ABSOLUTELY THE WORLD'S WORST BANK !!!

[slickracer]

BTW this is not a regular saving or checking account! This is a Money Market account and subject to a different set of rules, regulations and protocols.

BTW I just got off the phone with them once again and had them "expedite" my request forms. We'll see how that goes.

NOTE: If I were not going through this myself I would also find it hard to believe - but I am living it! I am not pulling any punches or leaving out any facts here - this is truly happening - even my own Wife can't believe it! This is exactly the reason I have started this post - to keep you fellas from getting burned here from BMO Harris Bank!

Banks can require 7 days notice on savings and money market accounts, but no bank enforces it anymore. Something doesn't smell quite right here.

 

[ameridaddy]

Some time ago I read a lengthy and thoughtful article about banking and money, and my biggest surprise and takeaway was the fact that money you put in a bank is no longer "your money". It is not sitting there waiting in case you want to take it back out, but invested or loaned out to others. You gave it to the bank to use, and for that they will pay you interest. Sounds good at first, but the reality is that it really is no longer "your money" and you, as a simple depositor, are at the bottom of the list of the bank's creditors to be paid if the bank has a run on its holdings or otherwise fails. Better read all the fine print, because that's spelled out in it somewhere in some bureaucratese/financial/lawyerese that cannot be deciphered by mere mortals, and requires a couple weeks for a team of lawyers to decipher. IOW, they're out to get you and the bigger the bank, the bigger the screw.

Lesson learned: use a credit union; you will be a shareholder there, and will have a higher priority than a depositor.

 

[LVSteve]

The proper Federal Regulator would be the Comptroller of the Currency, but I think you're going to find that you failed to read the paperwork.

As was beaten into me by a previous employer at numerous procurement classes, "Do you know what you are signing for in the contract?"

 

[chief38]

As was beaten into me by a previous employer at numerous procurement classes, "Do you know what you are signing for in the contract?"

Many of the agreements we all sign fully allow the institution to change the rules after the fact - so it's almost a moot point!

 

[Kiwi cop]

When I read the title I thought for sure this was going to be about Wells Fargo.

Never having held an account with Wells Fargo I can't comment on their banking practices, but I do like their ATM's.

We were paying cash wherever we could to avoid the credit card holds that hotels put on your cards on our road trip. While they claim the holds will be relased in 48-72 hours the reality is it can take up to three weeks before you can access the funds held again, so we carried cash everywhere. Around $300 in my wallet every morning and the rest in a money belt around my waist.

Every other bank's ATM's we tried when we needed to top up our on hand cash had a $200-300 withdrawl limit and wanted up to $10 as a transaction fee. Wells Fargo's withdrawl limit was $800 and only incurred a $5 fee on our cash passport card. Luckily the first ATM I tried (in Phoenix) on the trip was a Wells Fargo and we found several near our hotels in major cities that we would hit on consecutive days to keep our carry cash.

For that alone I give Wells Fargo a passing grade.

 

[irish132]

Never join a BANK
Always join a CREDIT UNION

Agreed! Banks SUCK! Credit Unions are best.

 

[Golddollar]

I hate to tell you, but I have no doubt you have signed a binding document allowing them to do exactly as they are doing.

But sometimes the bank will try something that there is nothing in writing about. About 20 years ago, I maintained a small savings account with a state bank. It payed a small interest rate.

At some point this bank was bought out by one of the megabanks and a prospectus of the proposed merger was sent to me. I read it but didn't see anything that rang any alarms.

After the merger went through, I noticed that every month a sum equal to about 5 years worth of interest was being deducted from my savings account. There was nothing in the prospectus about the acquiring bank being able to do this.

So not being willing to see my hardearned money being siphoned from my little account, I went down to a branch of the acquiring bank and civilly stated that I was displeased with this action that I had no notice of and that I was going to take out every dime I had out of their bank. Apparently my business didn't mean much to them because they didn't even try to justify what they did.

Contrast this with a local bank with a branch where I live now. I was trying to support my local businesses and I had a small savings account there even though it paid all of 0.1% interest. All of a sudden i'm getting dunned for service charges. So I went to the branch and told the bank officer that I was going to take out my money because I wasn't going to lose money by having an account in their bank anymore. This time my business was respected and appreciated and the bank came up for an account for me that wouldn't cost me any money. I guess the lesson here is even in a small town like where I live choices are available.

 

[slickracer]

Some time ago I read a lengthy and thoughtful article about banking and money, and my biggest surprise and takeaway was the fact that money you put in a bank is no longer "your money". It is not sitting there waiting in case you want to take it back out, but invested or loaned out to others. You gave it to the bank to use, and for that they will pay you interest. Sounds good at first, but the reality is that it really is no longer "your money" and you, as a simple depositor, are at the bottom of the list of the bank's creditors to be paid if the bank has a run on its holdings or otherwise fails. Better read all the fine print, because that's spelled out in it somewhere in some bureaucratese/financial/lawyerese that cannot be deciphered by mere mortals, and requires a couple weeks for a team of lawyers to decipher. IOW, they're out to get you and the bigger the bank, the bigger the screw.

Lesson learned: use a credit union; you will be a shareholder there, and will have a higher priority than a depositor.

With all due respect , this is utter nonsense. It is absolutely still your money.

 

[Ziggy2525]

Something doesn't sound right. I hadn't heard of BOM Harris, so I looked them up. By deposits, they're the 16th largest bank in the U.S., owned by Bank of Montreal, and they're federally chartered, so it's not a fly-by-night bank.

Maybe lookup who the VP of Retail Banking in Chicago (HQ) is and work that angle.

 

[chief38]

Something doesn't sound right. I hadn't heard of BOM Harris, so I looked them up. By deposits, they're the 16th largest bank in the U.S., owned by Bank of Montreal, and they're federally chartered, so it's not a fly-by-night bank.

Maybe lookup who the VP of Retail Banking in Chicago (HQ) is and work that angle.

Yes - I did research them before opening the account 5 years ago and everything (including their A rating) looked great. I've used them over that time period with no complaints until now when I want to withdraw the money in total and close the account.

As I stated above, I have other Money Market accounts at other Banks and have never had any issues, so I guess BMO Harris is desperately trying to hold on to money as long as they are legally allowed to. I am not afraid that I will loose all my money, (they are FDIC insured) but I need to fund the new investment account I just opened at my Brokerage.

By the time I close this account and finish with them, it will be just about a month - JUST NOT RIGHT!

 

[mrrick]

I had a similar problem trying to get twenty thousand in CASH.
Gave me a song and dance.
Told them I was bringing local TV news crew to film them denying me my money. They gave me the money right away.

 

[Kanewpadle]

You can thank the Patriot Act for much of this type of nonsense.

 

[grover99]

When I was young and poor I had a small checking account with B of A and they changed a fee per month. One month my balance was low but not overdrawn. Well they charged their fee which over drew my account by 40 cents. they then charged me a $15 over draft fee. I didn't catch this and the next month another $15 fee. It only cost me $30.40 to close out that account. That Bank can go pound sand because I never would have nothing to do with it. Plus later I got even when I talked my MIL family to remove all of her very large CDs from them.

 

[hsguy]

Interesting thread! I have belonged to a specific Credit Union for about 40 years and was always pleased with their high interest rate and low loan rate, never a problem, I also have a cash rewards credit card with them. I attempted to redeem my cash awards a couple of weeks ago and the amount was several hundreds of dollars below what it was one week before because the credit card issuer reduced the point accumulation from 1% to .67% for each dollar spent including the existing point balance. I contacted the credit union and they sent me a boilerplate response to the effect that when I secured the card I agreed to the fine print in the contract that allowed the card issuer to amend the terms of the card at any time with no notice. I responded that I felt they had an obligation to notify their members of the coming change, same response. I also opined that reducing the value of an accrued benefit was rather like if an employee had to take a pay reduction due to economic conditions that the employer would not try to recoup the wages paid under the previous salary. I felt any change should be made prospectively rather than retrospectively and any accrued benefits should be retained. About the same response.

Today I received an email that my Credit Union had restored the previously lost points. Well done!

This old dog will need to squint and read the fine print going forward.

 

[smoothshooter]

I would not be a bit surprised if what your bank is doing is perfectly legal, and in fact encouraged ( or required ) to do exactly what they are doing.

The government does not really like the idea of cash transactions that can't be tracked.

 

[chief38]

FINALLY IT'S OVER!

I was actually able to withdraw all my money today (via wire transfer) by escalating the matter over the last week. All I have left to do is to close the account! Three weeks of sheer frustration and hassles - Banking should not be this difficult!

AGAIN - my advise is to stay clear of this Bank!

 

[hemiram]

I guessed Bank of America.

I've dealt with both Wells Fargo and B of A, and I haven't had any "drama" with BOA, but WF is another thing entirely. I don't remember how many times I sent them a payment, they cashed the check, and then claimed I had missed the payment. So I would call them, sit on hold for at least 15 minutes, and then have them argue with me when I told them, "Uhh, you cashed the check on the 12th!, I'm looking at my checking account online right now!". They always would do the same thing, put me back on hold for a while, and then say it's all taken care of, and the late charge removed. And then it would happen again. I paid off that credit card ASAP, even though it was a better than average interest rate and closed the account. They really tried to get me to keep it open, but I was done with their nonsense.