Re: [MLUG - DISCUSSION] banks fscking me

[Mike Miller <EMAIL:PROTECTED>]

On Tue, 7 May 2002, Michael wrote:

> My bank fscked me and put a two week hold on a large deposit causing
> several checks to bounce. Anyone know if there are any laws that would
> let me force them to return their 'insuficent funds' charges to me? For
> having had no money for the checks to process they managed to take about
> $200 in fees. :P


Banks make a very substantial part of their income from such fees.  It
bothers me a lot.  Here's the thing that bothers me most:  Suppose you
thought you had $1100 in the bank, but you really only had $1000.  You
write 11 checks: one for $1000 and ten for $10 each.  When those checks
get to the bank at the same time on the same day, which one do you think
they'll process first?  If they process the $1000 check last, they charge
you a single $20 fee, but if they process the $1000 check first, they
charge you $20 for each $10 check, a total of $200.  So they process the
$1000 check first!!

Regarding the original question:  I have no idea why it would take them
two weeks to process a check.  That is ridiculous.  I don't care about
their policy.  You should report this to the State Attorney General's
office as an example of how a bank is abusing its customers.  Even if they
won't help you immediately, they do take note of such things and work to
pass legislation to protect consumers.

I do agree with Jonathan that your best chance at getting your money back
is to talk nicely to the people at the bank.  Make them feel sorry for
you.  Related example:  I sometimes am assessed a late fee for payment on
a credit card.  When this happens, I call the customer service line and
tell them that I'm very sorry that I missed my payment, I give some sort
of excuse, like I was traveling, etc., then I ask if it would be possible
to waive the late fee.  They waive it every time.  If they guy on the
phone didn't like me, he wouldn't have to waive the fee, and he could add
a note in the record saying some bad thing about my attitude (which might
make it hard for me to get help from other people).

Anyway, that's enough of my rant!

Mike

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