On Oct. 25, Shing Lee deposited a $30,000 check from her HSBC account to a Maspeth Federal Savings Bank branch next to her store, Party Solver, at Metropolitan Ave. and 70th Drive. Maspeth Federal insists it was just following protocol by telling Lee that she had to wait 30 days after the check cleared before she could withdraw funds - on Nov. 28, or Black Friday.
"It delayed my progress, and I had to rush for the opening," said Lee, who filed a complaint on Nov. 11 with the federal Office of Thrift Supervision, an agency within the Treasury Department that regulates savings banks.
Janet Frank, a spokeswoman for the agency, declined to address Lee's specific gripes for privacy reasons. But she referred the Daily News to Federal Reserve Board guidelines that suggest Lee's deposit should have been available within a "reasonable period" of no more than nine business days.
Owner of a party supply store denied funds
Maspeth Federal Savings: They treat you like family.
26 comments:
Maspeth Federal: "We treat you like family."
Sure they hold your money hostage for 30 days. Some family!
She should have went to Webb Schott Board Member of MFSB. He would have offered her one of his personal bridge loans, for 25% vig.
She is so hot.
Go to Ridgewood Savings - they are today what Maspeth tried to do years ago and did no succeed - competitive and provide superior service.
Wrong! Wrong1 Wronge!
I used to work for a major corporation as a senior financial officer, and before that, an executive at bank on Wall Street handling the needs of major corporate clients.
Corporations get credit THE FOLLOWING DAY AFTER DEPOSIT from checks in the lockbox, for example.
The laws were set up in the 1930s or ealier when it used to take days for checks to arrive in the mail, and to get confirmation from the issueing back that they were good.
Today the NY clearing house does it OVERNIGHT!!!
THE BANKS ARE SITTING ON YOUR MONEY AND USEING IT FOR THEIR PURPOSES DENYING YOU NOT ONLY ACCESS, BUT CHARGING YOU OUTRAGOUS FEES TO PAY AGAINST 'UNCOLLECTED FUNDS.'
THIS IS BULLSHIT AND LEGISLATION SHOULD BE ENACTED STOPPING IT.
NOW.
"THIS IS BULLSHIT AND LEGISLATION SHOULD BE ENACTED STOPPING IT."
Why wait for the corrupt politicians to correct this? Take matters into your own hands and switch to a bank that won't treat you like family. A good bank will treat you like a paying customer. A good bank is a bank that isn't failing.
Here's the question that Ms. Lee needs to have answered: What was Maspeth Federal doing with her money for the 29 days they had it and prevented her from using HER OWN MONEY?
This was NOT A LOAN! This was HER OWN MONEY!
Why is it illegal for a thief to refuse to give your money back, but Maspeth Federal can keep your money?
Time to dump Maspeth Federal. Maybe this bank is failing and that explains the refusal to give Ms. Lee HER OWN MONEY! Is this bank on the list of endangered banks? Get out now before you get the answer!
"Here's the question that Ms. Lee needs to have answered: What was Maspeth Federal doing with her money for the 29 days they had it and prevented her from using HER OWN MONEY?"
Financing the destruction of neighborhood landmarks, erecting monuments to employees on public property and giving this guy a year-end bonus.
They did the same shit to me at Bank of America---and worse.
I had cashed out on a 50K CD from Countrywide Bank. Once the money showed in my account on my PDA I went to the bank to take it out in cash.
I had been scuba diving and had on my trunks and some gear. All the tellers are assisting dozens of illegels (who have Bank of America VISA cards)yet cant read , speak or write fill out money orders to other country's.
Anyway the Bank wanted to give me an out of state corporate CHECK I could cash in 30 days !!
I started arguing with the manager then he accused me of being drunk "why I’m dressed like a nut" and how he had to "protect me from myself"
I refused to leave the bank so they called the cops. The cops check me out and tell the manager;
"He’s not drunk or high and is a customer of yours that’s a rather faulty accusation, discrimination and took a report"
The bank had to call the branch manager in from his golf game to allow the cash. They then started to ask me my occupation, SS#, Drivers licence, wanted to take a photo, birth date.
The whole ordeal took 2 hours!!
The bank manager has since been fired and I have a discrimination lawsuit pending with the 911 tape.
Banks have a limited supply of liquid; they don’t want to give up cash without playing with 30 days interest free.
The FDIC now has up to 10 years to pay you back in installments. The new rules now say "as soon as possible"
Mother F_ criminals all of them.
My advice to anybody with liquid go get it before you loose it or the bastards burt it on you!
-Joe
What was Maspeth Federal doing with her money for the 29 days they had it and prevented her from using HER OWN MONEY?"
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Its a scam to use peoples money interest free.
This goverment bailout gave the banks all sorts of permission's to do anything they want to help themselves.
It was so rushed, long and complicated nobody read the print at the bottom of the rear pages.
All the responsible people who played by the rules get fu*ked in this deal.
Bank managers, owners and the tweeds that got suckered into all the defaulted loans make out like bandits!
While they held her money, they collected intererst that they kept, no doubt. Gonnifs!
Is a 30 day hold even legal?
MFS already did enough damage to the community by building that enormous drive-through that makes its neighbors sick with car fumes! Hope the bank goes under.
It is strange that her money had to be held. At least my taxes aren't bailing out MFS bank.
Is she legal? Did she pay taxes on the 30 k.?
Is a 30 day hold even legal?
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Yes Federal law now lets them. Apparently the bank can stall longer if needs the money or feels it has to protect itself for whatever reason. (even if they can make one up)
For example:
If you cash $20 BANK CHECK and (it actually clears in under 3 days remember check 21 ?)
However your local bank only has to make liquid 5-7 thousand of YOUR money after 5-7 days.
The balance (or anythinh over 10K) at 10 day intervals post that.
Banks policys now read like a Chinese menue. Banks can also "opt to opt out" of there own terms at any time.
If you have a lot of money your bank could go under befor you can get all your money out in cash.
MS.Lee could have asked for 5K after 7 days but im sure the bank didnt tell her.
I read the article note the privacy issue.
Sounds like the Maspeth bank may be a little dity and giving Illeges accounts overlooking bogus forms of ID like Bank of America
Perhaps Ms.Lee had an HSBC Group Global account and that $20,000 was deposited from another country.
This is very common in this shit sanctuary city. Also remember who did and edited the this 1/2 story.
-Joe, you swin with the fishies?
I see the bigots on this blog can spew their ignorance in any type of post.
You can deposit money in Maspeth Federal, but it is much harder to get it out. I had a similar experience. I sold some stock to pay for college tuition, deposited the check and after a week, started to write checks against the money. The checks bounced because the bank said I had to wait 30 days. Nobody told me this and as soon as it cleared and I had to pay for the bounced checks, I took my money out of there. Once Maspeth Federal was the only game in town. That's not the case anymore. WAMU has excellent service and they don't hold your money. Ridgewood, HSBC, Chase and Valley National are all good and don't make you feel guilty about withdrawing YOUR money. Show your dissatisfaction by taking your money out of there.
I see the bigots on this blog can spew their ignorance in any type of post.
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Oh I am sorry, American citizens cannot comment on their polticans running after support and votes while their needs are unmet.
Please excuse us for pointing this out.
You asshole.
Is she legal? Did she pay taxes on the 30 k.?
Sunday, December 07, 2008
Yeah.What the hell is that.Im sure she worked for her money.
But on the other side of groups who cry wolf,take a look at the new Village Voice cover story of the Lubavitcher kosher "businessman" who had illegals working for him at his plant, wrote millions in bad checks,tried to flee the country,and threatened kosher competition.Of course only one or two orthodox believe he did the crime.Otherwise the Crown Heights blogs from brainwashed orthodox say the FBI are on a anti semiatic crusade.Check out the article its very interesting.
-Joe, you swin with the fishies.
-------------------------
...AGA and AOW sometimes with my bug bag to feed the E Hampton yuppie scum and more !
-Joe
Read the bigoted remarks with care. Maspeth Federal has a vested interest in having readers take their eye off the ball with diversionary remarks.
The money is fully owned by Ms. Lee.
Her gender, nationality, race, or citizenship status have no part to play in the fact that Ms. Lee owns the money.
The question remains: What was Maspeth Federal doing with Ms. Lee's money for the 29 days it prevented her from using it (her own money)?
Is Maspeth Federal failing? Why else would it keep her money?
Is someone in the bank dipping into customer accounts? Is this the reason?
Is the account of any customer of Maspeth Federal safe from insider theft?
If OJ just got up to 33 years for trying to steal his own property, why is Maspeth Federal using customers' property without permission and without legal action?
Where are the investigative and regulatory agencies on this unauthorized use of a customer's own money?
Ms. Lee, take your money (in cash) and deposit it elsewhere; I believe your account with Maspeth Federal is probably unsafe. I believe Maspeth Federal is probably an unsafe bank.
As for the rest of Maspeth Federal's account holders, decide for yourself if this bank is an unsafe bank. Why would a bank refuse to pay out a customer's own money for 30 days? I believe the bank is in danger of failing.
"Ms. Lee, take your money (in cash) and deposit it elsewhere;"
Good advice, I pulled my money out of that scam bank years ago,
fuck MFS! They are doing this to me too. I am a consultant and I get a lot checks ranging from single digit dollars to thousands. Example: deposited a $69 check on 9/27 and not a fucking dime of it available to me on 10/1.... I asked them about this and said chase has something available to me on the same day. MFS says big commercial banks clear faster than we do. WTF? I switched from chase because of the fees and such. Sometimes I don't get to deposit any money and the chase acct would zero out because of all the fees and after a while they close your acct. MFS doesn't do this and I can leave a dollar in there without them closing my acct if I don't make a deposit for a long period of time. I don't know what's worse now. Mega fees or slow check clearance. Fuck all the banks!
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