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Am I the Only One Able to Setup Such Insanity in My Life?
Posted by Hartford.ct.cpl on 01/05/2013
CONNECTICUT -- Opened 3 accounts. Real nice branch manager, he took the $.03 to open the 3 accounts and told me to setup online banking to fund the required minimum deposits.

That's where the fun begins- Citizens daily transaction limit, across all accounts, is only 2500$ for online banking.

So I call the 800-number, get a great CSR, and ask her if she can do my transfers... Nope. Ask her if she can close the accounts because they'll incur fees if there's no transfer initiated by Monday. Well, she could, except the $.03 has to come out of each account. So I tell her, 'hang on' and go to transfer the money out... Nope. Citizens minimum transaction amount is 10$.

I tell her I don't care about the $.03 (I'm laughing at this point, so is she) She just about busted a gut when I told her the $.03 came out of the branch manager's pocket.


I'll see you in the morning, Citizens. Closing accounts before we ever got started together. Thank goodness after seeing some of the awful press n' reviews. Its too bad, I really wanted a local bank, but I don't have many options. Guess I'll stick to USAA for now

     
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Posted by ok4now on 2013-01-05:
Try joining a credit union and avoid these headaches. Better rates, no fees and they are accountable to the customer not shareholders.
Posted by CUontheFlipSide on 2013-01-05:
I'm not sure I'd call them a local bank, they are in many states and are a subsidiary of the Royal Bank of Scotland.
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Invasion of privacy & Profiteering
Posted by Wrstarmer on 08/10/2012
MASSACHUSETTS -- Recently went to a teller at the bank and attempted to cash a check that was drawn on their bank ( my paycheck) I had my I. D in hand and was ready to provide. I was told that I had to be fingerprinted and pay $7.00. I was taken aback by this request and declined the transaction. Let me get this straight, The check was drawn on their bank, they are getting paid by the account holder to provide this service. I have to be fingerprinted as if I am being assumed as anything but legitimate? and pay $7 for it ?? My drivers license was not adequate ?
     
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Posted by trmn8r on 2012-08-10:
You can easily research the fingerprinting policy for non-account holders - it is common, and legal.

As for the fee, several banks do this today as well, and that may also be researched readily.
Posted by oldisgood on 2012-08-11:
in todays world this is completely normal.
Posted by bob932304 on 2012-08-11:
They are providing a service to you so they charge and with so many frauds going on with checks they are protecting themselves. Just use your own credit union or bank and this won't happen.
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Home Equity Balloons
Posted by Woontonfarm on 08/01/2012
FLINT, MICHIGAN -- Payments were always on time, the home equity note came due and the house value was below that of the mortgage amount. Citizens Bank decided to "fix the rate and term out the loan" raising the 3.25% rate to 8%. This increased my payments from $408/mo. to $1100/mo.

The amazing thing was my income was down about 70% (business closed down & I started a new job) and the bank "approved" my loan (terming the balloon note out). Citizens told me to apply for a "modification" but the bank who approved my loan restructure, denied my modification! Mr. King at Citizens told me if I wasn't happy with his decision I could take my business elsewhere, knowing fully you can't refinance a home equity underwater.....the note is past due now and they take money out of my accounts to pay late fees and bring the account current, been a nightmare for me.....
     
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Posted by bob932304 on 2012-08-01:
This is probably all laid out in the mortgage contract which is probably more pages than a book. I hope you can work it out. Bankers strike again.
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Processing Transactions on a Closed Account
Posted by Puterdame on 07/31/2012
HALIFAX, MASSACHUSETTS -- I opened 2 checking accounts and an IRA with Citizens Bank in Halifax, MA. Over the past few years, the mistakes had gotten to the point where I had to check my personal account as well as my business account to find the errors made, call the bank and have them corrected. Long story short, I ended up closing my accounts, and going with another bank.

I received a call a few days ago from Citizen's Bank regarding some charges that were processed (against my CLOSED account) and was told I would have to visit the local branch, which I did today. I explained the situation to the robot behind the counter, who simply kept repeating, "when you have a pre authorized debit set up, we honor it." Apparently, the changes to my new bank information from PayPal did not 'go thru' and they went to Citizen's for payment.

I had a credit submitted for a returned product on the same day I closed my checking account, so, without telling me, Citizens re-opened my account and started processing transactions against my overdraft protection. When I explained that I had closed the account, I got the same answer repeatedly about the "pre-authorized" debits. As I explained to the teller, I wouldn't "authorize" a transaction on a CLOSED account because that would be FRAUD.

I have to contact the "manager" tomorrow to see what he says, but this has been an exercise in frustration, to say the least. To have a bank re-open a closed account, instead of sending notification to the companies looking for payment that the account was CLOSED, is ludicrous, and almost seems illegal. If anyone can advise just WHO oversees banks, and their operations, I would be very appreciative to know that information.

In the meantime, STAY AS FAR AWAY FROM CITIZENS BANK AS YOU CAN. Go with a local Credit Union, or anywhere else!!!!

     
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Posted by trmn8r on 2012-07-31:
I believe what you describe is standard practice in banking. I had a credit automatically open a closed account, and subsequently earned a monthly maintenance fee, etc.

I contacted the bank and had it corrected. A few months later the same thing happened.

I believe you will find out this isn't improper, though I admit it seems like an odd practice. There must be a rationale for it.
Posted by CrazyRedHead on 2012-08-01:
I went through the same thing with SunTrust a long time ago. It took them 10 years from when I closed the account to tell me about it.
Posted by leet60 on 2012-08-01:
As trmn8r said it is a common banking practice. Additionally it generates fees for the bank against your account. Part of the issue is the person who is paid the debit is using outdated information (if you updated them with the new account) so they also hold some culpability in this matter.
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Bad Bank
Posted by Rickysingh on 05/08/2012
Hey every one please do not open an account in Citizens Bank they're so rip offs please
     
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They billed me for .07 cents!
Posted by Jesselev on 04/23/2012
PROVIDENCE, RHODE ISLAND -- I had made a payment of $8000 towards my Citizens Bank credit card. Shortly after that payment I mailed what I thought would be my last payment - $265.00 using First Class USPS mail. The $265 payment was $1.43 more than the balance I owed on my statement. My payment was mailed in plenty of time before the due date!

I waited two weeks then checked online and noticed the bank still hadn't processed my payment. So I called and was told they hadn't received my check! The representative I spoke with blamed the post office then advised me to wait another week. I did. In fact more than a week went by then I finally noticed my payment had been processed! Two weeks later I received a statement in the mail from Citizens Bank regarding my credit card account. The statement said the account had been closed. It listed the previous balance($263.57), the payment I had made ($265.00), no interest fee, but an unexplained fee of $1.50. Since I had paid $265.00 on the previous payment and the balance at that time was $263.57 the difference was 07 cents owed after the unexplained $1.50 fee! The statement also stated "If we do not receive your minimum payment by the date listed above, you may have to pay a late fee of up to $39.00 and your APRs may be increased up to the Penalty APR of 29.99%."

I mailed a check to them the next day using Return Receipt this time to have proof of mailing! If Citizens Bank takes another three weeks to process and post 7 cents to my account I will contact the proper authorities to file a complaint! I've grown tired of Citizens Bank fees, their ways of delaying payments and them diming me to death!
     
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Posted by Alain on 2012-04-25:
If you need to file a complaint, you might find this web site helpful: http://www.federalreserveconsumerhelp.gov/about/consumer-complaint.cfm
Posted by Starlord on 2012-04-25:
The power company once billed us for one cent. On the sheet letting us know they said if it was not paid immediately, it would be turned over to a collection agency.

Posted by tnchuck100 on 2012-04-25:
Starlord, I can see a collection agency chomping at the bit for a crack at your account. LOL!
Posted by Anonymous on 2012-04-25:
When I worked collections, I called someone who owed something like 3 cents (don't remember the exact amount). I thought it was ridiculous so I waived all late fees and wiped the account clean.
Posted by Starlord on 2012-04-25:
One time, when I was collecting taxes, I had a mobile home that the tax bill was just over a dollar. The owner was a lady in her eighties, so I put the amount in an envelope and turned it in. A week later, there was an envelope on my hook when I got to work. She had repaid me for the tax payment. I did this because the County Assessor had just forgiven a 16 million dollar tax bill on helcopters that I really wanted to bring in for the county, but I was supposed to seize this old lady's trailer home for just over a dollar? Tain't funny, McGee!
Posted by NOTGUILTYURHONR on 2012-11-27:
$16 MILLION forgiven?sounds like corrupt county assessor was paid well to "forgive"an amount like that.there should be an investigation there
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ATM fees and savings interest
Posted by Kaumapathy on 02/10/2012
MASSACHUSETTS -- Big banks are notorious for charging hapless customers with their fees and charges. The second biggest bank in Massachusetts should be number one in this regard.

The typical savings account with this bank with a deposit of $1000 takes more than 10 years to accrue 10 dollars in interest.

A typical ATM transaction in a non-Citizens Bank ATM for $100 has $4 foreign transaction fee + $3 balance enquiry fees + $3 withdrawal fees. So, customers get less than 0.5% in savings returns over 10 years and the bank gets 10% out of one single transaction.

What kind of services these banks provide?
     
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Posted by Inat on 2012-02-10:
savings accounts do offer high interest yields b/c the money is readily availabel for withdrawal. if you're looking for an account with a better yield, look at CDs but be prepared to not have access rto your money for at least 90 days.

As for ATM fees - yes, those are high fees. But so is maintenance of networks, subscriptions, electricity, maintenance, etc.

You don't have to pay ATM fees - you can write checks, get cash from the teller, etc. You're paying for the convenience
Posted by Slimjim on 2012-02-10:
Nobody's savings accounts are paying any real interest right now. The feds have the prime rate at an all time low. Good for those seeking to buy or with existing adjustable mortgages, but bad for savings accounts and CDs. I'm getting .2% right now in my savings account. Also, foreign ATM transaction fees are imposed by that specific ATM owner, not your bank. Citizens really has no control over the transaction fees of another bank or entity's ATM, nor the going rates. You'll find this with any bank.
Posted by Anonymous on 2012-02-10:
Well Greek 1 year bonds are paying 509% IMF, ECB, EU are willing to backstop them for a bit.... QE3 is coming to the US probably in Q3 '12 so pick your poison.
Posted by Churro on 2012-02-10:
Yeah but still there are better choices to handle your banking needs. One of my checking accounts pays 1.5% (started out at 5% a few years ago) on the first $25,000 and refunds all ATM fees up to $25 a month. I have another checking account that pays 3% on the first $30,0000 but without the ATM fee refunds. Both accounts are bonus checking accounts where every month you need to have at least one direct deposit, make a dozen pin-less debit card transactions and opt for the e-statement in order to get the perks.

Shop around I'm sure you can find a much sweeter deal than Citizens Bank. Good luck!

Posted by CowboyFan on 2012-02-10:
One pays for the cost of convenience, because cheaper alternatives are available. I like the Greek bond concept, because one can brag about what great interest one is earning, at least until that bond market collapses.
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Unmentioned fees
Posted by Jpfeiffercello on 01/17/2012
BOSTON, MASSACHUSETTS -- I am a completely naive investor. I had many IRA CDs at Citizens. The investment officers called me up to talk about consolidating them. I thought this was a good idea, since it is hard to keep track of so many. I went in and they sat down with me and recommended an investment product of the bank's which sounded good to me. I had had a previous dealing with one of the men, so I trusted him. He had me sign several sheets, which I did without reading them. STUPID OF ME!!! But he knew I knew very little about investment matters. Then he slipped in a few more sheets into the stack and we were done. A week later, when I got my first statement for that account, I found I had been charged over $2700 in fees! He never mentioned fees to me. Being a novice, I did not know to ask. I went right to the bundle of papers he sent me home with, and indeed on one of the sheets I did not have to sign, the fees were detailed. But since I trusted him, I was now out of $2700+. Of course I should have read everything before signing, but if you trust someone, you don't expect to be duped like that.

     
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Posted by tnchuck100 on 2012-01-17:
Just to keep things in perspective was this $2,700 fee for handling $10,000 or $270,000+ in investments?
Posted by trmn8r on 2012-01-17:
Did you agree to change to an actively managed fund, which has a yearly fee? These can range from 1-2%. Let's say that you put a $200,000 portfolio under management - that would be $2000-4000 a year.

I always ask a ton of questions, and read or browse most everything. It is odd that whatever feature that costs so much in fees did not come up or wasn't mentioned as having a fee as you discussed options with the CSR.
Posted by Fufu487 on 2012-01-17:
It really depends on how much you invested as to whether this fee is considered high or not. Investments almost always have fees involved.
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Hidden fees, and worthless customer service
Posted by Ranjit_kher on 01/15/2012
NEWTON, MASSACHUSETTS -- Citizens Bank is without a doubt the worst bank I have ever worked with.

They have been charging me $7.95/month to allow my Intuit Quicken software to synchronize with it. I've never heard of that and neither have any of my friends. Further, they never warned me that there would be a such a fee. And to top it off, it doesn't even work - Quicken always gets an error when it tries to synchronize so I actually disabled it.

After paying the false fee for ~5 months, I finally gave them a call. The person on the phone said they would escalate it to a manager to see if they could give a rebate. I didn't hear back from them for 2 weeks so I called back. This time, the person on the phone said the account doesn't show a records of the previous conversation so he put in a formal note into the system and again said they would escalate it. Still no word for 2 weeks so I called them a final time. This time the person said he sees a record of the previous record but the issue is still open... he promised either he or the manager would call me within 1 week. It's been 2 weeks and I never heard back from them.

Between the charging fees like thieves and handling customer complaints so poorly, I'll obviously cancel the account. But if you are reading this, I highly recommend that you don't bank with Citizens. I'm telling my friends the same. It's no wonder that these big banks are in such trouble and need us to bail them out (through the government and the fees!)... really amazing.

Ranjit
     
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Posted by trmn8r on 2012-01-15:
From what I can tell from a quick search, BoA and Wells Fargo charge a fee also. I guess the challenge is to find a bank that doesn't. Good luck.
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Rip Off
Posted by Giorno4ever23 on 12/04/2011
PHILADELPHIA, PENNSYLVANIA -- Tiered off being robbed by a bank, if you use Citizens your being robbed they are making a fortune off of hard working people if they charge $35 over draft fee on 1000 people in a day that's $35000.00 they made in one day and we all know there are hundreds and thousands of people everyday what a scam. Just this week alone they got me for $146.00 because of a dollar they got me for $34 buy the time I checked my account I got two more over draft because of the first one I've had it!

I'm switching to TD bank I here good things about them!
     
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Posted by clutzycook on 2011-12-04:
Doesn't matter how good the bank is. If you go over, they're going to charge you.
Posted by JayByJay on 2011-12-04:
Protip: Don't opt in to your bank's overdraft fees if you don't like them so much.
Posted by GenuineNerd on 2011-12-04:
Keeping your checkbook balanced also will help prevent overdraft fees. Write down EVERY debit card, paper check, and ATM deposit/withdrawal transaction, and take note as to how much you have left in your account. Also take into account fees, if you use an ATM other than your own bank...you will be double-charged for those, both by the ATM owner and your bank, meaning that a $60 withdrawal can cost about $66, assuming that $3 is charged by the ATM owner and $3 is charged by your bank. And be careful if you use a debit card at a gas pump...some gas stations will put a temporary hold on your account, sometimes as high as $100 (even if you buy only $30 worth of gas), until the gas station balances its books...usually a day or two. Balancing a checkbook can be hard and confusing for some, but doing so meticulously will prevent any costly surprises like overdraft fees.
Posted by trmn8r on 2011-12-04:
Yes, if 1000 people a day overdraft, that is $35,000. Guess how much Citizen's pays each day for rent/lease, depreciation, salaries.

Fact is, overdraft fees are part of a bank's income, including TD Bank. In fact, TD Bank has a class action lawsuit against it for its overdraft policy.

Any bank that has overdraft fees is going to charge them if you let the balance go negative.
Posted by At Your Service on 2011-12-04:
Every financial institution charges these overdraft fees. My suggestion would be to keep a close eye on that balance so you don't go over.
Posted by Anonymous on 2011-12-05:
I'm not 100% sure, but I'm guessing the OP is smart enough to know if they don't go over this won't happen. The complaint is around the vicious cycle that occurs..in this case over $1, which turned into $146.

Also, opting out of OD protection does not mean it won't happen.
Posted by CowboyFan on 2011-12-05:
Accept responsibility for being overdrawn, learn from it and move on. The less money you have in your account, the more closely you have to keep track of your expenditures. Also, I thought I read that opting out on overdraft protection did not apply to checks or automatice payments, but only debit cards so that one can still get overdraft fees.
Posted by JD_Straw on 2011-12-05:
I know to a PENNY what is in my account at ALL times! I keep meticulous records of every expenditure. I can't afford overdraft fees because it takes away from my "bottom line." In other words, if I'm dinged 35.00 for an overdraft, then there will be less groceries in my refrigerator and pantry as a result and it will cause me to defer until the next month when I get paid again, for things I needed and would've gotten had the 35.00 not been taken out of my account. It's like throwing money in the trash!
Posted by Skye on 2011-12-05:
I don't understand why people even have that overdraft protection. All it does is give you a false sense of security.

One way to avoid fee's, don't use overdraft protection, and ALWAYS know how much money you have in your account. I know where every single penny I have is, and goes, and I make sure I check my bank accounts balances everyday, and sometimes a few times a day, so I can see what has been deducted and what's been paid.
Posted by TheOldSheriff on 2011-12-05:
For the first time in my adult life (35 years) I let my account get over drafted last week. It was an honest mistake. I had direct deposit from work for years until last month, and forgot that I had been changed to a live check. Anyway, my over draft protection kicked in and paid my bills. Of course, I was charged a large amount for two fees. I didn't cry about it because it was my own fault. I think the fee was too high, but at the same time, I'm glad that the bank went ahead and paid both bills. BTW, I found my check at home and deposited it.
Posted by TheOldSheriff on 2011-12-05:
And for the record, I normally would have noticed my account being low, but I was extremely busy with work last week.
Posted by Mark on 2013-12-12:
I understand all of the people out there who are saying to keep sufficient funds in your account. That wasn't the point. Citizens Bank does this all the time. My direct deposit check came a day later than usual (work a state job). They hit me with an over draft free for one day when the problem wasn't my fault. I have 3 accounts with them. 2 savings for my sons and 1 savings of my own. There is money in those accounts. Instead of giving someone a break, they stick it up your a**. I hate this bank, but it's too much of a pain in the a** right now to switch over. Merry Christmas Citizens Bank. You suck.
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