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Waterfield Bank / Undisclosed fee leads to loss on savings account

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Waterfield Bank
This bank operates online as UFB Direct and offers high interst savings accounts. I opened my account with a $500 deposit at a 4.00% APY. After two months the interst rate dropped to 2.02% APY. I decided to close my account, but was never told of a $30 "Closing Fee". So after 3 months I earned $2.99 in interest, but was charged a $30 fee to close my account, for a net loss to me of $27.01.

Seems like a pretty good scam this bank has going. They don't tell you about a large fee that they charge that is likely to wipe out anything they pay you in interest. The end result is I didn't have my money for 3 months and ended up with $27.01 less than I started with.

Let my loss be everyone else's gain. Avoid this bank and be careful with online banks. They DO NOT always disclose all information and they will rip you off every chance they get.

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A  23rd of Feb, 2009 by 
Agree Disagree 0 Votes
They have a policy they instated where for accounts opened on or after January 1, 2009 they also charge a $5 monthly fee if your balance is less than $10, 000. They had the change posted to their website and as mine was open prior to January 1, 2009 I though I was fine but no. They have revised it and changed their website. Then they tell you to go through bank mail and even with detailed instructions do not follow their own contract terms. I plan on going through http://www.in.gov/dfi/ to file a formal complaint. Yes it is only $5, and they are loosing my business from my other accounts but it is the principal that they expect you to read the disclosure statements and when you do they decide to "view" them in another manor.
A  13th of Jul, 2009 by 
Agree Disagree 0 Votes
I was a temporary worker at Waterfield Bank in their customer service department.After getting laid off, this was the only position I could get, so I accepted. I am no longer with the company as a result of their rotten business practices and the stress associated with working with the company. I was one of the customer service reps who answered angry customer's calls. This joke for a bank would lower their interest rates, which made them not even in the top of the country, as they advertised on their website and then started putting minimums on their savings accounts. I mean, who is going to put $10, 000 in a savings account that is only going to pay 1.05% when GMAC and other online banks are well over 2.00%. I noticed their scam of advertising an attractive interest rate to lure customers and then within a few months their interest rates would drop, the added on minimum requirements, and if you wanted to close your account, BAM, it cost $30.00 to close it. When I was working there, I completely understood the customers' issues and I always reversed the charges (one time only) with a warning and informing the customer to switch their savings to the Traveler Savings account. Within a short time of advertising the Traverler's Savings, which was an account that had the highest interest rate the bank was offering at that time as well as no minimums required and no service charges, the greedy Waterfield brother ### no longer offered the Traveler Savings account to customers. I am sure that all of you have heard the infamous "we'll have to contact Operations with regard to your account" crap. I am going to tell you all what Operations is. Operations is based out of Indiana and they process all of the customer's request above the customer service department. Whenever a customer service rep would put in a request for a customer, the request was sent to operations. Operations is filled with a bunch of idiotic, incompetent, lazy, good for nothing, uneducated jerks who literally refuse to speak to the customer regarding any matter on their account. So it is basically a 3 way conversation between the customer, customer service rep and operations. In addition, anytime I put in a request on a customer's behalf, it would take those imcompetent idiots sometimes as long as 5 weeks to answer a simple question. I actually opened a Traveler Savings account when I started working there because of the attractive interest rate and within a month, the rate dropped over 2 % and I was able to witness firsthand the business practices, I opened and transferred my entire savings to GMAC Bank and have had no problems since. Waterfield Bank is a fraud, crooked and I wouldn't put a penny into their bank.
D  27th of Nov, 2009 by 
Agree Disagree 0 Votes
All of you open a liquid account! which means at any time the rate could and may change. WHY ARE YOU COMPLAINING????

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