Naugatuck Savings Bank
Ripoff for deceptive funds practices on new customers

Business & Finance

As a small local business I decided to stop my internet banking and use a local bank. I opened a personal and business account. On 6/13/06 I deposited an amount of $5000 consisting of small personal checks from customers (all local) and some cash.

They NEVER advised me that they hold all checks for 9 business days during the 1st month of your account!!! It is now June 23rd and no funds have been released!!! 10 Calendar days!

I have supplier checks bouncing everywhere, and am unable to fullfill my payroll. Additionally there are already a few hundred dollars in bounced check fees.

When I called the branch I was told that I "shouldve read the phamplet"

I am from Holland and my English reading skills are not too good, HOWEVER, I do know what "hold your checks for 9 days" means, and they never said it. They say "its legal because we gave it to you in writing"

They gave me a stack of papers, but they should HAVE TO TELL YOU VERBALLY what their policies are.

I can only try to ruin their reputation as they have done to mine...


Company: Naugatuck Savings Bank
Country: USA
State: Connecticut
City: NAUGATUCK
Address: 87 CHURCH STREET
Phone: 20372995291
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