Mt Washington Bank Complaint - I got mugged! - Banking

Review by Dunlop on 2007-12-05
BOSTON, MA, MASSACHUSETTS -- Mt Washington Bank of Boston, MA has thus far stolen over $400 from me in bogus overdraft fees. I made a $7500 deposit 8 days ago. The check has yet to be cleared by Mt Washington yet they are allow monthly automatic payments that I have set up, go through and assessing me $30 for every transaction.

The same day I made the deposit at Mt Washington, I made an identical deposit with another local bank. The check cleared without issue 3 days later.

Mt Washington is stealing one from the old BoA handbook by holding checks as long as possible in order to rack up overdraft penalties. It is illegal and despicable. Since Mt Washington is a small "Urban Neighborhood" bank, they count on people not fighting it since most of the people who bank there carry lower incomes and do not know their rights.

However, I have seen these criminal acts used before by BoA and know that the SEC, the AG for several states, the BBB and many consumer groups have sued BoA for these tactics won damages against them.

Now, Mt Washington will feel the wrath of the angry consumer.

My advice to anyone even looking to use Mt Washington as their financial instituion of choice, is to stay the hell away!
Comments:4 Replies - Latest reply on 2008-06-20
Posted by Anonymous on 2007-12-05:
How long have you had the account at MWB?
Posted by Slimjim on 2007-12-05:
8 day clearing hold from a bank is ridiculous. Once check 21 went into effect a couple years ago, these institutions know very quickly if funds are available or not. Totally agree with you.
Posted by Cyane on 2007-12-05:
Why didn't you speak with a manager about releasing the hold?
Posted by gflynn215 on 2008-06-20:
I am very surprised to here that you were unhappy with Mt. Washington Bank. I bank with Mt. Washington Bank and I LOVE THEM! They are always accommodating when I have an issue or a question, and I always get personalized service. Did you try to talk with a manager?

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