Bank or credit card surprises
logger7
Posts: 9,082 ✭✭✭✭✭
I had a couple recent coin--related snafus, one with a credit card the other with my BoA account, and both seem to defy rational solution. I worked up the legal food chain, first with the financial institutions then with the state oversight and the CFPB.
The first case, I bought a coin on ebay of over $1700 from a Nebraska company, nothing indicated that there were going to be any extra charges; I got zapped with a 3% transaction fee on my credit card plus interest. The seller said that they were also charged the standard paypal fee. After thoroughly hashing it out with the credit card and paypal, it turns out that the seller had set up their account with paypal when registering "the seller chose financial services and products as the main category, and currency dealers and currency exchange" as the subcategory. Then they say had the seller chosen "arts, crafts and collectibles" as the category and "stamp and coin" as the subcategory the charges would not have been assessed by my MC. But I've never seen that problem before in many, many transactions.
The other issue was with BoA where I deposited a $3K plus check from a major auction company on Monday; and soon thereafter I see that a hold has been put on it until the 16th. Never happened before. I spoke with reps and supervisors at BoA who said that a risk assessment was made based on the account of the check, and that was the reason for the hold. Meanwhile I filed a report with the CFPB that said they have to hear back from BoA first. Weird. I have never had a hold placed on a check like this by BoA before.
Comments
Citi Bank was running a promotion w/minimum initial deposit. I opened the account w/$xxx with a check drawn on a local bank. Citi then put an EIGHT, 8 day
hold on the check.
If I had known about the 8 day hold I would’ve never ever do biz w/them.
btw, it was an $1,100 check
Find a local bank or credit union with local people and you probably wont have an issue any longer!
Please reveal the ebay ID of this seller so the rest of us know to avoid him.
No Way Out: Stimulus and Money Printing Are the Only Path Left
There are anomalies in the check/deposit process that I have noticed between different institutions. I recently encountered the 'placed on hold' issue at my bank.... and I have been depositing the same check, monthly, for ten years..... When I stated this, the teller made a phone call and it was cleared. So, sometimes it may be just a new person following general processes.... at least that was the case for me. Cheers, RickO
Never had an extra charge on ebay using PayPal.. even charging 15,000 and more.. Did you try to have Ebay cancel the deal ?
Contact Ebay .. not PP...... SNAD
This...I used to use Chase for most of my banking but have transferred all of it to one of the Credit Unions I belong to. Much easier to deal with and bank checks etc. that I deposit are immediately available.
K
Just think about the shenanigans Wells Fargo pulled a little while back with fake fees and big fines that followed. Now fined a BILLION dollars for more shady operations. Everyone above is correct. The closer you get to local institutions the better you will be. Your neighbors, in general, won't think to do to you what a giant disengaged bottom line financial scrooge considers every day.
Support local business, they support you.
As regulations disappear under the current administration expect abuses by financial institutions to increase.
291fifth - I agree 100%
I've had a few ebay sellers charge a sell as a cash advance, so have been charged a fee for that, which is very annoying.
I sent the gold coin back, I figured it was the only way to stop the loan shark interest. The company said they didn't know why I got hit with those charges though, but the cc, paypal, and ebay seemed to agree with what happened.
I dumped BOA years ago. Good riddance.
After a number of calls and a visit with their bank officer at the local branch; same story, their risk assessment team found that the account that the check was drawn has had some suspicious activity. The check came through as an ach a couple days ago but they are still holding on to my money. One of the largest auction companies in the country, you can be sure they know what they are doing 100%. i never saw this before, and chose BoA because of all the branches they have, but will be looking into others.
Bank of America got Billions $$ in bailout money for the 2008 Financial crash ..
I guess Wells Fargo is more infamous....https://i.imgur.com/pbpK9ay.jpg
about 6 years ago wells fargo started charging a fee for checking accounts, unless you have at least a 2,000 balance, direct deposit and a savings account. I have all 3, so I am good to go
My daughter got charged a $35 deposit fee when she put $5,000 in cash into the account. This was Wells Fargo and it's her business account. I gave her the cash to pay off her car. She called and got it removed. No explanation. She needs that account for business but does have to watch it very carefully for queer fees.
bob
locally owned credit union is the only way to go.
No Way Out: Stimulus and Money Printing Are the Only Path Left
Yes a local credit union is the way to go. I even get free wire transfers with my account.
I won't go near Wells Fargo or BOA.
Regulations that were implemented by prior administrations didn't seem to hinder Wells Fargo or other institutions from abusing their customer bases.
Do your own homework. Exercise due diligence and common sense. Be accountable to yourself. Take your business where you know you are appreciated.