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Bank of the West Overdraft Controversy + The Notorious Banker Recovers $1500 for Susan in DC
Manage episode 331937312 series 2636706
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Today, I discuss Patrick Rucker's reporting on Bank of the West, and how a secret deal in 2017 to curtail how many overdrafts a customer can get there may do more harm than good. I discuss how the arbitrary $1000 limit led to accounts being closed and customers being unbanked. While the intent was meant to help them out, it can create further problems through chexsystems, which most banks use to approve accounts for clients.
I also discuss the "sales pressure" of pushing your clients to link their checking accounts to ODP, and how it's an easy way to drive revenue, because although you are no longer gathering overdraft fees, you are then getting clients to get charged fees for the act of ODP happening. It's a complicated story as Bank of the West is headed towards a merger with BMO HARRIS bank.
Plus, I recover $1500 from Susan in DC. This is one of the first times I let a media member into my methods of helping people, and I discuss my interaction with her, tips I shared with her to help her, and frankly how big banks do NOT research your fraud claims, and also worry more about call time length than fixing your issue. I got done in 1 day what her bank, BofA, could not get done in months with my "Customer Service Strategy" or "Vigilante Customer Service". I also discuss how her filing a police report to report the robbery of her car, and the subsequent denial of her claim is basically BofA telling her SHE is a criminal for filing a false police report, as the denial of her claim happens despite her affirmation to the police that the crime committed on her DID happen. It's a mess, but we got it done! :)
NB Has recovered over $2.7 Million from big banks back to consumers, with nearly $500k of it being Zelle fraud!
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