|The Citizens Bank slogan often used in their ads is"Citizens Bank, not your typical bankI say Thank Goodness for that! Or we'd all be in trouble|
I have never heard of a bank that Orchestrated such creative schemes to swindle their customers of overdraft fees. There is NO denying Citizens looks at Overdraft Revenues as a major (maybe one of the top sources) source of revenue.
1). About 10-15 years go banks would pay all the smaller charges first to avoid multiple overdraft charges.
2). Then less reputable, less friendly banks began to see $$$ opportunity to re-configuring overdraft policies. Hence, they started posting charges as they were posted in no particular order.
3). Then the Greedy banks got even more desperate. A few of the larger banks (most smaller banks don't engage in this sleazy scheme even today) decided that they would wait until a full day of charges cam e in and would wait until the next day .Then they could reshuffle the deck and rearrange so the larger debits would post FIRST thereby trigger a potential avalanche of overdraft fees. These seedy banks like Citizens Bank would watch their bottom line increase dramatically at the expense and the immense PAIN of the customers. If you have ever waken up to see five or ten overdrafts of mostly $5 and $10 charges at $THIRTY-SEVEN each, you know how traumatizing that is.There were a couple times I thought I was going to have a heart attack! As a matter of fact I expect to one day se a Major Law Suit against Citizens Bank for literally in-humane treatment.The power they hold and repulsive way in which they abuse that power is astonishing. Astonishing and unbelievable that it is Legal in this country.
4). All of this was not enough for Citizens so they looked for other Untapped Schemes to bilk their customer of overdraft charges. For example, not even two years ago I was on the phone with a Citizens rep about pending charges.She informed me as long as you cover those pending charges before they post, you will be ok, no overdraft fees will be incurred.Hence, a little safety net and also a way to monitor my checking account and avoid the Citizens Overdraft Scheme Trap. Well, this past August 2010 I was monitoring my checking account and noticed pending charges I transferred funds form another account. The next day however Citizens bilked me of about 4-5 overdrafts.I called Citizens customer Service and was told Oh we stopped that about a year ago.Let it to Citizens to CLOSE any gaos to their Overdraft Scheme.
You know, I thought all the larger bank had equally sleazy and manilulative tactics at Citiznes.But, apparently Citizens is ina league if their own.I just found the below concerning Bank of America. Bank of America Ceasing Debit
by dr. donyell on March 10, 2010
Bank of America will simply no longer allow debit card purchases to go through if there isn't enough money in the account.
For ATM transactions, customers who try to withdraw more than their balance will have to agree to pay a $35 overdraft fee before they can get the money
The bank's new policy will kick in on June 19 (2010) for new accounts, and in early August for existing accounts. It will replace the bank's current terms, which allow overdrafts to go through but only charge a fee if the deficit is greater than $10.
Seems that at least BOA has a conscience. They at least would not trigger overdraft charges until the deficit was greater then $10, and that was BEFORE they made the change last year to Stop automatic NSF payments. And even with cash withdrawals at least BOA lets you know you will get an overdraft if you continue.Citizens NEVER had a conscience.As a matter of fact, their sleazy NSF and overdraft Scheme would never have been modified had Congress not passed a law last year requiring them to offer an OPT OUT to automatic debits with NSF and hence multiple overdraft charges.And get this.When I went to Citizens they actually have their employees Brainwashed into telling Customers they if they did Opt Out they would be protected and their payments would decline.Can you believe these swindlers?
Do you remember what their employees would tell you (if you ever asked) WHY they post debits form to small in your checking account? The employees would tell me when I asked because we want to make sure your most important charges and bills are paid first.They are protecting us.They are stealing from us in the form of these clandestine overdraft schemes and trigger mechanisms (which have multiple ways to be triggered of which 99.9% of the customers have no idea) but they are protecting us. Can you believe this company?They assume we are stupid.They know better than we do what to do with our money, and then they spout a canned company that is such nonsense , such gibberish that it is comical, and hard to believe what they are saying (notice if they look you in the eye when they tell you this).
Citizens Bank is NOT only NOT your friendly bank, they are the epitome of why the banking industry has lost so much trust from the public, why the entire banking industry nearly collapse a couple years ago, the darkest side of banking.