My Banking Horror Story: Lessons from a Wiser Single Mom

Last time I told you my banking horror story. I spent 30 minutes in what seemed like the worst bank account closeout customer service. I closed the account because of too many fees and the affect it had on my inactive account.

I ended up owing the bank money, which is precisely why they thrive off charging fees for every little thing. Here are my thoughts about banks and a few tips on how you can learn from my mistakes and make better choices.

Banks are evil!

This is a bold statement and is my personal opinion. When I say evil, I mean in the sense of being out for their own benefit and not for the little man (or woman). They typically attach fees to everything and for every reason, use bait and switch tactics, and overwhelm you with empty promises. Banks are about business only so larger customer accounts get the most benefits.

Bait and Switch

When I opened my account I was assured I would not have any fees because of my employer. About a year later I received a letter in the mail the account would be subject to a maintenance fee after the one year anniversary. This was not stipulated when I opened the account and when I asked if fees would apply at some time in the future I was assured I would never have fees.

I admit I should have called when I got the letter but I didn’t. Life got in the way and that was not a priority at the time. But as the saying goes, “money talks”. When my inactive account went into the negative because of fees I took action. I decided I did not want to do business with this bank or any other from now on.

Empty Promises

When I opened the account I was promised the free $75. I got it about three months later and I had to call and ask about it. After the call it was deposited into my account a few days later. If I hadn’t called it’s likely I would never have received the money promised.

Sub-Par Customer Service

The customer service was sub-par. The representatives or “bankers” as they are called seemed concerned only about being right. They didn’t seem to care about the customer. While I was waiting for a rep to become available a lady came into the bank from Czechoslovakia. She wanted to speak to someone who spoke her language and could help her with her question.

The woman standing at the front flatly told her there was no one who spoke her language in the branch. She said she spoke Russian instead. The lady needing help said she could speak Russian and after a short exchange the lady was told the information she needed was in English only.

Needless to say the lady left frustrated. It’s understandable if the branch may not have had what she wanted but the cold and aloof manner from the branch employee was unnecessary. The lady who closed my account was more concerned about proving how right she was and how wrong I was. I did not get a warm, fuzzy feeling from her at all. After that experience I will not do business with Bank of America again in any capacity. They do not care for people, only the money they gain from the fees.

Granted most banks have the same kind of fee structure as this is one of the ways they make money, however, commercial banks are not hurting for money and in this economic climate thriving while the rest of the country struggles to stay afloat.

Tips for a Better Experience

My advice when it comes to choosing a financial center to manage your money is to:

• Shop around and compare
• Look at reviews from current or past customers
• Insist on no fees and have it put in writing
• Be willing to bank online
• Don’t be suckered by promises of money or toasters if the banks reputation is questionable
• Close your account if you are dissatisfied
• Be sure they offer a rewards debit card if possible
• Use Credit Unions

My experience with this particular bank is not necessarily isolated. You may or may not have had a similar encounter with your local bank. As I continue on this journey of economic empowerment, I am learning that I have choices and the more educated I am the better choices I can make.

If you want to learn how to make good choices, not just about banking, but for your entire financial life, and you want to be empowered, click here to register for FREE basic Economic Empowerment lessons. It is never to late to learn or turn your financial life around.

Being empowered means you do not have to rely on another person or system to provide for you and your children. The result is less stress and more peace and calm in your life. Go ahead and enroll today.