Netspend Corporation / withdrawl of money fee scam
I have been a Netspend customer for 3+ years. I choose to come to them due to the ease of using the cards and the minimum fees. I went into an ACE location yesterday to withdrawal money for my rent total $1200, I was told that there was a new rule in place and they now charge to withdrawal money after the first $300. This immediately alarmed me because I have not received an email, mail or text notification with any of this information. Although I did receive an email notification of their new elite program, I found this extremely odd. I asked why did they not inform their customers his response was that it was posted on their website. I said well this does not justify sufficient notification, many people don't have regular access to a computer, and furthermore why go online if you can send a text to them for your balance? The ACE employee of course could not answer. I then asked what the fee was he said 2% of the withdrawal - I WAS IRATE AT THIS POINT. TWO PERCENT OF THE $1200 AFTER THE INITIAL $300 (i WAS CHARGED ON THE $900) TOTAL FEE $18!!! I am still pissed off - what a rip off. I told him they are only doing this because income tax is coming and people are going to be pulling of large amounts - if you have $5000 being pulled out after the $300 they don't charge for that is $94 - that is a lot of money. I was thinking what if all I had was the EXACT amount I needed for my rent then I would have been short because of Netspends horrible business practices. At minimum they should notify consumers at least 1 month ahead. He said they try to compensate by the lower $5 fee vs the $9.99 fee - there is no comparassion - they are trying to get over because they feel that most people that have this card needs it because they can't get a bank account. I chose to get this card because of the ease of use and no hassles with the bank. I make between $3200 - $3500 a month I am not trying to throw money away by paying ridiculous fees to access money when I need it. It's not even reasonable withdrawal limit. Most banks allow $500 minimum withdrawal limit without any additional steps. I am outraged and will be closing my account before my next direct deposit. I refused to be taken by this monster of a company. This is truly a scam! I will be checking to see if they broke any laws by not providing sufficient notice of their changes. If they did I will be reporting them to every appropriate agency.
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