When I break my own rule about avoiding big banks I live to regret it.
Two years ago, Solari tried to work with RBS for processing on line payments. That was a gruesome experience. The relationship was terminated approximately 18 months ago, so you can imagine our surprise this week when we discovered that our checking account had been debited for a $500 charge by RBS. After much digging, we discovered that we had been charged for a terminal that we never ordered or received for an account that ended in 2008. That took several hours and many phone calls to run down and get reversed.
Each week I get cash from the ATM at a local bank here in Tennessee. We never ever have any problems with this process. I have been doing it each week for years. Well, I was in Memphis last Friday and decided to use Sun Trust, despite the higher ATM fee. Sure enough, they processed the withdrawal of $260 twice. The first was for the withdrawal. The second was a hold that dropped off in several days. So now more hours figuring out what this was.
This is our big bank tax of the week. Many hours of our time reversing their free financing in small amounts from our accounts. I have learned my lesson once and for all.
Two problems in one week is too random to be a pattern—yet. I am wondering how much the big banks make with these kinds of mistakes. Perhaps you should watch your accounts carefully these days.
Related Reading
Amex, Permira Enter Fray For RBS WorldPay
Reuters (17 May 10)
Amex, Permira Enter Fray for RBS WorldPay, Reuters (17 May 10)