Banking Troubles

[[AK]Nuts]

http://redtape.msnbc.com/2007/05/id_thief_bounce.html

Question for our bankers: Shouldn't have BOA just put a full stop on the account somehow?

[[AK]Clay]

Bah, it's BOA, what can you expect?

[[AK]Hylander]

Blame Stitch.....

Yes, the account should have been frozen immediately.

[[AK]Rocks]

So,, first I love the fees, they help the stock go up... But what I dont understand is why the account was left open. On first report on identity issues the ATM card, should have been Hot listed, account frozen and all assets moved to a new account. Standard practise, unless she requested otherwise. Secondly the money lost in the tranaction is replaced overnight. Then the account representive asks for a valid list of transactions that will be rerouted to the new account. New ATM cards are reissued and legal paper work sent to person to sign and return. Interesting experience and hope we can see the details of what went wrong.

Customer should have been happy after the first phone call.

[[AK]Nuts]

Ya, it did seem quite odd. I would have though a quick freeze would have sufficed (as least solved the continual check fraud/bank fees). But the bill pay and the inbound direct deposit would still have caused her some trouble. I'm just curious as to how these type of stories become 'news'. What did she do, call the paper herself?

[[AK]Hylander]

So,, first I love the fees, they help the stock go up...

We had a strategic planning meeting last Saturday (Love getting up at 5:00AM for one of those on Saturdays...) and on Monday I was pulling fee schedules from various places. UNBELIEVABLE. I believe I sneezed while looking at Bank of America's website and they hit my credit card for a fee..... I hope it keeps up because in the long run, people will come back to credit unions once the yield curve straightens out and our competitive advantage takes hold. The banks, looking to increase revenue, will have to either raise loan rates, lower deposit rates, or increase fee income to achieve that goal. We still live off margin and reinvestment of income without the necessity of meeting demands of investors. It's tough now, but we still don't fee our members to death.


Back on topic - there is no reason whatsoever that account should have remained active once she notified the bank of fraud. Whether she was telling the truth or not is irrelevant, the account should have been frozen.

[[AK]Rocks]

Back on topic - there is no reason whatsoever that account should have remained active once she notified the bank of fraud. Whether she was telling the truth or not is irrelevant, the account should have been frozen.

Amen!