You know what blogs are good for? Griping. So here goes.
My parents opened a bank account for me when I was a baby. They couldn't afford to sock away much, but all three of us kids had accounts that were to be used for college. Since I didn't need it for college, I got it as a wedding present, so I withdrew the majority of the money three years ago when I got married.
Guess what I found out today? That account, which has been open for like 25 years, went under "new management" in 2001. They charge an inactive fee when the account doesn't have any activity for a year. And guess who hasn't accessed her account since 2002? Guess who just found out she lost $240 to bank fees?
I'm so mad I could scream, but there's no one to scream at. I've never touched that account before my wedding, and I don't even get balance statements for it. It's a fluke I even found out about it now. I thought about emptying all the money out when I got married, but my parents thought it would be good to keep the account open. They didn't know anything about this new inactive fee; they've had an account there for decades too! The girl on the phone sounded sorry for me, but she said there was nothing she could do about it. I'd better go warn my brothers to check on their accounts.
So there goes lots of money down the toilet. Fantastic. You know what's the biggest load of bullcrap ever? A savings account where you lose money because you don't touch it. Don't ever open one of those for your kids.
Posted by Sarah at June 2, 2005 04:19 PMOne of the reasons why, when I stopped being a democrat I didn't become a republican was all those neat little deals like California's Fair Trade price fixing laws and limits on interest banks could pay but no limit on charges.
Posted by: Walter_E_Wallis at June 2, 2005 09:17 PMPhew! glad i read this post. we were gonna empty the kiddos piggy bank and open a savings account for him this weekend! i think i'll call and double check on those fees before we do that now. we just may end up getting savings bonds. thanks!
Posted by: liz at June 2, 2005 11:38 PMI'd love to know which account it was? Was it National City, CEFCU? Let me know and I will go talk to them.
Your Mom
Posted by: Nancy at June 3, 2005 12:03 AMLet us know the name of the bank so we don't ever go there.
Posted by: Sean at June 3, 2005 12:31 AMDid you speak to the person's boss? These things can be managed - just have to persist and work your way up. Could result in bad press to do things like this - particularly as you were not notified prior. Everyone knows it costs a lot more to win a customer than to maintain one.
You may not want to share which bank, but perhaps if you let them know you are a widely read blogger, then they may wish to reconsider. I know it may not feel honorable to threaten in this way, but then not notifying customers before implementing would also qualify as dishonorable.
Posted by: JCK at June 3, 2005 12:38 AMOMG!!! Why do you still have that money in a bank savings account?!?!
TAKE IT OUT NOW!!!! Put it in a money market account or a mutual fund. Make it work for you!
Thanks for your service to our country.
Joe
I also had a bank change ownership once. They transferred my checking account, but not my savings. As my paycheck was direct deposit, and my ATM card no longer worked, I was cashless and P.O.'d! I also had checks outstanding and no one could tell me if they would be covered or bounce. It was a little disconcerting to say the least! After a few days of being an EXTREMELY squeaky wheel, it was all straightened out.
No one had had that much control over my money since my first husband! I did not like it one bit! :o(
Posted by: MargeinMI at June 3, 2005 01:35 PMSarah - put ALL your accounts in USAA, and leave them there for the rest of your lives. Its one of the best parts of serving, or being married to a GI.
Posted by: Tanker Schreiber at June 3, 2005 06:48 PMListen to Margaret in Michigan!! Be the loudest
squeeky wheel that ever was. That is wrong,
wronger,wrongest! (Not "more wrong'--WRONGER)
The bank taketh away,the bank can sure as heck
put back. Write letters to everyone at that bank
and do not be afraid to explain where you are
living and why you are living there. Burning up
over this!
We need the bank's name so we can smear them properly. It would be fun to have the email address of the highest ranking twit you can reach.
Posted by: pedro at June 4, 2005 03:13 PMyeah! i like pedro's idea! blogalanche!
Posted by: liz at June 5, 2005 11:17 PM