My son is a college student. He opened a small $250 checking account at First Convenience Bank inside WalMart on a whim, a lot of money for a college student. His statements came to our home, not college, so he never opened them.
He never used the checking account and never dreamed they'd charge him to NOT use it. Over time they took every cent through $15 monthly non-use fees, actually put him into the negative -$3, then charged an overdraft fee of $40 bringing him to -$43 now.
That made my blood boil, but that’s not the worst part. They would NOT let him close the account unless he paid the $43, which if he couldn’t afford, they would keep tacking on $40 overdraft fees every month!!!!! How long would that take before he owed them $10,000? All for opening a $250 account he never touched.
I had always heard that banks are known to "fee" people out of their deposits and lose everything they put in. What I didn't know - and perhaps this bank just lied - was that it's legal for them to go past that and put people in debt with unending "overdraft" fees once they've taken all the principle.
Is it legal to put people in debt with unending "overdraft" fees once they've taken all the principle?
First Community Bancshares, Inc. Reviews
My son is a college student. He opened a small $250 checking account at First Convenience Bank inside WalMart on a whim, a lot of money for a college student. His statements came to our home, not college, so he never opened them.
He never used the checking account and never dreamed they'd charge him to NOT use it. Over time they took every cent through $15 monthly non-use fees, actually put him into the negative -$3, then charged an overdraft fee of $40 bringing him to -$43 now.
That made my blood boil, but that’s not the worst part. They would NOT let him close the account unless he paid the $43, which if he couldn’t afford, they would keep tacking on $40 overdraft fees every month!!!!! How long would that take before he owed them $10,000? All for opening a $250 account he never touched.
I had always heard that banks are known to "fee" people out of their deposits and lose everything they put in. What I didn't know - and perhaps this bank just lied - was that it's legal for them to go past that and put people in debt with unending "overdraft" fees once they've taken all the principle.
Is it legal to put people in debt with unending "overdraft" fees once they've taken all the principle?