IBC Bank/ Internation Bank of CommerceIBC Bank and their overdraft charges-let's sue

T
This review was posted by
a verified customer
Verified customer

I am tired of being charged overdraft fees when my bank account IS NOT overdrawn. IBC has these two seperate sections they do their computing from: Pending and Posted. Depending on who you talk to and what you are complaining about, IBC will charge you an overdraft fee just about whenever they want and use that pending section to justify it. However, if you deposit money it can sit in that pending section for days while overdraft charges keep piling up. However, when you try to call them on it they have excuses for that too. You either didn't make the deposit/transfer in time, you didn't make it at all, the charges were made on posted items (even though you KNOW because you checked on-line they were done while the item was pending). The costomer service people have actually given me a lecture on doing a better job of budgeting and made me feel like an idiot. All the while, on paper your account was never overdrawn. How can that happen? And I am not the first. I did a 30 minute search and found 5 other victims. How many more of you are out there? Please let me know!!! I want to take ACTION!! Let's say CLASS ACTION!

Responses

  • El
    elba2595 May 31, 2014

    My money was deposited into the wrong account . Who should I contact?

    -1 Votes
  • Ma
    Maria Teresa Escobedo Dec 20, 2013

    I have been banking with IBC bank for more then five tears and nothing like this had happenbefore, now I have so many nsf having money on the bank and not enough with that a deposit of 1, 900 went in the same time a check of 250. And they ret it which I only have direct diposits. This other one I posted on my payments a date to be send out on the 10th of the month and they send it out on the 6th when no funds were available. I have been questioning them but they always wine becouse they dont return your money back and worse senerio they do it if you have the direct diposits they have capt money for the no reson nsf, s so a month for 180.00 up to 300 I am disable and I need help with this bank tooo they are fradualnts and getting away with it. I wish some one canlosten to us. I have the copy of all transactions and dont see any nsf becouse I have always put the money in if I would see them pending I right away I deposit cas and still goes negative eventhough the money is there. I am single mother and not up to support the bank coussI have my girls to support and bills to pay.
    This started happening 7 month ago, like I said never had a problem with no justifications on nsf... someone if you have experience this problem post it and hope some one will hear us.

    0 Votes
  • Ma
    maggiee04 Jun 26, 2013

    I completely agree. I had 3 transactions get overdraft fees when I had a balance after they posted to my account. I had a deposit come in the same night and the transaction that was claimed to put my account in overdraft didn't even clear until 3 days later And was the lasr transaction i did wich was 2 days later than the ones I got overdraft fees for. How is this correct? When I checked my balance that morning I was not overdrawn at all. My beginning balance and available balance were both positive. When I balance my checkbook it was never I overdrawn. So how exactly was I ever overdrawn. And if they have access to see how things are going to post then we should be able to see it as well.

    0 Votes
  • St
    Stillwater resident Nov 02, 2010

    IBC Bank of Stillwater is horrible at placing ridiculous lengthy holds on deposits, even Cashier's checks! They claim to try to verify the checks but actually never call the bank who wrote the check thereby locking up your money for days to weeks. This is absolutely the worst bank I have ever been associated with and that association will end soon. Please if you are considering opening an account with IBC of Stillwater, think again.

    0 Votes
  • Cy
    cynthia roberts Aug 06, 2010
    This comment was posted by
    a verified customer
    Verified customer

    I banked at IBC in Stillwater, Ok. I been with them about 4 years. I'M not perfect and do occassionally get overdrawn. The have u sign up for overdraft protection and rip you off. I was notified my account was overdrawn 751 dollars and i mADE AN EROR BUT THEY TOOK MR FOR A RIDE. 42 OVERDRAFTS. i WAS TRYING TO GET A LOAN TO FIX MY ACCOUNT AND COULDN'T SO IN THE MEANTIME THEY KEPT RUNNING OVERDRAFT CHARGES FOR PURCHASES THEY APPROVED AND THEY HAD TO KNOW THE ACCOUNT WAS IN TROUBLE. sO LASTPAY DAY THEY GOT MY WHOLE CHECK AND I WAS SMART ENOUGH TOSTOP MY DIRECT DEPOSIT. THEY WILL GET PD ON MY TERMS NOT THERES. mY CHURCH HELPED ME OUT BY PAYING MY RENT AND ELECTRIC. I heard several pepole tell me how the bank ripped them off oday. I was running on fumes today andif i hadn't stop my check they would of ate this check up too. I was able to pay my bills that needed to be paid phone and car insurance. I messed up but they took me for a ride like they talked about on national tv and the practices they used, you don't put up a sign that saids."need groceries we got u covered with overdrFT PROTECTION. false adveertisement

    0 Votes
  • Ja
    Jason44 Aug 02, 2010

    I have had an account with Commerce - IBC Bank for 10 years and I have never had any problems...not a once. I maintain a healthy balance and transfer money from my saving account whenever I think I may go over. I think some of you complaining on this board need to take a class on how to balance your account.

    -1 Votes
  • Jo
    Joe63 May 03, 2010

    I too have had them ding me with 15 overdrafts in the past week. When our account showed everything posted then the next day 10 things where pending that have already cleared. Now I am getting the run around from branch managers saying they don't have the authority to fix the issue. And when I asked that I want to speak with the person who does they tell me they can't give out that info!!! If anyone knows of a corp number or any where else I can call to get to someone that can correct this crime they are committing please let me know.

    Thank You
    Joe

    0 Votes
  • We
    Wesley_reid Jan 31, 2010

    We are in the same boat. The way they explained it to us they base everything off what is done in 24 hrs so lets say you have you have 100 in the account you have a debit charge of 80 which is held so it leaves you 20 in the said account. The you have a check for 25 thats hits and clears now you have - 5 in the account and hit for the fee. Then they will return the next day the 80 that was held so you have -34 in the account from that 5 and 29 fee so then the 80 clears now you are charged 29 for that so in one tranaction you are charged $54 when you should be only charged the one. So yeah it depends on the daily balance is for the day. That just an one issue there are others. I have actually stopped using my Debit Card for this reason all of those transactions are held but the funds are taking out already before it clears. then the following day they put it back and then clear it. I hope this helps I even have some of the printouts that our banker gave us to show us this was the case.

    0 Votes
  • Re
    RebeccaDT Jan 28, 2010

    We have had the same thing happen to us. On January 20, 2010, my husband checked our account. We had one transaction that had put us -$10 in the account; this was at 8 a.m. At 8:30 a.m., I deposited $400. Everything had cleared on January 20, and I expected only one $29 overdraft fee for the $10.

    Lo and behold, the next day I look to see 14 overdraft charges, totaling over $400, effectively wiping out my deposit as well as the $451 deposit made on January 22, 2010. They had gone back and reprocessed 14 transactions in order to charge us overdrafts. We have had no money since 1/22, and IBC absolutely refuses to refund the money they stole. And steal it they did...if I tried to pull this kind of bull, I would be thrown in jail for fraud.

    This is a rotten company who took $216 million in TARP funds, our tax money, and then they treat their customers like this? I will be filing a complaint with the FDIC, the SEC, the attorney general, and contacting the local news stations and newspapers about this. I will be referencing this website as well.

    0 Votes
  • Wi
    William E. Crouse Jan 15, 2010

    IBC has defrauded me in the same way here in Laredo. I was a customer for 6 years. One day they stacked six "overdraft charges" on me for small purchases, i.e. $7.00, $6.00 etc, that I had made when I had money in the account. I do not ever intentionally go over what I have as I have been taught not to do such a thing, even with overdraft protection.
    I complained to IBC with no help and was promised they would credit me back and they did not. Instead they closed my account and mailed me a check for the money they didn't steal that had been direct deposited to them the day they closed the account. I'm sorry that this world is not following The Peaceful Solution and has resorted to stealing from loyal customers. I am poor and have little money. I wonder if they would have been so willing to close my account and throw me away if I was rich? hmmmm...

    0 Votes
  • Cd
    CDC madinOKC Jan 08, 2010

    Agreed,
    I just tallied up all the overdraft charges from the last ten days and its over 400.00, even tho on paper I am never overdrawn. What I noticed, is that small debit charges, like atm charges, red box rentals ect, get held back, in the hopes that a very large debit comes along, then they will set it up so that any deposits will get held an extra day to be sure the large ammt clears, draining the acct, they then process the 15 or so small transactions, therefore generating the overdraft fees. If you do the math, it comes to like 240% interest. Its shady at best, at worst, its illegal. I'm just one single "free" checking acct cust, but I do work for a comp that banks w/ IBC to the tune of millions. I'm having a discussion w/ our CFO monday to convince him of their practices, at least show him how they treat his employees. If there are more of you out there that know of large businesses that bank w/ IBC, then thats where we could have some pull. I took a look, and I paid IBC allmost 10% of my salary last month, more than I pay my mortgage company for a 30 year, 90K note. I bank at a Oklahoma City branch

    0 Votes
  • Be
    BeckyH Oct 22, 2009

    Are there any attorneys out there that would take this as a class action. I have a paper statement showing all positive balances until they manipulated the debits. I know that this is not a legal practice. Where are our consumer rights? Where are the consumer advocates? I've just paid them $120. for no good reason at all. We need to come together on this one.

    Marble Falls, Texas

    0 Votes
  • Mh
    mholland Oct 08, 2009

    they waited 3 days to post a cash deposit so they could bounce a check...the deposit and check came in on the same day as pending...they still sent it back...now i'll have to pay that charge too.

    a few months ago, the night deposit box was broken for a week...they didn't even know it...i own a biz, so that's how i make my deposits...i took some time and went to the drive thru and asked if they were getting anything in the drop box this week...they said "no"...i said maybe because it's broken!"

    still didn't fix it...i had to email oklahoma city...of course since i was late making the deposit, due to the broken drop box...i bounced a check...this is a slow witted bunch of [email protected]#$.

    i changed banks to armstrong bank last week...the difference is like day and night.

    0 Votes
  • Up
    UpsetinPiedmont Aug 27, 2009

    I am having the same issues OD when on paper I am not. I am going into the branch today to "discuss" the issue of the $180 in fees I was charged. This is the worse bank I have ever used and I will be switching.

    0 Votes
  • Ch
    Chef R N Aug 08, 2009

    I agree IBC Bank is the worst bank I have ever seen I thought I was the only one but I can see that is not so. The same things have happened to me I get charged even when I dont have a negative balance and when you call its the same thing there tell you its automated why bank with a small automated bank with few branches and you cant make deposits via ATM. EVERYONE BEWARE !!!

    0 Votes
  • Ma
    magenh Jul 12, 2009

    I have been banking with IBC for 4-5 years and have not had any problems untill recently. i have been charged overdraft fees on items that were not overdrafted. i can pull up my account online and there are no negative balances on there at all!! yet they charged me overdraft fees for three items that clearly show a positive balance remaining after they have posted to my accouunt. when i showed them this to request my money to be returned, i was told that the online banking is not accurate and i pretty much need to balance my account better and not rely on thier website. they refuse to give me my money back. i went to 2 different locations and called another location to complain and they all have the same stupid excuse. i am closing my account with them and i don't suggest anyone stay with them even if these problems have not occurred for you YET.

    0 Votes
  • Vm
    VMT Jun 26, 2009

    I am in the process of fighting for the overdraft fee's of $203 in which an IBC employer called "their" money. Funny that money came from "my" account. I had recently went out of town on vacation and did not have access to the internet to view my account. Once I returned home I woke up Monday and saw that I had gone over $121.16 for my last charge. I called the bank and asked how many times I had gone over and how much needed to be deposited. The bank teller told me I had gone over only once and would be charged a one time penalty charge of $29. I was caring for an infant at the time of the call, and decided to have my husband deposit the amount later that day. He deposited $179 which was enough to cover what I had gone over and the overdraft fee. The next morning I woke up to view my account and saw that they had flipped all my previous charges around and placed them from largest to smallest. I was completely different than what I saw the day before, and my check had been deposited too late and was not going to be posted until the next following day. I was then charged $203 in overdraft fee's for charges that had been made BEFORE my one time over the limit charge. When I called and asked what had happened I was told that the bank puts the transactions in "not in the order that they recieve them", but in the largest to smallest so the bank can get their money???? Excuse me??? I thought the overdraft system was set up to help IBC customers, not to take as much money from them as they can??? I also was accused of just charging and charging after I saw that I had gone over. That was so rediculous to even say. WHO WOULD BE THAT STUPID?? Well needless to say if this is their policy then so be it BUT why didn't the teller tell me that it was going to be processed that way so I could avoid the fee's and put cash in when I could do something to prevent the charges from occurring?? The teller said she thought I was asking how much I was going to pay for that paticular charge, and that their computer does not show what mine shows??? My answer to that is- BS!!! She knew what I was asking it was a pretty basic question- HOW MUCH DO I NEED TO PUT IN THE BANK IN ORDER TO PREVENT OVERDRAFT CHARGES AND BY WHEN???? They also told me that they are not responsible for when the charges are charged to the bank, so I guess it was just a coinsidence that all 7 charges that were pending went in right after the biggest charge AND went in at the same time?? I think not. Come on IBC we customers are just a little smarter than that. I can live with policies I don't like because we as IBC members have the right to bank elsewhere if we don't like their policies, BUT I can not live with the bank lieing to me. I owe them $29 for going over once and the owe me 6 overdraft fee's for not hiring someone capable of giving IBC customers correct information. I don't care what her computer shows, she shouldn't have stated something she couldn't view from her side. The bank is very aware that the teller told me wrong and I am anxiously waiting to see if IBC pays for THEIR mistakes the way WE pay for ours. Fair is fair. I always thought the purpose of calling IBC and being able to speak to someone about your account was to help the customer not to mislead them??? IF I do not recieve a refund for their mistake I plan on wearing a shirt for 203 days (they owe me $203) and it will read " IBC does not place transactions in the order that they receive them, they place them in the order that garentee's them more money. IBC overdraft policy is there so they can make money." If we all wore a shirt that represented what IBC does to their customers, how many future customers would they have to do this to??

    0 Votes
  • To
    torco Apr 30, 2009

    Is IBC a money laundering outfit or what?

    Mexican drug lords hide behind IBC. It is no bank at all, in fact.

    Look at its criminal history.

    0 Votes
  • To
    torco Apr 30, 2009

    a bank of skunks!

    -----------------------------------------

    -----Dennis E. Nixon
    Occupation: Chair
    Employer: International Bancshares Corp.
    Home: Laredo, TX
    Dennis Nixon is chair of International Bancshares Corp., parent of the International Bank of Commerce (IBC), which has 90 branches with assets of more than $4.5 billion. Nixon is a former president of the Laredo Chamber of Commerce and sat on George W. Bush’s Governor’s Business Council. Nixon raised $300, 000 for Bush’s 1998 gubernatorial campaign in a single event. IBC has extensive business with Mexican banks, businesses and maquiladora assembly plants and Nixon was a major proponent of the North American Free Trade Agreement. Pioneer Tony Sanchez is an IBC co-founder and its top investor. Sanchez also founded Tesoro Savings & Loan, which was implicated in the laundering of $25 million in Mexican drug money before it failed in 1988 at a federal cost of $161 million. IBC was one of the banks that lobbied Congress in 2000 to defeat a post-September-11th bill to discourage money laundering.

    0 Votes
  • Ma
    madatibc Apr 09, 2009

    Same problems here! They rearrange things, and suspiciously, small charges seem to take DAYS to 'post' and large charges seem to post very quickly, so then they put the charges in from largest to smallest and a fee is charged on each small charge, letting them charge more overdraft fees, when you had plenty of money to cover the charges when they were made. It's a scam, and it's sad. This is not helping people in these hard times at all! And there motto "We do more", yeah, "We do more scamming and fraudulent charging" is the rest of that sentence.

    1 Votes
  • Se
    Sean Apr 02, 2009

    Same thing with me, I bank at the one in Claremore and have had problem after problem with them. What I am dealing with now is 10 overdraft charges on items that clearly posted, I even have a positive balance after the last one of these posted. There is absolutely no reason that I should have OD charges on these items and if they were a normal reputable bank then you would think it was a glitch in the system and it could be worked out, but since it is IBC then I know I will have hell recovering any of those fees because they will find a way to confuse the situationa nd make me feel like an idiot. I have had it with them. Is there any way to put a stop to their crooked business? I have one more check that needs to post and I am done with them!!!

    0 Votes
  • Ch
    Chapman Dec 03, 2008
    This comment was posted by
    a verified customer
    Verified customer

    *******************FILE A COMPLAINT WITH THE FDIC *****************************
    *******************FILE A COMPLAINT WITH THE FDIC ************************************************FILE A COMPLAINT WITH THE FDIC ************************************************FILE A COMPLAINT WITH THE FDIC ************************************************FILE A COMPLAINT WITH THE FDIC ************************************************FILE A COMPLAINT WITH THE FDIC ************************************************FILE A COMPLAINT WITH THE FDIC ************************************************FILE A COMPLAINT WITH THE FDIC ************************************************FILE A COMPLAINT WITH THE FDIC ************************************************FILE A COMPLAINT WITH THE FDIC ************************************************FILE A COMPLAINT WITH THE FDIC ************************************************FILE A COMPLAINT WITH THE FDIC ************************************************FILE A COMPLAINT WITH THE FDIC ************************************************FILE A COMPLAINT WITH THE FDIC ************************************************FILE A COMPLAINT WITH THE FDIC ************************************************FILE A COMPLAINT WITH THE FDIC *****************************

    0 Votes
  • Ch
    Chapman Dec 03, 2008
    This comment was posted by
    a verified customer
    Verified customer

    My account is overdrawn 8 OD charges 27.00 ea. On IBC's website were I monitor my account My balance showed positive, at the time of the OD's and still shows positive. What a racket! I have filing a complaint with the FDIC. And closing my account!
    I suggest everyone else do the same. What else can you do. I weant in and talked with my branch manager he could not explain it to me either he said it even confused him, and he has trouble explaining how it happend. When I asked for a print out of my account he said he could not print it out because it scrambles the information. So FILE A COMPLAINT WITH THE FDIC I have and they told me they have had numerous complaints filed on IBC Oklahoma!

    1 Votes
  • Ja
    james Oct 18, 2008
    This comment was posted by
    a verified customer
    Verified customer

    I had the same problem with IBC first few years opening my account with them, and it seems i got the same "explanations" from them. they would tell you then that its your responsibility to keep your account on a positive balance, yet they will give you explanations why they got your moneyand make you look like stupid for listening to them. i need to know what we can do to stop their way of making money and make you look like odiot at the same time. after all its our money that the are using anayway.

    0 Votes
  • Ma
    Marie Ramos Aug 27, 2008
    This comment was posted by
    a verified customer
    Verified customer

    We are currently having the same problems with IBC. They charged us overdraft fees for at least 10 purchases that we made. The money was in our account and showed they were cleared. Then within a couple of days we were in the negative for overdraft charges on those same purchases. This was in just one month. So who knows how many times they did this to us within the one year we had the account open with them. I couldn't figure out why we were always losing money that I know we had in our account. Now I can't access the account to print out the info because they closed it. They keep threatening to send it to a collection agency because we won't pay the full amount. I want to make monthly payments but they won't accept that. In the meantime, they continue to call my husband's place of employment and he can't accept calls there. He tries returning their calls but can't get anyone to help him. Something needs to be done about this bank!

    0 Votes
  • Ml
    ML Aug 21, 2008
    This comment was posted by
    a verified customer
    Verified customer

    This same thing happened to us this week. We were charged for 22 OD items! We had items clear on Monday leaving a positive balance. The next day, we were charged 10 OD items for the items that posted THE DAY BEFORE. Their business is SHADY! They can't charge OD fees for pending transactions, so they charge for items that already cleared!!! All this was a downward spiral and now we have a total of 22 OD fees! I went down there and they explained the whole pending/posting thing to me, but it is RIDICULOUS! It should be ILLEGAL too! What can we do???

    1 Votes
  • Me
    Melissa Barnes Aug 14, 2008
    This comment was posted by
    a verified customer
    Verified customer

    I currently received six overdraft fees on my account yesterday. The funny thing is they were for transactions that cleared and still left me with $176.00 in the bank. When I called they said it was because I transferred a large sum of money into my savings, leaving me in the negative (which it actually left me with $500.00 in the account. Even after the transfer and the outstanding fees, I had a remainder of $176.00 left. Then they said it was because I had two other transactions pending. When they explained, they said the pending transactions (the one's that they have no hard copy for or much less even know for sure that they will have to pay)overrode the transactions for which were confirmed and had hard copies were in hand. So rather than charging me for the two that were pending, they charged me for the six that were cleared. Not to mention, the pending didn't clear until this morning, and so did the transfers and deposits I made the day before in order to covered the pending transactions. I know this sound confusing but in all they chose to overdraft on the day with the most transactions. Not to mention, with the deposits and transfers, I was never in the red to begin with. Then they say they're computer screen shows something different than the one I log into to. They also use the confusing "Today's Balance", and "Available Balance" tactic to confuse me more. They refused to refund the overdrafts so today I will stand in Walmart in front of the bank and let everyone know about their business practices. I made copies of my online statements to prove I was never overdrawn. Hope you guys have good luck with your banking issues.

    1 Votes
  • Li
    Lisa May 16, 2008
    This comment was posted by
    a verified customer
    Verified customer

    I overdraw my account due to a move and when I went in to pay on it, they said they would only take the whole amount ($600) or nothing (in that case it goes to the collection department). I told them I would only be able to pay parts of it that day, but would gladly come back when I get paid again in two weeks. They did absolutly not work with me. When I went back to try to logg in my online account and make a payment, they had my account locked up. I made phone calls and tried to find someone that would work with me, but had either rude people on the other line that would not work with me, or I never heard back from them. It is on my credit now, but no one can tell me through which collection agency they will collect the money from me. I have never recieved a call from anyone about this mather.
    I would just like to get this paid off under maybe 6 payments and be done with the mather AND THE BANK!!!
    I can not believe how uncooperative those people from IBC Bank are and I will sure NEVER make business with them again!!! :(

    0 Votes
  • Je
    Jesus A. Caquias May 09, 2008
    This comment was posted by
    a verified customer
    Verified customer

    INTERNATIONAL BANK OF COMMERCE BANKS forces an unconscionable arbitration agreement on all of their clients to protect themselves and to prevent their pratices from being discovered!

    Unconscionable provisions include:
    1. (A) “Any arbitration hereunder shall be before at least three (3) arbitrators”, this drives the cost up at least 3Xs greater than that of using one (1) arbitrator which gives the stronger financial institution an edge since these funds must be paid in advance before proceeding in arbitration.

    2. (B) “ Arbitrable disputes include any controversy or claim between the Parties including any claim based on contract, tort, or statute, arising out of or relating to the transaction evidenced by this agreement, or any proposed or actual loan or extension of credit, all past, present and future agreements involving the parties, any transaction contemplated hereby, and any aspect of the past, present or future relationships of the Parties. Depositions may be taken and other discovery obtained in any arbitration under this agreement.” This covers any and all aspects of the relationship even reaching back in time where they may have deliberately robbed or defrauded the client, and even requiring tort violations, which can be an obligation the institution may have had under the law, to be subject to arbitration, circumventing the law and permitting criminal acts to be covered up in arbitration. The depositions and discovery aspect requires the client to seek legal counsel who would most likely not be inclined to take such cases on contingency due to the large fee that would have to be paid at the onset, in effect barring low income individuals from coming against the institution.

    3. (C) “The “parties” shall also include individual officers and employees of any signatories of those documents”. This extends the obligation to individuals who had nothing to do with the agreement subjugating them without their consent or knowledge.

    4. (D) “The parties shall have the right to invoke self-help remedies (such as set off, notification of account debtors, seizure and/or foreclosure of collateral, and nonjudicial sale of property and real property collateral) and/or ancillary or provisional judicial remedies (such as garnishment, attachment, specific performance, receiver, injunction or restraining order, and sequestration) before, during, or after any arbitration. The parties need not await the outcome of the arbitration before using self-help or provisional remedies. Use of self-help or ancillary and/or provisional remedies shall not operate as a waiver of either Party’s right to compel arbitration”. This permits the financial entity to pressure the other party while forcing the party into a compromised negotiating position of which the outcome need not be determined prior to the onset of such tactics.

    5. (E) Any aggrieved Party shall serve a written demand for arbitration to any and all opposing Parties and to an American Arbitration Association office within the State of Texas within 180 days after dispute has arisen. A dispute is deemed to have arisen upon receipt of a written demand or service of judicial process. Failure to serve a demand for arbitration within the time specified on the other side of this agreement shall be deemed a waiver of the aggrieved Party’s right to compel arbitration of such claim. The Parties agree that legal action regarding any relationship involving Parties hereto shall either be brought by arbitration, as described herein, or by judicial proceedings, but shall not be pursued in different or alternative forums. This clause permits the institution to control the place where the dispute is heard, keeping it in the courts if it would serve their purpose or pushing it into arbitration if this could offer them better protection. By prohibiting alternative and less expensive forms of dispute resolution such as mediation, the institution maintains its financial upper hand, permitting them to take advantage of the “self-help and/or provisional remedies” which serve to further pressure their opponent in any dispute.

    6. (F) Any arbitrator selected shall be knowledgeable in the subject matter of the dispute. Qualified retired Judges shall be selected whenever possible through panels maintained by the American Arbitration Association. Each of Depositor(s) and Bank shall pay an equal share to the arbitrators’ fees. This clause, while sounding prudent comes with a higher price and therefore serves the intent of the institution. It also takes away the right of the individual (without their choosing) to a jury of their peers. The cost is divisible by the number of depositors while the institution is treated as a one entity to the advantage of the financial institution. This weighs against the depositors as for example a husband and wife would have to pay twice as much as the financial institution would have to pay.

    7. (G) All statutes of limitations which would otherwise be applicable shall apply to any arbitration proceeding hereunder. In any arbitration proceeding subject to these provisions, the arbitrators, or a majority of them are specifically empowered to decide (by documents only, or with a hearing, at the Arbitrators’ sole discretion) pre-hearing motions which are substantially similar to pre-hearing motions to dismiss and motions for summary adjudication. The statutes of limitation serves the institution in particular since this arbitration agreement specifies “ Arbitrable disputes include any controversy or claim between the Parties including any claim based on contract, tort, or statute, arising out of or relating to the transaction evidenced by this agreement, or any proposed or actual loan or extension of credit, all past, present and future agreements involving the parties, any transaction contemplated hereby, and any aspect of the past, present or future relationships of the Parties”, and specifically states “The provisions of this section shall survive any termination, amendment, or expiration of the agreement in which this section is contained”.

    8. (H) The provisions of this section shall survive any termination, amendment, or expiration of the agreement in which this section is contained, unless all Parties hereto otherwise expressly agree in writing. This is a self serving clause, designed to further extend the unconscionability aspect of this agreement.

    9. (I) The Arbitrators, or a majority of them, shall award attorney’s fees and costs pursuant to the terms of this Agreement to the prevailing Party. While providing a means of prevailing through this agreement the author of this agreement provides another deterrent against pursuing the financial institution by requiring attorney fees from the losing party.


    10. (J) The Parties acknowledge that this agreement evidences a transaction involving interstate commerce. The Federal Arbitration Act shall govern the interpretation, enforcement, and proceedings pursuant to the arbitration clause in this agreement. While this acknowledgement is correct the fact is that the financial institution uses this clause only when it is convenient to them. Preference is in the court of greatest influence. From the onset they work hard to garner influence in our vulnerable legal system where the judges are elected and subject to the powers that can keep them in office which contrary to popular belief is not the voters.

    11. (K) Venue of any arbitration proceedings hereunder ... generally venue is the area of where they have gained the most influence.

    0 Votes
  • Ly
    Lydia Newsom Apr 29, 2008
    This comment was posted by
    a verified customer
    Verified customer

    I totally agree. I am an accountant who has a client who banks with IBC. When I look at her bank statements, her account balance is positive when it is charged overdraft fees. How confusing! I called the bank and they said that they could not supply me with anything on paper to justify why my client's account was charged od fees when it was NOT in the negative. What a headache! I am still waiting to hear back from someone else at the bank...TBD.

    1 Votes
  • Da
    David Medina Apr 17, 2008
    This comment was posted by
    a verified customer
    Verified customer

    I totally agree with your comment!!! They are making millions out of this practice. I have an IBC account which I used to use only to pay my IBC mortgage and I had no problems over the last year. Last month, I moved my direct deposit from another bank to IBC, and incredibly at the end of the first month I was overdrawn twice, then I deposited early the next morning enough cash to cover that overdraft, but they held the deposit one more day... long story short I have eight overdraft charges accumulated at the end of the month owing them $320.00 I went back to see if I was able to talk to someone at the bank and I was able to hear from them the most hilarious and incredible explanations I’ve ever heard. “The system does it like that” “The system takes the largest amount first” “It’s all automated now” etc. Also, when I opened this account almost 18 months ago, they incorrectly entered my home address and IBC kept charging me $5.00 each month for “return mail” even when I went every single month for a period of six months to tell them to correct my address. Did they reimburse me all the charges made due an error they’ve made? Of course not!!! Trashy IBC.

    1 Votes

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