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Webster Bank

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Your bank is ripping you off.....
Posted by on
Webster bank is paying out an overdraft settlement for "out of sequence" processing of there customers account transactions to intentionally cause multiple overdrafts. I am one of the fellows who got slammed by Webster....and will enjoy receiving my check when it comes.

WEBSTER LOST BECAUSE THIS PREDATORY BANKING IS NOT LEGAL!!!!

For any bank!!! Someone stepped up to the plate and proved it. Now? My hope is to see other banks like Bank of America and Citizens bank pay out millions as well.

There is something else I wanted to add. On 1-11-11 I was charged an overdraft fee by Webster bank that blew my mind! Never have I paid a bounce fee when my account never went negative! During a blizzard, I was forced to use my debit card as credit....then rush the cash in before the charges hit the bank....which I did. The bounce fee still stands as I climb up the ladder of reps to get it resolved. I GUESS THE NEW WAY FOR BANKS TO GET FUNDS OUT OF THERE CUSTOMERS IS......"IT LOOKED LIKE IT WAS GOING TO BOUNCE....SO WE CHARGED YOU" The people at the bank are calling this a "float fee". How can they do this?
Adam

     
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azRider on 2011-01-21:
you can think Obama for that. part of his finance regulations on how banks handle overdrafts. so to compensate for it banks now have to notify that they can charge a fee to allow your funds to 'float' you should have received a notice last year after the new law went into effect. this is all part of the banking over sight the dems created and passed. make sure you read the notice, some banks can and do charge a fee for float, nsf, moving cash from savings to checking, and other fees when its a condition of no funds to service an account.
tnchuck100 on 2011-01-21:
"IT LOOKED LIKE IT WAS GOING TO BOUNCE....SO WE CHARGED YOU" - That has got to be the most asinine statement ever made by a bank!

Have you closed your accounts yet?
jktshff1 on 2011-01-21:
"then rush the cash in before the charges hit the bank." Apparently ya did no make it.
Anonymous on 2011-01-21:
If you had the money in the bank then why where you rushing to put money in to cover it?

I don't work for a bank but they should be able to charge hundreds of dollars to those who bounce checks. They should be able to maximize those fees with all the following checks that bounce.

When you write checks or use you debt card trying to use money that you don't have or try to 'float' until you do, then you should be charged for it.

It's simple, keep a check record, write down every transaction. Do spend more money then you have, then you will have no problem.

People who bounce checks deserve every bit of aggravation the banks give them.
tnchuck100 on 2011-01-21:
throwback, good position. Until a minor mistake you make puts you on the receiving end of a bank's greed.
Obsfucation on 2011-01-21:
Legally the transaction occurs when you swipe the card, and that's when the account has to be funded. If there were not funds in the account when you swiped, you were overdrawn and they are entitled to charge you. If you had run it as a debit, and assuming you were not opted-in to OD protection, it would have been declined. Apparently you were aware of this and circumvented it by running it as a credit, but you can't have it both ways. I think they got you on this one.
trmn8r on 2011-01-21:
If you are hoping in the future to "rush a deposit" in to cover a transaction you have already made, I would *fully* expect to have issues. I always try to allow at least two days for deposits to clear before I draw on those funds.
MotleyCrueGuy on 2011-03-15:
Regardless how they process them (and there IS a legit complaint here)...

...if you had money before spending it, it wouldn't matter how they process the items.

What upsets me is people that do this OVER AND OVER AND OVER AND OVER no matter how many times they've been told how the bank orders transactions to maximize fees.

You know this and STILL keep overdrafting!

Say you get beat up once when you walk down 4th street. The punks that beat you up were in the wrong, but then, you keep walking down 4th street and getting your a@@ beat every day even though you know what happens when you do!
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I hate Webster Bank
Posted by on
FARMINGTON, CONNECTICUT -- I have had issues with Webster Bank in the past. Last December they ran through charges from September, they admitted what they had done and said all NSF fees would be returned. (I had a plane ticket purchased on that date) A year later I am still fighting with them on it. They claim that I would have spent that money anyway. (I have shown them bank statements showing how THEIR error and NSF fees and calculations showing where my account balance would have been. They still claim it's not their problem. Well no crap you've got a nice chunk of my money!)

A couple of weeks ago, I went to the bank to cash my child support check. While it wasn't a huge amount it did exceed what I had in my savings account. They let me cash it with no problem. Same thing the following week. They let me cash the check with no problems.

Today, I went to cash my child support check again (which is less than the prior two checks) and they would only allow me a small amount of cash. They said because the check was more than what was in my account, they couldn't give me more than that. I asked why I was able to cash the prior checks with no problems. The tellers reply was, "What do you mean?" I've NEVER been to a bank that has done that.

I'm so fed up with this bank and their changing rules week to week. When I have problems and I go to talk to them (Because of their error) the tellers say, "It's not me..." They don't grasp when I talk to them that "you" refers to the bank, not them personally. They've also lost checks, twice.

Can anyone in CT recommend a good/ decent bank where the people actually UNDERSTAND you and don't change the rules week to week based on how they feel?

Or can anyone inform me on how Credit Unions work? I've heard that those can be "better". Yeah, I'm cranky right now so if this doesn't make sense, please feel free to ask for clarification.
     
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FoggyOne on 2007-12-06:
Look up a local credit union in your phone book or on the Web. If you are employed - check with your employer, they may have a credit union or be able to point you to one. There is usually a small amount to open an account and they have about every normal service a bank has - checking, CDs, credit cards, auto loans (at good rates), etc - and I've found my CU is quite easy to deal with. Google 'credit unions Connecticut' for a lot of them. Here is one I picked at random - go there and see if it offers what you need. http://www.firstconnecticut.org/
Principissa on 2007-12-06:
Gothic, I am normally a patient person, but at this point I would take my ATM card and tell them to shove it in an unable to be named place!

If you have a Commerce Bank or credit union where you live check into them. My sister loves Commerce bank and has not had any problems with them regarding cashing checks. We have a credit union and we love it. We refuse to bank anywhere else.
GothicSmurf on 2007-12-06:
Don't mess with:
1. My child/family
2. My music
3. My money

In that order. I've gotten a few messages from people who use Credit Unions or a couple of Named banks that I will look into this week. I don't want to do anything in haste right now, but it's just a few short days before I switch banks and Webster Can "find a way" to shove it!
Anonymous on 2007-12-06:
Webster Bank? Check into a credit union,I'm sure they have them in your area.

(VH)!
Anonymous on 2007-12-06:
I have never used a credit union but I have heard the same thing as you about them being better.
This site has some good information on how they work, hope this helps.
http://banking.about.com/od/creditunions/Credit_Unions.htm
chris513 on 2007-12-06:
I joined a credit union out here in Arizona and have had nothing but good experiences w/ them.....I highly recommend them...great review...VH.
Anonymous on 2007-12-06:
Operationally, credit unions work much like banks. They are, however, a great deal more "member friendly". They tend to be willing to talk to you about a problem, and since they are non-profits, they are more relaxed about giving fees back.
Aside from that, you might try Farmington Savings, they seem to be a pretty well run outfit.
yoke on 2007-12-06:
gothic, I go to Dutch Point Credit Union. They have branches in Wethersfield and Berlin (right at NorthEast Utilities). They are about to open another one in Newington any day now! I have had them for about 2 years and never had a problem.
CrazyRedHead on 2007-12-08:
It sounds like someone doesn't keep a checking register. It doesn't matter if they take the money out immediately or a year later, you should still have the funds available. If you write it down when you make the transaction then the money is spent until said time that they go in and take it out. No matter which bank or credit union you go to, if you continue doing business the same way, your going to have the same problems there to. If you read the fees book that came when you opened up your account, it states that all deposits are subject to a hold. There is more info in there that would benefit you if you sit down and read it. I hope you get this all straighted out and have no more problems.
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