Banker Tells Me Federal Reserve IS Government, Mentions 9/11Submitted by knarfxii on Wed, 01/28/2009 - 09:34
Background: I opened a new account with my bank to receive payments from PayPal and Google Checkout that I have linked to my online store where I sell items. I wanted all the incoming money to go to one place because I was going to set aside all the money I made online for a purchase this spring. As a result I picked a savings account and linked up our online payment accounts and started receiving money. Yesterday I noticed a $10 service charge on my account and called to ask about it. The representative couldn't figure out why and neither could anyone else in the branch.
When she finally called back I was told that there is a FEDERAL REGULATION that says I cannot do more than 6 electronic transactions on a savings account in a month This includes incoming ACH deposits!
I was shocked, and told my representative on the phone that I would simply change the way I did business with that account and not withdraw into it every day. I then asked if they could waive the $10 fee as I was not aware of this and would correct it. I was told that I should have been aware as it was in my disclosure packet and that there was nothing she could do. I reminded her that she was expecting me to be aware of something that she had not even been aware of - but she still said there was nothing she could do. I told her I had been a customer way too long to be treated this poorly and I informed her that I would be there within 2 hours to close all my accounts and hung up on her.
About 10 minutes later I got a call back and received a voicemail apologizing several times and saying she would reverse the $10 fee
This morning I woke up and several more electronic deposits had went to my savings account that had been pending from the weekend. And of course, now I was being charged $10 each.
My bank had collected $50 in fees simply because of this mysterious "Federal Regulation" that they spoke of
So I decided to go into the branch and my plan was to either get it resolved - or simply close all three of my accounts. Because of how quickly they quoted 'Federal Regulation' I took my pocket recorder with me because I had a feeling the conversation would take the route it did..
..and before it was over I had the BRANCH MANAGER tell me the FEDERAL RESERVE is part of the FEDERAL GOVERNMENT (ABSOLUTELY NOT TRUE!) and then later also elude to the fact that the reason a lot of our freedoms have been taken away was a result of 9/11...imagine that