Complaint Review: Woodforest National Bank
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
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 (http://www.ots.treas.gov/?p=PressReleases&ContentRecord_id=2cf1106c-a72d-a2a6-0bb9-0e36dce9351b&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3). 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.
This report was posted on Ripoff Report on 10/28/2011 08:09 AM and is a permanent record located here: http://www.ripoffreport.com/reports/woodforest-national-bank/keller-texas-76248/woodforest-national-bank-committed-fraud-and-got-a-big-fine-keller-texas-792986. 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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