Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Illinois Teen Learns About Bank Fees the Hard Way
ABC NEWS/YahooNews ^ | 12/12/11 | SUSANNA KIM

Posted on 12/14/2011 9:05:39 AM PST by Kartographer

Ganziano, a 55-year-old mother of five children, encouraged her fourth child, Daniel, 18, to set up a savings account at a nearby TCF Bank "out of convenience" due to its location.

Ganziano and her son discovered that the bank offered little convenience due to the growing number of bank fees, as first reported by the Chicago Tribune.

After he put money into the savings accont from his job, Daniel Ganziano's balance eventually fell to $4.85 and with such a small amount, he ignored it.

However, TCF sent him a letter on Oct. 12 informing him that it had charged him a $9.95 monthly maintenance fee six days earlier because the account had a low balance. That led to an overdrawn account by $5.10, which then led to a $28-a-day overdraft fee. The account was 10 cents over the $5 threshold for which the daily fee kicks in. Young Ganziano's account was now overdrawn by $33.10.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Business/Economy; US: Illinois
KEYWORDS: bank; fees; frank; tcf
So how long before you won't be able to tell your local bank from your local loan shark?
1 posted on 12/14/2011 9:05:42 AM PST by Kartographer
[ Post Reply | Private Reply | View Replies]

To: Kartographer

Your local bank will never “set up the bar”.


2 posted on 12/14/2011 9:07:55 AM PST by massgopguy (I owe everything to George Bailey)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kartographer

Last year, I called a credit union where I had an account to find out the balance of that account.

They said the could tell me, but it would cost me a dollar.

“WTF??”

Yes, they said, I could obtain the balance on line, but to obtain it over the phone is subject to a $1.00 service fee. Oh, and would I like to participate at the end of the call in a short customer service survey?

I said “Are you gonna charge me a dollar to do that also?” I hung up on the cheap bastids.

Needless to say, I closed my account there.


3 posted on 12/14/2011 9:11:33 AM PST by Responsibility2nd (NO LIBS! This means liberals AND libertarians (same thing) NO LIBS!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kartographer

I’m of two thoughts here. Of course, the escalating fees should have been waived by a better trained employee of the bank, considering the overall situation. However, I’m sure all of the banks fee schedules and rules were made available when the kid signed the documents opening the account.

If you’re going to dance with minimal balances, you better pay attention.


4 posted on 12/14/2011 9:13:05 AM PST by Mr. Bird
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kartographer

I used to think old people were stupid for stuffing money under the mattress instead of in a bank account, but I can see where they were coming from now...


5 posted on 12/14/2011 9:13:59 AM PST by sinsofsolarempirefan
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kartographer

I used to think old people were stupid for stuffing money under the mattress instead of in a bank account, but I can see where they were coming from now...


6 posted on 12/14/2011 9:14:20 AM PST by sinsofsolarempirefan
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kartographer

Maybe this kid will become an OWS protester; I could see why.


7 posted on 12/14/2011 9:15:17 AM PST by steve86 (Acerbic by nature, not nurture (Could be worst in 40 years))
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kartographer

Only three hundred dollars?
I have personally seen a foolish young relative skewered for closer to eight hundred dollars by US Bank for a roughly similar mistake.


8 posted on 12/14/2011 9:16:18 AM PST by nkycincinnatikid
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kartographer

This news is not new. Almost the same thing happened to me when I was a teen, over 20 years ago. It also happened to my brother when he opened his first account.


9 posted on 12/14/2011 9:18:05 AM PST by Peanut Gallery
[ Post Reply | Private Reply | To 1 | View Replies]

To: Responsibility2nd
"Oh, and would I like to participate at the end of the call in a short customer service survey?"

Since those are frequently recorded, I would have announced at the outset that there would be a $1,000 consulting fee for your answers and that continuation of the survey would imply consent to those charges.

As soon as the survey was over, my invoice would have been in the mail.

10 posted on 12/14/2011 9:20:18 AM PST by Joe 6-pack (Que me amat, amet et canem meum)
[ Post Reply | Private Reply | To 3 | View Replies]

To: sinsofsolarempirefan
"I used to think old people were stupid for stuffing money under the mattress instead of in a bank account, but I can see where they were coming from now..."

Bingo. LOL.

11 posted on 12/14/2011 9:20:52 AM PST by Paladin2
[ Post Reply | Private Reply | To 5 | View Replies]

To: Kartographer
If you are going to force banks to give everything for free to Eric Holder's people, banks are going to have to charge somebody else to pay for it.

Simple as that.

12 posted on 12/14/2011 9:22:09 AM PST by E. Pluribus Unum (FOREIGN AID: A transfer of money from poor people in rich countries to rich people in poor countries)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kartographer

Hilarious Louis C.K. bit on bank fees. CAUTION; VERY SALTY LANGUAGE!

http://www.youtube.com/watch?v=J0rSXjVuJVg


13 posted on 12/14/2011 9:22:49 AM PST by Larry Lucido
[ Post Reply | Private Reply | To 1 | View Replies]

To: Responsibility2nd
They said the could tell me, but it would cost me a dollar.

FYI my bank has been charging this same one dollar fee for at least the past 12-15 years. Of coarse I've been using online banking for as long as it has been offered thus negating the fee.

14 posted on 12/14/2011 9:24:42 AM PST by Ron H. (Be ready and look to the heavens for He is surely coming back, soon!)
[ Post Reply | Private Reply | To 3 | View Replies]

To: massgopguy

Ha! That’s funny.

It reminds me though. I know bookmakers with better ‘customer relations’ savvy!!


15 posted on 12/14/2011 9:26:43 AM PST by SMARTY ("The man who has no inner-life is a slave to his surroundings. "Henri Frederic Amiel)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Kartographer

I hope the young man learned a lesson. Go into any business transaction with your eyes open and don’t expect anything for free.


16 posted on 12/14/2011 9:27:53 AM PST by all the best (`~!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kartographer
I must be gifted. I've had bank accounts for 30 years, and I can't remember the last time I paid a fee. I don't use foreign ATM’s, don't keep a minimum balance, but always balance my account using MS Money every month. It's rocket science, but it can be done.
17 posted on 12/14/2011 9:32:40 AM PST by throwback ( The object of opening the mind, as of opening the mouth, is to shut it again on something solid)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kartographer

The problem is less the bank than the Congress. The banks have very effective lobbyists who get the Congress to let them do almost anything they please.

Bank regulators don’t and the banks are allowed to get very creative about the fees they can charge, much like the airlines.

I’m expecting the airlines to start adding a surcharge to their tickets for the flight attendants making announcements during the flight.


18 posted on 12/14/2011 9:37:13 AM PST by DustyMoment (Congress - Another name for white collar criminals!!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kartographer

Only a moron does business with a “bank”. Credit unions are they way to go. Been a member since 1984 and never looked back. No fees.


19 posted on 12/14/2011 9:37:27 AM PST by Peter from Rutland
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kartographer

can’t wait for the kid to learn about federal & state taxes the hard way....doub’t ABC News/Yahoo will have an article on that


20 posted on 12/14/2011 9:41:15 AM PST by BookmanTheJanitor
[ Post Reply | Private Reply | To 1 | View Replies]

To: DustyMoment

“I’m expecting the airlines to start adding a surcharge to their tickets for the flight attendants making announcements during the flight.”

I’d pay a fee to make them not make any announcments!!!


21 posted on 12/14/2011 9:43:21 AM PST by dalereed (uity wise!)
[ Post Reply | Private Reply | To 18 | View Replies]

To: dalereed
I’d pay a fee to make them not make any announcments!!!

There ought to be a "yes, I've flown before" section of the plane where you can be spared the pre-takeoff litany, at the very least.

22 posted on 12/14/2011 9:47:46 AM PST by kevkrom (Separation of Business and State)
[ Post Reply | Private Reply | To 21 | View Replies]

To: Kartographer

Wells- fargo - recieved a check from an auctioneer that was drawn on his wells fargo account... Went to wells fargo to cash it. Wanted to charge me 10.00 to cash a check drawn on their bank because I didn’t have an account with them.
Then they asked me if I’d like to open an account.
Waited until I could deposit it at my credit union.
WTF - I thought they were a BANK.


23 posted on 12/14/2011 10:53:52 AM PST by Waverunner (I'd like to welcome our new overlords, say hello to my little friend)
[ Post Reply | Private Reply | To 1 | View Replies]

To: DustyMoment

I tried to put in a $6.00 processing fee for employees who wanted to get paid. It would be automatiically withdrawn from their pay. No one liked the idea.


24 posted on 12/14/2011 11:24:52 AM PST by dirtymac (Now is the time for all good men to come to the aid of their country., Really! NOW!!!)
[ Post Reply | Private Reply | To 18 | View Replies]

To: Kartographer

more support for my theory that a Populist anti-Banker Jihad looms in our political future


25 posted on 12/14/2011 11:34:59 AM PST by Buckeye McFrog
[ Post Reply | Private Reply | To 1 | View Replies]

To: throwback
A lot depends on the bank and the state in which the account is located.

Large banks in particular change account types and fee structures at will. They may even offer phony ways to avoid monthly fees by signing up for services like a bill payer or by doing direct deposit. When they change the terms, they may also lie to you about the prior terms.

26 posted on 12/14/2011 1:02:16 PM PST by newzjunkey (Republicans will find a way to reelect Obama and Speaker Pelosi.)
[ Post Reply | Private Reply | To 17 | View Replies]

To: Responsibility2nd
Anything that involves a human working is going to involve a fee. Do it your self and it is free.
27 posted on 12/14/2011 1:21:57 PM PST by Harmless Teddy Bear (*Philosophy lesson 117-22b: Anyone who demands to be respected is undeserving of it.*)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Larry Lucido

That was hilarious!...Thx for the link.


28 posted on 12/14/2011 3:01:21 PM PST by justkillingtime
[ Post Reply | Private Reply | To 13 | View Replies]

To: sinsofsolarempirefan
I used to think old people were stupid for stuffing money under the mattress instead of in a bank account, but I can see where they were coming from now...

Be careful where you hide it. My wife's co-worker told her he stuck a thousand dollars in a book on his bookshelf. A couple years later he donated some old books to a bookstore that resells them. Yup, you guessed it! By the time he realized his mistake, the book and money was gone. Get a home safe, bolt it down, and keep it hidden from casual view, like behind a false wall.

29 posted on 12/15/2011 11:30:01 AM PST by roadcat
[ Post Reply | Private Reply | To 5 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson