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I hate banks!

  • Thread starter jimscott
  • Start date

jimscott

Tropical Fish Enthusiast
We just got a chain reaction for 5 NSF's. Why? On Christmas Eve Lynn made a CASH deposit. 2 days later the bank charges 5 NSF's, for what came through, totally a mere $91. The fees were $175. Why is it that we put cash in, which is supposed to be available immediately, do they wait to credit our account until AFTER debits came through? There oughta be a law against cheating us customers and some sort of ceiling for charges to not exceed the amount that came through. Then, when Lynn followed up on that, she was told that the bank followed the correct procedure and told that we should have overdraft protection. We already tried getting overdraft protection and we were refused.They're nothing but greedy cheats!
 
Jim,
that sucks! :(
I wasnt sure what you meant by "NSF" so I googled it..
found this interersting story:

http://www.crankycustomer.com/at_my_bank_nsf_nonsufficient_friendliness.html

Im sure the bank will claim your deposit wasnt credited right away because of Christmas day...but there is no reason it shouldnt have credited to your account early on 12/26.
was it?
When did they credit it? oh...I see now..this whole thing happened on the 26th right?
they chose to process the debts immediately before the deposit..
how convenient..
sounds like a scam to me.

thats just really crappy customer service, and I would start looking for a new bank!

Scot
 
That suuuuucks. You should probably get away from that place as fast as you can.
 
Sounds like that should now be SOP for opening new accounts at banks and ask about procedures for NSF's. That's a great story that Scotty linked.

xvart.

edit: I just realized the cash part. That is totally insane. They are holding the money in their hands!! Money doesn't have to clear - it just has to be put in the drawer.
 
I have had that happen.
banks make most of there money from 'fees' now.
I had to contact my bank to put right about $75 in fees that shouldn't have been there because the money was in the bank. got it straightened out after a long conversation with a bank rep.
 
I had plenty of bad experiences with banks. We finally went with a local credit union, and it has been smooth sailing, with much friendlier and easier to understand policies. It may be worth checking to see if any in your area would be better than that bank that's strong-arming you.
 
Warren: Is that like a BBB for banks in NYS?
 
That's the State of NY department that ragulates banking. Like the PUC, etc. They should be able to answer your questioins as to regulations regarding how daily debit and credit transactions are handled. As well as what and how penalties can be applied. The bank has to provide you with a statement of their policies, fees and penalties. Have that handy when you contact the NYSBD.

Mission Statement -
To allow the financial industry to expand and prosper through judicious regulation and vigilant supervision, to educate and protect consumers while promoting economic growth and ensuring that the financial system is safe and accessible to all.
 
  • #10
Thanx, I will look into that!

I am also reminded of another incident that my wife caught. ske made a deposit last year and monitored the activity online, watching the debits come hrough. She noticed that the bank held the deposit and then maniulated the order of the pending debits, such that the most expensive would come through first, causing the overdraft/ If things went though naturally, it wouldn't have happened.
 
  • #11
I doubt regulations address what happened to you. The banking industry pretty much owns the agencies that regulate it and their people write the regulations. Yes, banks will "correct" those problems if someone calls and is persistent enough, but they (and the credit industry) know that plenty of people won't notice or will figure they can't do anything about it. Regulators exist only to make it appear that the system is honest and it isn't just banking; the same can be said about insurance, nuclear power, nursing homes and other regulated industries. Big business has little to fear from its friends in the regulatory agencies and, in the end, the only thing that keeps things (mostly) honest is the cost of being sued. The regulators are content to beat up the little guys.
 
  • #12
Not terribly encouraging but honest and realistic. I'd love to get these people on 60 Minutes or 20 20! Maybe a litle bit of bad and national press would get their attention?
 
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