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Commerce Bancshares, Inc. Message Board

  • bengrahaminvestor bengrahaminvestor Sep 23, 2008 12:59 PM Flag

    Don't overdraft with this bank...

    Great bank until have an overdraft.

    I had one of my first overdrafts in about 15 years in my wife's "grocery/clothes" account. The account went overdrawn when a previously written check (about 2 months old) was cashed and sent the balance negative by less than a dollar (definitely our oversight, but it was an old check and she had forgot about it). Over the course of the next 3 days, a total of less than $100 was charged (without knowing we were overdrawn). Since EACH overdrawn transaction incurs a fee of $30, we ended up with over $600 in fees in 3 days (with what the Commerce manager called the "snowball effect"). Then the first letter arrived from the bank saying our original check had overdrawn the account, followed subsequently by more letters in coming days about the other transactions. I asked the rep why no one bothered to call. She indicated that we should have known our account was overdrawn. In all, $100 cost us $600. In the end, after speaking with the regional VP, they would not credit our account. I informed her that we had banked with Commerce for years and that I have personally had a few car loans etc. Nothing mattered to them except the fees they generated. What's sad is I was getting ready to transfer other accounts I have that totaled close to $300,000 to Commerce.

    In the end, this may ultimately hurt them. I recently took a VP Operations position with a company that has close to $5 Billion in revenue and they bank with Commerce - at least for now......

    Just an example of how we are still numbers to big banks. I'm sure this $5Billion account won't be considered a number.

    :)

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • How about some personal responsibility keep track of your account and/or set up overdraft
      simple as that. I'm sure it's disclosed what charges will be if you screw up take it like a man and learn how to keep track of your expenses or are you the government and when you screw up it's someone else's fault

    • How about some personal responsibility keep track of your account and/or set up overdraft
      simple as that. I'm sure it's disclosed what charges will be if you screw up take it like a man and learn how to keep track of your expenses or are you the government and when you screw up it's someone else's fault

    • I'm a stockholder of many years and I have been amazed at the stupid things I see them do and that they have managed to get along pretty well in spite of it. The banking business is a pretty safe place for mediocrity. WW

      • 1 Reply to wixiewaxy
      • I think it's safe to assume that the gentleman is not telling the entire story. Let's be honest here! When you O/D your account, there is a letter mailed out to notify you of the situation. If it happened numerous times, he obviously was avoiding the mail or chose to ignore the situation. To take this a step further, the bank will notify the customer after numerous O/D fees to request a deposit. The guy is trying to come off as some big shot with tons of money and the bank owes him anything he wants because of that. Not the right attitude to have at all.

    • As the big executive you are, you should be aware of products such as overdraft protection and that alone would have saved you the problem. Additionally, you should never give your wife a clothes account and expect that it won't be overdrawn. At a minimum it is your responsibility to be aware of fees and monitor your accounts closely if you are going to have multiples it is even more critical. You said it was 15 years or so since your last overdraft or since your account was set up or whatever but that doesn't make you exempt from policy. If a drunk hasn't had a d.w.i. in the past 15 years or ever for that matter he isn't exempt from consequences. The point is be accountable and responsible for yourself and don't blame others for holding up to their end of the contract.

      • 1 Reply to payeur84
      • To: payeur84
        You can lecture the guy about his responsibility and be correct, but it's still stupid management to drive him and other potential customers away he will influence over a mistake that occurred in an acccount that had been earning money for years. In any other kind of business you'd go broke making assinine decesions like that. WW

    • I'm a long term stockholder but I agree with you that this was a stupid failure not to wave the charges for a long term customer with a clean record. Although I will continue to hold the stock I have been dispappointed with the poor management at the customer level that I have seen many times. The stock has been a good investment but it's a wonder considering the poor customer interface. They bought a local bank near me and proceeded to lose a significant percent of it's customers. WW

    • david_shane@ymail.com david_shane Sep 24, 2008 1:53 PM Flag

      And here I was about to open an account.

      Still will, actually, but smack!

 
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