Yesterday I walked away from Commerce Bank victorious: my entire balance in my wallet, my fees reversed, and my account closed. I had an account there that I just sort of kept as a “money in a book” account. You know, you hide money in a book on your shelf so you forget about it and one day when you really need some extra scratch you realize, hey wait, I’ve got that money in a book. Except this way I wouldn’t run the risk of forgetting which book it was. In retrospect I realize that was kind of a half-stupid, half-smart idea. That’s how I roll. Another way I roll is a little policy called, “You don’t get to steal my money.”
banks
Customer Gets Slapped With "Excessive Activity" Fee For Messing With Savings Account Too Much
By 5.9.08
Thanks, Bank of America: "I Deposited A Check That Dosen't Exist, And I Have A Receipt."
By 5.7.08
It seems that everything isn’t going so swimmingly during the transition from LaSalle Bank to Bank of America. One reader says that a check he deposited and has a receipt for has mysteriously disappeared…
Latest And Best Online Savings Accounts Rates
By 5.7.08
Now that interest rates have fallen, online savings accounts aren’t offering the same kind of return as before, but you can still stay liquid and get more than what you get in a brick and mortar bank. Here’s some online saving accounts offered by FDIC-insured banks ranked by the interest they pay out:
Chase Closes Bank Account, Hold Money Hostage
By 5.7.08
What makes the next story about reader Pavel trying to get satisfaction from Chase executive customer service so interesting is that Pavel himself is Executive Assistant to the President of his company. He knows how executive customer service is supposed to work. As he puts in, he has the ability to “walk on water” within in his company. Which makes his experience with Chase, where they closed his account for having a zero-balance for less than a week, and then held his money hostage, all the more frustrating…
Reach Chase Bank Executive Customer Service
By 5.6.08
If you have a problem that regular customer service hasn’t been able to solve, give this gal working in the Chase Bank executive customer service office a shot: 713-262-3866, Michelle Crabtree. Although, she figures in an upcoming reader complaint, and not favorably. If you have a specific credit card complaint, that info is here, and the general Chase Bank executive customer service desk is 800-242-7399.
BoA Closes Your Credit Cards If You Ask Why They Increased Your APR
By 5.6.08
It’s evident the pendulum swung too far in terms of giving away too much credit, but now it seems to be swinging back in the opposite direction just as hard, with banks getting too tightfisted, even when it doesn’t make sense. For instance, the APR on James’s BoA credit card jumped from 9.32% to 13.99%, and shortly after he called to see about getting it back, they closed all three of his credit cards. One was a Gold account with a lifetime APR of 7.99%, the other had a 1.99% APR. Just last month, he received an offer to transfer $15,000 to the 1.99% card. Obviously at least one department in Bank of America thinks he’s a good credit risk. It appears some other expressionless faces of the massive dodecahedron that is the entity called Bank of America disagreed.
Commerce Bank Can't Decide Whether Funds Are Available Or Not
By 5.5.08
Meg in New Jersey wants to know what’s up with her Commerce Bank account. They say if you deposit a check before 6pm, the funds are made available that day—but when she did just that and then transferred the funds to another account, she was hit with a $35 “uncollected funds fee.” She never got a straight answer out of the Commerce CSR, and although they refunded the fee, they told her she “could only get that refund once ever,” as if to say it was her fault the fee was assessed.
Government Cracking Down On Anti-Consumer Credit Card Practices
By 5.2.08
In a surprising departure from the norm, the government is actually cracking down on some of the more egregious credit card practices. Usually they say that including more tiny print is sufficient enough consumer protection. Some things they’re addressing: creating a mandatory minimum payment period, forbidding double-cycle billing, and prohibited APR from being raised on an outstanding balance. The proposals are simply that, proposals, at this point, with finalization expected by year’s end, and we’ll see what happens after all the exceptions and industry lobbying groups get factored in the equation. The specific anti-consumer credit card practices getting attacked, inside…
Bank Of America Charges $10 Fee For Paying Parking Tickets
By 5.1.08
Reader Anthony writes that the financial warlocks…
Class Action Against Credit Card Companies Conspiring To Make Us All Accept Mandatory Arbitration Revived
By 4.28.08
Ross vs Bank of America is a class action suit…
Wachovia To Pay $144 Million For Bilking "Gullible" Seniors
By 4.27.08
Wachovia will pay $144 million for helping telemarketers prey upon the elderly. The Office of the Comptroller of the Currency spanked the morally bankrupt institution with one of the largest fines ever levied—but before seeing a penny of settlement money, seniors will need to fill out detailed claim forms and navigate a complex bureaucracy.
At HSBC "No Minimum Balance" Actually Means $0.01
By 4.25.08
Reader Erin found out that when HSBC says, “no minimum balance,” they actually mean, “at least $.01.” What seems like an innocent misunderstanding is actually going to cost Erin some time and trouble. It all began when she had to empty one of her HSBC accounts to make a large purchase. Because her account required no minimum balance she assumed all was well, until she went online and found out that HSBC had conveniently closed her account which can only be reopened in person. Erin writes:
By 4.25.08
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American Express’ profits fell 6% as more Americans defaulted on their credit card debts. [NYT]
10 Ways To Save Real Money
By 4.25.08
The champagne is dry and crusty, and all the hundred-dollar bills used to light cigars have crumbled into ash. It’s time to tighten our belts and get real about spending less and saving more. Here’s 10 ways to save some serious cash…
E*Trade Holds Your $3,195 Hostage
By 4.24.08
After eight months of calling and writing, Reader Brice finally annoyed E*Trade enough to close his account. At least that’s what the letter from E*Trade said; in reality, Brice never received a check for his balance, and although he couldn’t access his $3,195, his account is still earning interest.
