Bank pulling a fast one . . .

[Sayjac]

Originally Posted By: d00df00d
Originally Posted By: sayjac
The 'spirit' must be that which can make them money. They don't like it because you've found a way to use it to your advantage, not their's.

Um. Yeah. That's kind of the point.
Um, thanks for the tip.

And my point was regarding some nebulous 'spirit' clause, that apparently was not disclosed/made clear to the OP upon opening the account. It was pointed to, after he was not meeting some apparently unwritten policy which coincidentally benefited the OP.

I don't consider it whining to make very clear that no such 'spirit clause' was stated upon opening. My understanding, the OP is meeting the letter of account. Obviously the bank can close the account as stated in their waiver. And, if the OP doesn't get a satisfactory answer and/or it's not worth it to him, he can pull his funds.

That said, I try to use my bank, not let it use me. Guess it would be a boring place though, if we all agreed on how all matters should be handled.

 

[mechtech2]

Banks have closed saving account because they were 'too low'.
Kids who had accounts with less then $50 or $100, as well as adults with low funds.

Bank owners and board Presidents don't live in the ghetto.
Everything is on their side. Like a Las Vegas gambling house.

 

[d00df00d]

Originally Posted By: sayjac
And my point was regarding some nebulous 'spirit' clause, that apparently was not disclosed/made clear to the OP upon opening the account. It was pointed to, after he was not meeting some apparently unwritten policy which coincidentally benefited the OP.

I agree fully that that's a very shady thing for the bank to say. Let's talk about that instead of complaining and acting surprised that the bank is looking out for its own interests.


Originally Posted By: sayjac
I don't consider it whining to make very clear that no such 'spirit clause' was stated upon opening.

Neither do I. Glad we agree.

Originally Posted By: sayjac
That said, I try to use my bank, not let it use me.

Does hypocrisy not bother you at all? Just wondering.

 

[Sayjac]

Originally Posted By: d00df00d
Let's talk about that instead of complaining and acting surprised that the bank is looking out for its own interests.
Don't know who you are referring to with the "let's" comment. No surprise to me at all. Also, didn't know only certain matters could be discussed in this thread, as long as they meet TOS.

Originally Posted By: d00df00d
Does hypocrisy not bother you at all? Just wondering.
Are you also an authority on hypocrisy? If looking out for my interests and not the banks is hypocrisy, then it is what it is. Whether that's your opinion is immaterial to me. As the OP's post proves, banks have the power, not the average customer. So you'll have to excuse me if my first concern is not with extending their profits.

Perhap's you should consider a job as a bank lobbyist, you seem to be a natural.

 

[d00df00d]

Ah, the age-old tactic of labeling one's critics as apologists for his enemies...

You phrased your first post as if it was somehow abhorrent for a bank to make money from its accounts. At no point did you make it clear that it was the language and not the principle that you disagreed with, until you responded to me.

On the point of "using" the banks vs. them, businesses and customers are supposed to "use" each other. I thought you were saying you want your usage to be entirely at the bank's expense. If what you meant is that you're looking out for your own and you don't care what the bank does, then I apologize.

 

[Benzadmiral]

Hey, guys, take it easy. Let's not let this degenerate into Pee Wee Herman's "I know you are but what am I?" routine.

I spoke to an officer at the branch nearest me, not being nasty, just laying a printout of the email on her desk and saying, "What is this all about?"

She told me it came from the office of the bank's president and CEO, one Guy Williams. (He's local, not some far away eminence grise in Chicago or Manhattan. He's getting a letter this week from me.) "The idea of the program," she told me, "is that people would perform their typical daily transactions using this account."

"I don't typically pay my power bill, car insurance, or fill up my car every day," I said. "The little one-and two-dollar transactions are typical of my routine." She didn't know what to say to that, and couldn't point to any text in the agreement that regulated how I'd use the account, either.

During the next month, I intend to check out credit unions and some other smallish banks. No, I expect I won't get as much interest, but I will earn some, and won't have to fuss with the debit card and other requirements. They weren't onerous, but there was a payoff. Now I find that the bank doesn't like it that I got a little extra pocket money. Too bad.

 

[Sayjac]

What I specifically said related to the OP's post was, "The 'spirit' must be that which can make them money. They don't like it because you've found a way to use it to your advantage, not their's."

To this specific instance, no other, it is that this bank convoluted the letter of the agreement on the OP's checking account, which he was upholding, by using the laughable term 'spirit' of the account agreement. While IMO, really meaning something else, which I've explained. In other words, say what they really mean, 'we're not making enough profit off your account,' or words to that effect. This specific instance.

If spirit is letter of the agreement then it should be stated/written as such. Not double talked as some vague enforceable clause, when the bank finds it in their best interest to do so, as it appears they did in this case. But, they did include the waiver at the end which pretty much covers any contingency like this.

When I say use a bank, it means to make sure no fees (using me) on my account(s) in return for me keeping whatever minimum balance is required. That's all there is to it. I have never, nor will I ever consider it any kind of a partnership. I would suppose that them keeping that minimum is them using me, I can live with that mostly because I have little choice. I'm paying with my minimum, for the right to use their services, no more.

I would like the OP to ask about obtaining one of those "spirit" loans, and see what they said.

But, it would be a boring place if we all felt the same on every issue, and couldn't express that. Reasonable minds can differ. It's America.

 

[crinkles]

i would take my money out and go someplace else.

total baloney. is there a "spirit" clause in the terms and conditions? i doubt it.

i am with the biggest bank in australia and frankly i get good value at the moment, can't complain at all. credit unions just can't give me a better deal.

you gotta watch them like a hawk though.

 

[Shannow]

They're probably within their rights to pull any account that they don't think works for them, after all, just about everything these days has an escape clause that doesn't require any explanation.

I've not found any product or strategy that works for more than around 3 years, before they modify it to the point tat it doesn't work for me anymore.

Currently using a rewards credit card ($45 annual fees, but averaging nearly $600 in rewards a year), a low interest savings account (fee free if $2k per month passes through it - which is my work pay, on it's passage way to my high interest account paying around 5%).

Credit card interest is 20%, and I've not paid a cent in 2 years, while earning 5% for up to 55 days on the money while it sits in my bank.

Had one discussion with a bloke in India about my CC habits not being "typical", to which I responded that they will NEVER get 20% interest out of me, and if it doesn't work for them, I'll have to find another way of optimising my spending and saving.

They responded via mail with an offer to increase my credit limit...go figure.

The low interest no fee transaction account was actually suggested to me by the bank, when they saw my debit card transactions reach zero, and rang me to find out what had changed.

 

[PandaBear]

I don't think you can "complain" to an authority because it is more of an unfriendly reminder than anything. Hey, this is an at will account and if they change the term, you have the right to terminate it rather than stay with it.

If it's me, I'd just ignore that warning and see what kind of reaction they are getting. If they tell me they will boot me off the program, well, I'll just bring my money elsewhere.

Glad that my banks are giving me decent rewards on their credit card still. Those "business accounts" have good services, and even if you don't have a business I'd still recommend using them rather than the consumer accounts that have low quality services, in addition to the 3% and 5% they give on gas and home improvement.

Originally Posted By: Shannow
They're probably within their rights to pull any account that they don't think works for them, after all, just about everything these days has an escape clause that doesn't require any explanation.

I've not found any product or strategy that works for more than around 3 years, before they modify it to the point tat it doesn't work for me anymore.


True, In the last 12 years I've seen those things like Amex Blue price drop protection and Citi Dividend went away before they realize us deal hunter made a huge dent in their income. Buy a rebate item, send in the rebate, sell it on ebay, then 90 days later send in a claim for price drop is an easy way for college students to make a few hundred bucks every several months. My friends have tried buying accounting software just for the deal.

 

[Vikas]

Do you think you can find any US based financial institution paying 4% interest rate today? Forget checking account, you can't even find a CD for that high interest rate! I just checked my credit union. It is 2.5% for 60month CD with 25K minimum. No wonder bank does not like you.

However, you should fight the bank and have them tell you exactly how you are not meeting the requirement. You need to see in black and white what the requirements are. For crying out loud, they are financial institution, all the terms have to be laid out. Even measly $5.00 mail-in rebate has the terms and if you satisfy them, they can legally deny you your rebate. And we all know the "spirit" behind mail-in rebate is to try to deny you the rebate I suspect the bank wants to treat this as if they are doing you a favor and hence they don't have to disclose their internal algorithm as to what exactly constitutes usage in the "spirit it was intended". It is the golden supreme court doctrine - "I can't define it but I know when I see it"

Unfortunately, banks can change the term of the account any time they like and your only option is to take your account elsewhere.

But if you do find 4% checking account anywhere else, I am all ears.

- Vikas

 

[01rangerxl]

That's really strange that they would apply an attribute like "spirit" to bank accounts. Actually it's just stupid. I would probably tell them that, and then switch banks.

 

[Win]

There is a two bit, used car loan type of bank on every street corner around here.

Most offer the type of account you have now to get depositors.

I'd save them the trouble of closing my account, and do it for them. I wouldn't waste my time complaining.

 

[Vikas]

Sure, there are lots of banks eager for your business; none will give you 4% interest in today's market.

- Vikas

 

[Benzadmiral]

Originally Posted By: PandaBear
I don't think you can "complain" to an authority because it is more of an unfriendly reminder than anything. Hey, this is an at will account and if they change the term, you have the right to terminate it rather than stay with it.

If it's me, I'd just ignore that warning and see what kind of reaction they are getting. If they tell me they will boot me off the program, well, I'll just bring my money elsewhere.

Yes, well, I wouldn't put it past them to (a) email me on May 14, telling me I haven't complied with the "spirit," and that they're closing me out, so I won't get the May 15 interest; and (b) charge me for closing the account and sending me my money.

I'll play it by ear and spend a little more this month, still trying to stay under my limit. Once I have the interest in hand on May 15, then we'll see. Though I'll be checking out other banks' savings account policies and rates in the meantime.

The CEO should get my swift sharp letter this week -- and with luck, it'll be one of hundreds of similar complaints.