By Scott Struzik
I took a look at my online account today at my bank. I noticed the very first line item in my Savings account:
EXCESS TRANSACTION FEE = $5.00
So naturally I called my local banker who I found out no longer works there and got someone else instead.
Banker: You wrote too many checks from that account
Me: I have never wrote ANY checks from that account, that’s what my checking account is for.
Banker: Please hold.
(No hold music, just silence that keeps you wondering if you’re still connected.)
Banker: Sorry, the issue is actually that you have too many automated transactions.
Me: But those are just automated transactions that occur on a computer and cost your bank NOTHING to process.
Banker: I’m sorry, but that’s just the way it is.
Me: So you mean to say that your bank would rather LOSE MY BUSINESS over a silly fee?
Banker: No sir, but that’s just the way that account is.
Me: So for $5 your bank is going to lose my business for the rest of
my life? All because of some random fee that penalizes me for having
too many automated transactions and not coming into the bank and
bugging your tellers?
The conversation continued and the banker was polite, but my business
is lost. They would rather I go into a branch that costs lots of money
to maintain with lots of expensive people working there than to have my
transaction automated, which costs them next to nothing per transaction.
Online Transaction Fee? How about this fee: You lost my business and my money…fee!