Guaranty Bank

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Debit Card Overdraft Fees Even If Opted Out !
Posted by on
Rating: 1/51
MILWAUKEE, WISCONSIN -- Be very careful if you make payments using your Guaranty Bank account or debit card information. Even if you opted out of their overdraft coverage they WILL NOT decline payments sending you into an overdraft situation, will charge you $37 each, and then send your account into a spiral for even more bounce fees. They are shysters just waiting to trap you by their terms. STAY FAR AWAY of Guaranty Bank no matter how convenient they or luring their promotions seem to be. Even their own staff are embarrassed by having to enforce the conniving shenanigans (legalized robbery) of their policies and terms.
     
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Soaring Consumer on 2013-06-15:
By law you must "opt-in" to "overdraft coverage" to receive this "benefit", if they did this in violation of your agreement and the law you should file a complaint with the FTC and Office of the Comptroller of Currency.
madconsumer on 2013-06-15:
the poster did not want overdraft protection, they opted out. rather they wanted charges to be declined if there was no available balance.
BigAl on 2013-06-15:
You are confused.If you do not have sufficient funds in your account you will be charged an overdraft fee. That fee is also added to the deficient amount in your account. Each time another request is made to your account another overdraft and another fee will incur.This is what happens when you do not have sufficient funds in your account to cover the debit transactions you have made. If you had "overdraft protection" then you would not incur these fees. The way debit cards work is that small purchases are not verified to insure there is money in the account. If at the time of the transaction you do not have to sign your name chances are this amount was too low to be verified. There is a simple way to keep from paying these bank fees. Do not spend money you do not have.
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Guaranty Bank: Guaranteed Rip-Off!
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MILWAUKEE, WISCONSIN -- We had two incidences where Guaranty Bank missrepresented themselves to us. The first incident came when we met with the Attorney to close on our second mortgage. The bank called to schedule our closing appt. at which time they stated the terms of the loan. It was to be a 30 yr. fixed rate for the life of the loan. As we met with the Attorney, she disclosed that the loan was NOT 30 yrs but a 20 yr loan with a final balloon on the last 10 yrs. Of course at that point we discontinued the meeting and instructed the Attorney to void all paperwork.

We contacted our Broker, who was very disgruntled with Guaranty Bank. The Broker tried to make amends so they would not loose our business. Guaranty Bank decided they would lower our interest rate because of the problems they had caused (just because they were losing our business along with thousands in interest). They would not however take the loan to a 30 yr fixed rate, and we must keep the balloon. Because we were on a time crunch to consolidate our debt, we decided to agree to these terms.

Several days later we met again with the closing Attorney and signed the paperwork. The Attorney stated that the money for the creditors would be paid to the creditors by the next Wednesday. She went over all the paperwork with us, including the Disbursment Request and Authorization which stated, "Please Disburst as follows," "Amount paid to others on Borrower's behalf", with each creditor and their amounts listed below. This is the ONLY documentation throughout the ENTIRE paperwork that tells how the money will be disbursed. This naturally lead us to believe that after signing the paperwork, Guaranty Bank would payoff our lenders! We have consolidated debt in the past and the banks have always paid off the creditors electronically.

The next Wednesday came and we thought the debt had been taken care of and cleared with the creditors as well as showing up on our credit report. On Thursday, to our dissmay we found a FedEx package on our doorstep. Inside the package were 5 checks to each creditor totaling $60,000! There was NO other paperwork, only checks! We signed NOTHING stating we would receive 5 checks totaling $60,000 on our doorstep via FedEX. We never imagined we would have to take care of this ourselves. I hate to think what might have happened if we had not found those checks lying around! There was not even a request for signature!!! Anyone could have stolen those checks. And now it would take another week or longer for our creditors to receive their money. We were now accumulating interest with the creditors who were supposed to have been paid by now along with interest from Guaranty Bank!

We immediately contacted Guaranty Bank. The first person we spoke with stated that she could not help us and there were no managers in the office who could help (even though there was 2 hours left until closing). She advised us to call back and talk with Kimberly Grambold on Friday. This means the clock is still ticking on our debt consolidation. On Friday morning we call Ms. Grambold who was rude to us and tried to place the blame on FedEx for just leaving it on the doorstep (even though THEY are the ones who did not request signature)! She also placed blame on the Broker whom she said must have miscommunicated with us, (although the Broker states he knew only the same information we knew and also assumed the creditors would be paid electronically)! Finally she placed blame on us for not requesting that the money be paid electronically! She then told us we would need to contact Josh Bryan in Atlanta, GA for further complaints. So we contacted Mr. Bryan, who was even more rude than Ms. Grambold. Keep in mind that we were very calm on the phone with these people, never speaking with fowl language or loud tones. These people were so defensive because they knew they had done something wrong! And remember how Ms. Grambold told us that we were to blame because of not requesting to have the money paid electronically? Mr. Bryan told us that they NEVER handle money electronically and they have no way of doing that. If that is the case shouldn't Ms. Grambold have also known that fact? Mr. Bryan said that we should not "assume" things and that it was our fault because we "assumed" they had taken care of our debt. Hello Mr. Bryan, wake up! It's 2007, EVERYTHING is handled electronically. Money is constantly being wired to and fro throughout the world. If this bank cannot handle money electronically they should not be in business!!!! Paper rarely exists anymore! We asked Josh Bryan to, at the very least reimburst us for the high costs of overnighting the checks to their proper places. Which brings me to yet another point... who would just put $60,000 in an envolope and send it through the Postal Service? Are we just supposed to hope that they money gets to the right places and in a timely fashion at that? Mr. Bryan told us he would not so much as reimburse us for the fees to overnight the checks. He said this was our problem not his.

We then proceeded to contact our Broker who was appalled at Guaranty Bank. He could not believe the way we were treated and he was appalled that the paperwork only stated "Amount paid to others on my behalf". That was the only information we had regarging disbursment and the Broker agreed that he would also "assume" that would mean Guaranty Bank would disburse the money to the correct locations!

I want everyone to know the horrors we've experienced with this bank. They were not willing to try to rectify any problems they caused. They were only rude and defensive, placing the blame on everyone else.
     
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Anonymous on 2007-06-03:
You are correct, we may live in a time where everything can be done electronically, but your first mistake (and your broker's), was to make an assumption that the bank was going to make the payments to your creditors on your behalf. I've never consolidated debt before but it seems odd that all of this wouldn't have been spelled out in the terms and conditions.
SAJ on 2007-06-03:
Not all payments can be processed electronically, as there is sometimes a lot of information needed to do it. Also, when funds are wired, there is a cost for doing this, which is usually more significant than postage. This doesn't sound like some type of conspiracy, but merely a lack of communication between all the parties involved.
Chucky5 on 2007-06-04:
I don't really think it was an actual "assumption" that the bank would make the payments to the creditors on our behalf, because the paperwork actually STATED in the "Disbursement Request and Authorization" that the "Amount paid to others on my behalf" and then lists the names of the creditors and amounts. I have just heard from our closing Attorney who agrees with us 100%. She says there was nothing in the paperwork stating otherwise. (Just that the money would be paid on our behalf)! The Attorney also said that in the past, all transactions were processed electronically but in the past few weeks she has closed on a few loans that "CLEARLY" stated in the paperwork that the client would receive the checks and the client would pay the creditors! (But it was clearly stated so the client knew what to expect.) If we had known this from the beginning, we would not have been quite so upset. Shouldn't we have the right to agree to this in our paperwork? The Attorney also said that when she saw this she couldn't believe they would trust these people with all this money! I don't believe it is a conspiracy, but I do believe that all the blame should go to Guaranty Bank. Guaranty Bank are the ones who did not communicate with ANY of the parties involved. They NEVER told the Attorney or the Broker how the funds were to be disbursed (except that it would be paid in our behalf). And remember the first mess up where Guaranty actually called to set up our appointment with the closing attorney? That was the first lie because they stated that the loan was a 30yr fixed. When we got there to sign the paperwork it just so happened to be a 20yr with a balloon! (They were trying to pull one over on us from the beginning!) That is why we are so upset. Because they messed up not just once but 3 times (the third time being when we called and they so rudely handled the situation not even appoligizing and sticking the blame to us).
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Terrible customer service and high fees
Posted by on
IDYLLWILD, CALIFORNIA -- Their fees are outrageous and their employees rude, condescending and dishonest. I had three accounts with this bank and I can honestly say, they are by far the worst bank I have ever banked with.
When I set up my accounts, I explained that I would like my savings and checking account linked together, so that money was transferred automatically from one account to another. No problem, they told me. There would be a $7 charge and I would receive notification of the transfer.
In December, I did not check my account, but hey, if I was overdrawn, they would inform me, right? Wrong. Eleven times in a five week period they transferred money from my savings to checking account, costing me a total of $77 and not one single notice.
I called customer service. They told me refunds were impossible. I asked to speak to the manager. I was told he could call me back in 2 to 3 business days. I insisted I could not wait around for days hoping for a phone call and eventually was connected to a rude and abrupt man. He told me "You signed the papers, so you should have read them first. Refunds are impossible" and that I should have kept better track of my account. Good point, but where was the promised notification?
I went into the local branch and complained and said that I had not been notified of the overdrafts. They insisted that I had received them and told me "You need to check your mail more thoroughly" I assured them that I had checked my mail and that I could not possibly have overlooked 11 notifications. They insisted I had.
They eventually said they would refund half the charges. They came close by refunding $35 of the $77. I let it rest and marked it down to experience.
Two weeks later, I received a notification of a further $30 in fees for overstepping the six-transfer rule on my savings account.
Again, I went into the bank and was told that I should not have misused my accounts the way I had. My argument was that they had been the ones transferring money without letting me know. The manager was rude, argumentative and continued to insist that I had received notification of each transfer from them.
I eventually gave up and closed out my accounts. While counting out my money, the manager told me that they would soon have the capability to notify me of overdrafts by text message. Did she really think that would make up for poor service, expensive charges and rude employees?
I will never go back to this bank again and would strongly advise against anyone banking there.
     
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WHAT A SCAM!!
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DEERFIELD, WISCONSIN -- I was recently charged "overdraft fees" on my account with Guaranty Bank. When sending in an email to customer service to request the fees to be removed, I simply receive a canned response that this not possible. So I call into the customer service department after TWO rounds of being hung up on after over a 20 minute hold each time, I speak to Lakesha (not sure if that is spelled correctly).She was extremely rude, cutting me off as I spoke. What kind of customer service center do they run? I also called back to speak to a manager, spoke to a representative, young man with the same attitude and response He would not let me finish a sentance, its like they have the same response for every customer that calls. He proceeded to tell me there was nobody else there I could speak to. Being persistent, I FINALLY got a manager, who then ACTUALLY let me ask my question and explain my reasoning as to why I was requesting my HARD earned money back. But of course the same response, they are not able to refund me. No one there could explain to my why at my local branch I was told I could "contact corporate for a reversal"(as this was the only place who had the ability)and why they were telling me this was merely IMPOSSIBLE. And then to be told to ask for Leah's manager Shane who was not even in the office. WHAT A WASTE of TIME AND HARD EARNED MONEY!!My personal opinion is that they need to screen for better help, people who sound more educated and considerate! I have never seen a company who has no reguard for a consumers financial stability as this!
     
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goduke on 2009-12-26:
The local branch told you to call corporate most likely because they didn't want to deal with the backlash of being the people who said no. You asked, they said no. You asked again, they said no again. You escalated and asked again, and they said no again. Seems they were just sticking to their guns, for whatever reason. I really don't see that as a scam, though.
Anonymous on 2009-12-26:
Overdraft fees are there for a reason. What made you think they would reverse it? Just don't overdraft your account and you'll save yourself a lot of hassle.

The branch told you to call corporate so that you would leave them alone.
Anonymous on 2009-12-26:
Wouldn't it just be easier to not overdraw your account?
PepperElf on 2009-12-26:
OK so you demanded they don't charge you overdraft
what is so special about you that you think you should be exempt?
Anonymous on 2009-12-26:
They're rude and inconsiderate because he didn't get what he wanted....That always seems to be the case. They're rude and throw the bad customer service line around.....Its like a baby throwing a temper tantrum.....Grow up and be a man. YOu overdrew your account, you pay the consequences. Its just like a speeding ticket. Don't speed and you won't get the fine....Don't overdraw your account, and you won't get the fee!
CrazyRedHead on 2009-12-27:
What did your checking register say?
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