that we go to the bank it was drawn on. We did and they cashed it, even though it just said “Paul” and they didn’t even ask for ID.

Frequently, people posted a message on Twitter saying they wanted to change banks and asking for a recommendation. I have never seen a response actually recommending a bank. Most responses are “don’t go with XYZ, they are terrible.”

Some of these frustrations may come from the lack of protection for the bank against fraud.  I have no expertise in finance law, but judging from the amount of bank paranoia over every transaction, here is no FDIC or similar protections there. They spent a great deal of time and effort straining at gnats. I was constantly getting calls from the bank or having to call the bank. I have never talked to a single institution that much before or since.

The result was very bad customer service and the impression that the money belongs to the bank, not the customer.

Let’s talk banking in China.

1. The bank sent employees to my place of employment to set up the account. It was a bit of fiasco with lots of paperwork, repeatedly signing my name, and entering my pass code multiple times. I had to provide my passport, expert card, and a copy of my employment contract.

2. Again, there is no such thing as a joint account.

3. There are no checks.

4. My debit card works at stores and ATMs without a problem. The account has never been blocked or suspended. We don’t have a credit card.

5. ATMs have limits, but I haven’t encountered a daily debit transaction limit.

6. Transferring money out of the country or changing to another currency is a huge pain in the butt.

I recently had two of these pain in the butt experiences. I needed to pay the registration amount for a professional conference by bank transfer. I went to the bank, thinking I had all the paperwork I needed. The employees did not speak much English, but we managed to communicate what type of transaction was needed. A man at a kiosk near the entrance took my paperwork and typed up the form that was needed. He typed the information into the computer and printed it out on a triplicate form. Apparently, his computer and software do not connect to the software used elsewhere in the bank. So, then I took the typed up triplicate form to the teller who shuffled a lot of papers, making me sign 4-5 of them.
THEN my passport wasn’t correct. I had a new passport, as the one I entered the country and set up the bank account with had expired. She needed to see the old one, which I had not brought with me. Never mind that the new one has a notation printed in it indicating the number of the old passport. So, I had to take all my paperwork, go away, and come back the next day.

One day 2, I started over with the guy at the kiosk showing him my triplicate form from the day before. Once I got to the teller, she started with the paper shuffling again, more signatures, and my old passport does the trick. I leave the bank thinking that it is all finally done. Ha! Later that evening, I get a call from the bank. They need the mailing address of the recipient. The SNAIL MAIL address. I asked if she could take it over the phone. No. I had to come back a third time. The necessary mailing address was on the invoice that I had presented to them, but the kiosk guy had not typed it into the triplicate form.

SO, day 3, back to the bank again. I get the kiosk guy to type the form up again and insist that he include the mailing address. (Remember he is typing this up on a computer, but the information is not stored or communicated to the teller, except via the printed triplicate form.) Also, I do not speak Chinese and the bank teller does not understand much English, so I can’t say “remember me? I was here yesterday and you need the mailing address.” So, I hope that she will recognize the transaction and get that I am just there to fill in the missing info. Otherwise, I may be paying this thing twice. Luckily, I see that she has figured it out and pulled out the original triplicate form. I sign a bunch of papers, yet again. Transaction finally finished. Only required leaving work early three days in a row to walk to the bank and jump through the hoops.

Before our Christmas trip to Prague, we had a similar experience. Daddybird wanted to have enough euros with us in case we had any problem checking into the hotel like we did in India. Unfortunately we waited until the week we were leaving to do this bank transaction.

Daddybird went to the bank to attempt to change yuan into euros. He was told he would need a copy of his employment contract and passport, unless he wanted just 500 euros. So, he got the 500 euros.

I went with him the next day (day 2) with my passport and employment contract to do a larger amount. The clerk shuffles my paperwork around and then finally says he needs my tax form (proving that I have paid China taxes on said money. I pay China taxes on every yuan I get before I get it.) SO, I ask why he didn’t tell my husband that the day before? No answer.

Day 3, back to the bank with contract, passport, and tax form (which I had trouble finding). We go through all the paper shuffling and paper signing routine. Then the clerk explains that we now have 2000 euros in our bank account, but he cannot give us the cash. We can come back tomorrow to get the cash. I manage not to have a stroke or explode. However, we CANNOT come back the next day because we are getting on a plane in about 8 hours. The clerk explains that there is a regulation against making the currency exchange and receiving the cash from the same bank on the same day. Wouldn’t want to deprive China of MY money, ya know. The only solution he can offer is that we go to another branch of the same bank and see if we can withdraw the cash. Which we do, but only after I give the clerk a piece of my mind about good customer service and that not telling us everything we needed to know up front the first time and requiring us to come in 3+ times to get our own money was not good customer service.

Lesson learned. I now know to take all possible documentation with me, even things I might not need.

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