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Colonial Bank / Scam and abuse!

1 114 North Tennessee Av.Lakeland, FL, United States Review updated:
Contact information:
Phone: 863-683-4477

Colonial Bank is a dud! I have had accounts with this bank for many years and have always had problems with them. Lately, this has been getting worse. I electronically transfer funds from a bank in another country with no problems, but as soon as I deposit a check the trouble starts. They usually hold the checks for 5 to 8 days, but now they are holding a check for 15 days! I received a letter today telling me that they cannot verify the check with the paying bank and that there is reasonable cause to doubt collectability.

I wrote the check that I deposited on my account with Met Life. This is a large insurance company and I have been writing checks, and depositing them in a Colonial Bank, for the past year. The money is from the life insurance of my dead husband. I have had holds put on these deposits every time I put one into Colonial, they don't seem to know that Met Life is a very large company, not something I dreamed up to put on home-made checks!!!

Now, I put in a check for $8,794.25, which is all that remained in the Met Life account. I need the money, now, to pay my bills. I have heard from people who are supposed to know, that a bank likes to hold the money as long as possible so that they, not you, get interest on it. I don't know if this is true, but the banks do like to make their money, as much as possible. The days of their giving away toasters, etc. when you open an account are long gone. Nowadays, we are made to feel that we are damned lucky that they will even open an account for us!!

I called the customer service number and a woman there, who had no idea about the bank policies, checked on my problem and told me that the money would be available on the 12th of February, 2008, which is a 15 day hold. She had no idea why the hold was so long, or why there was a hold, and couldn't have cared less. By her tone of voice, the customer service rep. seemed to think I was an idiot and a nuisance and that I should be happy that I would be getting my money at all. I bet if it was her money she would be throwing a bit fit!!!

I tried to leave a message at the Colonial Bank on North Tennessee Avenue in Lakeland, Fl., where I deposited the check, but the bank doesn't accept messages! They have probably got so many messages from annoyed customers that they no longer have an answering machine.

I must say one thing in defense of Colonial Bank, they do have one good branch. It is in Apollo Beach, Fl. and the people there who have been very helpful to me over other checks that have been held for days and days are Mary Ann and the Mgr., Bonnie. But this is the only good Colonial Bank I have run into and I have gone to several of them.

Since one bank can do a good job, why can't the others? Is it poor management? My husband, who was retired Air Force, always said that doo-doo runs downhill, and he was right.

So, my advice is to avoid the Colonial Bank, at least until it modernizes it's banking practices and comes out of the horse and buggy era!


More Colonial Bank Complaints & Reviews

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  • Ha
      3rd of Sep, 2008
    0 Votes

    It definitely is a badly managed bank and their florida constituency particularly their brickell branch staff, manager as well as his assistant are both unprofessional, have poor manners lack common courtesy are unaccomodating and rude, not to mention biased. I have since closed all my accounts and will never do business with this bank again.

  • Th
      28th of Mar, 2009
    0 Votes

    Banked w/them since they were Union Bank in our area, and always found staff to be unprofessional, management to be lame, drive-thru to be neglected and slow.

  • Be
      30th of Mar, 2009
    0 Votes

    Colonial Bank does not adhere by any ethics, values or integrity! I received a mortgage for my "dream house" a year ago by the previous owners Citrus and Chemical in Winter Haven Florida. At that time the only mortgages available due to the Mortgage Meltdown was a one year balloon. I put a down payment of 10, 000 and after paying all my payments up till the balloon and was told for six months that they were working on my extension, they are foreclosing on me. I am a single women, self employed and started a business last year which creates an issue with refinancing. I was never told I was going to have to re-qualify only one year later. I am totally heartbroken to loose my home. I feel beaten up by Colonial. I continue to ask them for a mortgage and I will pay them, but they do not listen. What's the point in trying, working hard, saving for a down payment, to only have them pull the rug out from under me. They lead me down a path for 6 months - Now what am I to do. To late to get investors or another bank to refi as I was dealing with local VP not corporate who lead me astray. Why would they want to foreclose and loose money over granting me a year extension on my loan. Complete Smucks!!

  • Do
      17th of Apr, 2009
    0 Votes

    Colonial Bank is a rip off. They are quick to add service charges even though they hold checks and don't post them fast enough, then they hit you with massive charges. Just a few dollars over can cost you over $100.

  • La
      26th of Apr, 2009
    0 Votes

    Colonial Bank is just a complete mess. Unethical, bunch of non-professionals. Their services are just too poor. I have had issues on checks and it took them almost 1 century for it to reflect in my account and when it finally reflected, they came up with some hidden charges which even their manager could not even give an explanation about it.

  • Ka
      11th of May, 2009
    0 Votes

    I hate Colonial Bank. I have an account on their website for "online banking" and I checked it the other day to see how much money was available. It said over $300. So I went to the atm to withdraw $200 to pay a bill. Today I went to the bank and they said I OWED them over $100. They said I was overdrawn and my checking account was negative. I hate this bank. I have had so many problems with them. The staff has been so rude and they even closed my checking account once before for no reason without telling me. I don't even want a bank account anymore. I'll be better off keeping my money in a shoebox or something.

  • Mr
      12th of May, 2009
    0 Votes

    Colonial bank is very unprofessional and an unprofessional noncoherent staff.Whatever you do please do not bank with them, they have poor record keeping and the vice president Ms.Kaye is the the worse in Tuscaloosa, Alabama, she's never in the office and her staff does one thing and she claims she doesnt know anything, very poorly managed.she should be ashamed of herself and demoted, Im not going to explain the situation, but its the worse bank I have ever dealt with in my life.No wonder people dont like to deal with banks this one is a prime example.

  • Jo
      25th of May, 2009
    0 Votes

    worst bank ever, no integrity, honesty or ethics. make up fees and charges out of thin air.

  • Om
      28th of Jun, 2009
    0 Votes

    I hate colonial bank.. Have used them for over 2 years and always trouble somewhere. I have had some overdrawn checks come through sometimes. I know, but at least every single time they do I know when they are going to happen and why, it is hard to make ends meet in a small country town. That does not by any means make me an idiot though. I have even called the bank to let them know and that I would gladly pay the overdraft fee, which is the highest I know of btw.
    After four times of this happening, I have gotten screwed all four times; I have other checks out, or bills coming in at the time the check that will bounce (and I am aware of it), and they will cash the largest item first, no matter what it is, and have numerous overdraft charges instead of the one check; even if the check is the last thing to come in, they will hold over items, I have proved this to them. I have complained to the office, wrote the president, talked with the branch manager and all to no help. They act like I'm an idiot, when it is plainly on paper that they are holding charges for days just to add them to the list of debts that can be made into overdrafts so they can make more money. A complete and obvious scam. I mean, when you have a list in your online bank statement, and there are four or so overdraft charges and they are listed, regardless of dates, in perfect numerical order from largest being taken out first to the smallest which would have cleared, them something is wrong. I hate this bank and am currently trying to close my account, which they act like I can't do. How stupid is that. Be warned, If your smart enough to research a bank and find this site, then know you don't want Colonial bank, they are terrible in all areas.

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