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M&T Bank Complaint - NSF Ripoff - Checking acct
Checking acct - Complaint
MARYLAND -- So I had NSF fees in the past and I had not until recently been paying attention as to why. I always paid them thinking it was my fault. So this last week I paid attention and watched my account like a hawk. There was a charge in my account that was larger than I expected, but I made several small payments before that large one showed up on my account the next day the large payment was placed on my account late at night. So I figured I was gonna have one non sufficient funds fee. I had 8. What M&T bank does (unlike other banks that actually treat the customer right) is they placed the largest payment 1st, so all the other ones show up as if they were made in the negative when they were done the other way around. When I called about this, the manager told me that it did not matter what time the orders were placed, that it was the policy of the bank to place the large transactions first. Of course that benefits them because since they are paying all the other transactions that went through first anyway they charge you 37 bucks for each one of them. The manager on the phone refused to credit any of those fees.
So I have put a complaint with the BBB. See where that goes.
The fact is that they target fees so they can make most of the money from the low income folk, and that's why the new law that regulates fees was passed. Once that kicks in this August, the large item would have been denied so that I would have to arrange with that company what happened with the payment. So the timing does matter, of course the manager did not care.
So I have put a complaint with the BBB. See where that goes.
The fact is that they target fees so they can make most of the money from the low income folk, and that's why the new law that regulates fees was passed. Once that kicks in this August, the large item would have been denied so that I would have to arrange with that company what happened with the payment. So the timing does matter, of course the manager did not care.
Comments:
Posted by justcuz on 2010-05-26:
Other banks do this too, like BoA, Key Bank, Wachovia, and others that I've read complaints here about. They do it under the guise of "helping" the customer by making sure their larger payments go through first cuz those are likely for mortgages, car payments, etc...when the reality is, if they're allowing ALL the charges to go through anyway, what's the point..other than to ding the customer as many times as possible!
It seems the only banks that don't do this are credit unions and smaller regional banks...and I think the new law goes into effect 7/1.
It seems the only banks that don't do this are credit unions and smaller regional banks...and I think the new law goes into effect 7/1.
Posted by skelly39 on 2010-05-26:
Sorry OP, but every bank does this, and they do it precisely so they can take your money legally.
just cause is correct; a credit union won't do this to you. They post things in the order they come in-which is why I will never leave my credit union to go back to a big bank.
just cause is correct; a credit union won't do this to you. They post things in the order they come in-which is why I will never leave my credit union to go back to a big bank.
Posted by MaggieMcT on 2010-05-26:
BUT -- you can still avoid nsf fees entirely by keeping an accurate register and not overdrawing. Even a credit union will charge you an nsf fee if you overdraw your account.
Posted by skelly39 on 2010-05-26:
They will Maggie, but they won't reorder your transactions to maximize the fees. In an ideal world, no one would ever overdraw their account, but it happens, and the banks dive on it like vultures on a carcass.
Posted by tnchuck100 on 2010-05-26:
just_cause, skelly: Dead on the money. You two see this for EXACTLY what is. A legal fleecing of the customer.
Most complaints are about the MULTIPLE overdraft fees, not the inadvertent single hit. Some here cannot wrap their minds around the concept that the bank is taking money (make that legalized theft) in a manner that credit unions do not do.
Most complaints are about the MULTIPLE overdraft fees, not the inadvertent single hit. Some here cannot wrap their minds around the concept that the bank is taking money (make that legalized theft) in a manner that credit unions do not do.
Posted by Slimjim on 2010-05-26:
You're right loutejada. The new laws passing will not allow banks to process checks and over draft fees in this manner anymore, but as noted, it isn't currently a practice by M&T and maybe a few others. Pick any major bank and look up complaints here. I guaranty you'll see the same pattern over and over. There are a few regulations that have passed or will pass that were a long time coming.
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