Peoples Bank & Trust
Ripoff unethical banking practices and illegal baking practices Springfield PanaAltamont

Peoples Bant & Trust placed a hold on two of my checking accounts. After doing so, they refused to release holds that were not legally allowed to be placed onto my bank accounts.

After continuous discussions with the bank, they still refused to correct the matter and each time I spoke with them their story regarding the matter changed.

Peoples Bank & Trust refused payment on 16 items that were presented for payment. As a result I am now indebted to numerous merchants for over $400 in NSF check fees.

According to the "Notice Of Delay on Deposit" which I received from them today, 12/16 by US Mail dated 12/13, it clearly states at the bottom of the notice that in the event the items placed on hold do in fact clear the bank will refund any returned check fees I have incurred.

I am withdrawing all money I have on deposit with this bank, and will be closing my accounts as soon as practical.

It is my belief that it is the practice of this bank to follow Federal Regulations at their sole discretion rather then by the laws as they have been put into place for them to follow.

I am demanding that the bank reimburse me for the $400 NSF fees I am about to incurr from the merchants I had written checks to.

As well, they placed a hold on a deposit for $311, the item they reversed and setoff, but continued to leave the hold on the account for 3 business days.

On my business account, I deposited 3 checks that were endorsed to me from my customer. After the bank took these items for deposit and gave us provisional credit, they later decided to not accept the items, placed a hold on the account for the amount of the deposit and deleted the provisional hold. As well, left this hold on the account for 4 business days after the fact.

These practices are not legal and are not right. I contacted the Illinois Department of Financial Institutions and Professional Regulations, Division of Banks (12/15), and spoke with a staff attorney who handles these types of matters. Each day the bank told me they were going to remove the holds, and each day went by and they decided not to do so. This morning (12/16) they told me they were not going to remove the holds of $311 and $97.15 until Monday (12/19).

He contacted the bank on 12/16 in the afternoon. At 3:30pm CST 12/16 the staff attorney contacted me back and indicated that all holds on all accounts of mine were being removed by end of business on 12/16.

I am demanding that the bank reimburse me the $400 in fees I am going to incurr and write me a letter of appology for what they have done, and to write me a letter to present to each of the merchants I wrote checks to that they returned items on.

If they refuse to do so, I intend to file a lawsuit against PEOPLES BANK & TRUST for their violations of Reg CC, for damages I have or will have incurred due to their willfull negligence.

Company: Peoples Bank & Trust
Country: USA
State: Illinois
City: Taylorville
Address: 1933 E Sangamon Avenue, Springfield, Illinois 62702
Phone: 2175225761

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