There’s nothing new about online banking. Most everyone has been payIng their bills online for decades—except me. First, because it seemed a little too complicated to set things up, and second, because I didn’t trust the procedure. Turns out those were both valid concerns. However, when my daughter asked me to wire birthday money to keep checks from getting lost, I got dragged into online banking, kicking and screaming. It went fairly smoothly for a few months. In fact, it was great not having to write checks, lick stamps, and run to the post office. But it turns out your money can get lost in cyberspace. Beware of online banking pitfalls.
Things got a little complicated because I have a small rental property. The agreement with the electric company is that when a tenant moves out, the bill goes back into my name until a new tenant moves in and puts the electricity in their own name. . this arrangement has worked smoothly for decades.
This summer, I had to do a lot of redecorating, so the apartment was empty for several months. When I received the electric bills, I utilized the bill pay function of online banking. It was so easy, and I paid that way for three months. My bank statement showed I had made the payments. However, I recently got a notice that I hadn’t paid the bill for months. When I called Customer Service, I was informed that the payments that showed on my bank statement had never been received by the electric company.. They advised me to check with my bank as to what had happened, and fax them proof of payment from the bank.
My brick and mortar bank advertises itself as “one of the best banks in America.” At the front desk, a young woman sat beside a computer screen and asked if she could help me. I showed her the bill, and she found a record of my payments deducted from the balance on my checking account. She faxed the information to the electric company, and I assumed that would take care of the matter. It didn’t. When I called them back, it took me several minutes to be connected to the “Misapplied Payments Department” They said they still had no record of receiving online payments. They told me to be patient—that because of Covid they were short staffed, and it might take a couple of days to get back to me.
Fast forward to a week later. Still hadn’t heard back. Finally got in touch with someone at electric company who advised me to go back to the bank and find the electronic transfer numbers on the payments. Young woman at bank said it wasn’t possible. Said there was nothing more the bank could do, except fax the same information again. “It’s between you and them,” she told me. “We don’t find lost payments.” Then she turned her back and started working at her computer. “You mean, “ I’ve simply lost that money?” I asked. She didn’t’ answer. “I want my money back,” I said. She didn’t look up.
Got online, and found that it is the bank’s responsibility to find lost payments. Called someone higher up at the bank, and she agreed . They’re “working on it” right now.
Would I have been treated differently by the woman at the front desk of that bank if I were a young businessman rather than a female octogenarian? Was this a sign of ageism in banking?
