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Webster Bank / Unfair business practices

27 Park StAttleboro, MA, United States Review updated:
4.15
Contact information:
Phone: (508) 222-5454

I believe the bank engages in unfair practices in regards to their account fees. As a recent example, my husband deposited a payroll check drawn on a Bank of America account. I use the online banking feature to monitor our checking account,and as of the following Monday, the account showed a positive balance. When I looked at the account again a couple of days later, I saw 4 charges for insufficient funds on items presented earlier in the week, yet there was still a positive balance. And a fifth check presented after this didn't clear, because of the earlier service charges. When I called the bank, I was told that the payroll check didn't clear for 3 business days, because BoA is headquartered in another state. This is a bank that is literally in every town across the country! When I then asked how my account could still show a positive balance, I was told it was my responsibility to be aware of the bank's check clearing policies. Gee, I thought I was! I think the bank is deliberately misleading to consumers. What good is online banking if it doesn't accurately reflect your balance? If you know you are in the red, you can make a deposit so no further damage is done - but I think they'd rather take your money than help you manage your account. And this is definitely not the first time we have had issues with this bank. I have had an account for over 30 years, starting with Attleboro-Pawtucket savings bank, through all the changes over the years, most recently the bank was First Federal. I have NEVER had the problems, or poor customer service, that we have experienced with this bank. We are closing our accounts and going to the credit union!
Va
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An
  16th of Feb, 2008
Agree Disagree 0 Votes
It's easy to blame the bank for your own mistakes. I've had a positive experience with every bank I've encountered. This includes Webster Bank. You need to use a register booklet, honey. Don't include the check deposits until after your check clears and don't forget to write down all of your purchases, withdrawals and fees.
Gi
  13th of Oct, 2008
Agree Disagree 0 Votes
That's right Andy! Finally, someone with a BRAIN.
Zo
  3rd of Mar, 2009
Agree Disagree 0 Votes
I do agree, even though it is our responsibility to keep track of our spending, we are human and can overlook something. It is not fair that the fees come so late that you think you are ok and then the fees basically put you in the red. This has only happened at Webster bank no other banks. Most banks know you and your account status and would be courteous to call if a problem arose.
Ge
  30th of Apr, 2009
Agree Disagree 0 Votes
Frankly I am astounded that there are not more complaints against Webster on this board since you posted in 2007. I have had similar issues. There is absolutely no doubt that they purposely manipulate transactions to realize maximum NSF fees from their consumer depositors. I doubt they would be ballsy, or stupid, enough to engage in such practices with their business depositors as too much cash would be at stake and this is most definitely a bank that is on the precipice of catastrophic failure.

Let me give you an example. I am a law student and had a measly $67 in my Webster checking. I made a purchased at a retail store and swiped my card in the electonic terminal only to be told that I swiped the wrong terminal and I should swipe again in another next to it. You guessed it, the first terminal was NOT cleared and somoine came up later and finished the transaction signing their name on my transaction. That move overdrew my account. It was fraud. A $2 debit from iTunes followed the same day. I realized $74.00 in NSF fees and it was fraud that caused the NSF. I called Webster to dispute the fraud and they said that I must either go back to the store, which was 45 miles away. and resolve with the mgmt or elect to have my debit card immediately cancelled and replaced 10-15 days later !!!Well I topk option A . Luckily the store actually kept a photo record of the sig on the bogus transaction and it was clearly NOT MINE. The store apologetically refunded my money. I then went to my Webster office shoiwng them the fraudulent sale and asked for a refund of the NSF. The assistant manager in the Westport office., a smug clown named Vincent Cuozzo(sp) told me to go back to the retailer and demand that the retailer refund the $37.00 as well because the retailer caused the overdraft. WHAT !. Hey, that argument would never fly, right?

The $37.00 refund of the NSF was denied by Cuozzo. Wait, I am not done. It gets even better. I then say, wait a minute. if the $2 iTunes charge was posted BEFORE the bogus retail charge, both hit on thesame day, then my account would not have been overdrawn by cauxse the the $2 debit. . So I am at least entitled to at least the $37.00 back from the $2 iTunes charge rght, I say to Cuozzo? Cuozzo says NO. He then fabricated the most ridiculous story that a customer poll ( hey when has Webster ever cared about customer opinion?) That was first clue. Cuozzo then said that customers want the higher amount posted on the same day to come first. WHAT? For what reason? Cuozzo says because if it is a mortgage payment it may not then bounce. What!! What idiot could conjure that up? So I ask if that poll or policy is written anywhere? He stuttered and said that it is in the Disclosure that all depositors get (OH REALLLY? I ask for the Disclosure and then ask Cuozzo where to find the reference. He stutters again and says. "I don;t know but its in there"
So I take the hefty Disclosure home and read it. read it agtain. I ask a lawyer friend to read it. Guess what? It AIN'T there. Surprised? You shouldn't be. You see, Cuozzo also said " In this banking environment we never refund NSF'S" No doubt whether they are erroneous, mechanically manipulated or downright fraudulent. It simply does not matter to Webster Bank because obviously they need your $37.00 if they have any chance of staying afloat. So to all who are reading this, let's collectively come together and make sure they don't stand a chance of surviving. There is much steam rising from excessive credit card and bank charges foisted on consumers while banks are thrown a lifeline with OUR tax dollars. Let's stop this. Write the CT and MA State Banking Commission. Write a letter to Richard Blumenthal CT AG, he-s a straight up consumer advocate. ...and write in this site. Lets be heard
Th
  16th of Dec, 2010
Agree Disagree 0 Votes
Webster Bank is so against us. Everything that was stated above about account balances is so true. When an ATM and Webster on Line both say "Available Balance is..." I believe them. I know that the check(s) I deposted cleared and I am free to pay my bills... and then pooof - Only Kidding. That really is not your available balance...Webster Bank I swear does this so that they collect on NSF fees. 2011 I am out of Wester Bank...Good luck to all you who stay with them.

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Webster Bank Logo Webster Bank
Customer Service
Overall Satisfaction Rating

23 Reviews
137 Bank St.
Waterbury
CT
United States - 06702
+1 800 325 2424
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