Worry Free Checking My Ass
As of September 3rd, 2004, My “Worry Free” checking account balance is – $ 181.16. And I’m going to explain to you why. M & T Bank is from New York. They had purchased the bank I held an account in for years October 6th, 2000. Prior to that, I enjoyed knowing that when I made a cash deposit on a Friday morning, the money was available for withdrawal or to be applied to checks written the same day.
Since M & T Bank came along, you could arrive at the bank at 9:00 AM, Deposit $ 1000.00 in CASH, and not see the money until Tuesday morning! Meanwhile, back at M & T Headquarters, the greedy bastards would slam you with NSF fees of $ 30.00 a shot. In all, I have payed over
$ 1,500.00! Use your Check Card as a MAC purchase at the WAWA? Cha Ching! $ 1.50. Withdrawl cash from any non M & T bank ATM, including PNC Bank which does not charge you for access? Slam! $ 1.50 please. Don’t use your Check Card? Cha Ching! That will be another $ 1.50. Web Banking bill pay fee? NEVER USED It but yes, every month, $2.95 out of my account. And what the hell is a $3.00 fee for return check option doing there when I do nothing but bounce them?
Here’s the latest statement:
Date Transaction Description Withdrawals Deposits Total Balance
08/30/2004 DEPOSIT $50.00 -$181.16
08/26/2004 CHECK CARD INACTIVITY FEE $1.50 -$231.16
08/26/2004 FEE FOR CHECK RETURN OPTION $3.00 -$229.66
08/02/2004 WEB BANKING BILL PAY FEE $2.95 -$226.66
07/26/2004 FEE FOR CHECK RETURN OPTION $3.00 -$223.71
07/20/2004 INSUFFICIENT FUNDS FEE- $30.00 -$220.71 07/20/2004
INSUFFICIENT FUNDS FEE-CHECK NUMBER **** $30.00 -$190.71
07/19/2004 STOLEN FROM AN INTERNET CO. (Will Post about this later) $5.95 -$160.71
07/01/2004 WEB BANKING BILL PAY FEE $2.95
Ok. Now some will say: “This guy just can’t balance a budget”, well your half right. In March of this year, I opened a checking account at Commerce Bank. No more slamming me with bounced check fees. Why? Well I can go there with cash even on a Sunday and deposit it, walk out the door, go to a MAC machine and the money is there to pay bills. So, getting back to M & T or I should say, M $ T, I went online and e mailed them concerning this. This is a few of their replies: (Note
Date: 11/10/2003 Message ID: 2259765 To: From: M&T Subject: Re: General Question (Sent 11/6/03)
Dear Mr. Ward:
Thank you for your email.
Please note that cash deposits made before 2:00pm on a weekday will post to your account that same day. However, this will not appear in Web Banking until our system updates have been completed for that day. Updates do not complete until after 6:00am the next day. Because you made this deposit on the 5th before 2:00pm, it posted on that date.
A review of your account record shows that you do not have overdraft protection. M&T offers a Line of Credit to be used with your checking account for overdraft purposes. If funds are not available in your account, the line of credit will transfer the dollar amount needed to pay the item up to the credit limit. There is a $1.00 line of credit transfer fee assessed for each occurrence in addition to finance charges on the outstanding balance. The finance charges assessed to your account work similarly to a credit card. This is a big savings compared to insufficient funds fees.
There are three convenient ways to apply for a Line of Credit. As you are already a web user, you may find it easiest to visit our web site at http://www.mandtbank.com/ and choose the “Loans and Credit” option. From there you will need to click “Apply Now” and enter the appropriate information. When asked the “Loan Type,” choose “Overdraft Protection.” Of course, you may also apply at your nearest M&amp;T Branch or by calling the M&T Telephone Banking Center at 1-800-724-2440.
Thank you for banking with M&T.
Well, that is not true. I have made deposits in cash well before 2 pm and have deposit slips to prove it! A line of credit? Yeah right, I was turned down. Why give me overdraft protection when you can get money from people like me? Now, they have a new type of checking account called “Totally Free”. I inquired about it and was told by a teller that I’d have to pay off my account, then close it, then open up a new one to qualify. Now, does that make any sense? Banks should automatically give existing customers the new benefits. M & T Bank had $31.5 billion at December 31, 2001. And an office in the Cayman Islands. How nice.. Well, in the end, I will pay this off , cancel the Check Card and what am I with? A glorified piggy bank? Nah, I ‘ll just close the account completely. Banks should be investigated! I will say this about the bank. I’ll miss the friendly tellers and staff at the local branch. That’s one thing they have going for them, but remember, these tellers worked for the old bank, Keystone. I wonder what they think of their employers? Maybe I’ll ask..
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