I called the bank to tell them to stop payment on a product I cancelled two months ago. They keep billing me. I said to stop payments to them and got the runaround that they cannot stop electronic payments. What is so hard about this? Just stop paying the Hydroxatone people. Don't let them take any more money out of my account. What is so hard about this? Just block them. Jeez!
When I opened my account last year, the way things were explained to me, and the way it appears in the papers that came with my account is that if I accidentally overdraw my account by less than $10 I won't be charged a fee. However I accidentally overdrew my account by $3.80 because 2 checks I had written months ago and forgotten about finally came out of my account. But the checks were for $15 each. That's what overdrew my account by $3.80. Then I saw the overdraft fee of $37.
So I called to ask why that was applied and see what they could do about it. I don't have a problem paying a fee for ODing my account, but $37 on $3.80 seems a bit extreme and it was a mistake and I admit that. Hell I offered because of how my paper work is to pay half of the fee for my mistake, even though my paper work makes it seem like I have a $10 grace.
It's now been explained to me that "no, that's not how it is. If the purchase that overdrew your account was less than $10 you won't be charged." (Again, this is NOT what is in my paperwork. It can't even be twisted that way in the paperwork I have from when I opened my account.) So as long as you have $.01 in your account you can still make a $9.99 purchase and be fine. How is that fair?
Anyway, I thought that everyone else that banks with M&T and has a "My Choice" Checking account should know this. It was a nasty surprise for me and yes, I know, I made a mistake and I know this is how they make their money. But I'd be so much better if they'd only charge a fee of whatever you overdrew your account by. Because $37 on $3.80 means I'm going to go without grocery shopping for 2 weeks until I get paid again.
I had both business and personal accounts with a local bank, and was very happy with both the service and the lack of fees (free checking) that I had. My bank was purchased by M&T (or as I pronounce it "empty") and everything went downhill fast. The second time that I went to the "new" bank (they actually closed the branch that I had been dealing with because they had an existing one nearby) to make deposits into both my personal and business accounts, they messed it up. They put money into my personal account that should have been put into the business account. That lead to overdrafts on my business account which they paid, but charged a fee to do.
When I went back to the bank to find out where my deposit was, they told me that it was my error, and I had deposited the funds into the wrong account, even though I gave them copies of the deposit slip. They agreed to give me a "courtesy credit" on my account for the fees. I had to write a personal check to the business account to cover the money that was supposed to have been originally deposited into the business account.
When I asked for the copies of the deposit slips back, the woman mysteriously could not find them. They wanted to destroy the evidence of their error. I am not stupid enough to bring my only copy of anything to a dispute, and I told her that it was not a big deal, I had additional copies that I would be sending to the corporate headquarters. Her face dropped, which told me that I could not trust the employees there.
I went the same day and opened a new business account at a different local bank. As soon as that was done, I wrote a business check on the M&T account, leaving a balance of under $5.00. I also went to my credit union, and opened a checking account there for personal use. (They do not offer business accounts.)
Before the end of the statement cycle, I went into the "empty" bank and closed my accounts. Three weeks later I got a notice that I owe fees on my business account, that they had not posted when I had closed the account. For six months I got letters and phone calls demanding payment. A letter from my lawyer seems to have gotten it straight, but in any case they will never see another dime of my money.
SINKING SPRING, PENNSYLVANIA -- M&T Bank (4830 Penn Ave, Sinking Spring, PA 19608-8601, Contact ** 610-776-6424) has joined the masses of banks forcing exorbitant overdraft fees on consumers, even when the overdraw is their own fault. In one case, mine, the phone representative--who is apparently held to no responsibility--said my account was fine, and I intended on closing the account entirely.
When I attempted to close the account, I was instead informed I owed them hundreds of dollars. Their manager promised to fix it, then disappeared for six months. Every subsequent attempt to contact was rebuffed until I received a collections letter for almost $1100! That's over a thousand dollars in overdraft fees when the bank was at fault.
Upon contact with M&T phone representative around 05/1/2010, was told that all current balances were okay and explicitly told that no charges would come out of my account. One week later, received $250 in charges. Upon speaking with the supervisor for previous phone representative around 05/10/2010, was told that clearly that I was either lying or wrong. Contacted local bank and district managers to clear up the situation. Their phone representative caused the issue with an inaccurate misrepresentation.
Was told by **, Administrative Vice President, around 05/14/2010 that he understood and this issue would be cleared up. He passed it on to ** at the local bank. A month later around 06/07/2010, I sent an email to ** asking for an update. I did not receive any response. Around 09/23/2010 I received a collections bureau notice that I now owed approximately $1100. This consists mostly of overdraft fees, extended overdraft fees, and late fees. The actual overcharge is unknown.
I had offered to pay the amount overdrawn, and was rebuffed and told to pay the overdraft. I asked for a courtesy refund, and was told that they could refund less than half of the fees. I refused. Around 9/24/2010 I was contacted by the bank vice president stating that since I refused to accept a partial refund they consider the case closed.
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 going to 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.
I think we should all write our federal elected officials and request an investigation into the fees that are charged by M&T Bank. Here's why, this is a $79 Billion dollar resource for banks, which means only one thing, they are making money, ridiculous money off of the consumers and something should be done to stop this.
If you are a person who keeps your books organized, manage your accounts well and better yet, have extra money or savings, then I applaud you. Keep up the good work. But for those folks, who may not be able to manage to the penny, because M&T will charge $37 for an overdraft of $1.00, then they (we) need to write our senators, congressman, etc and ask them to investigate this practice.
You know, when I'm wrong, I try to deal with it. Well, I got tired of the fees and went to the bank manager and requested that they lift this grace of $250 off my account, so that if I am off by a few figures, then my card will reject. You know, like in the olden days of credit cards - no money, no charge. This would be perfect. Do you know, they said this could not be done? In other words, it is designed to make money off of the consumer. Only the consumer can stop it.
When I asked the manager, "why the fees? Why bombard a person with fees that you know that can't pay?" His response, "like you said, it's a 79 Billion dollars…” Write your elected officials, today! I'd go so far as to write Obama (I have). This needs to stop. They are taking advantage of the consumer. It's like a legal scam and needs to be addressed and modified immediately.
DO NOT USE M&T BANK. THEY ARE A RIP OFF! THEY ARE NOT CONSUMER FRIENDLY, BUT ONLY OUT TO GET YOUR MONEY THROUGH FEES AND OTHER BOGUS CHARGES. In New York, M&T charges 50 cents if you use your debit card and enter your PIN #. You have to select credit. Also, if you use a non M&T ATM, they will charge you a $2-$4 fee depending on how much $ you withdraw. That is in addition to the fee you are charged at the non M&T ATM. Most banks do not exercise these practices anymore.
Also, the next business day at this bank begins at 2:00 or 2:30 pm. So, if you have $0 in the bank and you know a check is going to be submitted that day for payment, you had better haul your butt in the branch before 2:00 pm or else the deposit will be posted with the following date and the check that came in the previous day will be paid, but they are going to charge you a $37 overdraft fee b/c the money to cover the check was deposited after 2:00 pm. This is what happened to me. I knew a $75 check was coming in on 6/3/09 to be paid. There was no money in the bank.
On 6/3/09 at 4:00 pm, I made the cash deposit. Remember, the check has not been posted. There is nothing online showing that anything came in. The teller gave me a receipt that said $75 available. The next day 6/4/09, the check posted with the date of 6/3/09. My deposit also posted online with a deposit date of 6/4/09 and I was charged an overdraft fee. Doesn't sound fair to me! WAMU and CHASE do not operate that way.
MADISON, WISCONSIN -- We enrolled in the rewards program about 4 years ago. We decided to save our points for travel. We tried to redeem the travel reward for overseas travel. This requires 50,000 points. We only have enough for one ticket and need 4 tickets. In order to book the ticket, we must go through Visa rewards 1-800 number. The cost is 1061.00 the cap is 1,000. We must pay the difference and if we want to purchase other tickets i.e., the other three, we must also pay a "service charge" of 25.00 for each additional ticket. This is 75.00 for the 3 extra tickets.
The cost of the airline ticket seems somewhat comparable but we have also found travel website offers for tickets about 100-200 cheaper than what M&I rewards offers. I then looked into the Marriott rewards. Figuring if we can't use the airline miles maybe we can stay somewhere with our points. There are restrictions there as well. The M&I representative could not answer my questions about the restrictions and gave me the Marriott number. The Marriott rep also could not answer all of my questions about restrictions because she needed to know what the name of the M&I rewards certificate was called. She told me the restrictions are listed on the back of the certificate.
Seems odd you have to redeem your points to know what the restrictions are. She did tell me if we tried to use them overseas the dollars are converted to local currency and at what the hotel exchange rate is not the market rate. If you have ever paid long distance charges at a hotel, you know hotels are not the best for exchage rates either. Given where the dollar is at compared to the British Pound or the Euro - not a good deal. There is an expiration date on the rewards for Marriott.
For the additional fees, we pay and then the extra fees for trying to redeem the rewards we calculate we are getting about a 1/2 cent back on purchases but that is only if we can use the rewards. At 50.00 a year for the program fee and 75 for each ticket plus the price difference, it's hard to see where the reward is? We will try to redeem all the points before we close the account. It would seem the $500 Visa card would be the best option - I am just waiting to find out what the "catch" is. We will be looking for another card. :(
BALTIMORE, MARYLAND -- Apparently the bank, in their usual manner, issued a notice in small letters at the bottom of a statement that they were to charge a fee for each and every ATM withdrawal over 4 per statement period (1 month). I still haven't found that notice! This fee was to be $5.00 per transaction. This is in addition to the $2.50 fee if you use another bank's ATM.
In July my wife used the ATM 20 times to access HER money so M&T charged her $80.00 in fees. During the same period they paid the $.01 in interest. It looks to me like they want to penalize you to keep YOUR money where THEY can have access to it to use as they see fit. When I called them I was told "TOO BAD no refunds for you." That is why by September 1st the account will be closed and in another bank that appreciates my business.
M&T mortgage consumer beware. If you are thinking of a mortgage, you must definitely avoid M&T bank. They will put clauses in their documents making your life miserable and threaten you later on to do all kinds of things. In addition, even if you are late one day in ten years to send your payment (within of course the grace period) they will start calling you with automated systems!
I was very surprised to get this treatment after so many years. Be absolutely careful of their mortgage clauses! Do not just depend on my opinion. Search the web for related complaints. They are a fourth grade bank of unprofessionals to deal with. I am in the process of refinancing and go with a better bank.