Before I became a stay-at-home mom, I had spent my career in the financial world. I spent almost a decade in that field and had worked for many large, well-known banks to small credit unions and everything in between. I worked for a very large upscale banking institution in CA where I funded cars from the MANU to the dealer and touched millions of dollars a day. I’ve worked in small mom and pop financial institutions giving loans, being a financial advisor, helping people balance their checkbooks. I’ve run collections, I’ve given people loans for credit cards, houses, cars, personal loans. I’ve done data entry and stuffed envelopes. I’ve held a few managerial positions. I’ve held employee of the month titles. I’ve raised more capital in my first month working for a well-known bank than my co-workers who had been at their jobs for over 3 years.
I sold credit cards, had great customer relationships, and above all, I outsold any of my fellow co-workers at every job I’ve worked. I’ve been bonded for a quarter of a million dollars. I’ve helped stop fraud, I’ve worked in fraud departments. I’ve helped stop employee theft, I’ve done payroll and accounting for entire financial institutions, customers included. I’ve done it all and seen almost everything. At least, I sure as heck hope I have!
Why am I telling you all this? Is it to sit all high and mighty? Absolutely not. But if your going to listen to what I have to say, you need to know that I have the credentials to back up what I say, because, let’s face it, so many people claim all this and more and none of it is true. Many people online are “experts” in their own minds, but not really where it counts.
In almost a decade of working in the financial setting, here are the most important things you should know.
1) Banks suck! Never work for a bank and never join a bank as a customer.
Choose credit unions instead. Some of the biggest most well-known banks in America are nothing more than frauds. Banks have stock-holders and as such, they have one mission in life. To make Mr. Stockholder rich. You do all the work; they get all the pay. Some more friendlier banks offer incentives to employees in the form of bonuses, most, and it kills me to say this, incentive with jobs. As an employee, if you don’t sell a certain amount, you don’t work there. I’ve seen 3-year-old employees let go because they slipped up ONE month and came 20% less than quota. Banks don’t care. Why should they; they can hire someone else to fill that spot in a matter of days.
At a credit union, its employee based, much like Winco. YOU get a share of the profits. They call that dividends. You get interest on checking, savings, the whole sha-bang. When they profit, so do you! There’s no stockholder at the top sucking up all that cash. It’s distributed within the company, and you are equal with employees. Credit unions also tend to give regular bonuses to their employees and it’s not performance based, which means you don’t have to be ruthless, you can be nice, HONEST even, and still get paid!
Credit unions generally care about the people. Because the people are technically part owner and NCUA protects credit unions better than banks in my opinion. As a part of NCUA, your accounts are insured up to $250,000 if the credit union goes belly up and takes off and runs. If banks do that, while the amount of coverage is the same, there seems to be more red tape to cross.
2) Banks push overdraft fees.
Oh they LOVE overdraft fees! I have personally seen upwards of $600 in overdraft fees ALONE on a $20 overdraft tab! Banks encourage it. They literally make their rules around encouraging it. I remember one time at U.S. Bank (the WORST bank in the world), that a customer came through the doors so distraught. He said that he just pulled out $20 from the ATM and it didn’t say his balance until AFTER it gave him the cash. Red flag #1, it gave him cash automatically even though that would overdraft him! Red flag #2, it didn’t tell him his balance until AFTER he withdrew the money. You think that the bank doesn’t set that all up!!!
He was frantically telling me to just deposit the money back into his account. He didn’t want to go overdraft as the fee was upwards of $40. He kept saying, just put it back, just put it back. Am I going to get charged for this? Of course, no one could guarantee him he wouldn’t. No manager would comment conveniently. I checked his account the next day. Sure enough, there was an overdraft fee and he mentioned he didn’t get paid for another 3 days.
Let me tell you something. Every DAY that you’re in the red, some banks charge. This man was out $120 for 3 mins of being in the red. I was outraged, but of course, there was nothing I could do. I asked my manager if we could waive those fees. The man didn’t know yet, but I’m sure he would find out. The manager said, “Listen, you’re new here, but we don’t waive fees. In fact, we like it when they overdraft.” Still pretty naive. I didn’t get it at the time, but I would later figure out the scheme. There are so many major scams going on, it would make your head spin and due to uh…MORALS, I had to quit. Never bank at U.S. Bank!
3) Bankers are not your friends.
Ok, I know this is going to hurt a lot if you think that your banker is the best banker and they know you by name and they love you, adore you, and would never steer you wrong. But I’m a straight shooter, so here goes.
Remember in #1 where you HAVE to sell in order to keep your job. Uh yeah, that’s how they do it. You become a customer’s “friend,” gain their trust, make them feel like you are on their side and not the banks’, and then bam, they just talked you into some $20,000 line of credit that you had no intention of applying for. But, they know best and you trust them so you do it. At every single institution I’ve worked for, that is the protocol. They treat MANY people like that, trust me! It’s their job. That is how banks and credit unions alike, sell.
Now, I’ll grant you that credit unions care more than banks do, but it is always still about the American dollar. In every profession on every continent in the world, it’s always about the money. Maybe, just maybe, you have a wonderful banker friend who would never sell you something you don’t need. Yeah, uh, those tellers don’t last long. They don’t produce enough sales and so are discarded and replaced once management finds out.
I remember working for a particular credit union and they had this specialist come in and we had training and everything, how to sell to a customer without them knowing their being sold. Psychology was the forerunner in all that. And I admit, I wasn’t saved at the time, and I could have sold you ocean front property in Arizona. I was good at it. I was one of the bests in every company I worked for because I did actually care about the customer. I sold in such a way that I truly WAS on the customers’ side, so everyone wanted to talk to me. I knew the ins and outs of the rulebook of the companies I worked for, and therefore, knew how to go around the rules to get the customer the best deal that was right for them. Because I was so good at it, people would request ME, I made my sales each month, and that’s all the banks cared about, numbers.
4) Most banks are not robbed as much as the average person believes.
Yes, I’ve known people held up and stuffed in the vault and yes, it can happen. But there is an amazing amount of security in all banks and credit unions, and we are taught exactly what to do to prevent it and what to do in each situation. There are secret things tellers do at the time they are being robbed to alert police instantly. We know when and where it’s most likely to happen, what most robbers do/how they act, and what to do to actually catch them while they are still in the bank. The training is horribly boring and horribly extensive and there are tests you need to pass to even get on the floor. I would say that anyone who robs a bank is just looking for an easy way to go to jail.
5) Tellers do not verify cash.
I hear it all the time as I’m checking people’s cash they give me if I’m selling something say on Craigslist. “It’s good; I got it at the bank.” Yeah, do you really think bankers have enough time to sit there and check every single bill that comes through? No. The ONLY time we checked bills is if something looked odd to us and the longer you work in banking, the more you know a bill like the back of your hand. You can smell what denomination it is. Ok, not really, haha. But close. So, as a customer it is YOUR job to check the bills AT THE COUNTER. Once you leave that teller counter, even with all the camera’s, they won’t do anything about it. On a similar note, all bills that have at least 3/4 of the bill in tact, whether taped together or washed in the washer, ARE valid. Anything less than 3/4 will not be accepted. It used to be 1/2 but there was too much fraud.
6) NEVER, I repeat NEVER EVER give your check to someone you don’t know.
At a yard sale, on Craigslist, to a private party you just met, etc. Once that person has your account number, they don’t even need the routing number, you can call any bank and get that. It’s public information, even if you don’t have an account. Once they have that number, they can do bad, bad things with it. It’s not worth it.
7) Never wire money out of the country unless you know the person personally.
Now, I would think this is common sense, but that sensibility skipped a lot of people in my banking days. Banks do not cover you in such cases. I have personally seen one gal lose $600 in one transaction and oddly enough, she WORKED for the bank!
8) Don’t fall for the “phishing scheme.”
It is basically a phone call, email, or text that says your bank account is overdraft or this is an urgent message, you need to login right away. You follow their link, they track your information, they get the login info, and your…well…in a boat without a paddle. A sitting duck, if you will. If you get such an email, login in under ANOTHER browser from your banks mainframe site. This will ensure no tracking of your personal information.
9) Check your accounts regularly.
If you start to see a charge that is not yours, report it immediately. You have a 90 day window to report it. If you report it within that specified amount of time, the bank has 48 hours, by law, in which to put ALL the money into your account. This is the part they don’t tell you. They will say, we will research it. Some try to get out of it, but they must, because it is governmentally audited! You ARE protected in such cases. Do not fear.
10) Most of the fraud at financial institutions occurs in the night drop boxes and ATM’s.
Look, I’ll tell you plainly, if you use the ATM or night drop, you are chancing something in 2 ways. First, it’s the most susceptible to robbery. Secondly, most of the time, those transactions are posted by ONE person…..there is usually NO accountability. I’ve seen things, that’s all I can say at SEVERAL places I’ve worked for. While it’s not the ‘norm,’ it has happened. When it does, what proof do you have?????? Checks you can prove, sure. Cash, you cannot. Don’t take that chance. P.S. If a banker is caught stealing, it’s an automatic fire. IF being the operative word. Generally what they do is put the money in another place in their till, so the camera’s see it going in. Later on, they take the money and head to a place in the bank that is not monitored by camera’s and put it on their person or in their purse. Most banks aren’t going to sift through all that footage, unless theirs a major problem, and who’s to say they weren’t taking the cash out and doing something else with it. It’s simple to avoid. Never put cash in the ATM or night-drop.
Even if there are two people counting it for accountability, you think people don’t talk. You think there aren’t scams where the two are crooks? I’ve seen it. And you can’t tell on them because you have no proof. It’s your word against theirs and usually it’s a manager who’s worked there for years and knows all the ins and outs. You can’t go up against that.
11) At most financial institutions, they have some sort of bank check or teller check that is about $1.
Some banks greedily charge $3, but most are $1. If you need a cashier’s check, your bank will NOT tell you about this option!! Unless you know it walking in, they will NOT OFFER that information. Remember, it’s about money. Cashier’s checks can range in fees from $5-$10 a piece. A teller/bank check is the same thing as a cashier’s check. It’s guaranteed funds. The funds are pulled out right then and there. The only difference is they don’t say “CASHIER’S CHECK” on them. I’ve never seen a recipient company care if it doesn’t have those words on it. So, save yourself some money and opt for teller/bank checks the next time you need a Cashier’s Check.
Ok, one more and then I’ll stop or this will be a book and I’ll have to sell it for $24.95. 😉
12) Do not make a copy of legal monetary bills.
Even if it’s just a gag gift or for personal use. It is against the law and highly punishable.
Disclaimer: These rules apply to most banks and credit unions. They may differ from your local bank, depending on government changes, and individual banking rules. This guide is generally speaking and taken from my experience working as a senior manager in several different institutions in my banking career of 7 years.
I now use a credit union and I feel much more secure. They’re very efficient and timely with my transactions and they never try to push sales and services down my throat.
That’s awesome. Credit Unions are the best. They truly care about their customers because technically the customers own shares into the credit union as well. It’s not just a few men at the top of the food chain getting rich. They spread the wealth. This translates to better loan rates, higher savings interest, etc.
Hi,
A great article. Thank you.
Under number 9 you say there is a “90 window” for reporting suspicious activity on your account – is this 90 days?
Liz
Thank you Liz for letting me know. Glad you like the article. I fixed it. 🙂 Yes, it is 90 day window.
NCUA insures deposits for $250,000 and it will always be the same as what FDIC insures deposits for.
I’m going to link to this to share with my readers on my blog site. I also wanted to add two things: #1 you are soooo right about the sales being part of the job. We worked with a wonderful woman at our bank who helped us tremendously but she gave up her position when her boss refused to give her a raise because her sales records were so poor for upgraded services. She plainly told us that she couldn’t bear to try and sell to a customer base as poor as our county’s customers were, though she happily steered them to higher rate CD’s etc. Well she’s a teller now and not in the loan/services department. Go figure.
#2 At one time we set up a savings account for our son at our bank, he was primary we were merely secondary. Our bank changed hands multiple times over the intervening years. Our current bank docked our account for nearly $500 one day and when the customer svc rep we loved looked into it, lo and behold it was from that 15 year old account with our son which transferred through four bank owner changes. At some point our son overdrew the account. The charges weren’t for overdraft but just what he owed the bank. It took two days for this experienced clerk to dig through all the muck to get to the source of that mysterious charge. She was able to convince the bank to return the money to our account and our names were officially erased from it but boy oh boy did we learn a lesson. When a school age child turns 18 REMOVE your name from any joint accounts or you will be held responsible!
Thank you; that is very sweet of you. 🙂 Many tellers are required to meet certain minimums as well.
Yes, I would highly agree, take your name off the account when the child turns 18!!! Or even if they are solely responsible for the bank account at a younger age as well, like they have a job and manage the account themselves. Thank you for mentioning that!
As much as a lot of this information is true, having recently worked for a bank, I’d like to point out that tellers and bankers are still people! Yes, we are required to meet sales goals and yes, the bank as a corporation is constantly pushing the bottom line. But I have seen countless times where customers come in and have no trust whatsoever in what I’m truly trying to help them with, often times even trying to help them save money and avoid fees! I know there are crooked people out there, and I’m not saying to ever take the advice of someone you don’t know without a grain of salt, however I will say that I\’m now dating one of the bankers from that bank and we’re honest people just like anyone else. We as individuals aren’t interested in taking anyone’s money or scamming people into paying more than they have to.
Chelsea, I hope I didn’t offend you with my statement about tellers. It is just what I have personally seen. Yes, there are good tellers and bankers out there that really care, is that the norm, from what I’ve experienced working in many different places in many different states, usually not. As soon as the customers’ back is turned, it’s gossip. Unfortunately, the rules and regulations put so much burden on the good bankers. Their hands are literally tied from helping sometimes. I watched as someone who went overdraft a very small amount, charged up over $500 in overdraft charges and there was nothing I could do about it. No way I could waive the fees and of course the managers wouldn’t. They literally told me that’s how they make their money and it keeps the stockholders happy. After a month, I quit that job. I couldn’t bear to see all I was seeing.
I have US bank but my dad is a co-signer so the maintenance fee is waived each month. My Dad doesn’t even know the account numbers but quite honestly, if he wanted to know what was in there, I would tell him. He’s got practically three years of my college in debt while I only have one and while I am trying to become financially stable and get on the better job boat or the to grad school boat, I’m living with my parents so they know if something comes up on their end, I will be their good child and help spot the money.
My Mom is the one who shoulders the debt from credit cards and handles the finances. Seeing as she spends the most (though she shops the bargains, I’m sure, I still see it as a lot,) I am not sure if she is above water but no one is trying to bang on our door to get money out of us. In fact, the only thing my parents have missed paying on in the last six years I have known about was a storage unit payment, which I would count as a waste of money but our crawlspace is nature’s winter den so until we clean that up, there is no space.
But what I found to be the worst bank was Chase. I used to have a local bank called Washington Mutual when I was young but when it was bought up, Chase took over the accounts. I didn’t have a problem until I was scrambling to pay for summer tuition and my balance dropped below fifteen-hundred. From then on, because I didn’t have a job or any way of putting that money back in, they withdrew ten dollars a month. I couldn’t do anything about it until I returned home eight months later and closed the account, opening up a US bank savings. I have US bank because they had a deal with my college to have the student ID card and a debit card all in one and they had banking on campus. Now, it is less convenient but still manageable.
Oh, and to the opening an account for a child, my parents opened one when I was born. I think they said they put two-hundred in at first and then put what they could in until the last known amount was four-hundred. We went to move when I was two and there was hardly anything in the account because, as the bank said, I hadn’t been making any withdrawals or deposits on a regular basis so they withdrew money for fees without informing my parents. They knew I was a baby, that the only thing coming in would be from my parents. That was some fine-print. Since then, I made sure with every bank account I have had to try and make regular deposits, fueled by my parents wishing me to put half of everything I earned money-wise (including “First National Bank of Grandma”) in the account. This couldn’t be enforced in college, as my job was as a student and my family made too much to have me on financial aid. But with my job at Wal-mart, I had been making good on that promise of always saving something. I didn’t even miss the money I saved. It isn’t growing as quick now, though.
As a person who’s worked in banking for the last five years, I agree with much of this, but I don’t quite agree with #2. Banks do love overdraft fees, and want to get as many of them as possible. However, according to legislation enacted in 2010 (and I forget the name of the act) the maximum overdraft fee they can charge is $35, and they can only charge up to 4 per day, one per transaction. So if you have only one charge that brings your balance negative, you can only have one $35 fee. Also, according to that same legislation, debit card transactions that are going to bring you negative will automatically now be declined, so a debit card cannot bring you negative, unless you specifically tell your bank that you want them to accept that type of transaction. They want you to sign up for that “service”, presumably so that if you are in an emergency situation, you won’t be stranded, but it’s a bad idea. Other types of transactions, based on your account number (like an ACH) are able to go through even when negative and will cause fees. (So, I don’t find it very unlikely that $20 worth of charges could cause $600 in fees, unless that $20 included about 18 separate tiny transactions via ach, unless this was before that legislation went into place). Also, the bank that I’ve worked at would reverse any fees if the transaction that caused them was reversed first. So, if you returned the shoes that brought you negative, and they see that coming back in, they can reverse the fees that purchase caused. You’ll want to call them though to let them know though.
Now, #9. It’s true that you should report fraudulent transactions to your bank asap. The bank I’ve worked at had a 60 day window (which is what I thought was specified by law, but that’s just what I remember). The bank will then put that money back into your account within 48 hours while they research the transaction. However, they do not have to find in your favor in regards to that research, and can reverse that credit if they find you did authorize the transaction! They are not going to just give you money based on your word, that would be anarchy, and I have seen customers, having learned how the system works, call in regularly to report “fraudulent transactions”. This is a bad idea. While it will take the bank time to figure out what was done by you, and what was fraudulent, they generally won’t just give you money without the research, unless it’s under a very low threshold, maybe $20. If you do this repeatedly, they will kick you out of the bank, and you will find it difficult in the future to get an account anywhere else. So yeah, fun article, but just a few more things to keep in mind. Banks operate based on the law. They will get away with what they can, so if you want to see changes to how your bank works, don’t yell at the customer service person, they are the very bottom of the food chain and can do nothing. Talk to your congressmen.
I love #4 on this list! Everyone makes it out to be like banks are robbed all the time, or maybe it is just in the movies LOL. My parents have had a credit union since the time they were teenagers and have instilled the importance of having one on me.
Yeah, I agree. While it is a concern and bankers are always drilled and drilled of what to do and sometimes even tested with their knowledge (you have to pass before stepping foot on the floor as a teller) and while it’s great to be completely trained, it’s also usually unlikely. Usually robbers are very secretive, they hand you a note, you give them the money, no one gets hurt, but there are those stories where it does happen, especially in the bigger banks.
The #1 key to preventing it as a teller or if you are a customer in a bank is to look full on someone in the eyes who looks suspicious. Memorize their face in your mind. If they have sunglasses on inside, that’s a dead giveaway they are trying to hide something. That goes for in grocery stores too. As a woman, we must be very cautious. Make noise, get attention, it may be embarrassing, but also may save a life.
Wow, I am sure happy the Banks in Canada are different than down there. I worked for the same Bank for over 20 years. Up here Credit Unions run under Provincial regulations and Banks Federal regulations. The biggest difference is Credit Unions can refuse service, even opening an account, if you have bad credit, Banks can only refuse to open an account, if you have defrauded that one Bank, any other services are looked at on an individual basis. While I agree on the focus of sales, no one is fired because of not meeting a target, if it is ongoing then there is coaching, online courses and many other things before a employee is let go, we were and still are valued. While overdraft coverage is encouraged I have never seen fees that high. While dealing with clients we are encouraged to personalize everything we do for clients because every person is different and has different needs. We were to do a plan for each client that would help them and their goals that that were important for them. Our tellers always verify the cash both deposits and withdraws, counted more than once and always in front of the client. 5-12 is applicable at any Financial Institution, Banks and Credit Unions, As your article was cutting down Banks in general it could be assumed that everything in your article was leaning to Banks. Banks are accountable the same as Credit Unions. Yes they have shareholders in banks and members in Credit Unions they both still have to make profits in order to run, They both need the same items in order to function. They both help in their individual communities, both manpower and financially. They both there for the clients because without the clients, neither would be in business. There must be a big difference in the way Canada and the US’s allow their Banks run.
Thank you for your honesty. Most in your position will not warn the public as it could jeopardize their own career. So thank you so much for your honesty. May this serve as an eye opener for everyone.
Very true…I wouldn’t have been able to share while I was in banking either.
I too work at a bank. It’s not all its cracked up to be. Most of the things you say are very accurate! Banks are not your friends. They only worry about the bottom line. I am thinking of changing jobs and using a credit union. They work with you and you are a member, not just a customer.I champion financial literacy and thought this article was amazing! Thank You.
I worked at a bank for about 9 months. Before I started working there I thought it would be a dream job…I hated every minute of it. I was told regularly that we treated people with more money better than people with less money. That isn’t right!. I also was not a good “seller”. I was let go and gladly went back to my food service job that was less stress and less money but I enjoyed going to work. Now I get to stay at home and do my real dream job..take care of my family. 🙂
That’s awesome that you get to stay home now! Congratulations! 🙂
I have been a bank employee for 20 years and can only speak for my bank, but most of these are not truthful for the bank I work at. The ones that really jumped out at me was the fraudulent charges.Its mandated that you have 60 days to let the bank know about any errors on your account, we have 5 days to credit you for unauthorized Visa charges and 10 days for ACH transactions, This is all audited OFTEN. We keep logs for everything!! Your disclosures that you get at the time of opening the account MEAN something – it tells you exactly how your account is handled. The back of your statement also will tell you the time limits for reporting bad or unknown charges. If you do not get a statement, call your bank and ask. You HAVE to sign up for OD protection now and after 6 times of being overdrawn, you are sent another letter that explains how it works and invites you to come in for a discussion if you are still not understanding. Not all banks care about OD and NSF income as a main source – most of the money made by a bank is generated through loan income! My bank does NOT require ANY quotas to be met, EVER! You cannot get money fr ATM or using your visa debit in a store unless you have the money. Even if you have OD, its not allowed to be used with to overdraw with your Visa card. Some banks do, but again – find all this out BEFORE you open with them. If its changed, we are required by law to notify you 60 days (maybe 90, can’t remember exactly!) before the first fee. This allows you time to change banks if you need and to prepare for the fee in advance.Some banks do charge a fee for each day overdrawn, thankfully we do not – but if they do charge a fee, that is also mandated and a cap is put on it, No one can just charge any amount they want!I am very sorry for anyone who banks with a bank that does not truly care for you. I work at a small town bank – we have been open for over 100 years- and I can say that the majority of us treat you the way we would want to be treated. Do your research and find the perfect fit for you but don’t automatically believe we are ALL horrible and out to take all your money! I banked at my bank even before I worked there and if I left tomorrow, my accounts would stay there!
Oh – we verify EVERY bill that comes into our bank, even what gets shipped to us from the Federal Reserve. We personally touch and send each bill through our counters AFTER we have hand counted it. That’s not saying we can’t make a mistake, but we try to be very careful.
That’s wonderful! I have never seen a bank or credit union ever do this. Mostly we just go by our knowing the bills and then if they seem odd, we can use the regular methods to see if it’s counterfeit. Are you in the USA?
That is awesome that your bank is not like that! How wonderful. 🙂 I imagine a small town bank can be a lot different. I worked in a small town credit union and we knew everyone by name and it wasn’t about money. I’ve not worked in a small town bank though. The banks I’ve worked at are the major players and were horrid.
Just to clarify, concerning debit card transactions, federal regulations state that a provisional (temporary) credit is to be given for a disputed transaction within 10 business days, unless the dispute can be completed prior. Also, you can dispute a transaction as far back as you want, however if it is past 60 days from the statement date full credit does not have to be given unless the case is found in the customers favor. All fees incurred must be refunded if the transaction is legitimately fraud. I am one of the big bad bankers. A bank is in the business to make money. Do I agree with everything banks do? No! When you open an account anywhere you enter into an agreement. It is your responsibility as a consumer to look into the product/service you are signing up.
I can agree with you that it is the consumer’s responsibility to be aware of things, however, a few of the banks I’ve worked for, are super sneaky and do things underhandedly (like purposely getting people to overdraft in order to collect the fees, which I was told by management was our job), thus my reason for the article. To make consumers more aware of what’s going on at *some* banks to help them make wise and educated decisions. 🙂
Hello, it’s interesting that you mention US Bank in this. I work at one of their call centers where AHT (Average Handle Time) is a real thing and rarely ever meet goal because I’m actually helping people understand their account. I spoke with an 80 something year old woman who called to activate her credit card. When I asked her to verify the business name on the account, she said she didn’t own a business, but the young man at the branch told her it would be the type of cars she needed for shopping online. I refused to activate the card, closed the account and advised her to go to the branch and try to find the manager. I’ve stopped caring about their metrics since that day and am looking for another job as we speak. Thank you for posting something to help point out that banks do indeed, suck. Thank you for your time and hope life after that place is substantially better 🙂
My 26 year old daughter has a checking account with Wells Fargo. When the account was opened the banker insisted on giving her a student credit card. She worked part time and went to school and made less that $600 a month. She didn’t need a credit card and had poor money management skills (she is dyslexic, etc). We discussed in detail with the banker and bank manager and was told under no circumstances should she get a card, note it in her file if possible. Long story short, 3 months are so later my daughter signed on the dotted line for a card for $1000. It took her about a 3 week period to rake up the credits and didn’t understand that she had to pay the money back. I’ve tried everything to get help from the bank and even agreed to help out with the payments. I couldn’t keep up so now, she has bad credit and owes more like $1500. I’m devastated that it happened and I thought the bank would be responsive. We bank with them as a family and I just haven’t cancelled accounts because of the conveniences. Any suggestions on how I can help my daughter? Thanks for listening.
I’m so sorry that happened. Bank tellers have to sell so many credit cards per month in order to keep their jobs…at least that’s how it was a few years ago, unless something changed. I’m not sure how to help because I don’t think there’s anything you can do to prevent her from getting a credit card if she wants one. They hand them out like candy. Maybe try a credit union instead? I think you’d have better service there…
Thanks for the article very informative pretty much of what I’ve figured out through the years dealing with B of A. I had a question for you my account is currently overdrawn any secrets at all to getting the fees reversed?
Sorry that has happened. You can ask (ask for a manager if need be), but it’s really up to the bank whether they will waive them or not….
I just came across this on Pinterest. I was very happy to see an article that truly attempted to inform people about this side of banking. I was a teller with U S Bank for five years, and I wouldn’t quite say it was the worst (I really loved my manager and due to constant FMLA induced chaos, we had more freedoms than other branches) but I came to share many of your complaints. I lecture people all the time on ATM and night drop deposits, overdraft fees and the politics of possibly getting those fees back (among other things). I now work as a 911 operator, which is surprisingly way less stressful! Anyway, thanks for writing an article with true meat on this subject.
I am so glad to hear someone else who feels the way I do about banking. I was a drive thru teller for over 9 years. I quit last May because I could no longer up hold ripping hard working people that I cared for off. I loved my customers and always tried to see that they were protected. Banks are truly out to make money for their stock holders.
This was a fantastic article. It taught me a some things that I didn’t know about banking. Sarah, keep up the good work.
God Bless,
Lisa
Thank you Sarah. This is such a great article.
Glad you like it Ferdie. 🙂
I work in the banking industry, and while it is not as long as your experience, I’ll say that some of these things are very true in my institution and some couldn’t be farther from the truth! For one, we definitely don’t have any $1 check option – its either an official check or a money order and that’s it, cost $5-6. I think its crazy that people pay for them, but some do! Although 99% of the people I see getting them are the elderly whom we don’t charge anyway. We are a mutually chartered bank, meaning we are not publicly traded.
As for the bank “not telling” people about checking their accounts or about phishing schemes that couldn’t be farther from the truth at my bank!! We remind people about these schemes all the time, have pamphlets available for customers about them, and our tellers are trained to ask questions about checks whenever necessary! I totally agree with you that the “big banks” may not do this, but mutually traded community banks are an entirely different animal in this regard.