ED Magedson – Founder
Nevada State Bank Nevada State Bank - NSF Scam - Chariman Dallas Haun is a Criminal Nationwide
My complaint involves the morally reprehensible, nay, criminal-like insufficient funds fee practices employed by Nevada State Bank. Over the course of four days, I was charged $224 in insufficient funds fees (see attached bank statement). As this wasn't a loan, and the fees churned covered little, my effective APR was infinite x Pi + E=mc squared... more on this incalculable rate in a moment. At its height, for the $224 in fees I was charged, my checking account reached the brazen negative balance level of $173.85 - obviously Nevada State Bank was on the brink of financial ruin because of my careless financial decision to not keep my balance in the black. (Granted Nevada State Bank was unable to keep their own balance sheet in the black during the crisis that reckless banks like theirs helped cause, and they had no trouble at all taking $1.4B in TARP money – or at least their parent outfit Zions Bancorporation didn’t. As we all learned, financial institutions are always worthy of receiving the fruitiest rewards from their moral hazard. In all fairness, I should point out that Nevada State Bank’s parent outfit did pay back their “loan” to the federal government in four years. Also, at this time I would like to point out that I paid back my “loan” to Nevada State Bank in four days.)
Back to what lead to my noxious persecution of Nevada State Bank’s books.
Unfortunately my payroll check on 03/21/14 was over-levied by some rogue outfit operating on behalf of the state of Kansas - this is no fault of Nevada State Bank mind you, but I believe it needs to be pointed out. I have been promised a $471 refund check from this same rogue outfit "Arnold Scott Harris, PC" (be on the lookout for that complaint next week CFPB), but since they are in bed with the state of Kansas government, this is probably going to be more wishful thinking for me - in fact they need not even provide an accounting of their levy activity due to their shadowy and villainous partnership with a state government. There I go again... back on point: this shortfall is what caused me to put Nevada State Bank in a very tricky and financially precarious position - I can hear the panicked conversation between Board Members Hugh Bassewitz and Harris Simmons when they received word: "Everyone, we need to think quick, the [Name withheld] account is overdrawn by $173.85, we will either have to forego making payroll at the Annie Oakley & Sunset Branch, or we can charge him an effective annual percentage rate of 18,694% or so, while not even providing him a loan! We'll just return most of the payments anyway and wait until they are resubmitted and then charge him more NSF fees. Our Chairman Dallas Haun is the architect behind this cash cow and we need to make him proud. Furthermore, we need to make this [Name withheld] character understand that no one, and I mean no one screws with Nevada State Bank's balance sheet, well, of course, other than our crony auditors, ha-ha, good one Hugh!"
This experience truly disgusts me. I must add the irony that the very agency to which I am submitting this complaint (the CFPB – cpfb.gov) is somewhat responsible for the very situation that I found myself. If only Nevada State Bank offered a short-term loan product I could have taken out a $200 loan for four days and even at 120% APR I would have paid less than $5 in interest, instead I paid $224 in "fees." I guess in your agency's ultimate wisdom, you have decided that NSF fees are in my best interest - or at least better interest, than short-term loan interest (sorry for a little alliteration - but it calms me).
Lastly, Chairman of the Board Dallas Haun, and his Board Members, Jeremy Aguero, Hugh L. Bassewitz, David Ezra, John Larsen, Terry Shirey, Harris Simmons, Gary Stewart, and Thomas A. Thomas should be ashamed of themselves, not only as bankers or Board Members of a bank, but as human beings. I understand the tacit collusion that exists in the banking industry, i.e., how all banks have chosen to violate their customers rapaciously with egregious NSF and/or overdraft fees. This practice is especially deplorable, since the banks assume nary a scintilla of risk from customers who have direct deposit (like me) - as the bank always pays themselves first when customers' direct deposits post. Choosing to perpetrate this kind of highway robbery on customers because "they can" or because "you agreed to it in your account agreement" doesn't make it right. I expect to receive a refund in my account in the amount of $224.00 within 7-10 business days.
This report was posted on Ripoff Report on 04/24/2014 10:34 AM and is a permanent record located here: http://www.ripoffreport.com/reports/nevada-state-bank/nationwide/nevada-state-bank-nevada-state-bank-nsf-scam-chariman-dallas-haun-is-a-criminal-natio-1141370. 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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