Do you hate canadian banks as much as I do today? My story is simple. I don't keep my money in canadian banks, because the interest I can earn is below zero. There's other places on the planet where you can at least gain some interest, and in generally I don't believe in monetary instruments - I invest in real estate.My earnings in Canada are not huge at all, I am still in research/startup mode. And I am definitely too old to work 9-5 with only 12 vacation days - our planet is huge and 12 days is simply not enough for me to travel.
My credit card limit is huge as well ($500), and I prefer not to have much money available - yes, I used to live in countries where it's enough just show your credit card in order to let someone to empty all you have (I heard stories people had vacations for 30K. And yes, I know that my pattern means good bye to the good credit history). I do also shop online - very actively. And I do use ATMs (surprise!).
So, the story.
On March 10th I've been out with friends. We've been planning "our lady's night out" for months - they are moms of adorable kids. On the way from one club to another at the Yonge street I tried to get some cash out of ATM, something like $100. The ATM declined my TD access card Interac transaction. It was strange for me, but at that time it was not matter for me. I pulled out another card and got what I needed.
A week later I went to a bank and realized that my account has been blocked by loss prevention department. The teller advised me to call them. It took me three days to get through their busy line (I simply didn't have time to wait for such a long time). I spoke with someone and they advised me that I should never use my access card at any other ATM machines in the world, and should only use TD bank machines. Fine. They unblocked my account and I happily continued my life.
Today, I opened my online banking and hav been blind by red colours. Red, red, red, NSF, check return and $96.19 in debt....
So, what put me in the red sector?
2x$42.5 +5 - 90 loonies for the "service" I never got. 90 dollars of penalties for using 6 dollars and 19 cents of the bank's money!
You know, when I pay money, I expect to get either product or service. For 90 bucks I've got only weak explanation from the bank saying:
- you have to monitor your account a few times a day
- you have many ways to check your statement every morning - by calling or using ATM or teller or internet bank. Even if your account completely blocked for security reasons the jerk from other end of the phone line can have access to my account.
- you have no money, you are poor and that's your problem. we can help you to be even more poorer.
- in order to avoid this in the future simply have the bloody money
- this is not payment for services they are simply penalties which you can avoid only become rich
- they can not simply stop (decline) payments when balance is 0- "they have to charge you for that"
- they can not inform you as a client who is buying services for the monthly fee neither by email nor by text messages
- they can not eliminate those charges partially or at whole because their customer service sucks
- they can not provide real time service, because "all transactions are posted usually next day"
- credit card statements are different and have no connection to TD bank whatsoever, all complains about real time transactions and delays in credit card statements should be addressed to appropriate institutions
They have no ideas that originally in the history the NSF had a cost - of writing a letter to the bank account holder and informing him or her about the situation and requesting to take appropriate actions.
Let me remind you that in the UK they have street protests and huge public discussions about NSF fees. As a result, most banks lowered the fee to 12 pounds ($15-17), and in most cases you have a grace period to cover the negative balance.
So, the solution is simple. Retire the customer service representatives, hire programmers. Sent people to study banking, say to Russia or UK where everything is real time and with integrated appropriate text messages solution. You can not only save money on paying to CSR and servicing my complains, but would provide real services - for which people will pay and will use.
Another solution is to create Money Claim Online - the institution where you can sue companies for a small money (usually, they collect group claims) - https://www.moneyclaim.gov.uk
Pony Reading:
Research by "Which?" suggests that one in four UK bank customers were hit by unauthorised overdraft fees during 2004, for a total cost of £3bn - 4 BILLION DOLLARS
Bank fees - The bank charges a fee unexpected to the account holder, creating a negative balance or leaving insufficient funds for a subsequent debit from the same account - THE REAL CAUSE OF THE PROBLEM
In 2006 the Office of Fair Trading issued a statement which concluded that credit card issuers were levying penalty charges when customers exceeded their maximum spend limit and / or made late payments to their accounts. In the statement, the OFT recommended that credit card issuers set such fees at a maximum of 12 UK pounds
References
- ^ Yates, Jon (8 December 2011). "Bank fees that overdraw teen's account have mom seeing red: Daniel Ganziano went from having $4.85 to owing more than $200". Chicago Tribune. Retrieved 10 December 2011.
- ^ "Your reporter: Unauthorised overdraft fees". BBC News. May 2, 2006.
- ^ Pollock, Ian (July 20, 2006). "Sue for money using the internet". BBC News.
- ^ The Consumer Action Group
- ^ "Accountant sues bank over charges". BBC News. March 15, 2006.
- ^ BBC article
- ^ Appendix - Bounce Protection
- ^ http://www.house.gov/apps/list/hearing/financialsvcs_dem/htfeddis071107.pdf
- ^ U.S. PIRG Consumer Blog: Bounce protection loans/debit cards under committee microscope
- ^ USA Today: Banks' check-clearing policies could leave you with overdrafts
- ^ [Scott J. Kreppein, Dissent of Man Law Blog, "Potential Tide Turning Victory in The Battle Against Illegal Non-Sufficient Fund and Overdraft Fees: Bank of America Settles Closson Class Action," http://kreppein.blogspot.com/2009/02/california-class-action-against-bank-of.html] [See also Kreppein, Dissent of Man Law Blog, "The UK Takes Steps to Curb Illegal Overdraft Fees, But US Efforts Have Not Been So Well Received," http://kreppein.blogspot.com/2007/08/uk-takes-steps-to-curb-illegal.html]
- ^ Bank of America Deposit Agreement
- ^ Kapner, Suzanne (February 23 2011). "Americans choosing to pay overdraft fees". The Financial Times. Retrieved February 23, 2011.
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