Let me start off by saying, I would consider myself a person of reasonable intelligence but I really dont know how I could have avoided this situation. So let me start off by saying I ran into something that absolutely blew my mind.
I have a checking account with USBANK which I use for bill pay as I like their format and it is free. The account had been working out well for me.
On June 20th I made a deposit for a payment scheduled for the 19th. Normally I thought it would take a few days to go through so I wasnt worried about it and went on with life as my account was showing a positive balance and the teller told me it was good to go. I have also done this exact same thing before.
So next month rolls around and I check my balance to see what needs to be added for my bill pay and I find a -$253.50 balance. ($37.50 20some days negative balance fees at $8/day) In shock and disbelief I run down to the bank and ask them what is going on. They tell me there is nothing they can do so I call customer support. I talk to a manager who tells me there is nothing they can do since it is not bank error.in addition the account cannot be closed until the account is restored and the $8 a day fill will continue to accrue until I do so. Obviously I bend over and take it and plead with them to reverse at least some of the fees. I tell them this is unethical banking practice and that the fee penalty does not warrant the error but of course the bank would rather keep the money than give it away.
I always knew banks were greed mongers, but this seems borderline illegal. Researching this I have found other unethical banking practices. Legal limits should be imposed on banking institutions preying on unsuspecting victims. Obviously those accruing outrageous fees are the ones who can afford them the least. The only thing a person can do to fight back is to play by their rules and be more responsible. Debt and finance is a numbers game you cannot loseand believe me the odds are stacked against us. These companies have researched every possible method to squeeze every dime they can within the confines of the law. You will find these things buried in fine print somewhere and are not told to you up front.
BE CAREFUL EVERYONE! There is nothing you can do but play by their rules. The rich are married to politics and our political and financial society is set up so the rich get richer and poor get poorer.
Temps425
Mill Creek, Washington
U.S.A.
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