Complaint Review: Pioneer Bank & Trust - Belle Fourche South Dakota
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- Author Not Confirmed
- Pioneer Bank & Trust 700 State Street Belle Fourche, South Dakota United States of America
- Phone: (605) 892-2536
- Web: http://www.pioneerbankandtrust.com
- Category: Banks
Pioneer Bank & Trust They stole my money. Belle Fourche, South Dakota
*Consumer Suggestion: They probably took the funds under the banks Right of Setoff
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To set the stage, I have banked with this bank since I was a little boy, I have never had problems with them before. Since I am single I had my dad on my signature card just in case. Though he has never written a check nor withdrew or deposited any money into my checking account. My parents used to have an account with this bank but closed it when they did the same thing as they did to me.
I work full time and I am working on my Master's Degree, my work does not pay for me to take classes so I have to get student loans to be able to pay for it. Since I do not get funding to take classes during the summer I save a portion of my loans from the fall and spring disbursements. So I had a fair amount of money in there with that plus I had just been paid the day before this happened.
Just to put a time line to it I got paid on Tuesday, I check out my balances with my checking account (I have no savings account) and all was fine so I didn't check my account again. When I got home from work on Friday I had a letter from my bank and I opened it and it was a letter saying there was telephone authorized transfer from my account to a loan account under my father's name. I didn't give any permission at all for this to happen. They "legally" can transfer the money because my father's name is on the account.
So between Tuesday and Friday I used my debt card, not knowing that they had only left $54 to my name and by the time I checked I had only $9.88 left was a pending debt charge and my electric bill that is a auto payment.
They are against the law for taking the student loan money but they say that I all ready spent the equivalent of the student loans and that all the money in my checking account came from my pay check. So they will not refund my money at all.
They have behaved in an un-ethical manner and this is from the "Home Town Bank" your "Neighbor". They not only stole my money they stole the money of the US Government.
So here I am penniless and so I can't even open a new account at a different bank. And right now I am having to live off of credit that I worked so hard not to have happen.
This report was posted on Ripoff Report on 02/22/2011 09:25 PM and is a permanent record located here: https://www.ripoffreport.com/reports/pioneer-bank-trust/belle-fourche-south-dakota-57717/pioneer-bank-trust-they-stole-my-money-belle-fourche-south-dakota-698735. 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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#1 Consumer Suggestion
They probably took the funds under the banks Right of Setoff
AUTHOR: MovingForward - (United States of America)
SUBMITTED: Wednesday, February 23, 2011
Because you had both your name and your fathers name on the account, the bank can offset any loss with your father or you (loan or credit card or any type of loss) with the deposit funds you have in your account. Search for the term: Right of Setoff for definitions
Their notice to you was in the terms and conditions you agreed to when you opened the account. Even if you did not understand the terms because you were a minor, the terms still apply as an adult was on the account with you when you opened it.
Your beef should really be with your father. Find out from the bank what funds were taken (should be evident on your statement) and to which account they applied the funds. Get reimbursed from your father since he is the one that caused the loss with the bank in the first place.
BTW, it has nothing to do with the size of the bank. This is standard with all banks and credit unions. There is no exception for student loan funds. Now you know why many people have multiple accounts in a couple of places AND no one else on the account. Remember, you agreed to this when you opened the account. IMO take your fathers' name, any other person's name, off of your accounts so you know the exact status of each account and won't be blindsided next time.
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