UMB BANK SUCKS
UMB BANK brings a new dimension and meaning to the term BANK FRAUD. Just watch as UMB Bank shows how it's done.
Tuesday, April 8, 2008
UMB BANK SUCKS
UMB BANK SUCKS



UMB Bank also known as United Bank of Missouri is well known for it's wide range of little tricls that are designed to beat you out of your hard earned money. Here is one of the meanest, nastiest tricks ever invented by the banking industry and utilized in crazy ways to beat their customers out of money.

Overdraw your checking account and you pay them $35.00 per bounced item. Well, that's nothing new and people have pretty well accustomed themselves to getting beaten up on for every check they bounce. So we all say, "OK, So what?"

But what if they have granted you overdraft protection for your checking account and they pay any checks that come in? We would probably still say "Hey That's Great! What are you complaining about? You asked for it, they gave it to you and they paid your checks so that makes the $35.00 a check well worth it. Don't have to worry about getting in trouble with the law that way."

That's all quite understandable, of course. But the rub comes in when they charge you an additional $8.00 a day for every day your account balance remains negative. Let's say you get paid every month because you are on a government pension such as SSI and your check comes in on the 1st of every month by EFT. You go to the bank on the first and find out you owe them $104.00 in negative balance fees plus the amount of the chekc(s) you wrote plus $35.00 for each check. If the checks were small, say 1 check for $7.95 copay on some medications you needed and you used your debit card to pay. You never actually wrote any physical paper check at all.

So you owe $15.90 for the checks plus $70,00 for the overdraft charges plus $240.00 for the negative balance fees. That's a whopping $325.90. Your pension check is only
about $700.00 to start with so realizing you need to get a break somehow you go to the bank and ask them what the heck is the $240.00 for. After all, you paid the money back plus $70 for their check charges but what on earth is the $340.00 for and you are told that it is a negative balance fee.

Of course, you know that is nothing but a finance fee regardless of what they choose to call it and you know that if you took them to federal court the outcome should be that the judge would rule in your favor. So you figure out that if you get a bit tough about it and tell them you couldn't care less what they call it a federal judge will rule that it is nothing more or less than a finance charge. That would give you the right to demand to be informed what the APR is for each day because it would change every day they added on another $8.00. You give them the option of either telling you what the APR is each day and of course they say they don't have to do that. You retort that they can either provide it to you or they can explain it to a federal judge. They come back with the statement that if I want to sue them I'll have to talk to their lawyer.

HO! HO! HO! No I don't. All I got to do is prepare my complaint under TILA and go file it pro se and it won't even cost me a dime.

When they see that this conversation is getting a bit heavy they offer to do me a one time favor of forgiving all those $8.00 charges and refunding it back to me which I agree to and they instantly change my account to reflect the refund. They tell me that I don't ever need to ask them to do that again because they won't do it again.
OK! I really don't care because all I have to do is go to the bank first of each month and grab all the money out execpt for the $4.50 account maintenance fee and it won't ever happen again. I get unlimited free cashier's checks with the account and since those normally cost about $2.50 or so for each check and I need about 4 or 5 of those a month to pay my bills with I get a good deal for the $4.50 a month fee. So off I go singing a happy song.

But lo and behold I get back home and check my account on line the next day and there is another one of their $8.00 fees. Since I drew out all my money but $10 I left in to pay for the monthly service fee ($4.50) I now have $2.15 left in the bank which is not enough to cover the $4.50 monthly service fee which comes in the next day. When that hits I will be overdrawn again by $2.35! That is where the real fun begins because at least theoretically I am broke and have to wait till the first of next month to get any money put in that account. It's now the 8th day of the month so 30 days minus there are 19 days left in this month. Nineteen days times $8.00 a day comes to $570.00 interest and I won't even have written a check or used my debit card. $570 for nothing! I wonder what the APR is for $0.00 borrowed?

Of course some will say that I should have checked my account and alerted them to the problem so that didn't happen but why would I check my account if I already knew I only had $5.50 in it after they took $4.50 out for the monthly service fee? Why would I waste my time that way? I got better things to do than that even if it is only watching Family Guy on TV.

We will see what happens over the next 19 days. One thought is that what I am hoping will happen won't because their computer system might be set up to recognize that no check or debit card use occurred so the computer can't tack on extra for the $8.00 a day but if the only trigger in place is the fact that the account is overdrawn then they are going to have some awfully red faces when I go to the bank and want my money next month. I won't have been damaged until they actually take the $547 out of my account the first of the month but if that happens then I have heavy damages. I'll make damned sure of that.
Written at 12:59 PM by Creditwrench.