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Colonial Bank / Overdraft Charges

1 United States Review updated:

Avoid this bank like the plague, their customer service is terrible and their banking practices are unethical. And I'm being kind. Their policy is to apply debits before credits. So no matter that you deposit money in plenty of time to cover any withdrawals, that night they run the debits first (even though they can clearly see the deposit and admit to seeing it), slam you with overdraft fees, then run the deposit through. Wachovia and the other banks we used over the years never did that.

I strongly advise not using this bank.

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Comments

  • Ri
      9th of Aug, 2009
    0 Votes

    Re: Colonial Bank Bogus Charges for Overdraft Fees and Manipulating of Dates and Time for Deposits.

    We have found that our funds in our checking account at Colonial Bank in Fort Myers is not safe. Colonial Bank manipulates the dates and times of our deposits including electronis deposits to allow them to charge us overdraft fees while funds are availble in our acount. We have print outs of their own web site that shows positve balances in our acount while showing overdraft fees on the same print out. Colonial Bank does not honor the balances shown on their own web site.

    The days of banks mailing checks back and forth has passed. We know that electronic deposits makes funds availble the instant the deposit is first generated. We also know that the routing numbers on checks, check numbers and amounts on the checks are typed in on the banks computer therefore creating an electronic deposit from the bank the check was written on into our acounts. There is no need for banks to hold checks in this day and time of electronics.

    We encourage all of you with complaints over the illegal actions of Colonial Bank to file your complaints with the FDIC, your state banking commision and your local news media. Your complaints will save your neighbors from haveing their funds illealy removed frpm their accounts by Colonial Bank. It is clear to me why the FDIC is investigating Colonial Bank for their lending practices.

  • Ha
      27th of Aug, 2009
    0 Votes

    Colonial has done the same thing to me on many occasions. This is the worst bank I have ever dealt with, they've put me and my family through so much hardship with their many tripwire tactics which I am just too exhausted with to even explain. There is no part of this company that believes in valuing the customer, it is set up to make the bulk of it's money off OD fees. I strongly recommend that everyone stay away from this bank and warn your family and friends to stay away as well.

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