Pioneer Bank & Trust went in Feb 16 and removed $5400.00 from our son's checking account. They did this claiming they had the right to do so because years ago when our son opened his account he had his father place his name on the signature card in case of an emergency where our son could not access his money. They left him with $54.00 to live off of for two weeks.
They stole the money in order to off set our personal loan. The fact is that they stole Federal School Loan money our son had received for his schooling for his master's degree. They also mailed out the notice of the withdrawl to both our son and ourselves so that nothing could be done until today, Feb 22, due to the federal holiday yesterday.
Both notices were delivered on Friday Feb 18. Two days after the withdrawl. It takes 1 day for mail delivery.
We approached the bank manager of the Belle Fourche Branch requesting the funds be replaced. Which of course he said they wouldn't do. The banker said that he had went through our son's account and decided that all the school funds had been spent and they took only his personal funds.
The banker decided his way that the money had been spent. He did this to "make" it appear the way he wanted it to just to justicify the taking of the student loan money. He actually has no clue how the money was spent or not spent. He based it on his opinion and not the real facts.
Under the Master Promissory Note the government dictates how the money is borrowed and spent. Not a banker setting back in a branch office trying to collect monies on a loan that is not associated with our son.
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