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Branch Banking & Trust Company / BB&T / holds placed on deposits and fees incurred

1 Greensboro, NC, United States

I travel often on business and my primary client makes regular deposits into my business account. So often that not only do the employees in the florida branch where the deposits are made know him, the branch manager and some of the employees at my branch in north carolina know him as well. On november 19th, 2018, my client entered the same location in naples florida that he always makes deposits into my account. Then he emailed me a photo of the deposit receipt to verify he had made the deposit, as he always does. There were no indications of a hold being placed on the deposit. The deposit receipt said nothing about a hold. The teller at the branch in naples where the deposit was made did not give any indication verbally or on the receipt of a hold being placed on the deposit.

The following day, I paid bills and used my debit card as usual. Then to my embarrassment, my card was declined for a transaction. Thinking that something was wrong, or that possibly bb&t's system might have gone down, I called the 1 800 number for after hours customer service. It was at that time, I was informed that there was a 10 day hold placed on the deposit and that I had incurred over $600 in over draft fees. Having to go back out of town early the following morning, I sent my wife to the branch to discuss the issue with the branch manager. He stated that although he didn't agree with the hold being placed, it was out of his hands. He was able to release the hold but claims he does not have the authority to refund the $600 in overdraft fees. My wife showed him the photo of the deposit receipt and she was told it was not good enough and needed to produce the original receipt in order to get the overdraft fees back.

I contacted my client who like anyone else would do, had thrown out the receipt as he figured it was okay since he and I both had a photograph of the receipt. He then contacted his bank, (wells fargo) to check if there was a problem in the deposit going from his account to my account at bb&t and maybe that was the reason for the hold. Wells fargo informed him that with in 6 hours of him making the deposit, the money had left his account electronically through automated clearing house (ach) and the money was in bb&t's possession.

This is nothing more than theft by the bank.

Therefore, this brings to us another question of what is bb&t doing with my money while they decide to hold onto it for 10 days for no other reason than to have 10 days of its use to make money first from overdraft fees and then again by having a 10 day interest free loan on my money to use to invest with. Think about it... With all the depositors that bb&t has, if they have only 1000 depositors that they are holding just $1000 for 10 days, that is having a free ten day loan on $1, 000, 000.00 (one million dollars). If they do that every 10 days over the course of a year, they are borrowing $36, 500, 000.00 (thirtysix million, five hundred thousand) dollors, interest free!!! And without their customers permission!! Not only that, but they are charging their customers overdraft fees on money that they have stolen from their customers!!

With a $36, 500, 000.00 free loan, (and that is based on only 1000 depositors at a time) if they invested the stolen money and made a measly 4% apr (and we all know that they are not settling for that little amount of return, as anyone who has ever used them to buy a house, car or applied for a consumer loan through any bank can attest) they are making a profit of $1, 460, 000.00 on that stolen money.

When I look at it in this perspective, not only do I believe that bb&t needs to change their policy, I believe that the executives and employees behind this ponzi scheme need to go to jail, as I have seen far less on episodes of the hit television series american greed!!

The problem is bb&t continues to get away with this practice because they believe that joe consumer is not intelligent enough or has the energy to go up against the corporate giant that is nothing but a bunch of white collar thieves wearing suits and acting like they care about their truth the only difference between bb&t and a chicago mafia is a bank charter license. Bb&t thinks that they can get away with it, and if one or two complaints are made loud enough they can settle a suit or pay off a customer to get them to shut up about it. Look at wells fargo, they were recently assessed a one billion dollar fine for fraud and it hasn't fazed them because they paid the billion dollars with money they made from stolen money as well. Bb&t just hasn't been caught yet. Let me emphasize the yet part.
Bb&t believes they as a corporation are too large to fail. They need to take a look at some of the other institutions who also believed they were too large to fail, such as countrywide home loans, freddy mac, fannie mae, circuit city, sears roebuck, the list goes on... They also fail to realize the power of the internet and the negative press that they are getting ready to receive when I post my story on every social media site from facebook, twitter, instagram and youtube, just to name a few. And we wont list every newspaper editor that will be receiving an editorial letter from me in every city where bb&t holds a branch location.

I urge all people who have complaints on bb&t to not just stop at this web site where you post your complaint. Do as I am and make the next step and file a complaint with the federal reserve. They are the senior governing agency over financial institutions. If a lower agency is over bb&t, they will forward the complaint to the proper agency based on the complaint. If enough complaints are taken to the next level, we collectively can put bb&t back in the stone age where they belong.

If you are reading this, and wish to join me in shutting down bb&t and wish to have your complaint heard by the federal reserve, go to this web sight to down load the complaint form and for instructions on filing your complaint.

For a federal reserve complaint form, go to: Pdf? La=en

You may also fax your form to the federal reserve at [protected]
If you do not have access to a fax or not able to submit your complaint online, you may mail your complaint form to:
Federal reserve consumer help
P.O. Box 1200
Minneapolis mn. 55480

Or you may call the federal reserve directly to discuss banking problems with bb&t at [protected] (tty) [protected]

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