Report: #792986

Complaint Review: Woodforest National Bank

  • Submitted: Fri, October 28, 2011
  • Updated: Sat, November 05, 2011
  • Reported By: Bharris17 — Keller Texas United States of America
  • Woodforest National Bank
    1240 Keller Pkwy
    Keller, Texas
    United States of America

Woodforest National Bank Committed fraud and got a big fine Keller, Texas

*Consumer Comment: Banks are not Non Profit entities!!

*UPDATE Employee: Woodforest Customer Service

Show customers why they should trust your business over your competitors...

After my husband passed away, I was left to make all the financial decisions and unfortunately I chose Woodforest National Bank as a convenient bank for an account.  I thought banks were all similar in their policies or that there is some sort of regulation in place regarding fees and such.  Unfortunately, I learned the hard way that this bank is extremely unethical.  Despite advertising "free" overdrafts, I received an overdraft while I was visiting my Mother ($34) and then 5 days later I got another $34 fee added to the already existing overdraft charge.  Woodforest bank was putting fees on fees and they told me there wasn't anything I could do but pay the outrageous fees.

I paid the fees and moved my account to a real bank.  Never again will I thoughtlessly start an account somewhere just because it's convenient.  About the same time that I moved my account, I read about the huge fine and restitution Woodforest was ordered to pay by the Comptroller of the Currency (  It made me feel better to see that Woodforest was ordered to pay the largest fine ever by a bank to the U.S. Government.  The CEO of Woodforest made a public statement saying that he didn't see anything wrong with doing what Woodforest was doing.  At least the Government finally spanked Woodforest for their bad behavior. 

I strongly suggest that Woodforest is a bank of the very last resort.  They make it convenient to start an account and deceptively advertise it as "free" but then have major fees and check holds which are ridiculous.

I've read that they have hired a public relations firm and that the customer service reps in Houston are trained to "diffuse customer concerns".  Customer Service can't refund exorbitant fees or make situations right, but they're very skillful in talking customers down.  So if you need somebody to talk to so that you can feel better, call customer service.  But if you want things made right, the only option you have is going to another bank.
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#1 Consumer Comment

Banks are not Non Profit entities!!

AUTHOR: Bankerdude - (United States of America)

Madam, with all due respect, banks are not Non Profit Corporations. I hear things all the time like "They stole my money." Or, "they had no reason to bounce my check since I've been a long time customer."

Sometimes, people hear what they want to hear. Which is why banks explain their disclosures to customers on the spot. And then after they explain them, they give you the disclosures to take home with you, in case you need further clarification. Stating that Woodforest told you they had "Free Overdrafts" is one of those things you may have chose to hear the way you wanted to hear it.

The truth is, Woodforest Bank has a free Privilege pay program, that if you never use, you never pay for it. However, if you use it, you will be charged. Privilege pay gives you a limit that Woodforest will allow you to overdraw your account. When you opened your account, you either initialed the paper to opt in for Privilege pay, or opt out. However, it sounds like you may have opted in.

So what is privilege pay? If you miscalculate in your check book, and miss by a few dollars, Woodforest will pay the check for you WITH a $34 non suficient fund fee. By doing that, they actually helped you out. How? Well, there's 2 options when you bounce a check:

1) Woodforest can return your check, and charge you the $34 anyways for NSF. That will cause embarrasment to the person you wrote the check to, and cause a fee from the other bank where the check was deposited in.  
2) Pay your check, charge you the $34 (which you would have been charged either way), and save you the embarrasment of bouncing the check, and save you a fee from the other bank.
As far as charging you another $34 because of the first $34 fee, that is not true. Something must have tried to post to your account while you were negative, and charged you another $34. Banks don't do stuff like that. That would be the easiest way for a bank to be shut down.
I hope my explanation helped a little.
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#2 UPDATE Employee

Woodforest Customer Service

AUTHOR: Woodforest Customer Service - (USA)

Woodforest National Bank is dedicated to providing quality customer service and we would appreciate the opportunity to speak directly with you.  Please contact our Customer Care department toll free at 1-888-224-0132 or email your contact information to

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