Citizens Bank Complaint - Could Do A Better Job Letting Me Know Things
FAIRLESS HILLS, PENNSYLVANIA -- I will start off like my other review, saying that I'm 18 years old, but when this happened I was 17. I am new to banking so I don't really know much more than, put money in, take money out, etc. Well, I know a little more than that, but just the basics.
I was set up with a Free Checking/Savings account at Citizens Bank after I had issues at Wachovia. They were very kind, helpful, set me up with ease. And the first few months were great, I had direct deposit set up from my job as a paper carrier, all in all everything was great. Here's where I ran into trouble.
Yes, this is my fault for not knowing, but I was unaware of the rule that you have about 2 or 3 transactions out of savings per month that you are allowed to make, otherwise something would happen. I did not know this, and had my direct deposit linked right into savings, and every time I needed money, I just did a transfer. I didn't think anything of it, I just considered Savings to be money that I can't write checks from.
So after about 6, 7 months of doing this, I get a notice in the mail from Citizens Bank. It said that I was violating a law with the Savings transactions, and that they were forced to change my Savings account to a "Non-Interest Savings" account, and required $100.00 balance at all times to avoid daily maintenance fees. Needless to say, I wasn't happy with that, but for the time being I left it that way. I had exactly $100.00 sitting in it at all times, and changed direct deposit to checking. Later on, I decided to ultimately close my account with Citizens because the primary use of my Savings was to either hold my Direct Deposits (which isn't such a great idea after all) or to have in case of Overdraft, and I was enrolled in Overdraft Protection.
The problem with this is just them letting me know about the issue. I didn't even know anything was going on until the change had happened, and I got the letter/checked my online banking. They claim to have sent me three or four notifications online and in the mail about this, but I'm sure it was fine print on one of my statements. I had just wished that they had a better way of letting me know that there was a problem, heck even when I went up to the local branch to make deposits, which I did very often as I normally received cash as well to deposit, they could have put a red flag on my account and had let me know about the issue. Other than that, Citizens was good until they had changed my savings over to non-interest bearing/$100.00 minimum balance.