Banks these days have come up with some interesting policies that if you read them you'll find a, who cares about the poor people policy. What I mean is these policies are only going to affect the people who need the money most! Bank Scams as I'm categorizing them are becoming more and more common with banks everywhere. I just read a very interesting article on Truthfullending.com - read the biggest bank scam post for more info.
I recently had an issue with Sovereign bank that cost me $231 in overdraft fees. I was stunned and very upset. All overdraft fees for stuff I didn’t need, the transactions should have been denied, seven transactions at $33 each. I wouldn't have written this if they had just charged me once and then denied the other transactions and I’d still be a customer! Then again they wouldn't have gotten the $231 in fees. All 7 transactions where for stupid stuff, stuff I didn't need I even think one of them was for the monthly back fee but my wife didn’t ask. What if I had made two hundred one dollar transactions that would cost $6,600 in overdraft fees; with that thought in mind I hope they have a limit as to when they stop the banking scam. When we called Sovereign they said that it was because I started using the account before a check cleared. OK I'm stupid I admit it. When we asked them why they didn't just deny the charges they responded they did me a favor by allowing the transactions.... WHAT... They did me no such favor as I my wife nicely pointed out. I didn't call them she's better at not getting upset and I would have taken the customer service person's head off! She asked them to remove the fees and got a sorry I can't do that. My wife nicely replied then we will have to close the account and got a simple where sorry to see you leave (we don't care).
We transferred money from another account and closed the account the next day.
Whether or not it's a bank scam is up for debate but I'm not a sovereign bank customer anymore and never will be again.
The whole experience taught me a very valuable lesson and that's to keep a buffer on all accounts beyond my spending potential.
Where you involved in a bank scam write a note down the bottom of the page I'd love to here them.