Citizens Bank Complaint - Citizens Bank Manipulating Accounts to Raid Accounts with Fees
PITTSBURGH, PENNSYLVANIA -- Citizens bank denies it, but I have no doubt that they either have a special office, or an individual who pulls certain accounts in order to manipulate the results to throw consumers into defaults. To give one scenario, Citizens is constantly involved in holding on to various transactions, for long periods of time, so that they can look them over and then creatively re-arrange transaction dates and times to clear the bank so that the results are in their favor and so they can raid your account of multiple overdraft fees. They state that it is all done by machine, but I highly doubt that any mechanical feature could be so 'humanly corrupt.' For example, the bank has what are called ledger balances, hold balances and other balances that may show you that items were sent through earlier, but in all actuality they have not yet cleared the bank. You write a large check, only to find that you may be several dollars over when compared to your bank book and earlier checks that you appears to have cleared, or are way past the time that they should have. The large check may have gone through with only one overdraft fee for the slight shortfall, but then you find that 5 or six smaller checks or ATM transactions, that the bank has held onto long past the time they should have cleared, suddenly appear after the larger check has gone through and the 5 or six smaller transactions, which may only total an amount of $20.00 or $25.00 collectively, are sent through after the larger check and you are charged a $40.00 fee 5 or six times for those smaller checks. On top of that they charge you another fee on top of those if the overdraft, that they have most likely caused, is not taken care of within a week. Then they can also send those smaller amounts through a second or a third time, charging additional fees on each occasion. When you inquire, they generally tell you that you should know how to balance your account, which is almost impossible because they have it set up, through their "actual" and "ledger" balances, so that you never actually know what your balance truly is, until it is too late. This practice is specifically designed for clients who live paycheck to paycheck, only to find that through their 'Creative Balance Practices Office,' you may not have a payday when they are done 'screwing you around!' If you have a direct-deposit, such as I do, you can literally find that there is no money in your account by payday. Someone needs to look into this. It appears to be generally known by clients and Citizens Bank employees alike, that Citizens Bank is known for these types of rip-off practices. I have even had past and present employees of Citizens confide to me that my suspicions are not far off the mark.