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M and T Bank - Condescending connivers

auto pay to overdraft account - Complaint
Review by samuelsondoug on 2012-07-11
Rating: StarEmpty StarEmpty StarEmpty StarEmpty Star
VIRGINIA -- I have automatic payments from my checking account to an overdraft line. Since M&T bought the bank I used, there seems to be endless creativity in finding ways to maneuver the customer into a late fee or service charge. I have a couple of carefully documented instances in which the bank took a larger payment than the billed amount. If I pay directly, in cash,. less than 72 hours before the automatic payment is scheduled to come out, the payment "doesn't count," it takes the automatic payment anyway, and if my checking account balance won't cover the payment, I get an overdraft fee. The bank will not take available money from the overdraft line to cover this type of overdraft. Paying cash into the checking account the day the payment is due also will not cover a potential overdraft, as the bank does not consider a cash deposit available until the next business day. Their so-called "customer service" reps treat complaints and appeals on these subjects as if I were a petulant five-year-old. When I pointed out to one of them that the bank's practices are quite likely illegal, she laughed at me and hung up. I fervently hope that one of these days they will lose a huge class action lawsuit for this crap. I understand it wouldn't be the first class action lawsuit they've lost over confusing and exploitive fees. Forget 'em!
Comments:
Posted by trmn8r on 2012-07-11:
The things that you describe sound standard to me, at other banks as well.

Automatic payments need to be cancelled days in advance to be sure they are actually cancelled. And I don't know if you can cancel a single payment without cancelling the periodic transfer altogether.

Depositing the same day to cover a debit often doesn't work either. The trick is to keep a buffer in your account to cover impending debits - incurring overdrafts just isn't worth it.
Posted by Mark on 2012-12-21:
This is the worst bank hands down
Posted by Al braden on 2013-02-14:
M and t has robbed me the same way. Just last month they hit me wit 9 overdraft fees using the same practices. I am looking for others and will file a class action suit.

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M and T Bank:
Overall Rating:StarEmpty starEmpty starEmpty star