Complaint Review: Webster Bank
Webster Bank Disthonest Fee Policies Nationwide
*General Comment: Not really...
*Author of original report: Malicious *is* The word
*Consumer Comment: "Malicious" Isn't The Word!
I got a Webster checking account with my loan in a plan to swap over from Bank of America. After digging into details and limitations of their online banking, my wife and I decided against it, but kept the checking account open with a specific balance to keep our loan rate down.
After paying off our loan, we reduced the account to 0 and tried (and failed) to close it, not being able to get to a bank together.
We finally have time to close it, and find almost $100 in fees. Apparently, they charged us one service fee for not having a minimum balance, then started piling daily $5 "Overdraft Fee" hits.
When we called to contest it, we were told not-too-politely that this is the fine-print of the policy, and that our account would be put into collections if we did not pay it off. So from a zero-debt checking account, they're now attempting to extort $100 in junk daily fees. Having worked for a collection company before, I know that banks have an agreement over DDA overdraft collections, that no bank will let you open a checking account if you have any other checking account in DDA collections, even if contested.
No escalation routes, no nothing. Pay us money we have no right to demand, or we will ruin your credit and prevent you from opening bank accounts with other banks.
I will have a BBB complaint pending as of this weekend. This is a warning to everyone. Do not bank at Webster. They're buried in the kind of malicious fine print that won't stand up in court because they know they don't have to go to court.
Please, anyone who reads this, stay away from this terrible bank. They're not the great bank they were 10 years ago.
This report was posted on Ripoff Report on 12/19/2014 10:38 AM and is a permanent record located here: http://www.ripoffreport.com/reports/webster-bank/nationwide/webster-bank-disthonest-fee-policies-nationwide-1196513. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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