Avoid this bank like the plague, their customer service is terrible and their banking practices are unethical. And I'm being kind. Their policy is to apply debits before credits. So no matter that you deposit money in plenty of time to cover any withdrawals, that night they run the debits first (even though they can clearly see the deposit and admit to seeing it), slam you with overdraft fees, then run the deposit through. Wachovia and the other banks we used over the years never did that.
I strongly advise not using this bank.
I have been a customer of Colonial Bank for 5 years, and in that 5 year time period Colonial Bank has made countless mistakes. It started two years ago when I made a deposit in the ATM machine for $1500.00 on a Saturday which meant in Business Days (Monday). When I checked my online banking it wasn't there, I then called my local branch and asked for the Manager. The manager asked me if I kept my receipt and if so to bring it up to her and the matter would be taken care of. When I arrived I was made to wait for 2 hours to only be told that there was no deposit located for that amount nor did it print a receipt for the bank. Even though I had my receipt that said I had made the deposit. She then insisted I deposited an empty envelope. When I demanded her to look again she threatened to shut my account down and call the police. I left the bank and made a stop at a local convince store for gas and the man asked for my card and proceeded to explain it had been reported stolen! He knew me from coming in on a regular basis handed my card back and I went back to the bank to resolve the issue, for the manager to once again scream at me, verbally abuse me, and then tell me she could not turn my card back on, I'd have to order a new one and wait seven days! I then tracked down the Regional Manager for answers, it wasn't two days later and my deposit was found! No apology! A year after that I went to my local branch to purchase a Cashier's Check I was asked to make my check out to Colonial Bank for the amount of the cashier's check... some how the check I wrote to the bank was put through twice which caused a negative balance of more than $6000.00 all from a mistake that they made. They didn't even contact me I caught the problem and brought it to there attention... again no apology, but they did refund all the fees. On another occasion I made a deposit through the ATM once again and they didn't pull it on time which caused me to have three NSF Fees. They once again treated me as if I was at fault and I had to fight tooth and nail to get all fees returned. Last but certainly not least I recently was charged two $33.00 NSF Fees when my account still had a positive balance! When I approached the manager for an explanation I was told that it wasn't a priority and she would look into it. I then called the Colonial Bank Customer Service line and asked for a time stamped document and was hung up on. I called back and was told there was nothing they could do for me that I needed to take the matter up with the Branch Manager! At this point the Branch Manager just wants me out and will do ANYTHING to manipulate the situation. I again track down the Regional Manager for answers to only be told that in 10 days my account will be closed. So I contacted her boss and explained that you can't bounce when money is there and the money that was there carried into my balance the next day and is still there... So please explain how I incurred these charges, he had no answer for me and stated that he would investigate it. It has been a week and nothing yet I call everyday and get no answer as to why they took $66.00. While all of this was transpiring I tried to cash a check drawn off of a local account, I had said money in the bank to cover the check. Only to be told that under the circumstances they couldn't cash it even though nothing was pending in the account. I was asked to come in since we were in the teller line, I did only to walk in on the Branch Manager and another employee speaking badly about me. When I asked why the check couldn't be cashed even though the funds were there she stated that Colonial Bank assumes that it's going to bounce. When I asked for that statement in writing she explained it would be hard to put that in writing. I was so angry, I once again called the Regional Manager to please explain how this behavior is acceptable and When is this Manager going to be held accountable for her mistakes and profiling . I have never been treated with so much disrespect . I have changed banks since and do not recommend anyone to Colonial Bank.
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!