Forced overdraft “protection”

I had an account at US Bank for years and was fine with it until one day I logged on to internet banking to find my account was negative, when I expected to see a deposit credited from the day before and a paypal charge. I had bought a few items on ebay and paid with a single paypal transaction. Little did I know that paypal would run each purchase separately even though it had been a single payment through paypal. My bank account was about $50 short to cover it so I went straight to the bank and made the deposit in CASH, which should have been credited immediately.

Long story short, the deposit wasn’t credited until AFTER the paypal charges were debited, and of course they processed those in descending order from largest to smallest, so the last 4 small charges resulted in overdrafts and 4 separate $35 overdraft fees. They could have paid all the small charges first so that only the largest one would overdraw me, but that wouldn’t make them as much money.

I went down to the bank to find out why my cash deposit hadn’t been credited before those charges were debited, because I had initiated the deposit the day before the charges hit. After a lot of haranguing, I did finally get my overdraft fees waived, but the next issue was: why was my account allowed to be overdrawn in the first place?? I hadn’t asked for overdraft protection. The bank manager said they automatically gave it to me for up to $750 because my account was in good standing and it was a “relationship building” deal. Ya right. A way for them to build a more intimate relationship my money.

When I asked if I could remove the overdraft “protection” because I didn’t want it, the bank manager tried to talk me out of it. I eventually closed my account.

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More forced overdraft “protection”

I currently have an account at Nevada Federal Credit Union (or One Nevada now). I HATE it. I can’t unlink the savings from the checking account so if my debit card is compromised, they can drain both accounts before I realize. They call this “overdraft protection” – I call it bs.

Secondly, I previously had a compromised account at another bank and ended up having to get a “second chance” account with Nevada Federal. This is how I ended up with them in the first place. It SUCKS. I can’t spend more than $500 per day on the debit card, no matter how much money I have in the bank, unless I call them (during banking hours ONLY) and pay a $5 fee to lift the restriction (up to a $2500 limit), or physically go to the bank and ask for a spending limit increase. Of course this has to be done every single time I want to spend more than $500 on my card in a day, so the fees can rack up.

So if I’m out of town and have an emergency where I need to access more than $500 on my debit card and it’s not during banking hours, I’m just out of luck. When I asked about this at the bank one day, the employee just shrugged and said “that’s the policy”. When I said it was a crap policy she said the usual “I’m sorry you feel that way”. Oh so helpful. LOL

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Wall Street Layoffs, guess we know who will be joining the Occupy Movements!

From CNN Money story:

Mid-to-late November is typically the season for layoffs, as banks want to avoid making cuts during the holidays in December. By doing it before year-end, these employees aren’t eligible for bonuses.

In other words, less cut the bonuses and jobs of people we walked on to get to the top, so our bonuses will be even bigger


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B of A CEO: “learned a lesson from debit card fee”

B of A CEO Brian Moynihan: ” We learned a lesson from debit card fee” – You Think?

Also during interview: “Customers can avoid fees by using direct deposit for their paycheck, using a Bank of America credit card or taking out a mortgage with the bank”,

Ok, I will take out a mortgage with you just so you can up the interest rate because of hidden clauses and then foreclose me using robo-signing and refusing to honestly attempt to re-negotiate my loan by constantly losing paperwork and giving me a run-around.

It should be noted that Mr. Moynihan is use to earning appox $115,000 a week or about $23,000 a day, so it can be assumed that when he was told his B of A debit card would have a $5 a month fee, he replied, “That seems fair”.


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Auto bill can haunt you!

I set up a club membership with auto billing by electronic check and when I left the club I asked that the auto bill be stopped. I was assured that it would be. Guess what, it appeared next month. I called the bank and asked them to reject the electronic transaction and was told they cannot stop it. Only the creator of the electronic transaction can stop the electronic transaction . I had called the club and they again said they would stop the auto billing but I wanted more surety. I asked what the bank can do for me and was told they could do NOTHING. But they added that I could close the account and open a new on. Silly me, I did just that and stayed with them. Now to be fair maybe there is nothing they can do but I have a real serious problem with that. If you gave me your money to hold and I kept giving it away to anyone that asked I would say hell yes I could stop doing that, and I would!

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It sure is easy to kick B of A around, they deserve it!

Probably not a new issue to be exposed about Bank of America but I love telling the story. I had a problem with several bounced check. I had more then enough money to cover the checks that were out but wait, the story gets good. I really had a number of checks out in random amounts like $1000.00, $231.00, $25.00 $28.00 and so on down to the $3 check. All the checks came in on one particular night. BofA cleared the $1000 check and the $231 check. The $25 check bounced as NSF and generated a $35 fee. The $28 check bounced and also generated a $35 NSF fee as did the next 3 checks. The last one was the $3 check that bounced and it also received a $35 fee. Oh, did I mention that I had made a deposit that would have more then covered ALL the outstanding checks and that BofA credited that deposit AFTER the other checks had cleared or bounced.

That’s right, I had $175 in NSF fees because they cleared the checks before crediting the deposit. And additionally if they had cleared the $1000 check last, that would have been the ONLY check to bounce but they of course cleared that one first. I asked why and was told that the bank assumes the biggest check will be the most important check so they always clear it first. I don’t buy that for a minute.

I spoke to a customer service manager and was told, sorry by life is like that. I asked the CS Manager to spell his name for me and added that I wanted to get it right when I called a few of the local TV stations to ask for help from their consumer’s help departments. He asked me to hold and came back with SPECIAL approval to waive the NSF charges. I still regret not going to the TV stations with my complaint.

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Pity you if your debit card is compromised!

US Bank stuck it to me. I had a US Bank account that I used only for Internet purchases so I usually keep $20 or less in it. My card was compromise on a music download site (a very familiar one) that left my account negative. I always thought that if you have $20 and the purchase is $21 that it would be refused. Not at US Bank. They approved it, gave away my money and hit me with charges totaling $65. They locked my account so nothing could go in or out except a cash deposit at the bank. That was the card I used on my PayPal account and I had a few monthly charges that were to come out but the account was lock.

The bank agreed to investigate and told me it could take up to 60 days to free up my account. What could I do. I reverted back to my family account for the incoming charges and then opened a new account at a new bank. When US Bank finally cleared my account and put my money back. I walked into the nearest branch and closed my account. Now I tell everyone that will listen to stay clear of US Bank. I can only hope that it cost them a bit in lost customers by being jerks.

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Be Normal or Be Gone!

About a year ago I opened a Free Checking account at Bank of Nevada. I live at a business and used that address for the application. I was notified 10 days later that my FREE checking was denied and I would need to provide business information necessary for opening a Fee based checking account. I called the branch and was told my FREE checking account was really denied for lying on the application. I put a business address in for my home address and the caught me. I explained that an apartment was part of my employment package but it fell on deaf and dumb ears. The business checking offer was rescinded also which was OK because I had no business.

Then they told me my CASH deposit I gave them to open the account would be mailed to me within 30 days. That one sent me over the top. I called the Corporate Office and asked for the CEO. The nice lady asked a few questions and transferred me to the VP for new accounts. I explained that I LIVE at a business and said sarcastically that I know I am the only person in America that lives at a business. She chuckled and said I was not.

She looked my account over and said I was immediately approved and that a debit card would be sent out in the mail within 10 days. I grumbled because it had already been 3 weeks but thanked her for her time. I got the account and after receiving the debit card I used it for a purchase that left $2.86 in my account.

The rest of the story: 16 months later and I still have $2.86 in the bank. I’ve never made a deposit and never used the card but I do get a statement every month from the bank. I wonder what that cost them to generate and mail.

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Why is it so hard to change my address?

For personal security reasons, I use a PO box and a UPS store mailing address for all my mail. I do not receive any mail at my house. I even took the mailbox off the house so I do not get all the junk mail the post office likes to deliver. I opened an account with Nevada State that I was using for gym memberships and some other direct debit purchases. I do like giving out my main account because if there is any fraud or screw ups, I can not afford to have my main account drained.

I was very specific about using the PO Box for all statements and mailing with the new account. (It matched the information on my existing checking and saving accounts.)

The (old) lady who opened the account did not like me using a PO Box, so she used my home address. This lady was so old and set in her ways I suspect she was onw of the first hired when the orginally opened up. And she has one way of doing things – her way, regardless of what the customer wants.

After not receiving any account statements for this account, one day while making a deposit (for upcoming debits), I asked the new accounts person about the address. This lade (a different one) confirmed that the address in the computer was wrong and said she would fix it. She did not.

A few months later, I again talked to a third rep, and she said she would fix it. When I responded – Heard that before – she got real bitchie with me and snapped back – You never heard it from me so don’t give me any attitude. She HAD the attitude and while she did fix it, because of her, I closed the account the next week.

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Forgot my deposit

Made a large deposit to Nevada State Bank (about $10,000) in a check that was sent to me. I had been with the bank for many years, They said $3,000 was available right away but there would be a hold on $7,000. I already had nearly $2,000 in the bank so I did not care, Had a couple of checks that I had mailed but they were more then covered by the money I already had deposited. A couple of days later I go to the ATM to get a couple hundred out and I am declined. It prints a receipt that says I am over $1,000 OVER DRAWN. As it was during the day, I walked into the branch and asked someone about it. They had processed the “hold for $7,000″ but not the “deposit of $10,000″. How do you hold something you do not put in the bank? In the process, they had bounced the checks that I mailed and also charged me bounced check fees, taking even more money away from me. They fixed it but it took several days and I had to explain to the businesses I sent checks to that I was not a bad person!

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