1. Excessive/hidden fees
You can choose to not use this service, which allows purchases to go through even if you don’t have sufficient funds to cover it, but you will be charged roughly $35 per transaction.
If you choose not to use this, your debit card will simply be declined if you don’t have enough funds. It’s important to be aware of these kinds of programs and the fees associated with your bank.
If you’re unsure or have questions, calling your bank is always a good idea to get a clearer picture of fees you could get charged for, or to question fees you weren’t aware of opting into, such as the overdraft protection fee.
2. Bad customer service
Roz vented about TD’s customer service. He was unhappy with automatic payments appearing on the wrong dates, which caused the bank to charge him fees. When he contacted customer service, they didn’t seem to know how to handle the problem.
Unfortunately, there’s not much you can do except try to remain calm and get the issue fixed as soon as possible. Speaking to a manager is always best, but sometimes even the manager won’t be much help either.
Lashing out at bank workers will not help the situation. Staying cool and collected is the best way to move things forward.
3. Checks/funds bouncing
It’s important to keep all of your transaction receipts and emails. Luckily for Madeline, she saved her deposit slips to prove her case.
If the bank doesn’t agree to take off the fees, as in Madeline’s case, try speaking to various people in the branch and on the phone.
When it comes to customer service on the phone, another unsatisfied customer said he would hang up and redial until he spoke with someone knowledgeable or willing to negotiate.
4. Most expensive debits charged first
“They charge overdraft fees on authorizations, even though the amount has not been actually captured by the merchant. They take charges from high to low, regardless of order, so if you are overdrawn by $ with 3 transactions for $5 and one for $50, they will always take out the $50 first, leaving you a $26 fee for EACH of the other 3 charges.”
While bank customers feel it’s a sneaky way banks can “get” them and charge fees, the best way to avoid this is to make sure you have a ount of extra cash in your accounts.
Think of it this way, keeping an extra $100 in your checking account may save you money in the long run (overdraft fees are around $35 a pop!), while giving you peace of mind.
5. Loyalty means nothing
It would make sense that the bank would highly regard someone who was a banking customer for almost three decades, as in the base of Petaluma.
If you’re disgruntled about something, it may not help you to repeatedly tell your bank you’ve been a trustworthy customer for “x” amount of years. Instead, be well-prepared with the facts.
Write down what the problem is, gather up your evidence (such as bank statements, deposit slips, etc.) and be ready to speak to many different people about the issue. If need be, write a letter to the Consumer Financial Protection Bureau.
6. Mortgage/loan issues
Good reasons to refinance a mortgage include a desire to reduce monthly payments, trim the amount you will pay over the duration of the loan, shorten the term of the loan, getting out of an adjustable rate mortgage (ARM), or obtaining cash from equity.
