How Geico and Synchrony let me down

[AlphaKap]

That sucks but banking regulations may be on your side with regards to the lender. As far as credit cards and mortgages are concerned Regulation Z requires banks to credit the payment as of the date of receipt except for nonconforming payments such as a mailed check in customer supplied envelope with no statement slip in which they have 5 days, or a given receipt time cut off for that day may push to the next day. Two party checks may also be considered nonconforming. The date they post the payment is a different thing. Meaning even though they get the payment on lets say January 7th it may take time to process the payment for various reason including required federal anti money laundering laws or their own anti check kiting and fraud strategies. So when they finally post the payment on lets say the 14th the as of date should still be between the 7th and 12th. Even though that process may take days or more in some cases under regulation Z the payment posting date must still be the date of receipt or less than equal to 5 days later in the case of a non-conforming payment. Not sure how this applies to boat loans but I would check on the federal reserve or CFPB websites. My guess is that while boat loans are not specifically called out in reg Z that the CFPB has at least issued guidance to be treated as a secured term loan.

Another guess that I have is that you may have been provided an address to send the check to given you were sending with tracking of some type and perhaps even a payoff quote for given date from the conversation. In this case the bank must credit the payment as of the received date even though the processing amd posting process may take some time. In which case weeks is very unusual.

The fact they will owe you money is also covered and once they post the payment and you request a credit balance refund they do also have limited time to send that refund.

One last guess is that there like are similar laws regarding insurance claims.

Best of luck to you.

This was really good info. At a minimum it provided some good info for my return call.

Thanks!

 

[Dwrat]

AlphaKap,
Once everything is said and done and you receive your $32K, find yourself a couple year old 242 and pay cash for it.
You can thank me in the future.
If you wish, you can send me a thank you e-mail every month for the rest of your life.
Cheers to all you Snowflakes who got your panties in a wad over my personal beliefs.
BTW, please don't reply to this post, anyone.
Remember the best way to deal with a "Troll" is to NOT respond to the said troll.

 

[swatski]

AlphaKap,
Once everything is said and done and you receive your $32K, find yourself a couple year old 242 and pay cash for it.
You can thank me in the future.
If you wish, you can send me a thank you e-mail every month for the rest of your life.
Cheers to all you Snowflakes who got your panties in a wad over my personal beliefs.
BTW, please don't reply to this post, anyone.
Remember the best way to deal with a "Troll" is to NOT respond to the said troll.

Hmmm.... I can't decide if the above is a "troll" or a "dick" (comment/post).
But either way, you seem to be a bit clueless with your (rather useless) "info".

--

 

[Neutron]

AlphaKap,
Once everything is said and done and you receive your $32K, find yourself a couple year old 242 and pay cash for it.
You can thank me in the future.
If you wish, you can send me a thank you e-mail every month for the rest of your life.
Cheers to all you Snowflakes who got your panties in a wad over my personal beliefs.
BTW, please don't reply to this post, anyone.
Remember the best way to deal with a "Troll" is to NOT respond to the said troll.

Definitely something CT would say

 

[Dwrat]

Wow, all you Snowflakes just can't ignore my postings, even when I ask you not to respond.
If I'm a troll, you guys are easy fishing for sure.
If I'm CT, you guys are really fast and busted me quickly.

 

[djetok]

Wow, all you Snowflakes just can't ignore my postings, even when I ask you not to respond.
If I'm a troll, you guys are easy fishing for sure.
If I'm CT, you guys are really fast and busted me quickly.

This forum is too help people with their boats. He was venting. Keep in mind that if you actually own a jetboat and you have a issue with said boat. If everyone puts you on ignore for disliking your tact. How are you going to get help?

 

[Cobra Jet Steering LLC]

Lets all just take a deep breath and then give each other a big hug

 

[Dwrat]

Lets all just take a deep breath and then give each other a big hug

Thanks, brother.
Peace everyone.

 

[Bluewater272]

Wow, all you Snowflakes just can't ignore my postings, even when I ask you not to respond.
If I'm a troll, you guys are easy fishing for sure.
If I'm CT, you guys are really fast and busted me quickly.

Whoever called him out as Clemson is a clear winner.

 

[the MfM]

So I reread the first poast. And I get it’s frustrating for the OP. But it’s pretty much standard practice as far as dealing with insurance companies.

I dont know the details of the fire obviously. But if the storage yard had any liability and insurance it’s much easier to play the insurance companies against each other and get a faster/better payout.

 

[Dwrat]

Whoever called him out as Clemson is a clear winner.

LOL, you just can't leave well enough alone.

 

[Dwrat]

Sorry guys,
I am no longer responding to this posting.
Good luck to the OP and I hope you find what makes you happy.

 

[Beachbummer]

So I reread the first poast. And I get it’s frustrating for the OP. But it’s pretty much standard practice as far as dealing with insurance companies....

Agreed...just pushing paper, being the slow poke they can be...BUT the bank refusing to issue the check with the overage in an expedient fashion after receiving the full payment is inexcusable, and borderline criminal in my opinion. If you stopped paying the note for 60 days they might take the boat for all I know...They had no further interest in the boat, there is no valid explanation for keeping the money.

 

[n1111z]

Sorry guys,
I am no longer responding to this posting.
Good luck to the OP and I hope you find what makes you happy.

Bwahahaha! in the words of the immortal Dave Ramsey, "Somebody call the wambulance!"

 

[Beachbummer]

After being called on it Dwrat did not become belligerent, and appeared to accept his opinion was not the end all of the world. Not awesome participation, but at least dissuaded from pouring more gas on the fire.

I think if Clemson Tiger had not happened the board would be a little more tolerant of poorly worded "mean" opinions expressed as fact... I guess our collective patience seems a little shorter than it once was a few years ago.

Not saying it's good or bad, just making an observation.

The point of being here is to present differing opinions, hopefully in a respectful way. If we can convince and convert maybe those that are borderline will return to a more civil tone.

(Don't kill me!)

I think this d@mn winter is not helping either...

 

[the MfM]

Agreed...just pushing paper, being the slow poke they can be...BUT the bank refusing to issue the check with the overage in an expedient fashion after receiving the full payment is inexcusable, and borderline criminal in my opinion. If you stopped paying the note for 60 days they might take the boat for all I know...They had no further interest in the boat, there is no valid explanation for keeping the money.

Well, again in the original post the bank got the check on 12/28 and is waiting till the first week of February to release the money. They can say whatever about money laundering and what not. But I’d be willing to bet they are waiting to make sure the check clears and this isn’t a scam. No offense OP. I deal with insurance/bank payouts for work. When the $$ is at a certain point this waiting is pretty standard. Part of the reason insurance work pays well is you generall don’t get paid for months.

 

[the MfM]

After being called on it Dwrat did not become belligerent, and appeared to accept his opinion was not the end all of the world. Not awesome participation, but at least dissuaded from pouring more gas on the fire.

I think if Clemson Tiger had not happened the board would be a little more tolerant of poorly worded "mean" opinions expressed as fact... I guess our collective patience seems a little shorter than it once was a few years ago.

Not saying it's good or bad, just making an observation.

The point of being here is to present differing opinions, hopefully in a respectful way. If we can convince and convert maybe those that are borderline will return to a more civil tone.

(Don't kill me!)

I think this d@mn winter is not helping either...

Well said. I think in general a lot of forums create trolls by not allowing alternate views to be expressed.

 

[Bruce]

@Dwrat is not Clemson Tiger however I would like him to read Our Code of Conduct and for all of us to abide by it.

 

[AlphaKap]

Well, again in the original post the bank got the check on 12/28 and is waiting till the first week of February to release the money. They can say whatever about money laundering and what not. But I’d be willing to bet they are waiting to make sure the check clears and this isn’t a scam. No offense OP. I deal with insurance/bank payouts for work. When the $$ is at a certain point this waiting is pretty standard. Part of the reason insurance work pays well is you generall don’t get paid for months.

I don't disagree at all. I'm not as mad about them holding off on the funds as I am that they did not tell me on earlier calls when I specifically asked when they would send it.

I don't think it is their policy or intent to deceive. It is probably lack of training.

Of course it doesn't hurt that they get to sit on the money an extra month.

 

[AlphaKap]

And sorry for the drama. I just wanted to vent and if it stops a few new accounts for either company that is bonus.

At least this is off season. One month will be forgotten come summer.