I took out a home mortgage 4 years ago at National City Bank. The loan officer failed to inform me until the closing that in order to get the mortgage rate I was quoted that I would have to have a National City checking account and that the mortgage payment would be withdrawn monthly from that account. I didn't want to cancel the closing and find a different mortgage so I reluctantly agreed.
The only thing I use that account for is to make the mortgage payment so I only maintain a minimum balance in the account and deposit the payment every month. This month I didn't make the deposit until after 5:00pm on the 13th and 15th was a bank holiday. The payment was due on the 16th. Well, today is the 19th and I got an overdraft notice from National City because they hold deposited checks for 4 days before the funds are available in the checking account.
When I called to complain, the customer no-service rep informed me that it was their policy and besides Monday was a holiday so I had to pay the $34 overdraft charge and if I didn't pay it within 4 business days of the over draft (the 16th) I would be charged an additional $8 per day until it was paid in full. So if I drop off a check will they hold the funds 4 days and start charging me the $8 per day?
I was treated very rudely by the customer no-service rep and asked to talk to the supervisor. First they passed me to a senior customer no-service rep and they just repaeted the same story that the first rep said. I asked to speak with their supervisor and was transfered to a supervisor (Chad Newman). He repeated the same story and said that it was their policy and that Monday was MLK day and they didn't work that day so
I owed the late fee. I asked to talk to his supervisor and was told that I had exhausted all the appeals. When I pressed him about his supervisors name (he wouldn't give it) He finally told me that to appeal I could write a letter to the
"Office of the Chairman"
National City Bank
One NCC Parkway
K-A16-4A
Kalamazoo, Mi
49009
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