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First Citizens Complaint - Savings account raided with fees! They paid me.6cent &took $54.94 in Fees

Review by bigrusss on 2009-07-08
ORANGEBURG, SOUTH CAROLINA -- They bought my hometown bank & my savings account with $101.54 was "saved"...they called it "dormant"(like they were'nt useing/loaning it @10%)so they helped themselves to $53.94 of the $101.54 to leave a balance of $47.60...they graciously paid me.06 cent interest, they told me I should read "fine print",...where is our government? (receiving kickbacks) Jesus said store (save) where Robbers (banks)& rust & moths can't get it!I've started buying Gold & silver, I'll take my better chances hiding it at home (I'll give up the 6cent interest, thank you!)
Comments:5 Replies - Latest reply on 2009-07-08
Posted by Mrs. V on 2009-07-08:
Umm... I am very sorry, but I really didn't understand that. Can someone explain what the OP meant, please?
Posted by Suusan B. on 2009-07-08:
Sounds like maybe you need to read the fine print - - the fees probably have to do with the low balance and lack of activity on the account.
Posted by Soaring Consumer on 2009-07-08:
I can not think of any legitimate reason for them take money from your savings account like that.
Posted by MaggieMcT on 2009-07-08:
How long was it "dormant"? That would make a big difference in whether there's a legitimate reason.
Posted by Anonymous on 2009-07-08:
It could be an inactivity charge, it could be a low balance charge, it could be an escheatment fee if they turned the balance over to the state. Any of these fees is legitimate as long as they are disclosed on the bank's fee schedule.

Just for the record, even if the bank was lending the money at 10%, it costs almost a dollar a month to maintain an account. Do the math.

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