Brian D. Hawkins : Is Flagstar Bank Robbing Their Customers?

Is Flagstar Bank Robbing Their Customers?

Posted by Brian Hawkins in October 18th, 2008

Ok, here I go again on another rampage. This time it’s my bank. What I thought was a simple mistake turned out to be bank policy that seems to be akin to a scam. At the very least it’s taking advantage of bank customers. Here’s what happened…

I ran my personal account down to $38.18. I know, I shouldn’t let it go that low but I try to only keep what I need for the bills in that account and I would get another automatic deposit of almost $900 in the morning. I also knew I would have an automatic monthly payment coming out the same day as the deposit.

Friday morning, before the bank opened, I logged in and noticed they debited the account the $47 before they added the deposit which caused a $33 non-sufficient fund fee. “No problem“, I thought, “that’s just the computer and when I call about it later they’ll fix it“. Of course that’s not what happened. Now if they had told me that’s just the order they came in and they couldn’t fix it I wouldn’t be writing this post. I wouldn’t have been happy but I would have accepted it and made sure it didn’t happen again by transferring more into that account. But what I was told was unbelievable and upset me to no end…

“It is Flagstar policy to enter all automatic debits before adding any automatic deposits”!

Can you believe that? That’s what the customer service rep told me. No matter what order the transactions come in it is bank policy to make the automatic debits before adding the automatic deposits. Kind of convenient isn’t it? I wonder how much profit Flagstar Bank makes by robbing their customers with this unfair policy. This should be illegal…

I have to say I like all of bank employees at my Flagstar branch. They are some of the most polite and professional people I have ever dealt with. I have actually been greeted at the door with a smile and offer for donuts and coffee. It’s that type of atmosphere. I have a feeling that the bank rep that told me of the policy wasn’t supposed to let that slip so I’m not going to mention any names.

In light of all the recent negative news about bank abuse and their inability to run a business without irresponsible management (see Fire Those Bastards) you would think they had enough sense to clean up a little. Does Flagstar bank think they are too big to be bothered with fair banking policy? What do they care if a few customers leave from the theft disguised as fees, they know most will just silently pay. Shame on Flagstar Bank. I think it’s time for Mark T. Hammond (Flagstar Bancorp, Inc. CEO) to start working for the customers that earned him that 2.8 Million dollars in compensation [source: Forbes.com] and stop allowing his bank to rip those customers off!

Photo Credit: pena2

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Hussein Said in February 8th, 2009 @4:22 am

Great. I’ve learned something new from you. I’ve been using Gmail for a couple of years I think but it is only now I’ve noticed the used of filters. Thanks for the link love. Will surely share it to my followers

Husseins last blog post..How To Change Format, Size and Quality of Images in Linux

Brian Hawkins Said in February 8th, 2009 @7:42 am

It was my pleasure Hussein, glad to do it.

Dennis Edell Said in February 10th, 2009 @1:28 pm

Thanks man, if my gmail glitches ever unglitch this may be useful.

Dennis Edells last blog post..New Comment Policy – You Want To Read This

Brian Hawkins Said in February 10th, 2009 @1:51 pm

Hi Dennis, No problem. Just getting in a little Camtasia practice.

Sheryl Loch Said in February 11th, 2009 @7:45 pm

Hey Brian,
I am not sure how people get by without setting filters & folders. I do have everything that gets a label also goes in a folder & skips the “IN” box. That way it only takes me 2 seconds if I am looking to see if mail from a certain project has come in. I would be in a real mess with just plain ol’ email.

I see you are going all Camtasia High Tech! That’s great – now when I try it I will know who to ask for help!

Sheryl Lochs last blog post..Loaded Web Blog Directory – Brand New

Brian Hawkins Said in February 11th, 2009 @8:34 pm

Hi Sheryl, I love Gmail. I hope it sticks around for a long time without ‘improvement’. Remember ‘New Coke’ LOL

I use an old version of Camtasia but it was free. Let me know if you need a copy. I want to learn more like zooming in and editing the video before I use it. Adding captions would be great. I need a teenager to show my these things

beok@promote my blog Said in February 19th, 2009 @3:58 am

Hey .. thanks for the information I know that Gmail has a lot more options, that I don’t know how to use them .. I look forward for more information about this!
Thanks again..

Beok

beok@promote my blogs last blog post..How to promote a blog with BlogMasterMind com

Brian Hawkins Said in February 19th, 2009 @7:09 am

Hi Beok, Glad you liked it. I may do another one soon.

James Moralde Said in October 29th, 2009 @3:45 am

Hey Brian, if by chance you have free time and you still have that old free Camtasia app, I would definitely want a copy, if you don’t mind of course. You know my email address.

I have begun being interested in making video posts. I guess, I’m beginning to enter the phase where writing pure text posts is becoming less exciting and besides I plan to spruce up my blog content a bit with videos every now and then.
James Moralde´s last blog ..WordPress Slideshow Plugin: Superb Slideshow

Brian Hawkins Said in October 29th, 2009 @6:31 am

Check your email James

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Is Flagstar Bank Robbing Their Customers?

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