My car loan was only 22 days past due and they sent two thugs to repo my car. Their repo thugs jumped into my car terrifying my children who were in the car at the time. I called first merit and they were rude and treated me like dirt. The kicker is have been a customer for 4 years never missing a payment. I only have 12 payments left on my loan and they chose to repo my car. The only way i could get the car back was to pay it off. I will never do business with first merit again. This is how they treat good paying customers.
While the people who work here are cordial, it is difficult to work with this bank. When my mom died, her ira was payable on death with designated beneficiaries. It should have been distributed the same day i requested it, but that was three weeks ago and my siblings and i still do not have our money. In fact, i just got a distribution check today, made out to my mom. They have known she was deceased for at least three weeks, and they know they should have disbursed the funds to her designated beneficiaries three weeks ago, but instead they are stonewalling and making it difficult to settle her affairs.
When a check is sent to a deceased person and there is no estate, somebody (me) has to make a trip to the courthouse and fill out forms (certificate of affidavit). It is needless complexity, when they should have released the funds asap, weeks ago. This is not the first time this bank has ticked me off, but i assure you it will be the last. All future banking in algoma will be done at bank of luxemburg just across the street, they are a great bank!
Although my husband and I have been with FirstMerit for about 14 years, I have been disappointed to see that they are now looking for every way possible to take advantage of their customers.
They charge overdraft fees on authorizations, even though the amount has not been actually captured by the merchant. They take charges from high to low, regardless of order, so if you are overdrawn by $20.00 with 3 transactions for $5 and one for $50, they will always take out the $50 first, leaving you a $26 fee for EACH of the other 3 charges.
Don't even think of trying to make a deposit on the same day to bring your balance up, because they hold all but $100 until the next business day. We found out the hard way when we made our FirstMerit Mortgage payment at the same time we deposited a check that would cover the payment. They had no problem cashing my check and posting it to my account the same day, but wouldn't give us the funds to cover it until the next day, leaving us with another...you guessed it...$26 overdraft charge.
Mind you, my husband and I aren't in the habit of overdrafting, but practices that stack the deck in favor of the bank are not conducive to a good business relationship.
I'm now eying other banks that care more about integrity than they do the money they can weasel out of their customers.