Its the Principle of the Thing....

Earlier today I was looking through my bank account at my bank's online banking website when I noticed that I've been charged a $10 service charge since January on my savings account. WFT. I call the 1-800 number and talk to an insanely polite fellow who can't do anything but tell me that the reason for the service charge is because the balance on my account had dropped below the minimum requirement. For the record, this is an upgraded version of a regular free bank account. I realize that it is normal for most savings accounts to require a minimum balance, but I didn't know the minimum balance on this new account would different from the other not-so-super-duper first account. I signed up for this upgraded version last year after the banker at my local branch said to me, when I had come in just to make a deposit, "Oh, it looks like you're balance is large enough that you qualify for our Super Duper Free Savings, would you like to sign up?" After talking it over with him--the deal was, my interest rate earned would go up and there would be no monthly fee--and being assured that if my balance drops down below the original required balance that was needed to qualify for the account, NOTHING would happen/change--I switched to the new Super Duper account. So, what I'm saying is, a) switching to this new account was NOT even my idea and b) I was not told that the minimum balance required for this account is 10 times that required for the most basic account that I had before. And, to top it off, the "double your interest" promise, while technically true, is so small as to be inconsequential: a total interest rate of a whopping 0.5% APR... NOT 5%, but 0.5%. My total interest earned on this account year-to-date is like $8 bucks. So, I've been charged $10 bucks a month service charge since Jan just so I could rake in $8 bucks in a WHOLE YEAR? Why would anyone in their right mind, who had been given all the information, sign up for this account?

My argument is, no one would, including me. So, after talking to Mr. Polite on the phone I'm told that I have to go to the branch to get this sorted out. Over my lunch hour I go to the branch near my office and they tell me that I'll have to speak to the branch manager at the location where I started the account. They take my phone number. Someone from the other branch does indeed return my call about an hour later, but she's only the assistant manager and the actual manager will have to call me back tomorrow. I tell her, as I told the people at the other branch and Mr. Polite on the phone, that until this point I've been really happy with this bank. I've recommended them to many people. I told all the bank people I spoke to today that "I love you guys, and I'd like to continue to love you, but right now I feel like I've been misled."

So, we'll see what happens. I mean, I realize I'm not Bill Gates here, but I did say that what they needed to do to make me happy would be to refund the service charges since January. If they do that, I'll go back to loving and recommending them. If they don't, I'll take my not-so-much-like-Bill-Gates account somewhere else. But, I totally hope I don't have to do that. Beyond the obvious headache of changing all my automatic banking info will everyone who bills me for stuff on a monthly basis, I would like to also be able to continue to believe that not everyone and everything in the world is completely evil. Com'on, Bank, prove me wrong, please?

One lesson learned already: if it was the bank's idea, it probably isn't a good one.

Also, check out a new garden post at my garden blog.