I had switched my online savings to GMAC a few months ago since they had a high rate (comparatively). When conducting an online transfer, I got an error message from the website stating to call. I called and the person was very friendly and assisted me in making the 10k transfer out of my checking. 2 days later, I find out that they processed the transfer twice - taking 20k out of my checking. This unauthorized transfer of funds put me in the red with my checking. When I called them to request they transfer the money back, they stated they had no record of any issue with the website or any error messages and that they could not put the money back. I would have to do a regular transfer that takes 3-5 business days. They also had a wire service that I could use that would transfer the money in one day, but they would charge me a fee for it.
I am now charged a fee from my checking account for insufficient funds.
I tried to close out my account with GMAC due to this debacle, and so I transferred the account balance back into my checking. Apparently GMAC didn't know enough about banking to know that the extra 10k they tried to take from me would be rejected by my checking account, therefore making the GMAC balance that I was trying to retrieve incorrect. Now when the transfer goes from GMAC to my checking, I will have insufficient funds with GMAC. They then will have to take more money out of my checking to cover this.
My complaint is the following: Why don't the people who work at this bank's customer service department who have authorization to move money into their bank have no knowledge of finance or banking? Should people with no knowledge in this area be allowed to touch peoples' money? Should they be allowed to engage in unauthorized transactions with no repercussions? Should they be allowed to charge fees for their own incompetence?
Apparently the answers to all these questions is YES. This is bad business and I will never use GMAC again. This is the worst experience I have ever had with a bank and I would advise anyone thinking of opening an account or keeping an account with them to think again.
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