smart spending

10 titillating tales of financial mayhem

A secret tale of fee schemes
Next
10 of 12
Back
A secret tale of fee schemes

I opened an account about a year ago with savings, checking and credit card accounts at Batty Bank -- put some money in to get started and used it for a few months with their free bill pay. I was told that there were no fees for the accounts, but a couple of months after opening the account, I was being charged fees. Apparently I was transferring money too often. I went into the bank to close the accounts, and was told that withdrawing all the money from the checking and savings accounts would effectively close the accounts. I did this and thought that everything was good.

About two months later, I got another statement from Batty Bank with more fees. Apparently at the end of the month that I withdrew all of the money, I got two pennies of interest and the account didn't close. So they charged me a fee of $10 for not having a minimum balance.

Because I didn't have the $10 in my account, they charged me another $20 to charge my credit card $100 so that the fees could be paid.

I called to complain, and after spending about two hours on the phone, they were able to reverse all of the transactions, but I did have to go back the bank to withdraw the two pennies that were left.
-- Colin, San Jose, Calif.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
MORTGAGE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed 4.06%  0.22 4.28%
15 year fixed 3.17%  0.07 3.24%
5/1 ARM 3.52%  0.11 3.41%
 
View Rates in your area Next
Product Rate Change Last week
30K FICO-based HELOC 4.36% --0.00 4.36%
50K FICO-based HELOC 4.06% --0.00 4.06%
100K FICO-based HELOC 3.91% --0.00 3.91%
 
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.79%  0.10 2.69%
48 month used car loan 2.98%  0.06 2.92%
60 month new car loan 3.23%  0.04 3.19%
 
View Rates in your area Next
Product Rate Change Last week
1 Year CD 0.94%  0.01 0.93%
2 Year CD 1.13% --0.00 1.13%
5 Year CD 1.76%  0.00 1.76%
 
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.77%  0.06 15.71%
Cash Back Cards 16.44%  0.03 16.41%
Low Interest Cards 10.96%  0.10 10.86%
 
Next
advertisement
FRUGAL NEWSLETTER

Discover new ways to cut costs and save more every day. Reduce your spending, not life’s pleasures. Delivered weekly.

advertisement
Partner Center
advertisement

Connect with us