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Wow, I've never heard of a fee for not updating your address. I think that's pretty BS cause I didnt update my name or address or anything with them in months and they couldnt care less. In fact when I finally did go in to ask about it, they said it was up to me if and when I wanted to bring in documentation to update it. The overdraft fee I dont think you can do anything about, but why did they sudden start charging that 1.5 months ago if he hasnt touched it. The balance shouldnt have changed and his account type wouldnt have changed either for no reason. Something doesnt make sense.
I'd go in and pitch a fit that I was being charged $7/day for an account that was only overdrafted due to a fee that they charged me. The account was current/had a zero balance until they slapped him with a fine, so they shouldn't benefit further by charging $7/day, especially when they had his current # to call him and notify him. I'd tell him to fight that one, but pay the (very stupid) address update fee, unless he wants to fight that one, too!
Uhmm, how would they even know if his address wasn't current, esp if he wasn't using their services at all for months? Also, this is just out of curiousity, why did he not actually close the account when he switched banks?
I would ask them to provide documentation and a signed agreement or something to prove that is their policy, bc I have never heard of a fee for not changing an address, especially in this age when people do so much banking online. If they refuse or can't, and still refuse to drop the fees, go higher and higher until you reach someone who can. 300 is outrageous, especially since the overdraft was caused by them in the first place! Good luck to your friend.
Are you absolutely sure it wasn't an annual fee? Because thats what it sounds like. There's no way they could have known if and when he moved - but its a lot more likely they billed him annually for not having enough in the account, and he didn't get the notifications.
Most banks charge a fee for savings/checking accounts if the balance is below a certain amount of money. In fact, I think pretty much all banks to do these days if you don't have direct deposit.
He probably was charged the annual fee, didn't recieve the bill because of the address change, and then went in to overdraft.
It sucks, but there's nothing you can do. You have to be SO careful with banks and credit cards - any account you're not actively using - CLOSE!! Otherwise not only can things like this happen, but if someone was to have stolen his card number or account info, they could have been using the account for months without his knowledge - destroyed his credit, and left him with way more than a 300 dollar bank bill to deal with.
I would call a news station and make this as public as possible. This is just another example of egregious bank practices.
Well when he talked to the manager, they told him it was due to the address change & didn't say anything about it being an annual fee. But I guess its possible he misunderstood? I'll have to ask him tomorrow.
@twentyeleven: I think its because he still gets a statement from them every month. And he forwarded his mail so the PO sometimes sends it back to the sender with an updated address. Still, if they have his new addy, why would they fine him if they got it updated?
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Its not me but this is for my friend... he has an old bank account he doesn't use (he switched banks) & didn't keep money in, moved in August (same city), & didn't really think anything of the account. So starting in October the bank charged him a fee for not updating his address with them. THEN charged him $7 a day for about 1.5 months for being overdrafted. He owes them around $300 becaue of this! They didn't call him (they have his correct phone number on file). He went in & talked to a manager when he found out but they said they couldn't do anything about it.
So what can he do?? I'm thinking about going in & getting the terms to see if it says anything about that in there. If its not in the terms, they can't do it... right?