Swindled by Bank: My €14.06 Check Cost Me €27.50

  • Thread starter Monique
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In summary, a person shares their experience with being charged a high fee by their bank for depositing a foreign currency check. They also mention the frustration of their bank changing their account type without notification. Others chime in with their own negative experiences with banks, including one person being charged $20 for being 27 cents overdrawn and another getting scammed by a telemarketer. The conversation also touches on high phone charges and a successful dispute with a phone company.
  • #1
Monique
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Even by your own bank?

A few weeks back I deposited a €14.06 check in foreign currency. The bank was very helpfull in filling the forms in for me.. they never told me what the charge would be.. I was naive enough to think that it couldn't be more money than tranferred.. right?

THEY CHARGED ME €27.50!
Bastards! :)
I would have made more money buying a nice frame to hang the check on the wall..
 
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  • #2
That really stinks!

My wife and I just changed banks because they changed the type of account we have without even telling us. They moved us from a minimum $500.00 balance account to a $1000.00 minimum balance account and never told us they did it until they charged us $14.00 for being under their brand new minimum!

Banks are *EVIL* aren't they Monique?
 
  • #3
Originally posted by Artman
Banks are *EVIL* aren't they Monique?
They ARE! When is the last time you saw your money? On the little paper they send you each month? Who says you still have it
 
  • #4
My bank has a bad habit of not deducting my spendings until the day before my car payment comes out in hopes that I'll be short on funds.

I went in the hole 27 cents one time and got charge 20 bucks.

But I also have to give them credit for saving my butt once. I got tricked by some telemarketing scam that called me at like 7 am one morning. Long story short, they took about $300 from me, but the bank was quick to stop them and turn them in for me, plus getting my money back.

And now my Kia is broke down and there jerking me around on the warranty.
 
  • #5
Read the small print folks...!

and remember, if a deal sounds to good to be true, it ISN'T true!
 
  • #6
Apparently.. the US phone companies also know their ways. A friend of mine was offered a long-distance phone card to be used in the US, charges? 50 cts/m .. a call from the US to the Netherlands costs me 6 cts/m .. how can inside the US be so expensive??

I once called from the Amsterdam airport to the US, charges? You won't believe it: 20 seconds (I got an answering machine) cost me $40 ! I called the company who took the call and asked what the heck they thought they were doing, they offered me a $9 credit, for a 20 second call!

MCI called (US phone company) they had a deal, first month only $20. I was only staying for another month so I took it. Yesterday I got the bill: $70. I immediately sent them an email that I am not going to pay that bill. They send an email back, those are the charges, you have to pay. I again send an email: your company made a gross mistake and I will tell everyone not to consider MCI as their carrier. Guess what: I just got an email that they are going to credit me the full amount
 

1. What is the main reason for the cost of a €14.06 check to be €27.50?

The main reason for the cost of a €14.06 check to be €27.50 is due to bank fees and charges. Banks often charge fees for various services, including processing checks, and these fees can quickly add up.

2. Can I avoid these high fees when cashing a check?

Yes, there are ways to avoid high fees when cashing a check. One option is to deposit the check directly into your bank account, rather than cashing it. This can often be done for free or at a lower cost. Another option is to cash the check at the bank it was issued from, as they may not charge any fees for this service.

3. Is there a limit to how much banks can charge for processing a check?

Yes, there are regulations in place that limit how much banks can charge for processing a check. However, the specific limit may vary depending on the bank and the type of account you have. It is important to check with your bank to understand their specific policies and fees.

4. Are there any other fees that I should be aware of when dealing with checks?

Yes, in addition to processing fees, banks may also charge fees for returned or bounced checks, as well as stop payment fees if you need to cancel a check. It is important to read the terms and conditions of your bank account to understand any potential fees that may apply.

5. What should I do if I feel the bank has overcharged me for a check?

If you believe the bank has overcharged you for processing a check, you should contact your bank and request an explanation of the fees. If you are not satisfied with their response, you can file a complaint with the Consumer Financial Protection Bureau. Additionally, it may be helpful to compare fees from different banks before cashing a check in the future.

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