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Regions/Amsouth Complaint - Bank fees - Holding cash deposits to create more fees

Review by Florida girl on 2007-09-12
FLORIDA -- I have been through an incredible year with my ex's child support, and banking fees. The first part of this year and some of the last, my ex would tell me his deposit went into my bank, and he was simply lying. I would go to get groceries for the kids, and the money wouldn't be there. The fees generated became uncontrollable, and I simply left the bank (BankTrust). I moved to Regions bank, and everything was fine, until they merged with AmSouth, and all the promises made went out the window. I've made cash deposits, and they have held it for 3 days, causing checks to accrue fees. I'm trying to pull myself out of a hole, and the bank is pushing me further into it.

My main grief is that the incredible fees that the banks generate, are paid by those who can least afford it, without regard to any other creditor who needs to get paid. They seem to have free reign on our money, and take it at will. It would seem to me that the other creditors would be enraged at these practices, and join to do something about it.

1. The banks need to lower their fees.

2. The banks do not need to push more people into homeless situations just so they can build more big buildings! We are in a recession, with more and more companies having large layoffs.

3. The banks should send a bill like everyone else and wait to be paid.
Comments:7 Replies - Latest reply on 2007-09-12
Posted by heaven17 on 2007-09-12:
"The first part of this year and some of the last, my ex would tell me his deposit went into my bank, and he was simply lying."

Shouldn't you have double checked with the bank before you started spending money?
I don't see how you can blame the bank at all. Sure, overdraft fees suck (been there, dug myself out, never blamed the bank for my own shortcomings), but you need to check your account before going shopping.
Why isn't this just common sense with so many people?
Posted by Suusan B. on 2007-09-12:
Sorry you've been having such a tough time, but as heaven17 stated, it was your responsibility as the account holder to make sure of your available balance before authorizing withdrawls in one form or another. It is your bank account and you were charged the fees disclosed in your account holder agreement. Banks are not going to lower their fees - - just isn't going to happen. The fact you think that "banks should send a bill like everyone else and wait to be paid" tells me you don't understand banking enough to have an account. Tell me - - how can you possibly think that it's a good idea for banks to accept checks for overdraft fees? See something wrong with this picture?

Might I suggest you consider using cash and money orders to avoid these problems in the future?
Posted by Florida girl on 2007-09-12:
I think banks do this, because the public allows it. There is no law that says a bank "has" to charge fees. I think the public has been buffaloed into accepting the idea that "that's just the way it is". Good grief, they are not God! How can you justify the banks wanton excess gained by the poorest of it's people? I say that a banker is of worse reputation than a used car salesman used to be. How they can actually hold their head up in their community is beyond me!
Posted by heaven17 on 2007-09-12:
Well, no, there's no law that says the bank has to charge fees, but you did enter into an agreement with the bank when you opened the account.
And there is a law about that!
Posted by Anonymous on 2007-09-12:
Florida girl, you are 100% correct!!
"because the public allows it"

If the American people ever allow private banks to control the issue of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered.
-Thomas Jefferson

Of all the contrivances devised for cheating the laboring classes of mankind, none has been more effective than that which deludes him with paper money.
-Daniel Webster
Posted by Anonymous on 2007-09-12:
FG, "There is no law that says a bank "has" to charge fees" and There is no law that says you have to pay the charge fees either, but they have your money and they take it.
Posted by Anonymous on 2007-09-12:
heaven17, I couldn't agree with you more.
Floridagirl, it does suck and it probably does seem like the banks are taking from the poorest of the poor and making it even more difficult on them, but when you are financially strapped - and most of us have been there at one time or another - it takes a lot of discipline and daily management of your finances to ensure you don't get caught in this vicious cycle.

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