Sun Trust Informative - Sun Trust Ripoff - Smart Solution Account
When I got a mortgage with Sun Trust they opened an account in my name and deposited $100 in it. Some months ago they started charging me a fee every month for the account, even though I have never used it. In order to avoid a situation where I would end up owing them money, I called to ask them to close the account. It had only a $2 balance at this point.
I was told I would either have to go to the Sun trust office in person (during office hours when I work -- thus requiring me to take time off from work) or to send a letter asking to close the account. However, if I sent a letter I would be charged another fee.
After having to insist on talking to a supervisor, I was told they would change the type of account to one that does not charge a fee and that I could send a letter to close the account. However, the fee to be charged would then be the total balance of the account.
After all the hassle of dealing with this I did not care if they charged me $2, but I felt this whole system was rather a deceptive one and should be stopped. What if I hadn't noticed this until I got into a negative balance with them? This would hurt my credit record, not to mention giving them endless fee income. When you first get the account it looks like a benefit, but you end up paying them and potentially falling in debt to them due to the fees they charge.
This deceptive practice by Sun Trust-- whereby they open accounts when a person gets a mortgage and then charge monthly fees to that account-- needs to be stopped. At least the fees they charge should never be allowed to be greater than the amount of the account they originally open.
In addition, Sun Trust should be required to provide better information to consumers on this deceptive practice.
I know it won't happen but the best solution would be to fine them and require them to reimburse the fees to everyone they have done this to.