My bad experience with this bank started with an overdraft on two uses with my debit card on the same day. By the end of that day my account was still in the positive. The next day i again used my debit card and made a withdraw. I was sure funds were deposited the night before. Later that morning i discovered the error and understand i owe the bank the amount i had withdrawn and a $35. 00 overdraft fee. It wasnt til a few days later they told me i was also charged $70. 00 for the two uses on my debit card the day before. All of this caused a snowball effect considering i had used my debit card three of more times believing i had that $70. 00 in my account.
My mother has an account in the same bank. My name is on her account for emergency use only. Today she went to take care of some transactions with her account and the bank refused to let her have any of her money until she paid a $1. 78 to my account. She would not agree to it until she found out she could not have her money or do any transactions with her account. She finally agreed to pay the $1. 78. The bank teller told my mother she would be right back. After a couple of minutes the woman returned saying my mother would have to put over $100. 00 in to my account. Considering my mother has automatic bill payments expected to go through soon she agreed to pay the amount over $100. 00.
They not only stole money out of my account, they then held my mothers account hostage. My mother and i are both done with this bank. It is sad considering i have been with this bank for about 8 years and my mother has been with them for about 5 years.
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.