Wainwright Bank Stole My Grocery Money

[redheadedmuse.livejournal.com]

After almost 10 years of doing business with Wainwright, I finally jumped ship this week after they charged me almost $100 in overdraft fees - even though my statement shows no overdraft at all.

As I said in my open letter to them, this is not just my issue. Banks are poised to rake in over $38 billion in overdraft fees this year, and Congress has just approved new regulations making the kind of sneaky accounting and overdraft "protection" racket Wainwright is using illegal. Those regulations haven't gone into effect yet, but I would have hoped our neighborhood "progressive" bank would be ahead of the curve in this important social justice issue.

I'm disappointed that a local bank that advertises itself as "banking on values" would treat its customers this way. It's a deceptive and predatory practice that traps financially marginalized people in a painful cycle of debt they can't get out of. Shame on you, Wainwright.

Comments

[bobobb.livejournal.com]

I'm so sorry this happened to you. I closed my Wainwright account after about 6 months as it was a complete disaster any time I needed them to take care of something for me. They accidentally sent me checks on a joint account with only one name, getting that remedied took multiple days, phone calls etc. Other annoying issues similarly arose. I now have an account with Boston Private Bank and Trust, which has offices in Kendall and an ATM in Harvard. They are really helpful and friendly and actually recognize me when I go in, even though I go in maybe four times a year -- shocker!

[ron_newman]

With a name like 'Boston Private Bank" I always assumed that you had to be rich enough to own a hedge fund in order to bank there. Not true?

[bobobb.livejournal.com]

I know it sounds so classy and their offices are really swanky -- marble floors and the whole lot -- but no hedge funds needed to bank with them :)

I signed up with them years ago (10?), so I'm not sure if they've changed their policies re:minimum money in account etc., but they've been really great for me on any and all issues that come up, I even got my mortgage through them. Up until last year they would actually exchange money for you into other currencies at no charge for travel etc., but sadly they stopped providing that service :(