UMB BANK ALSO KNOWN AS UNITED MISSOURI BANK SUCKS

UMB Bank settles up

Since there is no law which might be used to really take them to the cleaners I decided that the best thing to do was to call the mistake to their attention which I did today.
The lady I first spoke to was not at the bank today so I spoke to another lady who handled the matter in a very professional manner once she understood what the problem was.
But the reversal process she went through revealed another nasty effect of their vicious software. Here it is. If your account is negative and you get some funds that allow you to bring your account current thereby stopping the fees their software will still grab an extra days negative balance fee for the last day it was negative even though your account was not negative that day. So don't think you can just put in enough to cover the shortfall and cure the problem. That extra swipe will put you right back in the negative all over again if you don't put in more than enough to cover the shortfall. You will always have to put in more money than you think you need to stop the charges by at least whatever amount the negative balance fee is because their software is going to take one more last vicious swipe at your account.

The fight is still on

But it will now take a different turn. There is a bill before the House of Representatives known as H.R. 946 which would make banks liable under TILA or truth in lending act. It has been sitting there since last spring with no activity so it's way past time to dust it off and get it to a hearing before the House and the Senate and hopefully a vote which will get it passed into law.
Thanks to what is known as Social Networking that should not be nearly as hard as it might seem.
I have started a group on Facebook which I hope will get enough attention and support to make it happen. The group is also on Myspace.com and I'm sure I can get it featured on a few more such social networks.
Social networking is getting a huge play these days and lots of traffic so maybe I can get some attention for this project.

You can help further the cause by clicking here

I have determined that banking fees such as overdraft fees and negative balance fees have been specifically excluded from legal action under TILA so that lets out the possibility of suing them for failure to reveal the true APR under TILA.

There is a bill before congress known as H.R. 946 which would change that but there has been no action since early 2007. It appears that we need to start writing to our reps and senators in Washington to get some action going on that bill.

Since I can't sue them and get anywhere that way then I will just have to do the next best thing and help bring a lot of publicity to this ugly banking practice.