Travelers Express Money Orders - Dime Bank, Long Island, NY - bank did not deposit as cash

# 4 for February 9, 2002

Complaints.com received the following e-message on February 8, 2002:

From: Tim Haley [Email User]

Travelers Express Money Orders - Dime Bank, Long Island, NY - bank did not deposit as cash I bought a Travelers Express Money Order for $1000 and gave it to my son as a gift. He deposited into his checking account at the Dime Bank (Long Island, NY). The bank did not deposit the money order as cash - they hold it for 5 days...it's their policy.

Of coarse he did not think to ask how long it would take to 'clear', after all it was a money order. Well $90 in bounced check fees because the bank held the funds for 5 days. He has gotten no satisfaction from the Dime bank - they won't take off the fees...

The teller did not inform him it was not deposited as cash...and he didn't ask. So much for money orders that are as good as cash. The banking industry is getting out of hand.. Thanks --- good luck. Tim