Thursday, October 27, 2011 - 10:34 AM

Charging Fees For Using My Money

(1 stars)

I've had an M&T account since I was in high school (31 years) and am currently unemployed. My unemployment ran out (amazing how hard it is to find a job as a laid off 48 year old corporate trainer) and I have to live on what little is left in my bank account. I sometimes transfer money from my saving to checking account to cover charges; I just got a letter saying that FDIC regulations permit this to happen 6 times a month, but M&T charges $10 each after 4. News to me, so I called customer service and ended up talking to Jennifer, whose title was (believe it or not) "Relationship Banker!" She succeeded in single handedly turning me off from M&T. Her "relationship" skills involved telling me "it's policy."

Having been a corporate business trainer for over 15 years, I know how business works. She didn't. I've probably had my bank account longer than she's been alive. She was rude, unemotional, and unhelpful. I was, BTW, very cordial at first, then firm without being mean later on (and I have a witness to this!) I know you don't get good service by being an ass. I kept my cool and eventually got her to reverse the charges, but I will start looking into credit unions tomorrow and finally end my long-term relationship with M&T as soon as humanly possible.

Why can't I give zero stars???

cornath1 posts since
Oct 27, 2011
Rep Points: 6

1. Thursday, October 27, 2011 - 11:03 AM

Because if they allowed you to give zero stars, there would be people complaining that they can't leave negative stars.

There will always be someone who feels that their issue is so much more important (and worse) than any other in the world that the rating scale needs to have a special downward adjustment just for them. That's not how a rating scale works. One star is the lowest rating, and that's what you gave them.

woody2 posts since
Oct 27, 2011
Rep Points: 6

2. Thursday, October 27, 2011 - 12:26 PM

I just got a letter saying that FDIC regulations permit this to happen 6 times a month, but M&T charges $10 each after 4. News to me...

It seems the FED was in collusion with banks to implement limited transaction rules with the sole purpose of maximizing fees just as checking account rates fell to virtually nothing and customers were forced to regularly sweep funds from savings accounts to maximize returns. Regulation D six transaction limit enforcement has become ubiquitous so consider yourself fortunate to receive a (one-time) credit from any that reduce 6 to 4 on "basic" savings accounts (e.g. Chase). We should all be wary of perennial abusers by reading account disclosures for exceptional fine print gotchas.

CraigPD85 posts since
Jun 12, 2010
Rep Points: 298