Last fall we took the Angry Kid to a small, local bank where she opened her first savings account. She deposited all the money she had in the world, down to the very last dime, for a beginning balance of about $50. This was a special account for minors, a "little investors" account with no fees. The teller made a huge party out of the occasion -- the Kid left the bank with balloons and candy but unfortunately no bank book, which is too "old school."This morning we opened her quarterly statement. She is being charged a $5 per month fee because her balance is less than some minimum amount. Her balance, minus the Christmas check deposits, is down to $39.
Update: Of course, it was all a mistake. The fees have been credited back. However, I have to agree with many of my readers in the comments. I think it was a mistake made on purpose. It's too convenient that these mistakes always work in the bank's favor.
34 comments:
bankers eat kids, too
OK. This is something I actually know a little bit about.
Write a very nice letter of complaint and address it to the president of the bank. (Executive office involvement ensures a quick response.) Use the word "complaint" in your letter. Explain that you were told that there were no fees associated with the account and that they are, effectively, stealing from a 6 year old.
Ask for immediate return of the funds with interest.
You will get an answer. I promise.
I've had an experience with Chase/WaMu doing the same. They quickly corrected it, but I have to wonder if it's a standard practice to try getting away with this until someone complains.
Apparently the bank is trying to teach her a different lesson than you thought they were. That really stinks. But - what did I expect: morals? Ethics? From bankers?
WTF? I have no words.
I remember opening a bank account with my dad when I was little, and I remember that I thought it was awesome. Your story is terribly sad.
No wonder the bank threw a fucking party! Think of this as an opportunity to teach the Angry little fucker about what happens when capitalist oligarchs capture the regulatory apparatus of a democratic republic.
On the one hand, I hope that heads roll and that the fees that have been deducted are refunded.
On the other, it's not a bad idea to learn, from an early age, that banks are not there to help you, unless you can help them make a profit. It's a much cheaper lesson to learn now than after signing a mortgage.
Good luck resolving the problem!
That's awesome. But to be honest, I bet it actually is a mistake. I can still remember how shocked I was when my bank made the first mistake on my account.
People who hold my life savings in their vaults shouldn't make mistakes...
I had that exact same problem, and found that they hadn't ACTUALLY put the account in the computer as the little-kid-savings kind. They fixed it. Call?
Look at the upside: most people have to wait until their first major loan application to figure out that banks are predators and working people are the prey.
And yes, it's certainly a "mistake" in the sense that this should have been flagged as a kid's account. But here's "teachable moment": what happens to someone over the age of 18 who has very little money but would like to start saving it?
Hah. Yeah, best to learn early that banks are staffed by greedy, money-grubbing, lying mf-ers.
"....aaaaaand it's gone."
Call, then write (on paper). Then contact the local news reporter who deals with human interest stories about big corporations taking advantage of the little guy. This could be days of entertainment.
Just on a weird note, my word verification is "adminit," which sounds like the action you're trying to accomplish, namely getting them to admit an administrative mistake.
I hope it gets resolved....I am sure the media would love to hear that story if it doesn't.
If a Credit Union is a local option, check it out
Mark P
time to switch banks if they don't fix it.
One thing I have learned when I open a new account is to check those bank statements for fees and anything else fishy. I have yet to have an account open without a "mistake" (including when the bank is bought out- that account is instantly a "new" account).
Call immediately and have the problem corrected. If it has only been a month or two, they can refund all fees, and can usually take care of it over the phone.
Tell the bankers they are now on your special list, and when the revolution comes ...
Contact the guy who wrote and sings "United Breaks Guitars" and set this to music. I'm sick and at home, and I learned about this guy from _The View_ today. BTW, I am suitably embarrassed about having watched _The View_....I'm really really sick, ok???
I know that here in MA, it is against the law to charge fees on a custodial (technical term for little-kid-savings) accounts.
i'm sure they will be deeply apologetic about their 'froth'.
Sorry, but I think this is totally hilarious...remember the Sheriff in the Disney version of Robin Hood? *He* took the kid's birthday farthing!!!
they are gonna ruin her credit score before she even has one!
On bank forms there must be lots of little boxes that are extremely difficult for bank employees to tick, as everyone seems to have a story of how some account wasn't properly "tagged". Funny how those mistakes always work in the bank's favor though...
The angry kid can also get an angry dead squid, and put it in the angry safety deposit box. Or several. Squids at room temp get...ugly. Quickly.
GDad is right:
Even though they "fixed" it, you should suggest that Angry Kid write a letter to the local paper to warn other kids to be careful. That way Angry Kid will also learn that the media will not cause trouble for a company that advertises with them.
But I have a suggestion. Back in late December I blogged about an MSNBC site that reports the ratio of "troubled assets" to capital of every bank in the US. Check it out. It is possible your local bank needs those fees to stave off an FDIC takeover.
This sounds just like my 401K.....
Kick ass, take names, and write to the local newspaper.
Jeebus! I guess, given our times, that it is easy to jump on banks, but I would point out that each and everyone of us make mistakes every day and nobody breaks out the pitch forks and torches.
The bank made a mistake, they corrected it when it was brought to their attention, and now it's time to move on.
Aidan
Yes, everyone makes mistakes. It is funny, though, how rarely it is heard that a bank makes an error in the favour of a depositor. And, as a professional, you'd expect the bank to have a vested interest in getting it right.
Writing to the local paper is a very good idea.
I am having a related problem with ATT. My Internet at home never worked so I canceled it, but I am still being charged. I cannot count the number of hours I have spent on the telephone trying to resolve this.
The thread has helped me remember something old fashioned: write. I'll get right on it.
*facepalm*
Jesus H. Christ. That's appalling. Glad everything got sorted out, though.
Only in the Monopoly Game is there a card for "Bank Error in Your Favor."
William -- You wanna hear about a bank mistake in favor of the customer? Our mortgage holder failed to automatically withdraw our mortgage payment. They did this two months in a row. Yet they credited our mortgage for the two payments. When we realized what had happened, we called the bank, told them about it, and they took the money they were owed. End of story. Not very sexy. We didn't crucify anyone. Left the angry mob at home.
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