I agree with the many compaints that I have found.
1.) Credits are suppose to go before debits and the end of a day at posting. Colonial Bank does not honor this policy.
Colonial Bank has charged me over 360.00 in overdraft fees for small 8-10$ tranactions when the money was in the bank to cover them. Unlike many larger banks, at Colonial, there is still a post time... When everything posts. My deposit or credit always gets posted last! It is just a way for them to make money.
2.) Check/CASH Holds. This is not because I am new to the bank or that my account is low. I make a CASH deposit on Monday, the teller informs me that it will be WEDNESDAY before it posts. This is cash... Guaranteed funds! They tell you this after you make the deposit and then I said I didn't want to make the deposit, they say too late! I can't withdraw it back or cancel the transaction because it will not be available until Wednesday.
3.) Direct Deposit. I get direct deposit which is placed in my account at midnight on Thursday nights. My funds are not available until the "next business day" which means it will not post until Monday. Remember that midnight on Thursday is actually Friday. Again, this is direct deposit, not a check that may or may not clear. This is just another way for them to hold your funds and charge money to increase their cash flow.
3.) It seems that their corporate office has no say over the local branches. The last time that I complained about this, customer service said that they could not address the complaint and that I would need to go back to the branch. When I did that, they insisted that they were right. Of course they did... They are the ones holding cash deposits! Then, they threatened to close my account because I was complaining.
The bottom line... Colonial Bank does whatever they please with your money, hold it, then charge you. I feel that I am constantly targeted because my account becomes low NOT overdrawn, until they decide to hold my funds... Even CASH. They know that they can get away with it because I don't have "weight" to throw around or a lot of money to threaten to withdraw. My average deposits is greater than 5,000 per month, but my average balance is just about 100.00. I have kids and bills... THEY SHOULD NOT TREAT ME UNFAIRLY JUST BECAUSE I PAY MY BILLS!
To date, I have paid more than 8,000 in unfair overdraft fees when they have placed DEBIT before CREDIT or unfairly held my money. I am now closing the account. I should have done that a long time ago, but I kept giving them second chances.
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