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Commerce Bancshares, Inc. Message Board

  • mobankinv mobankinv Jun 10, 2008 2:16 PM Flag

    Commerce Wins Top Midwest Bank Accolades!

    As noted in a previous post, Commerce won top Midwest honors from J D Powers.

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    • 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 noone 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.


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