straight talk

The great ACH, EFT deceit



Posted: Sunday, August 02, 2009

by straight talk

One would think that if you have money in the bank that the bank would protect your interests and your money. Yes one would think that, but not here in America . That is not the case. One product these financial and insurance and really all finance companies offer to "help" you save money is the ACH, EFT withdrawal. On the cover it sounds great. However, if can become a nightmare as many are now finding out.

So banks, that do not have to let you have your money at all now have you at their mercy once you sign an Electronic Funds Transfer Agreement or an Automatic Check Withdrawal to make payments on anything from Credit Cards to cars against your checking or savings or any account, YOU, that is the owner and the bank cannot, and I will repeat cannot stop them from making that withdraw, get this EVEN IF YOU CLOSE THE ACCOUNT.

If they continue to post, and you can bet they will even if you write them to stop, the item will be returned and guess what, you will be charged and overdraft fee. Now this is fact not fiction. Sounds crazy I know but I now owe over $600.00 in fees and "paid" items on a zero balance which was processed through and American Bank. Yes, one of thousands we think operate like a Bank of America and not a foreign bank. Now to say that is all American banks or within all states I cannot say for sure but my opinion is it is the vast majority. Yet I can say it is in Florida and I have had two experiences with two different banks, one a Credit Union and even after I signed "their papers", opened a fraud alert and called to stop.

So what they have generated is another income opportunity, all legal and given to us by the "Same old Washington Crowd" the great majority of you are all so enamored with. I was in fact told this is a very frequent complaint and to try to get them to stop is almost impossible. Why not, they have a good thing going. About the only way is legal action or bankruptcy and even then you signed the agreement.

I explained that it has caused me credit nightmares with bounced checks because I was told they would stop and didn't. I always had to tie money up in case and sure enough they didn't care if there was funds there or not. Posting over and over again until they hit something and generating fee after fee the bank mind, my bank of "America" and not a foreign bank, will not support me. They have my money and all they can say to me is "unfortunately" its all legal.

So here is my advice to you all if you are trying to save that 1 or 2 %. It isn't worth it. Let them bill you by mail, period. I have mailed them to that effect immediately. Unfortunately this bank of America is the same as our Congress, all about $$$$ and not customers. Leave the America out and replace it with greed.

I hope the information helps?

Robert T. Melaccio 2009 Robert Melaccio, Sr. All Rights Reserved Worldwide

Catch me if you can at realconsiderations.blogspot.com and on Webgazine. com

Just an average guy providing information you won't get anywhere else.





Robert Melaccio Sr. has worked in the computer industry for 40 plus years in a diversified business and managerial environments. He enjoys freelance writing, giving seminars for young adults and teen groups as well as being an accomplished award winning poet of published poetry. He has worked teaching and as a youth minister. He is married and has three children and three grandchildren.

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