First Tennessee Bank

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Why is a HOLD placed on large deposits from a next door personal bank acct?
Posted by on
GREENEVILLE, TENNESSEE -- I made a $12,000 deposit @ 3:45 PM, Thurs., 1/20/11 into a First Tenn Bank personal account that I've held since '94. This deposit check was written on another personal checking account held at a solid Greeneville regional bank; to pay a First Tennessee Visa Card payment due on 1/23/11. As always, I went online on the Fri., the 21st to pay my Visa payment via transfer but the money was 'not available', as tho I had never made a deposit.

I called a lady that I've been doing business with for years at the E Branch First Tennessee Bank and her first question was, "Did you deposit that here or downtown and before 4?" Told her I happened to be downtown and knew it needed to be in by 4 PM to get into my account the next day so that is where I deposited it. She said, "May I call you back?" and I said okay. Waited a couple hours and called her so she said because made the deposit downtown that I needed to talk to them, so she would transfer me. Also, informed me that $4,900 on HOLD til 1/24/11 and $7,000 on HOLD til 1/31/11.

The lady that answered the phone down at the Main Branch said the lady that actually PUT the HOLD on my deposit was at lunch and would be gone the FULL hour. She asked if she could help me so I told her my problem and she wanted to know if I had $12,000 more to pay off my Visa card!!!!!!! I was getting stressed at this point and asked, who has $12,000 extra just lying around?!!!! She stated, "don't scream at me" but was as tho she wanted someone in the room with her to THINK I was screaming. Then, she said that if I had brought a cashier's check from my other bank, there would not have been a HOLD in the first place. Now the bank whose check was on hold is right beside the bank holding it! I asked if there was somebody else to whom I could appeal and she said, you can hold for the Main St Branch Mgr.

He gets on the phone, I explain my problem and also, that I've made these personal banking deposits before with no problems what-so-ever at the E Branch on AJ Hwy. With no humanity, he stated that several years ago the federal gov't changed the rules for HOLDS to be put on large deposits so that would include ALL large deposits. Told him I felt as if $12,000 intended for a bank Visa payment had been stolen from me. I had already been on the First Tennessee Bank website and to the Question: Why is a hold placed on large deposits? It answers: On a case-by-case basis, a hold may be placed on deposits more than $5,000 to verify funds. You get the picture but by this time, my blood pressure was up and I knew that I needed to get off this phone and fix my own problem but for sure, stay away from this bank so I said, "Thanks so much, God Bless you" to which he said, "uh-huh", and hung up.

I then took just about all money out of my interest bearing account to pay my VISA Bill. This is not the first time that the main branch has rigidly refused to do what would be right for the customer on a 'case by case basis'.



     
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trmn8r on 01/22/2011:
This is standard practice, as was explained to you. My banks put the amount of the "hold" right on the deposit slip.

As a deadbeat credit card holder and bank hugger, I don't see anything the bank did wrong here. I have never considered asking for an exception to the hold policy - I just didn't expect to use the funds for a week or more.
trmn8r on 01/22/2011:
Here is a link to the federal guidlines:
http://www.federalreserve.gov/pubs/regcc/regcc.htm
spiderman2 on 01/22/2011:
Why didn't you just pay the visa card from the first bank account instead of transferring it to a second account?
yoke on 01/22/2011:
What did your receipt say as to when the funds will be available. Just because the bank is right next door means nothing.
tnchuck100 on 01/22/2011:
spiderman has presented the most burning question. Why was an unnecessary step added to the VISA payment process?
Obsfucation on 01/22/2011:
Checks clear through the Federal Reserve system. The fact that the banks are next door to each other doesn't mean that the check doesn't have to travel to another part of the country to clear.
Anonymous on 01/22/2011:
Any bank would place a hold on a large check deposit like that, regardless of where it is being drawn from...I would have just withdrew the cash from one bank and placed it into the other.
olie on 01/22/2011:
My first thought was, "Why not just pay online from the bank to the VISA card?"

The hold is actually to protect both you and the bank. Sadly, there are people who write bogus checks, and others who accept them. The hold prevents the recipient(customer or bank)from losing large amounts of money.

In addition, both banks are required by law to report to the Feds any transaction of over $10,000 or more. Be sure you keep all the records of the withdrawal and deposit, as well as where that money came from.
tnchuck100 on 01/22/2011:
olie, please site the law "to report to the Feds any transaction of over $10,000". I would be interest in reading that one.
Anonymous on 01/22/2011:
A CTR is required for every deposit, withdrawal or exchange over $10,000 in cash. Wire transfers or transactions by check and non-cash means are not subject to the CTR filing requirement. The requirements apply to all accounts, whether individual, group or corporate, regardless of their size. Banks are also required to aggregate all cash transactions made by or on behalf of an account on the same business day and at all branch locations. Transactions over the weekend or on holidays are treated as if made on the following business day. If the aggregate total is $10,000 or more, a CTR is required.

http://biztaxlaw.about.com/b/2009/09/05/irs-says-you-must-report-large-cash-transactions.htm


tnchuck100 on 01/22/2011:
ript, I knew about the cash rule but I have not seen the one that covers ALL transactions.
Anonymous on 01/22/2011:
The CTR requirement does NOT apply to check and non-cash transactions or I would be typing this from a cozy prison cell.
GenuineNerd on 01/22/2011:
It is bank policy to put holds on large checks. I recently borrowed money against a life insurance policy to pay off credit card debt...when the check arrived, I was told by my bank that so much money would be held until a certain date, and the rest of the funds, at a later date. I see no problem with that policy...the bank does want to protect itself from potential fraud...there have been too many people (and banks) who were burned over phony cashiers checks...usually scams pulled via unsuspecting eBay and Craigslist transactions in which the bidder or buyer pays more than what the transaction is worth and the person sending the check asks that the excess be wired back, only to find that the check issued was counterfeit, stolen, or fraudulent.
ticia232 on 01/22/2011:
Why don't you just get a cashier's check from the other bank?
Since the personal check is on hold you can do a stop payment on that check and get a cashier's check from the other bank. (Been there, done that.)

Voila! Everything fixed.
WW on 01/02/2013:
I had the same issues with a certified check being held at my credit union. I released the money in increments... I think its total BS. A certified check is supposed to be the same as cash and guaranteed.
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First Tennessee Bank is no longer a good place for commercial business.
Posted by on
Rating: 1/51
TENNESSEE -- I have done business with First Tennessee Bank for over 20 years mostly in commercial loans. In commercial lending you are set on a 5 year plan where they re-adjust your rate and start your amortization over. Out of the blue during a 5 year re-adjustment time period they decide that after all the years of business and all of the interest I have paid them they no longer want to redo the loan. In all the years and hundreds of thousands of dollars in interest I have paid them they say they are done with me. I have never been late and never missed a payment. They dragged their feet in letting me know anything about what their decision was until about 10 days after the maturity date expired. Then they charge me prime plus 8% until I could find another bank to take the loan. They also had a lawyer draw up papers wanting my to sign saying that I was delinquent in paying the balance and charged me over $800.00 in lawyer fees that they tacked onto the end of the payoff. I have heard of this happening to several other people also. They seem to be driving their good customers away. I had no problem finding another bank to take my loan and will for sure NEVER do business with them again. It took me about 4 weeks to get the new loan in place after waiting on appraisals, title work, etc... which compounded the high interest. I have also made it a priority to get everybody I know to drop them which I have been successful in doing so. So far to date I have had 5 people close accounts with First TN after hearing my story. The result has been pulled deposits from First Tn and closed accounts to the tune of over $30,000.00. They do not have anybody any longer local to handle Commercial loans and the people I have been dealing with on the phone and emails are very harsh.
     
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trmn8r on 07/14/2012:
Banking is a harsh business, and tough decisions are often made. The bank must have had what it felt was a good reason to not renew the loan.

I doubt the $30,000 that you allege others have withdrawn on your say so means much to the bank in the grand scheme of things. Decisions are made and let the chips fall where they may is their attitude.

Did they tell you why they no longer wished to loan you their money?

Edit - here is a 3-day old story featuring an officer of First Tennessee, which says small business and personal credit is very hard to come by at this time. You may be the victim of the longterm fallout of the 2008 crisis.
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Thieves and Crooks
Posted by on
Rating: 1/51
MEMPHIS, TENNESSEE -- The First Tennessee Bank is a thief. Paid off a home equity loan in a refinance to build two buildings at 11E Mini Storage. Ended up overpaying due to payments in the mail when closeout was done by other bank. Took me 76 days and 6-8 phone calls to get my money. Of course, they didn't pay me any interest or late fee for their tardiness. The office of the President of FT told me today, that the delay was just the way their system works, tough luck.

Run, don't walk to get your business to another bank so those crooks don't get you too. I bank at First Bank and Trust, who is great.
     
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Horrible Website and Customer Service
Posted by on
Tried to set up my online banking enrollment. Three phone calls and over an hour of my time later, was transferred to a "technician" who informed me that the website everyone else in customer service told me to go to was the wrong website. Then when filling out the information, was told that selecting "no" for "would you like online bill pay" will result in an error screen and that I can't select that (which no one else in customer service seemed to realize).

Terrible education of the employees (re: understanding the company, websites, etc.), horrible website, and rather rude reps who make you do the same thing 3-4 times, all the while when you are trying to explain technology and how to do their job to them. Total waste of time, only bank here because my corporate HSA requires it.
     
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Long time customer gets screwed over refinance inquiry
Posted by on
I called for information about refinance rates and spoke with a representative of First Tennessee. He went over the terms with me on the phone and I gave him my credit card information. When I received the paperwork, I was dumbfounded:

Closing costs were nearly 30% higher!

I called and spoke with a representative and was transferred to a Mr. Wood. I canceled my loan refinance and then the rip-off began. I was so surprised at the abject rudeness and blatant out and out lies that Mr. Wood spewed, that I was prompted to call my brother to ask what I should do. He directed me to his mortgage person who advised me that I could pay points and get a much better loan.

huh. I ASKED First Tenn about this, and they said I could NOT do that to my advantage!

Further, they never advised me that I could have the settlement at a settlement office of MY choice! (because that would have saved me money, too!)

The more I found out, the more leery I became of doing business with First Tennessee via their representatives at something called "mortgagefamily.com"! (this year, I see, that address is pointing to yet another domain: "www.mortgageloanstatus.com") Mr. Wood's threat that they had a tape of the conversation, was met by my plea, "Please LISTEN to it, then!" Despite this, they charged my credit card and my credit card company asked me to file paperwork that would charge them with fraud. I took my mortgage and went elsewhere after being with First Tennessee for over ten years. I have not received credit for the $500 that First Tennessee took from me and I have done nothing but tell everyone who will listen about this whole event. It's been over two years, but hey - I have plenty of time to spend.
     
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getoverit on 10/24/2010:
I'm no expert but the discount points that are available with various loan programs that are being offered through various mortgage companies are never the same. Whether one program is advantageous over another depends on a lot of factors, some of which might even be quite subjective. But it's something for you to decide, not one of these guys who is trying to sell you a mortgage. The fact that two different guys tell you different things likely reflects nothing more than the fact that they have different programs to sell.

If you can find a mortgage pimp who's willing to be tell you up front exactly what they are offering and on what terms, you're ahead of the game.

You mentioned two other things: 1) painting a "rosy" picture over the phone as to how much closing costs are and getting a big shock when you see it on the Good Faith Estimate. 2) Not being told that you have the option of picking a settlement office. It's unfortunate but, in my experience, they all do that.

I don't know about the $500 and whether there was any agreement that it would be refundable. Often, the initial payment is used to pay for an appraisal. If First Tennessee did use that to get an appraisal on your behalf, you might be able to get them to provide the appraisal to another lender. If it's two years old, however, that likely would not be worth the trouble.
Anonymous on 10/24/2010:
I am no expert either but that initial fee I paid was for appraisal, credit report, tax transcripts, and application fee. It was non-refundable.
Liyhann on 10/25/2010:
Thanks for your comments. Laws are apparently different in every state. The second mortgage person said that I am by law to be informed I can have a different settlement attorney. In all the times I have purchased homes or refinance, I have never done so without paying points. I remember him making it clear that the money was non-refundable, but I had no idea that he meant: even if he was being fraudulent in his representations! Frankly, I don't remember if the money was specifically for an appraisal, which wasn't done because I canceled so quickly (within days, a week at most when I received the papers)

getoverit says: "If you can find a mortgage pimp who's willing to be tell you up front exactly what they are offering and on what terms, you're ahead of the game."

I guess what you are saying then, is don't do business over the phone - even with your current mortgage company - (at least First Tennessee) because they can tell you whatever they "have" and if you agree to give them an initial fee, you are paying for the luxury of receiving their lies on the phone and the proof of their lies in the mail.
getoverit on 10/25/2010:
To some extent, I'm sure that doing business over the phone is unavoidable. But there's no doubt that what is in writing will carry more weight.

When you say that you "took your mortgage and went elsewhere", I hope that means that you got refinanced on terms that you are happy with. That, certainly, is a much more important than claiming fraud over a $500 charge.

That said, I also hope you are successful with the fraud claim. Like you say, laws are different in different states. But, unfortunately, my guess is that these people have their bases covered. The paperwork probably did say somewhere that you have the right to choose a settlement office. And I bet they are under no obligation to provide you with closing cost info. until you apply. That's when you get a "Good Faith Estimate" that details all that stuff.

They do this all day long and pretty much know what they can get away with.

Best of luck to you. I hope you will let us know how it turns out.




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Teller doesn't seem to understand whose money it really is
Posted by on
Rating: 1/51
FARRAGUT, TENNESSEE -- After 11 years using the same branch (and they never seemed to know my name or even that they'd ever seen me before), I went in to make a fairly sizable withdrawal. Got a lecture from the teller that they could run out of money and I needed to give them some notice before withdrawing! Is this woman insane?? It's MY money!!!

Hate this bank and no longer use them.
     
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BigAl on 06/09/2013:
When making a sizable cash withdrawal it is prudent to give the bank a heads up. They do not keep all of their deposits on hand. That is not how banks operate. You are fortunate they let you withdraw a large sum without notice.
trmn8r on 06/09/2013:
What they told you makes sense. I once went to withdrawal only $3 grand, and it was more difficult than I imagined.

The bank doesn't have all its depositors' money in the back room, as odd as that may seem.
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Inaccurate credit report
Posted by on
MEMPHIS, TENNESSEE -- I used to have a home equity line of credit with First Horizon/First Tennessee. I refinanced it in 2006. Something happened in the refinancing, and First Horizon claimed to not get the payoff check from the other bank for 2-3 weeks. This resulted in a $200 dispute between First Horizon and me for extra interest. First Horizon continues to try to negatively affect my credit report. Even though the disputed $200 payment goes back to 2006 and has now been paid, I have been told by other banks that First Horizon is noting on my credit report that this was "foreclose", which never happened, and that there is a late payment on my credit report within the last few months. I have also been told that First Horizon is showing 4 ninety day late payments, which also never happened. I have contacted First Horizon to get this cleared up, and they refuse to do anything.

So, because of a negative report about a disputed payment 4 years ago, First Horizon is still negatively affecting my credit.

It is impossible to remove negative credit information, even if it's inaccurate.
     
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goduke on 06/07/2010:
It's not impossible to remove negative info. You should dispute the report with the credit agencies, and see what documentation they come back with.
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Legalized Criminals
Posted by on
TENNESSEE -- If you want to give away your hard earned money then bank with First Tennessee Bank. Their computer is set to hold all transactions when your balance gets low in the event you overdraw 5 cents they post all the transactions from before you were overdrawn and hit you with numerous $30.00 charges for transactions that were covered when the transaction occurred. It is their policy to rip people off and tell you how profitable they are. I would be profitable too if I could steal hard working folks money as they do.

I checked with 2 other banks who knew of this scam they pull on people. So if you are smart you will steer clear of this bank unless you want to make yourself sick.
     
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Hugh_Jorgen on 05/10/2009:
Many banks are doing the same thing these days. Gone are the days where you could "play the float" with banks - deposits and withdrawals are almost instantaneous the days.

Bottom line is don't write checks if there isn't money in the account to cover them - that is the only way to make sure you don't get hit with these charges.
Nohandle on 05/10/2009:
Hugh is absolutely correct in that the float game doesn't work anymore. We have, however, heard from many members that some banks have instantaneous withdrawals but deposits tend to take a bit longer. I can't imagine why.
Anonymous on 05/10/2009:
Think about it.... if one was not writing hot checks (or debits) it would be a HUGE benefit to the depositor if they held debit items. Think of all the extra interest they'd have to pay.
BokiBean on 05/10/2009:
Koliqia, never, never, never, never make a mistake and overdraw, or your bank will screw you with no qualms about it. They can make mistakes without excessive penalties, but you cannot. In fact, some of these banks have been paid for their mismanagement...but forget that, just remember that you're the customer now, and customers are going to pay out the wazoo.

Come on over to the credit union side, life is a little more fair there.
Anonymous on 05/10/2009:
I agree with Boki. Life is more desirable on the credit union side and they are more likely to work with their customers in a fair manner. With that said, credit unions will still hit you with NSF fees if you overdraw your account. Make sure to keep your checking account register up to date and make sure there are funds to cover your transactions at the time they are made.
Anonymous on 05/10/2009:
Excellent advice Johnny, on all points.
Ponie on 05/10/2009:
'...if I could steal...money...' So what do you consider that 5¢ you overdraw? Ooops! Forgot. That's just 'borrowing,' not stealing. Well, in that case you have to pay interest on the money you borrowed in the form of overdraft fees.
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Horrible Company
Posted by on
MEMPHIS, TENNESSEE -- This company is the most horrible place to work in the city much less the most horrible place to bank. It continues to do 'creative posting' so that their customers incur the most about of NSF and overdraft fees. They have this hidden 'courtesy limit' which allows their customers to go overdrawn using their check card specifically designed to created more fees to the bank. On top of that we have been drilled to say "We cannot refund any fees unless it is a bank error". How ridiculous.

I can no longer work for a company that I have no confidence in and goes against everything I believe.
     
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jktshff1 on 08/14/2007:
not refunding fees when it is not a bank error makes sense, not their fault people can't keep good books.
customers have used creative check writing for years.
the charges and extra fees are usually spelled out in writing.
btw...don't work for a bank and never have.
what did they due to you, have you quit?
Anonymous on 08/14/2007:
How long ago were you fired?
dashriprock on 08/15/2007:
I was not fired and went to work for another bank.
Anonymous on 08/15/2007:
Dashripfock, I applaud your principles there are too few people that posses them these days.

I know what you are saying and it’s not that uncommon. United Missouri Bank did the same thing when they first started up. I had closed out my account 6 months and was still getting bad checks coming to me in the mail and the bank was adding fees on to my closed account. I would stand in line at other banks and here the same story from other people in line.

What they were doing is posting checks two and three times, the trick was next to the check amount there was no check number. So how could you prove anything? The way they got away with it was 1. You can’t argue with a computer. 2. They would use the same old crap that people fall for now which is: “not their fault people can't keep good books” Most people do keep good books but because of the attitude they it happened to someone else and not “me” the banks just keep doing it. How brain dead can people be?

Very good review!
kingbean on 08/16/2007:
I sort of stumbled upon your comment about First Tennessee Bank and I'm so glad I did.....my son has had business accounts at 3 different banks in West Florida and I monitor the account. It became apparent that there was a "pattern" associated with overdraft fees. The pattern was that there would be "pending" items showing on his account the day I viewed it and the next day the "pending" items would show as "posted" along with a couple of checks that were also clearing. It was interesting to me that even though those "pending" items from the day before had been deducted from the account balance, a day later they were "stacked" so that IF there was a possibility of an overdraft the bank could charge the fee on the 8 debits, (which had already cleared) instead of on the 2 checks that cleared after the debits. I also found an overdraft fee on the account for a cleared check when there was a positive balance on the account.
As far as I'm concerned this is nothing short of usary. There should be some way to get some legislation started to change this outrageous procedure. We've heard the same thing about the fees. The other ridiculous thing is that the bank is taking 2 days to clear local checks. They do it in an attempt to make additional fees. I was so glad to come across your comment, as I didn't actually believe that banks would intentionally stack debits/checks cause the customer the most fees they could. I think I'll file a complaint with the Banking regulators in the State of Florida.
Denny Lee Williams on 12/04/2008:
I have recently been kicked out of the bank because the Male Mgr.of the east Nashville branch got his little pink panty's in a wad "if you know what I mean" All I said to him was don't make me get Red Neck on you about these NSF charges.They put my deposits in after my checks and the credit card division also lied about my deposits would go in immediately and so on.It's tough out there and these people have 0 compassion at this branch.I have nothing Bad to say about the Branch in Bellevue TN but the Bank on the East side is a bit queer.Any way my girl went to make a deposit at the branch the other day and the little ball headed nerd had the odosity to tell her she would have to go to another branch because they had a restraining order on me. Well maybe they do but were talking about a deposit this sweet young lady was trying to make. I do not recommend !st Tennessee unless you have lots of doe in your account because they are the Vultures of the industry when it comes to NSF fee's and they will not listen to your side.The avg price for NSF fees in this country are 26.00 they charge top dollar 35.00 and they discriminate no doubt.
Denny Lee Williams Nashville TN I
Liyhann on 10/24/2010:
I am not surprised. I, too, have met with First Tennessee's "how can we make money by screwing the customer?" attitude.
Anonymous on 10/24/2010:
Hasn't everyone opted out of these overdraft charges yet?????? EVERYONE should have opted out! Make sure you were given the chance to opt out of it If not, you may have a chance to get it back, and get the bank in a lot of trouble.
Anonymous on 10/24/2010:
How can you "opt-out" of O/D charges Prince?
Anonymous on 10/24/2010:
Obama passed that law where banks cannot charge overdraft fees unless the customer opts into it. Look it up. You should have gotten a letter from your bank in the mail stating if you wanted to opt in or out.
Anonymous on 10/24/2010:
I don't remember getting anything or I ignored it because I never O/D. I am going to look into that and ask the kids too - they are awful with their checking accts. You never know what is coming down the pike. Hope I didn't miss the window. Thanks for the tip!
raven2010 on 10/24/2010:
Prince, the law is a little more detailed than that. It only applies to ATM and debit transactions

http://www.federalreserve.gov/consumerinfo/wyntk_overdraft.htm
Anonymous on 10/24/2010:
The majority of OD fees come from debit and credit transactions.
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