I understand how it is easy to mistake bankers for friends. They smile at your and ask polite questions when you see them. They, occasionally, arrange to loan you money so that you make large purchases that you otherwise would be unable to make. They may even send you a birthday card. None of the above make them friends; the Olive Garden Rule applies also applies to bankers.
I’ve banked at Ohio Savings Bank since I moved to Cleveland in 1984 and I’ve very seldom had any reason for concern. I get the service I expect in return for loaning my paychecks to the bank for very little interest.
Last year Ohio Savings went under and was taken over by New York City Bank. From a customer point of view, the transition was smooth, so much so that I didn’t even know it had taken place until a week or so afterward.
But change there was, subtle change that I’m sure I can go back and find in the small print, but a change that cost me $72 this week.
Here’s what happened.
I use a combination Debit/Visa card that allows me to make purchases against my checking account up to whatever amount of money is in the account at the time of purchase. I periodically transfer money into the account as needed.
In the past, I’ve rested easy knowing that if I attempted to make a purchase and there was not enough money in the account, the transaction would be declined, I would apologize for the inconvenience, go online (or to an ATM) to transfer sufficient funds, and then go back and make my purchase. I was only bothered by my own lack of diligence, and that bother was little at all.
Last week that changed because the rules had changed. I discovered the hard way that under the new banking rules, Ohio Savings notes when I have insufficient funds and nicely pays the sum anyway and slaps a $36 fee on my account.
Last Friday I had $20.71 in my account when I filled up my gas tank with $40 worth of gasoline; and the bank hit me with the $36 fee for going $19.29 over my existing funds. The tank of gas cost me nearly double.
Later that day I stopped into The Stone Oven on Lee and again, paying with my card, pushed my account a further $11.20 into the red, and, of course, incurred another $36 fee.
The next day, Saturday, I went prepared to go grocery shopping and, because I expected to buy a week’s worth of food, I logged into my account check my balance and discovered how Ohio Savings had, with no effort on its own, added $72 to its bottom line.
Now, if I had not checked, I might have gone shopping, suffered the theft of another $36, and continued to shop until, each time losing $36 to the banking suck, until yesterday afternoon when a letter, yes a paper letter from Ohio Savings that I was $72 poorer.
Ohio Savings has my email address. I know it does because I regularly get promotional emails from it. Very little programming at all would have been necessary to send an automated email to me when I first exceeded my account, but Ohio Savings chose instead to rely on a letter mailed on 28 July that was not received until 2 August.
This is all to the advantage of Ohio Savings. If it had notified my via email, I would have kicked myself in the butt upon getting hit with the first $36 fee, transferred money into account, and gone on my way. By using snailmail, however, Ohio Savings made a bet that I might notice my error, and the $36 fees piling up, until I opened my mail Monday afternoon, four days after the problem began.
A friend wouldn’t treat you that way. A business will, with glee.
I’m certain that the change in how my card is processed was revealed to me in four-point type in one of those insertions we all get with our statement. The fault is mine for not reading carefully and, most importantly, for not remembering that bankers, indeed all businesses, are ultimately not our friends.