NOT A Blue Collar Bank
Written: Jul 16 '07
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Product Rating:
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Pros: Convenient branch locations & hours; after annual Debit card fee, then unlimited "free" use
Cons: No longer a blue collar worker's bank; high penalty fees
The Bottom Line: I fairly rated Customer Service a "4" because that isn't the problem. The problem is Commerce's high and punitive fee structure.
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| powerinknowing's Full Review: Commerce Bank (NY-NJ-PA-DE) |
I've been a Commerce Bank customer for about 10 years. Over time, the fee penalties and implementation schedule have become ridiculously and harshly punitive.
I've never agreed with the minimum balance requirement forced on us by the banking industry. I don't earn a high income, so a $500 min. balance is a lot of money for me to reserve for the bank and not be able to use for my own expenses. I first chose Commerce because the balance required for basic checking was (and still is) "only" $100.
This is what currently happens if your balance drops to $99.99--yes, ONE CENT below---or more. Say, a check was cashed and it dropped you to $70 balance:
A $15 Cycle Service Charge to be deducted at the end of your statement period.
Now, let's say it's between pay periods and you don't have $30 to deposit to bring your account up to the minimum right now. Pay day comes but your employer is having trouble with payroll and your direct deposit is delayed 24 hrs or so. In the meantime, Commerce deducts the $15 Cycle Service Charge for dropping to $70 because it's the end of the statement period. Your checking balance is now $55.
Over the next day or two, your direct deposit goes through and your balance is over the $100 minimum. Whew! Glad you made it through the fee penalty, right? WRONG! While your direct deposit was delayed, your account began a NEW statement period, showing a $55 balance! You are below the minimum AGAIN, Commerce will AGAIN charge $15 at the end of THE NEXT STATEMENT PERIOD! $30 of your hard-earned money gone. Poof!
God forbid something really goes awry (as it tends to do in this electronic world). Once I was charged $15 for dropping below the minimum AND $33 for an overdraft fee! $48 for an error. I have 3 accounts with Commerce and each can be penalized on its own without regard to the money available in the other accounts. If you have 2 checking accounts and a savings, don't you think they'd NOT penalize you for falling below the minimum on the smaller account?? It's called "Customer Service" and a "Thank You" for keeping all of your money with us!
I also have a savings with my credit union. I plan on leaving Commerce and open up a checking account with them. I haven't looked into all of the details, yet but I believe the minimum balance required is $5. Hopefully, the fee/penalty structure is less punitive.
Recommended:
No
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Epinions.com ID:
powerinknowing
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Reviews written: 1
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