SUNTRUST BANK DO NOT BANK WITH SUNTRUST!! DO NOT (TRUST) THIS BANK !! SUNTRUST RIPS PEOPLE OFF!!!! Internet

for now that is....


Like a "Where's Waldo" puzzle, can anyone find in any of the terms I posted directly from these banks websites where a "register" is even vaguely mentioned?

A 50 point reward to anyone who can find where the banks are recommending, suggesting, encouraging or implying a register is required to manage the debit card usage.

I am not trying to imply customers should not use one..as I certainly do and it is a bit of a chore since I have several accounts to manage and most are low balance.

However, is it also fair to knock the percentage of customers who were simply trusting the banks promotions and promises, and got sucked in and fleeced?

I don't know about all banks..but I have certainly posted on this site bank debit card promotions...which typically state to the effect that the debit card SHOULD be used for small every day purchases..AND that it is convenient because you won't have to carry any change..and it SHOULD be used in lieu of cash or checks..

Better yet..I will copy and paste from several bank websites...Bank of America, Wachovia, Suntrust, US Bank to name a few..read the terms and tell me the banks are not explicitely encouraging new customers to use these for everything, and depend on online banking to be accurate. How is this justified?

Pay for all types of purchases quickly and easily.

Just use your Visa Debit card when you are ready to pay. It works fast, so there's no need to write checks or fumble for change. Plus, you'll save on trips to the ATM and can leave your checkbook at home.

Debit card transactions are automatically deducted from your checking account and typically posted within 24 hours of your purchase. So you can check your updated balance and transaction record on your card issuer's website or by phone.

In addition, every month you'll also receive a checking account statement that details your purchases, including merchant name, location, date and amount. So it's easy to see where your money goes


* SunTrust Visa Check Cards are free with all SunTrust checking accounts

    * Use it for everyday purchases at places like department stores, gas stations, grocery stores, or anywhere you see the Visa logo

 * Easily view your check card transactions in your monthly statement or online in SunTrust's online banking

When you sign for your purchases, your money comes directly from your checking account, but you also get security protections that help prevent, detect and resolve fraud

• No cash: reduce or eliminate the need to carry around a checkbook or a lot of cash.
• Quick record: purchases made with a debit card where you enter your PIN will generally post the same or next day to your account.²

Check Card Overview

A Wells Fargo Check Card with ATM access makes it easy and convenient to manage, protect and reward your spending.
   

Take control of your finances. Securely access, monitor and track your account activity and expenses automatically in one place



    * Accepted at millions of locations that accept Visa debit cards.
    * Use instead of cash or checks for everyday purchases.
    * Pay bills online with your U.S. Bank Check Card

How it Works    

    * Money is always deducted directly from your checking account.
    * Check card transactions are protected by the U.S. Bank Zero Liability Policy.1
    * Track purchases in Internet Banking and monthly checking account statements.

That some who I thought were unreasonable, actually are very reasonable.

For example...Edgeman stated..

"TD,Like you, I've been receiving multiple mailings from banks encouraging me to sign up for overdraft protection. I just stick them in the shredder as I don't need the service. After all, why on Earth would I authorize a transaction that would result in a negative balance? I can't think of any reason to do so."

The underlined, pretty much says it all.

Now more then ever, the banks are showing their true colors, just that some of us who were unfortunate enough to suffer from it, have been met with opposition for simply lodging a report.

Here is a recent notice I received from one of my banks, I have plenty of others as well but this is most recent.....

You are not opted in for over the credit limit coverage

Help to Avoid Declined Transactions.

In the event you have to use your credit card for unexpected reasons that could bring you over your allowable credit limit, Over the Credit Limit Coverage may allow you to avoid having transactions declined.

To learn more visit the Customer Service tab to request Over the Credit Limit Coverage. If you request Over the Credit Limit Coverage, you will receive a confirmation of your request.

You can remove this coverage at anytime by visiting the Customer Service tab in your online account, then click Request/Cancel over the credit limit coverage or by calling the Customer Service number on the back of your card.

If you have any questions, click here to contact us.          

Sign up today

"request over the limit coverage"    "remind me later"

Now why would the bank be "encouraging" anyone to have this coverage? nah..the banks do anything wrong?

Even though time and time again I stated that customers need to be responsible for keeping a register, I was still called an advocate of irresponsibility. Yes, I am passionate about the matter and may over react, but the bottom line here to many, is the banks simply want to fleece customers due to human error, and encourage this error in anyway possible, INCLUDING.. promoting online banking as a great way to manage the account.

In addition, since there seems to be no regulations as far as I can find regarding how much and for how long a merchant can hold an authorization charge, which can certainly result in overdrafting since this is done without the consumers knowledge or consent, how can the register defense possibly hold up in every case? And if it can't hold up in every case, the defense may not work at all in a class action suit.

No one has had your back more than me during these discussions. I STILL maintain that any moron who refuses to manage his/her account in a responsible fashion deserves NO sympathy from us, the bank, or anyone else when fees are assessed.

But what I am receiving in the mail runs 100% contradictory to what these same banks have communicated in the past regarding overdraft protection i.e. overdraft fees...and there is no regulated, mandated verbiage required during the notification process of this opt-in/opt-out process.

How do I know this? Today, the bank I use to save for my kids' college notified me via email in the following manner:

Beginning August 15, 2010, no fees will be imposed on ATM or everyday debit card overdraft transactions if you have opted out of Huntington Debit Overdraft Service. If you havent already told us yes to Huntington Debit Overdraft Service, your existing service will end on August 15. If you opt in, fees may be imposed for covering overdrafts created by check, in-person withdrawal, ATM transaction, debit card purchase or other electronic means.

Now, compare that to THIS notice - courtesy of a completely different bank:

You will lose the ability to withdrawal cash at the ATM in the event of an emergency or experience the inconvenience or embarrassment of being denied for everyday purchases made with your debit card, like groceries or gas, when your account does not have sufficient funds.

The issue here is the verbiage and rationale used to sell the service. For years, banks and credit unions have sold the service to consumers predicated on its ability to save salient, large-scale transactions (i.e. Would you rather that rent check bounce?). Now, when consumers are about to be opted out by default on August 15, they are singing a song about "convenience" and "embarrassment", as though the $35 fee for each item and having to borrow money from a payday lender after the fees were taken wasn't embarrassing in the first place.

I'm sorry, but I'm not buying the communications from these people. Debit cards will STILL be convenient. Debit cards will NOT be prohibited from use. Rent checks will STILL be accepted - and if they result in an overdraft, they will be assessed ONE fee (unless there are other checks or ACH transactions that come through). What will cease are the endless numbers of debit card overdrafts...and by virtue of these mailings, it is appallingly clear THAT is what the banks are worried about, not "convenience" or "embarrassment".

...and before you or anyone else tries the "Gee, if they just kept an account register..." talking points, SAVE THEM. I have uttered them more than anyone knows on this site. That isn't the issue here. Honest, consistent and forthright disclosure regarding overdraft protection IS.

Those notices that everyone has been recieving regarding the opt in or opt out of overdraft protection were mandated by recent changes to federal law.

They have absolutely nothing to do with bank policy.

Just federal law.

TD,

Like you, I've been receiving multiple mailings from banks encouraging me to sign up for overdraft protection. I just stick them in the shredder as I don't need the service. After all, why on Earth would I authorize a transaction that would result in a negative balance? I can't think of any reason to do so.

No doubt that overdraft fees have been a boon to the banks- I've written as much here at ROR. However, these are fees that are so easily avoided. Every bank account agreement that I have in my home tells you that they may authorize transactions that will result in a negative balance and the bank will most likely process from highest-to-lowest (or any order).

Knowing this, wouldn't it be prudent to stay within one's available balance?

I know you still advocate responsibility and it's a point I've been making for years. Read a bank agreement and know what it says. If the bank agreement is not to your liking, walk away without signing it.

If you sign it, be aware of your available balance and your transactions. I cannot think of a good reason for not keeping track of one's finances.

Before I begin, I would like first to make clear the fact that I am in no way retreating from my position that EVERY checking account holder should ALWAYS keep an accurate and current check register. The responsibility for your account is YOURS - regardless of what the bank does or doesn't do.

That being said, I have come to the conclusion that banks and credit unions have misrepresented themselves and misrepresented positions to consumers where overdraft protection is concerned...and I have come to this conclusion via their own communications with me, their customer.

Verbiage from BOTH the local credit union and the bank (curiously congruent) trying to convince me that I should opt into their overdraft protection:

You will lose the ability to withdrawal cash at the ATM in the event of an emergency or experience the inconvenience or embarrassment of being denied for everyday purchases made with your debit card, like groceries or gas, when your account does not have sufficient funds.

Now wait just a d**n minute...wasn't the previously-stated reason for overdraft protection that the larger items - like rent, mortgage payments, etc. - would be allowed to clear? What the hell is this "inconvenience" and "embarrassment" nonsense?

In the past, my banks and credit unions have always maintained that I should build an emergency fund via THEIR savings accounts (which I have) and that I shouldn't use my debit card for everyday purchases (After all, those little debit transactions add up fast. Withdrawing money via the ATM within the available balance has ALWAYS been the key to "everyday" transactions if one is to avoid the overdraft).

I have been a responsibility advocate for years on this site - and I will continue to be. But in my estimation, banks and credit unions have exposed their motives with their desperate attempts to convince me to opt into their overdraft protection programs. Ergo, I no longer support them or their obvious attempt to siphon money from consumers in lieu of what they had previously stated was their goal with overdraft protection: to protect the American consumer.

I am often accused of being a troll myself. But the internet and blogging and forums are really new to our culture. So the definitions and terminology are open for debate, and some psychological factors can be taken into consideration.

Here is how many currently define it..

Trolls

Essentially, a troll is a person who posts with the intent to insult and provoke others. The goal is to disrupt/divert a discussion or topic beyond repair.  They often target new users, who are more likely to take offense, hence the term "troll" (as in "trolling" for newbies). I was introduced to this sector of society myself from lodging a report here against bank tactics. Since then I have been following similar reports on this site, and defending those who are victims to these trolls, at the expense of being called a troll myself. So if I am to be considered a troll, I am okay with that..as long as it is known that I am actually trolling for trolls, the "anti-troll" if you will.

Many trolls are characterized by having an excess of free time and are probably lonely and seeking attention.  They often see their own self-worth in relation to how much reaction they can provoke.

Trolls can be categorized in the following ways:

• Spamming troll: Posts to many newsgroups with the same verbatim post.
• Kooks: A regular member of a forum who habitually drops comments that have no basis on the topic or even in reality.
• Flamer: Does not contribute to the group except by making inflammatory comments.
• Hit-and-runner: Stops in, make one or two posts and move on.
• Psycho trolls:  Has a psychological need to feel good by making others feel bad.

The latter applies to your case I would assume. However my experience here has exposed me to the kooks, flamers and hit and runners as well. But the psycho trolls are really the ones I focus on, they do by all means get some type of pleasure out of making those that already feel bad..feel "more" bad. I have noticed this since day one here, I just did not have a term for it. Psycho troll seems to fit the bill.

 I could name names, but it is self evident to those who frequent this site.

I personally am torn between the fact that there really are no moderators here to police this forum from the disruptive topic diverting kooks and flamers, but at the same time I strongly feel it is an asset to this forum that all are allowed to post freely and the posts and replies will not be edited or deleted.

Yes, we have to take the good with the bad. Many do not like that I devote free time to this site and point out when someone is being one of the above, but what does have me concerned, is that a site like this that actually can and does do something to help consumers rights, business rights and victims of scams and ripoffs, that these types of trolls are potentially taking away credibility of this site.

But truth often prevails, at least to those that can see and appreciate the truth, for whatever it is worth these days.