Monday, October 5, 2009

Customers contributing more to bank profits

Recently, I was charged $40 NSF (insufficient funds) for a stop payment I made on my account for a pre-authorized transaction. The company I was to pay was notified and a new date was set up for them to withdraw funds. The stop payment was placed a few days before the withdrawal was to occur. Placing a stop payment on an account is supposed catch the transaction and although the original payment will go through the account, it will be returned into the account and marked as 'stop payment', avoiding an NSF charge. Bank of Nova Scotia charged me $12.50 for this service.

According to them, since I did not have the funds to cover the original payment that the company was going to take out, I am being charged for NSF. My question is this, if I had the funds to cover my payment, why would I need to put a stop payment? Is my bank kidding me? I am being charged $40 because I used a stop payment for what it was intended.

This is apparently their new policy. I've requested this 'policy' in writing, as I was never notified by phone, email, message center, mail or in person regarding this new 'policy'. When I was placing the stop payment on the account, I was not informed at that time either. What the bank has also failed to do is reverse my NSF fee or my stop payment fee, for a total of $52.50 in charges. I have left a message with them to request the reversal of one of these charges.

I am sick and tired of banks sneaking 'new policies' in at every whim and not notifying customers. It's interesting how these policies always seem to favour the banks' profits. It's also funny how they use their rules to try and sell you their products (VISA card, overdraft, personal line of credit, etc.) which are supposed to help you save money and avoid unnecessary 'charges.'

It looks like the banks have found another way to take more money away from hardworking consumers, (who are already feeling the financial pinch) and add to their already billions of dollars in profits. As consumers, it is our responsibility to check our bank books and transactions often and to take up any discrepancies with our banks. Most of us work too hard for our money to watch it being 'stolen' by institutions that already have way too much.

Happy Shopping!!


michaek said...

Its sad and true and the bad thing about it is they can do it and get away with it.

Another Blogger said...

Its called cheat, am I right?

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