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Call me stupid. It won't be the first time - and won't be the last.
What is it w/ banking laws? Or is it just particular bank policies? Is there such a thing as a truly user-friendly bank here in CLT?
I won't name my bank. However, here is just PART of what has me thinking about switching banks.
My son is a student. His checking account is tied to mine, so I can transfer money easily online.
He had to buy books and supplies. He had no idea how much they would cost. He knew he would probably have to make several trips to the books store as well as some place to get some supplies.
I told him - no problem. I will transfer $250 and if it goes over that - fine - as I have it set up where his account has overdraft protection. It is tied to a savings account.
Little did I know that the Bank won't allow but six transfers out of ANY savings account in a month. Doesn't matter how BIG the transfers are. Just not any more than six.
So I had transferred (on my own - not w/ overdraft) some $$ to pay for his clothing . . . and another transfer to pay for his tuition . . . and another transfer to pay for car repairs.
Then, son picked up some supplies from Lowe's for the house where he lives . . . so that made his account go into overdraft - so that made 4 transfers . . . then the 2 he made at the school. That was six transfers out of the savings account I have set up for him.
Then son calls - okay - I had to buy groceries - so I say - no problem - if it goes into overdraft, you are covered.
Oh no no no. It didn't go into overdraft. Then he stopped and got some gas. Then he picked up some food at Bojangles.
That racked up $105 in overdraft charges. I call bank. They tell me BY LAW they can only transfer money from a savings account 6 x w/in any billing cycle.
YOU GOTTA BE KIDDING ME. Doens't matter how much the transfers involve - whether $25 or $5000.
So they tell me since I didn't realize this rule and this was the first time, they will clear the charges. Fine. So I deposit $100 from my CHECKING account to son's. And I tell son - go ahead and get gas - fill it up - no problem w/ the money - I have it straightened out.
But they don't clear the $105 charges on his account - they credit it to MY checking account!!!! So son gets gas and has to go get a prescription refilled, so he racks up 2 more overdrafts.
This just keeps getting worse and worse.
Anyway, I have now incurred $210 in overdraft fees on his account. Fine. I transfer money over to cover all the crap.
So this morning I get ready to pay some business expenses (business acct w/ same bank) and I noticed my deposit from Fri is not showing up. Yet, the receipt I have from Fri says plainly on it "posting date 9/8/08."
I call the bank and they say - oh it won't show up until after MIDNITE today. So why does the receipt show = posting date - 9/8? If it won't show up until after midnite, that is 9/9. And oh, btw, I ask - does this count as ONE of my TWO allowed calls to customer service? Yes it does! So if I have more questions during this billing cycle, I WILL BE CHARGED IF I CALL THE BANK.
SIGH.
I know banks have lobbied congress to get all sorts of fees allowed . . . and it is sickening. But this 6 transfer thing - how crazy is that? It is my money! If I want to transfer it to other accounts at the same bank - what is the big deal???? And why does my receipt say - posting date 9/8 but it is not posted on 9/8?
Is there a bank here that is consumer friendly? Or is this as good as it gets?
That can in the back yard is looking better and better. I swear.
I had a simlar problem...they paid out on a draft that I paid $35 to stop which sent me over the limit which racked up another $39 in overdraft fees. This meant the four checks I'd written (assuming the draft would be stopped) went through so I've been hit for 4 more OD fees.
I went to the bank to complain and the clown actually told me "we offer the payment of checks etc when there's no money as a "courtesy" to the customer.
She looked confused when I told her "If I hold a door open for you sweetheart, that is a courtesy. If I hold the door and charge you five dollars for it, that is a service. The 2nd it becomes a service you have a choice to pay, or not pay...so I should have the same choice right?"
Unable to answer this one she then claims she can't waive the charges...I have to go the branch where I opened the account!!!!
I could sit here all day and write stories of how they've ripped me off over the years.
What is a person to do? I mean - I learned my lesson w/ the overdraft "protection," LOL. I will just have to make sure I cushion my son's account. He has a part time job but it takes like 5 days b/f they credit his account w/ the payroll check from his job. I have no clue why it takes so long. So he needs money for gas and food meanwhile, so I just will make sure there is always a cushion.
I can't believe how we all get jerked around by banks. They can raise the interest rate on credit cards w/ NO REASON, as well. I thought that only happened if one missed payments. OH NO. One of my credit cards wrote me a letter and it plainly stated, nothing from my credit report had triggered the change in interest rates - they simply were NO LONGER OFFERING a fixed interest rate under 15.99. My fixed rate was 9.99%. They changed me to a variable, LIBOR plus x points. I was furious. I called. They said - nope - I had a pristine record w/ them - they simply are no longer offering a fixed rate - TO ANYONE - under 15.99. Of course, I have a small balance . . . so I am stuck. But I will pay it off and to HE## w/ that card. I won't use it again.
I am sick of being ripped off, too, Ninor.
So there is no bank that has better policies, it appears . . . ???
I just hate to publicize that, Barking, but it is not BofA and not Wachovia. I already dumped them years ago b/c of utter dismay at their policies, Hee Hee. This bank is another very popular one in the region and overall - they have been decent to work with - until this crazy stuff.
I wonder about 5/3 bank. And Scottish. And the other day - someone mentioned there is a Credit Union for Meck residents.
I don't like the customer service call fees ever, but I don't recommend anyone working within overdraft protection as a method of "transfers". The government does restrict many things within banking, it's highly regulated. If you want more details I can provide them, but the restricted transfers has a lot to do with money laundering.
Some of the Bank charges are insane and some aren't. I know no one likes fees, but the Banks do have fees like any other company that they must account for. There may be a better process for you to get your son the money he needs without doing as many transfers.
I don't like the customer service call fees ever, but I don't recommend anyone working within overdraft protection as a method of "transfers". The government does restrict many things within banking, it's highly regulated. If you want more details I can provide them, but the restricted transfers has a lot to do with money laundering.
Some of the Bank charges are insane and some aren't. I know no one likes fees, but the Banks do have fees like any other company that they must account for. There may be a better process for you to get your son the money he needs without doing as many transfers.
As usual, Wulf, you cut to the core of the issue . . . and yes, I was told this had to do w/ money laundering. And I totally agree w/ you that overdraft protection is no way to handle banking on a regular basis. This was just an unsual month w/ son starting classes again and some expenses popping up. He has a credit card to use, and we usually do that - and then pay it off in 30 days - but I thought - just do it directly and get it over with - not realizing we could only do 6 transfers in the billing cycle. I still don't get it w/ the money laundering - i mean - what does it matter if I am transferring MY MONEY from MY SAVINGS ACCT to MY CHECKING ACCOUNT? However, it is a law and so there you go. I understand this was put in place after 9/11 - correct me if I am wrong. I can see if they are talking about $10,000 a whack but . . . $100 . . . $250 . . . $50 . . . pretty lame. If I had known about the rule, I would have just taken $1000 out, stuck it in my son's account and said - so much for that.
In the future, I will just be making very sure we don't need to use overdraft protection.
They never used to be as bad with this. However since the credit crunch this is one way to get back some of the lost profits.
Yeah I read an article in the last year - will see if I can find it - that stated banks are making billions off fees.
Did anyone have an answer on why my deposit slip says - Posting 9/8 and it is not showing up today - and the bank said it won't be reconciled (or available) til after midnite? How can they get away w/ that? I mean - let's say I was needing to pay a bill and used my check card, expecting that the money is indeed showing as a deposit on 9/8? That seems sneaky and misleading. Again, if I am wrong - ya'll straighten me out. Just seems like a way to confuse customers in hopes they will screw up and so more overdraft fees, LOL.
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