M&T Bank Informative - Policy Change? - Overdraft coverage

Posted by leet60 on 2011-09-22:

M&T bank, like almost every bank I have seen, puts a caveat into their terms for checking accounts: "Unless otherwise specified, all advertised offers and terms and conditions of accounts and services are subject to change at any time without notice. "

It sounds like they changed the terms, which is not suprising considering the recent uproar regarding overdrafts in the banking industry.

In reality, the issue comes down to entering all transactions into a checkbook register and balancing it monthly.

Posted by Kris10 on 2011-09-22:

leet, while I understand your view, I respectfully disagree. I have a spreadsheet on my computer that I use, and yes, I forgot to enter one of my transactions into it and that's one thing that contributed to the OD. But Actually using a register is not viable for me as I use my card more than my check book.

I also think they should be required to give notification of changes as that affects their customers. I know they're not 'required' to, but it would be customer friendly if they did. So far, I've been very happy with M&T. This is the first major snag I've found.

Posted by leet60 on 2011-09-22:

Kris10. My comment was not meant to be a personal attack, rather a general comment that few people use any tracking whatsoever on checking accounts with the advent of debit cards. I can understand missing a single transaction, the resulting overdrafts.

I also agree that changes should not be made without notification, the fact that they are, however, is an unfortunate reality of the current banking system. High profit from overdrafts has led to these practices.

Posted by bcd on 2011-09-22:

"using a register is not viable for me as I use my card more than my check book"

Why are you unable to enter debit card transactions in your checkbook?

Posted by Nohandle on 2011-09-22:

I don't use a debit card but have local friends who do. They keep a paper check register handy and write down each transaction just as they would if they wrote a check. They do not rely on the online bank balance. Anyone who ever wrote checks and didn't log or balance the register might not be willing to give it a try. I think the real problem might be for those with a really close balance and a deposit might not be recorded at the bank for a number of days. Many banks seem to change their policies from day to day and YES, the customer is often unaware of the change until he is hit with a fee he didn't expect.

Posted by Kris10 on 2011-09-23:

bcd, I had an experience once that because I don't use my check book that often, I actually lost it in a store and there were then fraudulent transactions made with my account number. So, i don't carry it unless I know I'm going to need it.

Posted by Kris10 on 2011-09-23:

leet, I understand that. I didn't mean to make it seem like you were attacking me or anything. I didn't even take it that way.