I am of an age where I should have had a bank account before, but due to personal circumstances, I'm newly starting out on my own. About a week ago, I had brought a bag of loose change to the First Convenience Bank inside of WalMart on Franklin Ave in Waco, TX where I'd previously seen a coin-counting machine. While using the machine, a very eager young man came out to help me and said that if I opened an account there, I would not have to pay the fee for using the machine. I wasn't particularly concerned about paying the fee, but since opening a checking account was something I was planning on doing anyway, I figured that was as good a time and place as any. Perhaps a Red Flag should have gone up at the man's eagerness to rush me through the process, barely giving me time to read anything befoe signing... But it didn't. A few minutes later, I walked away with a new Power checking account with $1.00 in it (and I understood the various ways to prevent a monthly fee).
A couple days later, I received a letter with a threatening tone from First National Bank Texas with a P.O. Box address in Killeen, TX along with a somewhat confusing form. The letter basically said that if I didn't fill out and return the form within 10 days, they would take action, possibly resulting in the closing of my account. I took the letter and form the same day it came to the Waco branch of First Convenience Bank inside WalMart where I had opened the account and showed it to the same gentleman with whom I'd opened the account. He said not to worry, just fill it out (he even showed me exactly how) and mail it back to them. I did so also the very same day. The following day, I received in the mail, my Debit MasterCard. I called the number on the Card to activate it, followed the instructions and was told by the automated voice that it was successfully activated. Two or three days later, on November 5, I went back to the same Waco branch and deposited $100.00 cash. The teller told me at the time that it would be available the following day. Another Red Flag? It was CASH, why wouldn't it be available immediately? But again, at the time, I thought nothing of it as I had more cash with me and had no need to access the money I had just deposited that day.
Yesterday, November 7, I went to the grocery store and my bill was about 40 cents more that the cash in my pocket, so I used my new Debit MasterCard, which was approved. I got home, checked the mail, and found another letter from the Killeen, TX P.O. Box of First National Bank Texas which was dated November 6 (the day my deposit was to be available), and in the midst of phoney pleasantries, it stated in part, this: "We realized from the recent events on your account we will not be successful in meeting your needs... Blah, blah... Therefore, in accordance with item twenty-seven of our Deposit Agreement, we have closed the account referenced above immediately. Please be advised of the following:
The Debit MasterCard issued to you has been closed. Direct deposits, as well as other debit items presented will be returned as "Account Closed". If the account is overdrawn on the date of closing, the overdraft will be charged off and reported to a collection agency... Blah, blah..
WHAT! WHY? The only "recent events" on my account had been a cash deposit which was more than what I had just put on the Debit Card - apparently After it had been closed - completely unbeknownst to me at the time I used it. According to "Item twenty-seven of the Deposit Agreement", which I have looked up, this will now result in fees charged to me both by the grocery store and by First Convenience Bank.
So, the reason First Convenience Bank cites for having suddenly closed my account (item twenty-seven of the Deposit Agreement) is the following:
"We reserve the right to close your Account at any time for any reason. We are not responsible for any items, checks or Electronic Funds Transfers returned after your Account has been closed. You shall indemnify and hold us harmless for expenses and costs, including attorneys' fees and couet costs, due to closing your Account."
I just feel totally at a loss! This just seems so very, very wrong! But at the same time, I feel completely helpless to do anything about it! I see there are several other complaints on the same bank. And while it certainly does not make me feel any better knowing that others have been taken advantage of as well, it certainly does seem to reflect that this bank has no scruples, and operate in a very unethical way... But, wrong as their treatment of customers is... Is it Illegal? I don't k now, but since they are continuing, it is probably legal and they will continue doing it as long as they have victims (I mean, customers). This is just beyond appalling!
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