It all started with the fall netbank.com. We had been customers of theirs since my wife and I were still dating in 1999. Unfortunately they were one of the first banks to collapse in late 2007 just before the full banking crisis started to unravel. And for many of you since this great fall, you have learned what we learned. That you had no clue your bank closed until you tried to run your debit/credit card and found that it declined after 5:00PM on a Friday. Thank goodness we weren't at a restaurant and found this out as we had no other way of paying.
On a quick side note about us before I get too deep into pent up pressure release...we learned via Dave Ramsey to quit playing with credit cards and avoid the eventuality of getting bit by snakes. Also, by using debit cards or cash only, you can save a good deal of money each month. I didn't buy into this concept at first, but since I am a Type-A personality I tracked everything in Quicken. I quickly learned that we were saving around 22% in spending each month just by using a debit card rather than a credit card. (Take a course from Ramsey to understand why this is.) I mention this because our bank debit card is our ONLY card, so when it declined, we have no other way of paying unless they accept checks. AND we can't talk to anyone at NetBank until Monday since all their offices are closed after 5:00PM Friday.
So this forced us to find a new bank. Since we banked online for so long, we decided to keep with that trend and landed upon E*Trade. We finally got everything moved over and setup. Things were peachy until we decided to move from a rent home to buying a home. We were smart this time. We learned from the purchase of our first home that you needed a cashiers check (rookie mistake). So we were going to be proactive and have a cashiers check before closing. My first mistake! I went online to move funds from our money market to our checking account so as to get a cashiers check processed. We had learned that we must pick this up at an E*Trade store in person.
Unfortunately, due to security concerns, the amount of money I was transferring between my own two accounts threw up a "red flag." I was told via an online message to contact an E*Trade representative.
So I called them, and of course the call is routed to what seems like India. The lady on the other side of the planet says, "For verification purposes [code speak for security] I will ask you a few questions from your credit report to verify who you say you are." "Okay," I say. She goes on to ask a question about our car loan from 2004 (FOUR YEARS EARLIER).
"What was the purchase amount of the loan?" she asks. "Well that depends, we refinanced it two months after we purchased it...which one are you asking about?" Her response, "I can only ask the question and give you four choices." So she lists off four possible amounts that I have no recollection which one was the "original" amount. They were so close in amounts that unless the contract was in front of me, I would have no clue! 19,887.43, 19,253.13, 20,043.50, etc. (Not the exact options, but you get the point) So I guess at one of the answers.
"Security question 2," she says. I interrupt and asked did I get it right. "I don't have the answers in front of me, I just type in yours and it moves on to the next question." A security measure no doubt! "What is the monthly payment on the loan for the previous question?" Again I raise the point that it was refinanced. So I picked the current loan as I know its amount. I do not remember the two payments made before it was refinanced four years earlier! She asked two additional questions that were just as vague as the first two.
Once done, she tells me I need to visit with an E*Trade office in person. "So can the funds be moved now?" I ask. "No, please see an E*Trade agent," and she hangs up.
She just completely froze all of our accounts one week before closing on our new home. All I wanted was a cashiers check so that there weren't any issues at closing. Only now, for security purposes from E*Trade who is outsourcing customer service to India who pulls credit information from a third party (not from the actual three bureaus mind you!) , I have now created a complete lock-down of my own accounts!
So I call back and at this point they won't speak to me and will only tell me to visit a local E*Trade office. Now I can't buy anything as both my wifes and my debit cards are now cancelled. So I go online to locate an E*Trade office. Turns out there is only ONE in Houston. Thank the Lord because the next closest one is in Dallas! Hours of operation, M-F 8-5. Of course this all had to happen close to 5:00 and we are unable to make it to the Galleria in time to resolve this that day.
So I call the office on Friday and am told I need copies of my Social Security card, birth certificates & drivers licenses for both of us. Since the birth certificates were not readily available, it was Monday before we could get down there with all of our documents. We both had to take a full vacation day on Monday just to prove we are who we say we are.
After getting down there, we spend four hours (NOT an exaggeration!) proving to these clowns who we are. We finally got our accounts unlocked and our cashiers check. I immediately began looking for a new local bank as I was never going to do this strictly online banking again.
I had heard of great things from Wachovia customers and decided to give this "local" bank a try. What a great choice we made. They turned out to be just the bank we needed with customer service and local personnel who know who you are.
And wouldn't ya' know it, they fall in 2009 from the banking crisis and are bought by a bank I completely despise...Wells Fargo (a story I won't divulge in this rant). I wasn't with my happy bank for more than 18 months before we are back with a despicable one.
I'll admit, it took me some time to find a new bank after this merger. I was not excited about doing this again because it is such a hassle to move everything. But they helped me quickly make up my mind as they lack everything Wachoiva had. I think they honestly wanted me to leave.
So we open up an account with Thrivent Financial (Pro: small bank with a direct representative, Con: out of state/online). I begin moving over our direct deposits, automated payments, etc. I closed out my money market with Wells Fargo via "secure" online email without any hitches. I was finally down to two recurring charges. I didn't have available the information to call them and update the monthly charges with our new banking account. So I made the decision to close the Wells Fargo account with full intent of these two charges to be declined. WRONG!...my next mistake.
I wanted these two drafts/charges to reject so that they would call me (as all other vendors have in the past....[i'm getting good with this banking mess]).
Knowing the dates these two drafts and charges will occur, I cut a bill pay check for the entire amount in my account and zeroed it out. I send another "secure" online email to Wells Fargo to close that account.
A week goes by and I get an over draft letter in the mail. Now correct me if I am wrong, but doesn't the new banking law forbid this? So I trash it out of my own protest. Ten days go by and I get a nasty call from some representative. Your account is negative 93.50 and you need to get this settled. 93.50!!!! What???
I go into attack mode at this news. "How did a 12.50 draft get to 93.50 and why are you funding a draft when no money is there to fund it?" Isn't this outlawed! His response, "that only occurs with debit cards. If someone initiates and ETF, it can and will 'REOPEN' your account and fund it." I told him then it's his problem not mine! "Also, there is a 10.00 charity charge that came through," he states. Add to that two overdraft fees of 25.50 and a monthly banking charge of 20.00 on an account that was closed, I am now liable for 93.50!
So with the threat of black listing us as hot check writers with Tele-check and preventing us from opening another bank account for five years (who in their right mind gave them this power????) my wife convinces me to get this taken care of. The representative called back and I told him I will pay the bank 22.50, my liabilities. The rest you get to eat. He made notes and explained that it is imparative that this "promise" be kept and the 22.50 deposited that next day.
So I go make a cash deposit into my account, only it takes them 15 mins to find it because in Texas, they haven't converted all of the Wachovia accounts to Wells Fargo. And since I destroyed all the checks and cards, it took two personnel agents to locate my account....and of course verify its me (security purposes) who is giving them cash!
I asked the guy if we are good and he appears to read the screen, "yes, the account will now be closed." Yet another mistake on my part! I should never have believe him. The following Monday, I get another nasty call. At this point, I am graying by the hour and call my wife up for help.
She calls the branch that I deposited the 22.50 in only to be told they can't talk to my wife who is a full co-owner of the account. She im's me and tells me that they have to conference me in for "security" purposes. Marriage means nothing anymore when it relates to security! With truly gritted teeth, and balding my newly created grey hair I get on the call.
They get my name, address, phone number, and my SOCIAL SECURITY NUMBER. I highlight this point to be made in a minute. Again, we don't have our account number and again it takes two representatives and a transfer for them to find my account. My wife does all the talking as I am too steamed and with all politeness she is able to get all of the fee's waived and account closed. Once the representative waives the Wells Fargo fee's, it creates a 0.02 interest credit to me. I told her to "just keep it." Her response, "We can't, we have to mail you a check." So five day's later, I actually get a 0.02 check from Wells Fargo. That check went directly into the trash.
It isn't worth my time, or Thrivent's time processing lunacy. Policies in place and are so locked down, they can't even apply a 0.02 credit to the bank fee's and just zero this out. Instead, a check must be processed and mailed to ensure everything is done "by the book!"
My wife asks the lady on the phone if we can get our account number so that if this issue comes up again, you people can actually find our account without it taking fifteen minutes each time. To which she replied, "due to security purposes, we can't give that info out over the phone." I just couldn't help it, "WHAT?" My wife interrupts and says, "okay, thank you" and Wells Fargo hangs up.
So they can't give me my own freakin' account number but are completely willing to take my social security number over the phone....all in the name of "security!"
Now onto Thrivent. (This crap just continues....told you it would be long.) They started out on the wrong foot! I mailed in our application and about ten days later received my pin number for the new debit card that is being shipped separately. (If the thief can steal letter 1, then they can steal letter 2, problem solved...but I divulge.)
A few days later I received my debit card and called the number on it and voila, it's activated. I was a little curious at this point as my wifes pin and card have yet to come in. The next day I received my check stock. On the checks was my name only. GREEAATT!
So I call 'em up and they tell me that have no record that my wife was on the account. "Okay," I said, "then add her." They take the info and she is now a co-owner of the account. "When can she get her debit card?" I ask. "She will have to contact us directly to request that due to 'security' policies! "WHAT? I JUST GAVE HER FULL ACCESS!" OMG! Now I am aging faster than I should.
Since I was slightly irate on the phone they told me that they will call me back and they will see what they can do. Two days later, they call to tell me they found the paperwork and wouldnt'cha know it, she's on the application and only because the paperwork stated she was to get her own debit card, did they allow hers to be mailed.
To this day all my checks just state my name, but just going to run with it rather than update that. Sooo, we truckin' right along. Me minding my business and banks minding theirs.
Then one day after much research, we decided on our ten-year anniversary family vacation. I plug in all the info into the site and click submit and wouldn'cha know it....DECLINED. Now I half expected this as it was a large charge, but the response from the bank is not at all what I expected!
"Hello" a chipper happy voice declares over the phone. I am going to be optimistic and respond "hello" and we go through the usual, first and last name, address, security questions, eye color, sex, race, religion, blood type, etc. "How can I assist you today?" he asks. "Well, I am booking our vacation online and my card is being declined." "Lets have a look at your account," he says.
"Mr. Cross, it appears that you are a new customer and have not been a member of our bank for more than a year. For 'security' purposes, all debit transactions are limited to 500.00 and all credit card transactions are limited to 1,500.00." "Ookkaayy," I respond. "So how do we resolve this? I am booking our ten year anniversary family vacation. Are you telling me I can't book my vacation?"
"Do you have another card you can use?" he asks. "NO!, I DON'T. We only use you. Look at the account, there is plenty of MY money in there to cover MY charge to book MY vacation!" Of course I am yelling at him on the phone by this point. I simply don't take it to well when someone tells me I don't have access to my money.
"Let me get your call back number and have someone call you back," he says. I asked what the timeline for this would be and was told "I don't have a timeline for that."
So I, a grown man, married 10 years this year, a seven year old son is forced to call mommy to get her credit card so I can book this vacation and will hand deliver her a check for the exact amount in three days.
This rant is my exhale and my only ability to prevent myself from having an aneurysm. I emailed my "concerns" to our account representative who in turn pushed it up the line. I got a call back the following day from corporate apologizing and sympathizing with my dilemma.
This conversation was much more friendly and it seemed that the policy "is the policy." So I asked the question, "What in 366 days changes your security policy that ups my credit card limit?" She had no immediate response. She tried to claim that it limits the banks liability when theft occurs. "So how does that liability change from 365 days to 366 days. Are you still not liable?" I ask. Again, no good response to that question.
I did get a direct line and in the event other issues arise I have two people I can call to get matters done. It is this kind customer service that keeps me. I just hope that when policies are written, they ask more that the people in the conference room. How about asking the customer?
Anyway, that is where we are now. I plan on staying (where else can I go?) and wish things would get better. But I believe that it will only get worse. I told her in five years, there will be finger print credit card transactions that are limited to 100.00 a day and you have to be a member of a bank for over 5 years to get that upped to 110.00 a day. All in the name of "S-E-C-U-R-I-T-Y."
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