• Report: #583553

Complaint Review: Citizens Bank at RBS

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  • Submitted: Sun, March 21, 2010
  • Updated: Sun, March 21, 2010

  • Reported By: ron — landenberg, Pennsylvania United States of America
Citizens Bank at RBS
1 Citiizens Drive riverside, Rhode Island United States of America

Citizens Bank at RBS manipulating my checking account posting procedures to ensure theri use of innsufficent charges to their advantage riverside Rhode Island

*Consumer Suggestion: Talk to a manager, and then switch banks!

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I am a current customer of Citizens Bank and have had a checking account with then for six years.  I have just recently became aware of fradulant practices on their part in manipulating my account with automatic withdraws so they may utilize their inssufficent charge fees to their advantage.  I have a personal and a home equity loan with them which are automatically withdrawn each month.  When taking out these loans it was explained to my wife and myself that the auto withdraw would be done on certain due day each month, but if funds were not available at that time in my acoount thay would allow us a grace period of paying tham at my local bank.  This was stated emphatically by them and seemed to hold true until now.  This current month March 2010 they decided to take a personal loan payment out without the funds even being close to the amount required to satisfy the payment.  If this is not bad enough, they also manipulated other debits which were made prior to this withdraw.  They first took their loan money and then processed other debits thereafter and I now encour a total of $312.00 of insufficient fund fees for a total of 8 fees.  What makes thhngs even worse is that some of these debits were under $5.00 and were done prior to their due date of my personal loan.  In calling them the local bank manager could not understand why they withdrew the loan as she told us we had a 10 day grace period to pay it at the bank, but headquarters stated that they reserve the right to change it at their discression without notifying me or even my bank manager.  I find this appauling and even worse I find this to be illegal.  I question, is this a bank which is finacial trouble who would do this?  In the past my wife used the 10 day grace period once two months ago and paid it a the bank as they stated we were allowed to do. I need a resolution to this problem as they are holding $312.00 of my moneis illegally. 

This report was posted on Ripoff Report on 03/21/2010 08:26 AM and is a permanent record located here: http://www.ripoffreport.com/r/Citizens-Bank-at-RBS/riverside-Rhode-Island-02915/Citizens-Bank-at-RBS-manipulating-my-checking-account-posting-procedures-to-ensure-theri-583553. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 Consumer Suggestion

Talk to a manager, and then switch banks!

AUTHOR: Tim - (U.S.A.)

This is a trick that most of the banks, at least the big ones, are using nowadays. When multiple debits come through, they will debit your account in one lump sum. If you have insufficient funds, each individual debit will result in an overdraft fee.

For example, let's say you have $700 in your account. There is one debit for $400 and four for $100. If each debit was applied individually, you would only have an overdraft on one. But by applying them all at the same time, you are hit with five overdraft fees.

Your two options are to 1) explain the situation to a manager and see if you can get your overdraft fees reduced to reflect the fact that only one debit should have resulted in an overdraft; or 2) hire a lawyer to battle the issue for you.

But a lawyer would cost alot more than the $312 that you are out, so option 1 is probably the way to go. It may or may not work. Usually banks will allow for overdraft fee reversals once per year, so it's certainly worth a shot.

I would further advise you to switch to a smaller, local bank or credit union. Such institutions are generally more customer focused, and issues like this can usually be resolved favorably.

Best of luck!

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