My Defective Telepathy

[BobKamman]

Out-of-town client mails me their package of tax documents, including notices from the Department of Revenue about three refunds issued last year. Clipped to the notices are the actual checks. One of the checks is for more than $9,000. These clients have millions, but still – can’t they see these are worth something? Maybe because the checks are printed with a purple color scheme.

I have seen this before, with a client who was too busy to cash a refund check. They really aren’t checks, they’re warrants, and so banks honor the expiration date of six months after the issue date. They have to be reissued, which involves some paperwork. I return the checks to the clients with a note advising them that I’ll help them with that after April 15.

Meanwhile, another client drops off a tax package that includes an original $1,500 state refund check. Must be nice to be rich. I send him the same note.

For those who don’t keep up with modern times: You no longer have to go to the bank to deposit a check. You take a picture of the front and (endorsed) back and your phone has an app for that. Just keep the check as a souvenir. Some people will send it to their preparer.

My client emails me, that’s what happened. I ask the second client, same explanation.

I guess I should have known without asking.

[rbynaker]

This may vary by bank.  I think my bank wants me to endorse with "For Mobile Deposit" above my signature.  Some newer checks are printed with a checkbox on the back for mobile deposits.

I'm old-school and still take my checks to the bank to deposit.  I get to catch up with all of the tellers and have them make fun of me for still depositing checks. 🙂

[BobKamman]

I take my checks to the ATM.  I never set foot in banks.  The tellers lose their jobs if they don't refer you to the salesperson in the corner, who is peddling whatever annuity or mutual fund is paying the highest commission this week.  

I told a client who was earning 0.1% on $200K in a bank money-market fund to put it in a CD paying 5%.  The bank sold her a CD -- but inside a new brokerage account, where six months later they could call her up and switch her to something else.  

[IRonMaN]

I used to do my personal deposits by way of bank teller, but when COVID struck I replaced the tellers with my phone and I have never gone back.  Sign, check a box, take a pic front and back and done.  Business deposits are still done by way of bank tellers though.

[PATAX]

Many people still like old fashioned service. A few weeks ago a client stopped in and she had interest income from a new bank. She said the old bank location decided it was going to be drive-thru only. So she decided to move all of her money over into a new bank. There are probably many others like her.

[BobKamman]

@PATAX   What interest rate is the old-fashioned bank paying her?  Less than an online bank, no doubt.  Many people used to like buying their plane tickets from travel agents. Remember those?  Some think that real estate agents are the next occupation to be obsoleted.  

[PATAX]

@BobKamman I believe it is paying her a much better rate. The smaller financial institutions in this area, including credit unions, pay better rates than the larger entities. From time to time they have certificate of deposit specials . You can go on Fidelity and check interest rates, and if you have a Fidelity account you can buy Certificates of Deposit from entities all over the country. As far as travel agents, I don't know much about that. I don't travel much out of Possum Valley here. Last time I tried, Farmer Davis was kind enough to let me borrow one of his mules. But we came upon a rattlesnake and it done kicked me off.