I'm embarassed to have things even come to this. But after seeing so many others and hearing stories, I felt compelled to carry this out and post. We ran into a minor financial set back and a bad mathamatical error. That added to daily life and challenging health issues have forced me to near bancruptcy! This week, my pay checks will go straight to Sovereign for over draft fees. Even after telling them the nearly $1500 I've paid in the past few months (Domino effect) was all I had and now are wondering where food and gas money will come to, I was offered a 'one time curtousy credit' of $33! Still leaves me with a negative balance.
I tried to get over draft protection but miss the credit score requirement by about 20 points. Doesn't matter I've been with them for over 9 years since they came to town! NOR that my husband is gainfully employeed, because I could otherwise not afford the mortgage. Needless to say, request denied! But why not? This way, when my pay roll hits my account and my auto-bills over withdraw my account AGAIN, because the bank will pay them (oh, how nice of them!), I will still end up probably in the neighborhood of abuot $150 in over draft fees for the month. And I can't close the account because of the auto-bills and negative balance. I can't stop the auto-bills because this is where payroll goes. See where this is going?
I've done some research and in the UK they have actually finally gone after these money hungry loan sharks: http://www.thisismoney.co.uk/bankcharges. I've also searched the US treasury site and found the site to be in the favor of banks on the federal level. I do remember reading somewhere that the charges could not be exhoborant and customary to the service provided. Charging $33 for a stinkin cup of coffee is not what it costs them to 'process' the bad charge. I could go on and on. I'm wondering if anyone is intersted (or knows how) to set up a blog where perhaps a class action lawsuit similar to that of the UK could be put together?
For the record, I do not have a problem paying a fee because of my mistake in math. BUT, when the bank keeps paying things and I've yet to find out there was a mistake because the overdraft fees are perpetually combining and drawing the account more and more in debt, I have a problem! They have told me in the past they generally paid the 'big ticket things' because the could be rent or mortgages. (How nice of them... Show me where I can live for $2.36! That's hogwash!) I'd rather them bounce it! Mortgage bank would only charge me $25 for their bad check and the rest of the money would have covered the cup of coffee that has cost me hundreds by now!
Move your money to a smaller bank! One not in the hands of the greedy like this bank. And shame on them for not paying over time... I can attest to paying the bank more than enough money to cover all the employee's overtime for at least a few weeks! Bad bank! BAD BUSINESS NON-AMERICAN!
And one last thing... When I press '1' for English, MAKE SURE THE PERSON DOES SPEAK IT!
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