Problems caused by my funds being low

Posted on Posted in Bank


I opened a business checking account at Citizens Bank when I started my small business about a year ago. I chose the ” Clearly Better Business Checking ” account because it has has no minimum balance requirement and no monthly maintenance fee. In general it seemed like the best low-cost option to help get my business off the ground at a point in time where I ‘m extremely vulnerable to any extra costs.

When I opened the account I gave them all my standard information and my email address. Probably my phone number too. I did n’t sign up for any extra services like overdraft protection and I went along with what the bank employee told me to do in order to open up the account.

Because I ‘m running an XXXX business my only expense up until this point has been a monthly {$20.00} charge from a XXXX company. When I opened up the account I initially put some money in and every few months or so I would log in and check my account to see if it needed more money to cover the XXXX.

Fast forward to earlier this week. I logged into my account after not checking on it for a few months and I discovered I had {$120.00} in overdraft fees. I thought how in the world could this happen!? I did n’t sign up for overdraft protection and I thought any charges would be denied if I did n’t have sufficient funds. It turned out Citizens Bank allowed the charge to go through and my account was negative only XXXX or XXXX dollars.

When I dug a little deeper I discovered what was really going on. When I opened the account I opted for paperless statements to avoid a fee if I remember correctly. I assumed that Citizens Bank would contact me via email, mail, phone, or text if something needed my attention. After going through obscure settings menus I discovered that all alerts had automatically been set to off! Citizens Bank was letting these overdraft fees rack up silently without telling me anything!

As a XXXX, I know this did n’t happen by accident. This is called a XXXX and Citizens Bank set all the alerts to off so it could squeeze even more money from consumers who do n’t know any better and trust that banks would act honestly.

I feel absolutely cheated. I sent them a message using their online banking interface and I have n’t received a reply yet. I would simply ask that you persuade Citizens Bank to do the right thing and refund the fees. If I were notified, I would have immediately deposited more money and avoided the overdraft. I ‘m a responsible banking customer and I have never overdrafted any account in my life. I would also like an explanation as to why my account was allowed to overdraft in the first place.

Thank you.

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