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Melinda Ganziano of McCullom Lake, Ill., wanted to introduce her son to the basics of banking, but he ended up with $229 in fees in two weeks with a balance of just $4.85.
By SUSANNA KIM
Illinois Teen Learns About Bank Fees the Hard Way
Seeded on Tue Dec 13, 2011 2:26 PM EST
Article Source: ABC News- Enjoy this article? Help vote it up the 'Vine.
- Public Discussion (34)
Jason Korstange, a spokesman for TCF said the bank recently switched from charging people $35 for every overdraft to $28 per day for up to 14 days when an account has insufficient funds.
- 3 votes
#1 - Tue Dec 13, 2011 2:28 PM EST
"If we had done it by hand, someone probably would have said, 'Oh it's just 10 cents, let's not worry about it,'" Korstange told the Chicago Tribune. "But we process millions of transactions a day, and there has to be a cutoff number."
I've an idea! Hire more employees so that you can do it by hand, you know, personal service!!!
Nope, much rather take for some 18 y/o's savings account to pad your own gross profits...and by gross, that's exactly what I mean!
- 5 votes
#2 - Tue Dec 13, 2011 3:26 PM ESTWhen my mom passed away, I closed her bank account at B of A. Due to timing, I guess, she had about $.02 cents in her checking account after they issued me the closing check. So, they start charging $20 per month fee on the account. I didn't open the first couple of statements because I figured they were sending a closing statement which read $0.00. Dumb that some banks and credit cards do this, but they do.
So, I opened the third statement and saw what they were doing. I called and they tried to ding ME for the $60. I told them it was her account, she was dead, and informed them what they could do with their $60. Two additional statements came before I called again. Only then did they realize they were just creating an accounting mess for themselves, wrote off the charges and - get this - sent me another check for $0.02!
I'll never use B of A! This kid learned a valuable lesson that he can take through life.
- 6 votes
#4 - Tue Dec 13, 2011 5:24 PM EST$229 in fees in two weeks
This is nothing more than legalized thievery.
An institution that is supposed to be entrusted with safeguarding our money, taking away our money with bull@!$%# fees, simply because we don't have enough money in the first place.
And, they wonder why the 99% are sick of being screwed by the system.
- 6 votes
#5 - Tue Dec 13, 2011 11:40 PM ESTThere are so many small banks around where I am that do not do that.. I got out of the big banks a long time ago.. they do not know you from Adam.. Every time I walk into my bank .. I get Hello, Good Morning.. they know who I am.. and they are always there to help...
Big banks - Yeah.. Good morning (Etc) .. what do you want? It's like pulling teeth to get money out of your own acct.
- 7 votes
#7 - Wed Dec 14, 2011 11:45 AM ESTI have been with a local credit union for ten years, have never had a problem with them. Stay small and stay local.
- 3 votes
LOL, I have a Chase advertisement displaying on this seed. They never give up.
- 4 votes
#8 - Wed Dec 14, 2011 11:50 AM ESTLiterally I have 38 envelopes from Chase wanting me to sign up with them... I am waiting for 50.. when I reach that.. I will put them all in a box.. ship them to Chase.. with a note inside.. Something like: One would think.. if that is possible to think.. that if I did not take you on after the first 2 or 3 times you sent me mail, and I did not take hold of your advances to do so.. Then by the 50th time.. of wasted paper, postage, and other than keeping the mail carrier in their job.. one would think the person does not want to sign on with you..No?
- 6 votes
Simply tear up unsolicited mail and put it in the return address envelope and ship it back. I really enjoy doing that. It's fun and it keeps the mailman employed.
- 3 votes
Geesh.. I should of had a V-8.. thanks Jimmy .. gawd.. I should of thought of that..lol
- 2 votes
I once taped a brick to a return postage paid postcard but my mailman wouldn't take it out of my mailbox.
- 2 votes
You can also fill those envelopes with glitter when you send them back. Nothing like everything sparkling. LOL!
- 5 votes
You can also fill those envelopes with glitter when you send them back.
With a note - Happy New Year Without You
- 5 votes
Maybe a singing card. Let it snow, let it snow, let it snow. ...
- 4 votes
This should be a lesson to anyone who sees a TCF Bank, do not pull into the parking lot, turn around and dont' look back! I'm with Par4TheCourse, find a small local bank that gives personal service.
- 2 votes
#9 - Wed Dec 14, 2011 2:23 PM ESTrtg-
Right on.. I have never had any problems with the small bank.. The bank I have has only 1 building/bank.. no satellite banks... I felt compelled once to buy a few dozen doughnuts and coffee for the employees.. doesn't hurt to get to know them as well as they to know you.. I did it in appreciation ..and it did not hurt that they have a couple of great looking women in there too.. lol
- 3 votes
I have actually given some of the ladies at the drive thru tips when I drive through. Usually something like "be sure and look in the mirror before you come to work." Incidentally my account is all screwed up.
- 2 votes
Yeah.. I have been known to give a tip or two.. like play the #4 horse in the 6th race..
- 2 votes
My favorite trick that I've had to fight;
When you use a debit card, the bank is supposed to be alerted to the fact you spent X amount of dollars. However, due to it being an electronic transaction, the money is not deducted from your account until midnight ( or whatever they tell you ).
They don't always do that though. I've had banks hold various purchases ( Lets say $64 in transactions ) until my bank account had less than that. -THEN- they let it drop and it puts my account into the red, and then they have the gall to demand overdraft fees in addition to how much I supposedly owe them.
I moved to a credit union about two months ago, and so far they have yet to do anything like that.
- 1 vote
#10 - Wed Dec 14, 2011 2:24 PM ESTOur small town bank automatically deducts it from our account, as soon as the card is swiped. Now, if you hit credit instead of debit, it will not take effect until the business clears their machine for the day.
- 4 votes
In my experience, debit and credit were treated the same way; delayed deduction.
Revolver,
Not to be a party pooper but your balance can never drop low enough to incur an NSF (overdraft fee) charge if you keep a register and account for every transaction. The reason most people overdraft is they do not keep accurate records of there account and rely on what the ATM balance states.
- 1 vote
WillBoyd- that's very true, but, it took me 2 years to train hubby to keep that dang receipts so I could maintain the register!!
- 2 votes
I have had my own share of lessons that I have had to learn. It finally sunk in and I have seen the error of my ways.
Yes receipts for card swipes will get you every time.
- 1 vote
Rachel, at least you got him trained, I gave up and had my husband get his own account. Now I don't have to worry about it and he does a better job keeping track of his account since I'm not there to do it for him.
- 1 vote
bmx- he is the first person I've ever let on my account. Even my first didn't have the privilege! Once he saw that the bank charges us for being over drawn...yes, it was all his fault, I never had that happen in over 35 years prior....he quickly learned.
Not sure how it took 18 months for the first overdraft fee, though.
:)
- 4 votes
I gave up and had my husband get his own account
WOW... I dont even have an account -- well one that I know the account number too. Wife has me on a strict allowance. I have gas card to buy gas and that's it. On the flip side, I don't have to touch or think about the bills and my wife spoils me rotten.
- 2 votes
Same here.. safer that way.. when I buy my cigs.. the girl will ask "would you like some cash back?".. I respond.. "My wife does not allow me to have cash"..
I would rather have her in control.. she's gonna out live me.. and if I had everything the way I like it..she'd have a difficult time taking over..
- 4 votes
Revolver - That's the problem I have with my (small, local) bank: it can take them up to two WEEKS for a debit charge to be posted to my account, so if you're living on the edge and don't have much money in your account, a small, forgotten charge can spiral into a mess of overdraft fees. It's one of the reasons that I almost exclusively use cash for everything except online transacations. I do my best to remember and document all my transactions if I'm using my debit card, but I'm not perfect. Seeing how much cash I have left is much easier on my brain.
- 1 vote
If there is one thing I can't be called out on, it is note taking. I still have the info for bank accounts I closed years ago, I always take pen and paper with me to keep track of just how big the grocery bill will be, and I have a drawer full of organized receipts. Hell, in high school my room looked more like an evidence locker than a high schooler's room.
I am completely serious when I say they held the transaction and dropped it when it would encur an overdraft.
@Megidolaon: Love the screenname.
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