Just 2 days ago a Washington Mutual service rep told me over the phone that I had only made 3 transfers from savings to checking in this statement period (I'm only allowed 6 per period). So I went ahead and made a transfer today, and apparantly he was dead wrong because they charged me a $15 fine and are threatening to CLOSE MY SAVINGS ACCOUNT! I've been with this bank for 2.5 years but they have no mercy. They will not reverse the fine or do anything to help me out. I'm going to go into the bank on Tuesday so I can actually talk to someone in person about this, but if anyone has any tips for handling this I'd be so grateful! I was practically crying on the phone from frustration but nobody cared :( thanks for the help.
2007-01-14 17:14:10 · 6 answers · asked by dandelion86 2 in Business & Finance ➔ Corporations
You violated Reg D which limits those types of transfers. Go into the branch, get your $15 back, and then get an explanation.
It's a federal law that was enacted to limit and spot money laundering.
2007-01-14 17:20:58 · answer #1 · answered by Anonymous · 1⤊ 0⤋
My advice is check your records, if you have made more transfers than you're allowed, I would just report the rep to the bank, and cut my loses. However, if you haven't went over your limit and the bank can't verify the information I would demand the $15 be returned to my account. If the bank wouldn't refund the money I would close the account and report the bank to the Better Business Bureau and any other agency that would be willing to hear the complaint.
2007-01-15 12:56:24 · answer #2 · answered by Chris P 3 · 0⤊ 0⤋
Dandelion, girl, you're in violation of regulation "D".
Wells Fargo charged me $60 for the same kind of violation, withdrawing too many times, and I immediately closed all of my accounts with them.
Regulation "D" prohibits banks from allowing activity on certain types of accounts, it does not tell banks to charge service fees. I gave Wells Fargo a choice between refunding the money or closing my accounts, and they chose not to refund.
You really don't have a legal right to have the fee refunded, but you have every right to move your accounts.
2007-01-15 03:52:56 · answer #3 · answered by Anonymous · 0⤊ 0⤋
There are state regulated banks and federal regulated banks. Ask them which they are and file a complaint with the appropriate agency. Sometimes just asking the question gets their attention.
I once had a bank that told me if I didn't have activity in my account that they would close it. I wrote a check and they hit me with fees since they initiated fees many months earlier. One phone call and I had my dignity and money back.
2007-01-15 01:24:24 · answer #4 · answered by charlie at the lake 6 · 0⤊ 0⤋
Send them a certified letter. If I were you I would close the account and find a bank that has better customer service.
2007-01-15 01:18:45 · answer #5 · answered by xovenusxo 5 · 1⤊ 0⤋
go to the bank and talk to the highest offical present. explain your problem...if he will not help you, ask him to close your account...then leave and open another account in another bank. you do not need to so frustrated and the service rep made the mistake, not you....
2007-01-15 01:22:30 · answer #6 · answered by intelligentbooklady 4 · 0⤊ 0⤋