Posted on 12/14/2011 9:05:39 AM PST by Kartographer
Ganziano, a 55-year-old mother of five children, encouraged her fourth child, Daniel, 18, to set up a savings account at a nearby TCF Bank "out of convenience" due to its location.
Ganziano and her son discovered that the bank offered little convenience due to the growing number of bank fees, as first reported by the Chicago Tribune.
After he put money into the savings accont from his job, Daniel Ganziano's balance eventually fell to $4.85 and with such a small amount, he ignored it.
However, TCF sent him a letter on Oct. 12 informing him that it had charged him a $9.95 monthly maintenance fee six days earlier because the account had a low balance. That led to an overdrawn account by $5.10, which then led to a $28-a-day overdraft fee. The account was 10 cents over the $5 threshold for which the daily fee kicks in. Young Ganziano's account was now overdrawn by $33.10.
(Excerpt) Read more at news.yahoo.com ...
Your local bank will never “set up the bar”.
Last year, I called a credit union where I had an account to find out the balance of that account.
They said the could tell me, but it would cost me a dollar.
“WTF??”
Yes, they said, I could obtain the balance on line, but to obtain it over the phone is subject to a $1.00 service fee. Oh, and would I like to participate at the end of the call in a short customer service survey?
I said “Are you gonna charge me a dollar to do that also?” I hung up on the cheap bastids.
Needless to say, I closed my account there.
I’m of two thoughts here. Of course, the escalating fees should have been waived by a better trained employee of the bank, considering the overall situation. However, I’m sure all of the banks fee schedules and rules were made available when the kid signed the documents opening the account.
If you’re going to dance with minimal balances, you better pay attention.
I used to think old people were stupid for stuffing money under the mattress instead of in a bank account, but I can see where they were coming from now...
I used to think old people were stupid for stuffing money under the mattress instead of in a bank account, but I can see where they were coming from now...
Maybe this kid will become an OWS protester; I could see why.
Only three hundred dollars?
I have personally seen a foolish young relative skewered for closer to eight hundred dollars by US Bank for a roughly similar mistake.
This news is not new. Almost the same thing happened to me when I was a teen, over 20 years ago. It also happened to my brother when he opened his first account.
Since those are frequently recorded, I would have announced at the outset that there would be a $1,000 consulting fee for your answers and that continuation of the survey would imply consent to those charges.
As soon as the survey was over, my invoice would have been in the mail.
Bingo. LOL.
Simple as that.
Hilarious Louis C.K. bit on bank fees. CAUTION; VERY SALTY LANGUAGE!
http://www.youtube.com/watch?v=J0rSXjVuJVg
FYI my bank has been charging this same one dollar fee for at least the past 12-15 years. Of coarse I've been using online banking for as long as it has been offered thus negating the fee.
Ha! That’s funny.
It reminds me though. I know bookmakers with better ‘customer relations’ savvy!!
I hope the young man learned a lesson. Go into any business transaction with your eyes open and don’t expect anything for free.
The problem is less the bank than the Congress. The banks have very effective lobbyists who get the Congress to let them do almost anything they please.
Bank regulators don’t and the banks are allowed to get very creative about the fees they can charge, much like the airlines.
I’m expecting the airlines to start adding a surcharge to their tickets for the flight attendants making announcements during the flight.
Only a moron does business with a “bank”. Credit unions are they way to go. Been a member since 1984 and never looked back. No fees.
can’t wait for the kid to learn about federal & state taxes the hard way....doub’t ABC News/Yahoo will have an article on that
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