Got a call from my bank yesterday. Concerning fraud protection/ID protection that they'd been offering for a fee. They've been hot and heavy about it with their mailings and emailings. Been going on for months and I've been ignoring it. I don't want to pay recurring fees to the bank if I can help it.
This call was to inform me that, starting next month, an amount would be deducted for fraud protection/ID protection.
I asked, "is my money not safe in your bank?"
Was told that my money is safe inside the bank, that this is for fraud protection/ID protection.
Told her I didn't want it.
Was told it would be deducted from my account starting next month.
I said, "so I have a month to get my money out of your bank?"
She said, we hope you don't do that.
I said, "I'm not paying any mandatory fees for this, I don't want it!"
Was told it wasn't a mandatory fee, it was insurance.
Repeated, "I don't want it, whatever you want to call it. It's still mandatory and a fee."
She tried to explain that she was told to call and it wasn't her policy.
Told her I didn't care, I'm still not paying whatever they were calling it.
She said she wasn't going to be talked to like that. (I suppose I had been raising my voice.)
I said, "don't.", and disconnected the call.
Am I being grumpy old man, or sales resistant? I'm going to have my direct deposit switched to another bank and will sever my relationship with this one. I'm glad they gave me a months notice.
1
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8 comments
Feel free to reply to any comment by clicking the "Reply" button.all the banks will be doing it before long. hard for them to make big profits in a slowing economy so the parasitic bastards will try to nickel & dime their depositors to near death.
callmedubious
Level 8
Mar 7, 2019
0
The use of my bank balance interest free for several years isn't good enough. They want $6.95 per month without ever having an outlay.
@david75090 ,
up here in canada they require a fairly high balance or they charge.
@callmedubious Down here, some do, some don't. That's never been an issue with this account.
I think you are perfectly within your rights but I see her as doing her job also. The problem here is that we are not sold products any longer. We have become the product. This happens because of a great desire for profits and is motivated by greed. I can imagine that most banks will pick up on this and start doing it. So far mine has not.
DenoPenno
Level 9
Mar 7, 2019
0
No, you are entirely correct. I would have reacted in exactly the same way. If more people refused to pay up and say nothing then the bank would have to change its policy. We had PPI in the UK...that is Payment Protection Insurance, which banks and other credit institutions, such as Credit Card and Insurance companies had been taking from us for years without a specific contract to do so. Legislation was put in place a few years ago making them pay it all back, some people got thousands of pounds refunded. Without you giving your consent, I can’t see how this can be legal.
Marionville
Level 10
Mar 7, 2019
0
I am in banking . This is reprehensible and unacceptable. Get your money out. They cannot force insurance on you
Bigwavedave
Level 8
Mar 7, 2019
1
I am in banking . This is reprehensible and unacceptable. Get your money out. They cannot force insurance on you
Bigwavedave
Level 8
Mar 7, 2019
1
I haven't used banks in years. Credit unions are usually a much smaller and localized operation.
I don't think you were being "grumpy." I would have been irritated. However, once she told me in whatever words she used that it is, essentially, a new fee for a service I didn't want or need, I'd politely tell her to let her manager know that they just lost a customer over this frivolous and unneeded "service."
Then I'd take the hour or two to move my money and change all my online pay accounts and direct deposit.
BlueWave
Level 8
Mar 7, 2019
2
It's going to take me a little while longer than that. I have some retirement money that has to be directly deposited and needs to be set up by mail. For verification purposes. So, however long it takes.
Screw the banks, go to a credit union. Member owned and the same FDIC protections for your accounts as a bank.
Mark013
Level 7
Mar 7, 2019
1
Cut s have advantages . Member owned. Etc. For credit cards they don't usually have the fraud protection. And generally they don't compete well for mortgages. They are great for used vehicle loans.
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