Please allow me to express my situation I've encountered with a bank. What inspired me to write this letter is because I am frustrated with this bank. I knew it that I was right all alone.
My financial institute sold my loan to a bank. Both parties sent me letters about the transaction and notified me about my starting date to make payments. Every 13th of the month is my due date of payments. I have a savings account with this bank that bought my loan. I have a net to bank transaction that goes into my savings account. On the day to make payment the 13th of the month, I called by phone to check my account balance and noticed some of my money in my account was missing. So I called the bank and inquired. They told me that they pulled out the loan fee from my savings account. I was shocked. I told a bank representative that the bank cannot do that without my knowledge or consent.
The representative told me they have the right to take money from my savings account if I owe the bank money. I told the representative that it is unconstitutional for the bank to do that unless I signed an authorization for the bank to do so. Twice I called the bank to make a complaint. At one occasion, when I signed the savings account card, I was told the back states that if I owe the bank money the bank has the right to deduct the amount from my savings account. Maybe their right or maybe something is not right. Or perhaps wrong interpretation to make the customer confused. I let the situation go and let them do what they want to do. So every 13th of the month the bank pulled out the amount of my loan in my savings account.
On Aug. 10, 2012 my wife went to the bank to withdraw money. They told her I owe the bank some late fee charges for my loan. My wife was shocked. How could this be happening when they have been deducting the loan fee for several months at a due date and now telling us that we owe. I mean I was right when I explained to the representative. So the bank teller told my wife to tell me to come in and sign an authorization agreement for the bank to be deducting the loan fee from my savings account. When my wife called me and informed me of the matter I was more frustrated. The problem with this situation is that if both representatives that I talked with do not know how to handle this matter, they should have referred me to the manager or supervisor. This tells me that there is lack of experience to handle this situation with a customer, lack of motivation, lack of training, and lack of customer satisfaction.
Obviously I figured out the situation was misinterpreted. The bank is right to deduct money from my savings account if my loan is passed due to my grace period. I was also right that the bank cannot deduct the loan fee from my savings account without signing the authorization agreement. I suggest the attorney for this bank should check this matter and rectify it so there wouldn't be any confusion.