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I did my banking with North Fork Bank in East Northport. About a year ago, it was bought out by CapitalOne. I caught them twice re-arranging the order of checks and debits in order to cause uncollected funds overdrafts. This month, they charged me 10 times at $35 a pop, when each time I actually had money in the account. Once they apologized. The second time, they said it was my fault.
I'm finally done with corporate banking. I went to Teacher's Federal Credit Union today, and had to wait an hour because their lobby was filled. I asked an agent why, and she told me that people were pulling their CDs out of corporate banks and depositing them with credit unions.
I share their confidence in the credit union. Do any of you know anything about TCFU or Suffolk Credit Union?
I mean, when you think about it, don't you kind of expect this Larceny going on, ESPECIALLY, in this economy ?
THINK ABOUT IT...they do it, to say, 100 customers...and that's a LOW number...their "profit" is going to be on the interest, of that collected money, however long they have their GRIMEY LITTLE HANDS ON IT ? MULTIPLY THIS, say, 10,000 times, to be conservative ?
It's the difference between solvency and bankruptcy IN NORMAL TIMES...BUT IN OBAMA LAND, the bank can still do business, exist, and get a bailout !
I did not know this but most of these big banks will arrange debit/transactions to be deducted from your account starting with the largest amount first. I have a friend who had this happen at Bank of America. Their answer to him was that the big amounts are considered the most important for the consumer, in their eyes, (ie. mortgage, insurance, etc) so they post those big amounts first to ensure they clear while leaving chances for overdraws due to ATM withdrawals and other fees. Even if you balance your acct to the penny, sometimes, the way the debits are configured, it screws you up.
On a side note, check any messages from your credit card company as they are moving due dates around. Miss that new due date and you're % goes up. Way up.
I just read that their credit card operation used to refuse to provide credit limits in their reports to the credit agencies. This would leave this information blank, and would sink your score. It was done so other credit card companies wouldn't want you and steal you away.
CapitalOne changes the dates of transactions to benefit themselves.
For instance, I've been watching all weekend as they change the date of a debit. The debit was charged at Applebee's this Friday. It posted on Friday. Then they changed the posting date to Saturday. Today, they have it posted for Monday.
What this does is increase the NUMBER of overdrafts or uncollected funds fees they charge, IF one overdraws by Monday.
Let's say I had a balance of $1000 on Friday and I debited a $50.00. If on Saturday my mortgage check clears for $975, they get to charge TWO overdrafts on Monday as opposed one for just the mortgage check.
CapitalOne changes the dates of transactions to benefit themselves.
For instance, I've been watching all weekend as they change the date of a debit. The debit was charged at Applebee's this Friday. It posted on Friday. Then they changed the posting date to Saturday. Today, they have it posted for Monday.
What this does is increase the NUMBER of overdrafts or uncollected funds fees they charge, IF one overdraws by Monday.
Let's say I had a balance of $1000 on Friday and I debited a $50.00. If on Saturday my mortgage check clears for $975, they get to charge TWO overdrafts on Monday as opposed one for just the mortgage check.
That is totally screwed up and I don't blame you for getting rid of them. Silly me. I thought debits and credits were supposed to be applied FIFO (first in first out).
Don't they offer overdraft checking? If you had overdraft checking, they couldn't do that because the overdraft checking line of credit would take care of it. I bet they aren't so picky about the order of debits and credits when it comes to customers with overdraft checking.
Citbank has a checking account overdraft protection plan that uses the funds in your savings incase of an overdraft. Simple.
I have that one with Citibank. I have never had to use it though, so I wonder if they add a "transfer fee" if someone actually does. These banks are all looking to nickel and dime us to death.
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Capital One regularly screwing..
