Just another day in the life of Steve Knox.

First-frogger-Please, calm down! Your posts have a frantic, wild tone to them! Remember, its HIS money, not yours-no reason for you to be so upset! No reason for anyone to get so worked up here! He writes a blog-and shared something that he experienced. Maybe he made a mistake-maybe not. But my gosh people, you get so carried away with it! Its simple, really. Banks, especially but not exclusively, anchorbank, are out there to make money. Some just do it a bit better and less " sneaky" than anchor. Now I think this subject has been hashed enough. If you wanna go after me, that's fine but I'm bored with it and wont beresponding.

Exactly right, kiowamohican. If more Americans had even a rudimentary understanding of how the Federal Reserve and fractional reserve banking worked and how it directly affected them, we would see far fewer comments from bank apologists in blogs like this one.

Just to follow up on my anecdote yesterday... my bank imposed those fees on preschoolers' savings accounts long after I'd opened that particular account for my daughter. Months after closing our accounts, that same bank decided to adopt a less customer-hostile strategy, presumably due to loss of business such as mine. People may want to consider which of those business strategies they personally support in their role as blind apologist for the poor, mistreated banks.

tt:
Banking SHOULD be beyond easy to make $$ at with the outrageous credit spreads that have existed for the past decade, and now to the point where banks are given $$ from the fed for free, and charge you anywhere from 3% to 30+% to borrow it. Nonetheless, they still can't seem to do it. Well, more like they can not do it, and pay all the executives millions in bonuses for making outrageous profits that any buffoon with a 3rd grade education could do in the free $$$ fed policy environment.

"After speaking with a supervisor early this morning the last fee was reversed but she urged me to get into a branch to close the account because fees will continue (even when there is no money to take)."
.
God; glad I was not involved in that exchange.
I would have cynically asked: just how long they thought the fees would continue? Perhaps as long as your bank stays afloat? When the FDIC comes in and takes the bank over because your bank is beyond insolvent, will the fees also then continue on, or can I expect them to stop at that point?
Also when the FDIC comes in ma'am, where do you expect to be working after that?
.
Just a few questions I would have tried to have posed with a straight face!

'Anchor is known for "making" money at their customers expense'

How else would you suggest a company make their money?? Govt bailouts??

Lets say you have $40 in your checking and you write a check for $50. The check bounces and a fee of $30 is applied(if smart and set up your accounts for NO FEE to cover your butt from your savings-which you clearly are not smart enough to do so we will hear you whine again).
Guess what you are $40 in the hole. Are you going to whine because of the "fee" You owe the bank 30 plus the 10 for overdraft. Easy huh? Just becasue there isn't any money in there doesn't mean you don't owe the money.
GET IT NOW?

grandprixgirl- yep they are getting rich of Steve for sure- NOT it cost them money to overlook his $26(was now $2) what don't you get about that. All he had to do is STAY "active" and no fees or close the darn account already. They are clearly stated and "watch is go down each month" The first time I would have closed it since I DON'T use it or put in $1. It isn't like he doesn't live here!
I explained how you can get away w/o having fees. It isn't rocket science here!!!!!
"to GIVE them money so that they could TAKE the money. Do you not GET that???"
Got it- do you get it is in the CONTRACT he signed when he set up this account. they want their fee as he agreed upon.
WHY STeve- was it the FREE $100 they gave you. Why wont you answer this?

If you voluntarily enter an agreement with a financial institution that has clear rules and consequences, then you have no reason to complain when you violate the rules and they invoke the consequences.
Rule= Minimum balance or activity on account.
Consequence= Fees
You break the rules, you pay the consequences, no exceptions, even if your money is gone or you cry "It's not fair!".
I think most children understand this concept and if they don't we call them spoiled.

I believe you watching your money disappear is your own stupity.

I bank at Anchor. I agree with Steve. And if he wants to name the bank that hes having trouble with, more power to him! Get it out there! Anchor is known for "making" money at their customers expense. Why do I still bank there? Convenience I guess. I also bank at a CU here in town as well, and have just a small account at Anchor. Now, I know they will probably "absorb" my small account, maybe its time to move it!

I think all you high and mighty over-reacting people ought to re-read his blog. He was simply telling what had happened when his account dropped..and they actually wanted him to GIVE them money so that they could TAKE the money. Do you not GET that???
Does that seem logical? I guess to some of you it does, but not to me. Give a bank money so that they can TAKE the money away.

huh.

Narcissism.

Get 2 % back below Steve but read the fine print just in case. I was going to sign up for 6 points on my AM Ex and read the side fine print for $75 a year- woa stop right there. NOT.

I agree tt. I was thinking something like this with my Y membership.
Are you sure you didn't use your phone all month? lol

LMAO. This stuff is funny. Watch for the next installment of 'Peace & Glove' where I give Verizon my opinion for charging me even though I didn't use my phone last month. Ha. How dare they...

I admit one of my guilty pleasures is watching Steve get beat up on his blog. Some of it justified, some of it not. In the grand scheme of things he just really likes the attention and can't help himself. He's the type of guy that guy's just like to needle a bit. This time he deserves it. Crying about bank polocies which he knew about ahead of time. Either way he wins. Either he still has his money or can complain about losing it. Once again putting the focus on himself. Life according to Steve is pretty much; all about Steve.

I highly doubt he was watching it to see what would happen but instead forgot it and got caught with the fees. He seems a little too frugal for that so I think some "literary license" was taken in this blog.

Steve, I understand you opened a small account and I know $29 isn't a lot of money but it baffles me that someone would be so carefree with it that they'd sit there and watch the bank take chunks of it month after month until it was gone. And simply for the expressd purpose of seeing how they'd be treated. The next time you've got an extra $30 you don't know what to do with and feel like screwing around with a bank just to give it to them give me a call.

hg- you do not do things wisely do you.
I have accounts and I pay NO fees. I will not keep cash laying around. That is just stupid.
"ImBack
Jan 17, 2012 at 12:48 p.m.
Suggest removal

It was "Narissism" that got the site staff nervous. Their blog-checker doesn't like "N" words."
I thought this word was used in an earlier post too and not removed.
Garyprimer-"tights" not pants and red pumps to go with.SEXY

"I'm not one to throw money to the wind but I used my small account at Anchor Bank to see how a corporation would treat a little guy like me"
"I WAS aware of the fee and watched it erode my $29 account for several months.. "
Seems you ARE!
So you never said was this the FREE $100 they gave you to open the account?

"
steveknox
Jan 17, 2012 at 11:23 a.m.
Suggest removal

I'll jump in one last time. I WAS aware of the fee and watched it erode my $29 account for several months.. I placed that in my blog. My issue is that they will continue to fee even after the account reaches zero"
yes steve you stikll owe them the fee.
Yuo signed a contract agreeing to the rules.
rules is rules
You owe because they keep having to keep track of your insufficient(now) funds.
Don't you read the monthly stmts? Is isn't like this just happened. Go get your $29 or close the account.
gary-lol

I prefer my bank with fees for accounts under $1,500. They stayed profitable every year in business. I believe that profitability was due to not being a charity organization for people who want a fee free account with a $100 deposit.

Do you have big boy pants?

Seriously? Deleted? For what? "Narissism? "Boston Store makeup counter"? "Should have donated to Echo"?

Steve should put his big boy pants on if he wants to play.

Steve, you sure are taking a beating on this one aren't you? But I have to say, I totally agree with you. Been there done that. So as it is, I have not wrote a check in over 4 years, I do not put money into an account, and I do not pay the bank to let me use my own money. I pay my bills locally with cash and I deposit my rent cash into my landlords account. Cash is free and not service fee'd,....yet! I am sure someone will come up with a way. I used to live in the South so I know it is nothing to put your money in a fruit jar and stash it away where only you can get at it. Yeah, sure I do not get interest on it that way, but what good is the interest when the fees counter it and overwhelm it? Tell'em to take a hike Steve, close your account and don't give them another red cent!

The discussion about credit unions is very interesting. It is probably true that they were not directly impacted by the financial meltdown with the exception that they lost a lot of their mortgage business when the housing market crashed. Another good point well taken is that these things are non-profit. The greed aspect of the big banks is absent and they don't have to please their investors. If we had retained savings and loans and kept banking separate from gambling (sorry investment banking), we would be in far better shape today.

Of course they continue to charge you fees, even if your balance is $0. You STILL have an account and they still have to send you statements. CLOSE THE ACCOUNT!
-
But you would rather bash Anchor than take responsibility for your own choices. It is not their responsibility to close your account! You are trying to make them look bad, but in reality, you are only making yourself look bad (unethical due to your conflicting interests and stupid for not closing the account months ago!)

Steve Knox, opening a checking account - $100, monthly dormant fees - $30, writing a mud-slinging blog about a competitor of the credit union whom you serve as a director? Lawsuit!

I'll jump in one last time. I WAS aware of the fee and watched it erode my $29 account for several months.. I placed that in my blog. My issue is that they will continue to fee even after the account reaches zero. Rather than leaving it at zero they expect payment from the customer to get back to zero. After speaking with a supervisor early this morning the last fee was reversed but she urged me to get into a branch to close the account because fees will continue (even when there is no money to take).

I realize fees are a part of doing business with certain companies. This one was extreme.

Enjoy the snow and your afternoon.

The key here is reading the "fine" print. There are ways to get around most fees issued by banks. I belong to a local CU and have for many years, but I have dealt with banks for loans. Some banks have more resrictive fees than others, but you ultimately are responsible for knowing and understanding the fees. Ingnorance is not an excuse here. I do agree though that if the account was dormant for that long and the balance was that low, they should have just closed the account. A lot of institutions (both banks and CU) do this, so I am suprised that they approached this like they have, but who knows maybe you did slip through the cracks here.

...and it wasn't a debit card, just a regular ATM card, so without my PIN it was pretty worthless. I had the second ATM card I was issued in the safe at the hotel, just in case.

frogger - I did have a credit card. That was the only thing that got me through, but it was back when you couldn't use them everywhere for everything (especially in Italy), and it wasn't set up to be able to do cash advances.

Member of PCCU for over 35 years. Never knew about the $20 min. I was told it was $5 min., the same as BHCCU. Been a member there for about six. Steve, were you not on the Board at Blackhawk? And yet, you would still put any of your money in a bank. Sometime we get what we deserve. But, who knows maybe you are assuming something here just like you did on the Walker Billboard being put up by a anti-Walker group.

li713- I would have taken a regular credit card and pay it off when you get back home. Also if somebody took your ATM card there(if it did work) you are screwed. Is there protection quickly on an ATM card like on a credit card?

By the way, if you had picked up the phone yesterday, you would have found that AnchorBannk was NOT closed for the MLK holiday. Again, not their fault for your inaction.

OK, so if it was a dormant fee, it meant you hadn't done any business on the account in some prescribed time. If you had thrown in a buck, it would have removed the dormant status and away you would have gone for another time period. Instead, you chose to play "what if" and then blame the bank for your folly.

johndenver-I have no association with Anchor bank. I am just irritated by the narcissism of this blog and how everything should revolve around Mr. Knox. Post office closed on a holiday??? How dare they inconvenience Mr. Knox! Bank charging fees that they clearly spell out when you open an account? How dare they apply those rules to Mr. Knox!

Oh, and by the way, when I was in high school I went on a trip to Europe through school. My parents decided the best thing would be for me to have an ATM card instead of having to take all my cash with me. I had a savings account at BCCU at the time and my parents banked there so that's where we went. We explained to the woman that helped us exactly what we needed. She issued an ATM card for my savings account and sent us on our way. I got to Europe and discovered that it didn't work. After numerous phone calls and finally a trip in there, BCCU told my mom that as it turns out you cannot withdraw internationally from a savings account. Apparently despite being a legitimate financial institution, they didn't know that, or the person who issued us the card didn't know that. Either way I was stuck in Italy with no access to my cash. It took them two days to get a checking account opened, my money transferred over, and figure out how to make the card they already issued me work on that account since there was no way to get me a new card in time. It was a long two days. With the changes in banking laws they probably can't even do any of that legally now. Maybe it wasn't legal then. I don't know, but I would think when you're sitting with a parent and their minor who is about to go abroad without them you'd make extra sure that everything is correct and all your ducks are in a row.

I agree with johndenver. Excellent use of a blog.

I once had a similar experience at a different bank with a tiny daughter's tiny savings account. So, we went to a teller window with passbook in hand and asked, "Whose account will be receiving the balance of my daughter's savings?" I then explained to the puzzled teller that the bank would eventually drain her little saving account to zero so why not just cut to the chase and give the bank ALL of her money right here and now, in her presence? Naturally, the teller had to get her supervisor, who got her supervisor and so on until I felt satisfied I was speaking with someone of sufficient authority. Then I closed every account we had with that bank. Point made, problem solved.

Now would be a good time to address that the business structure of credit unions vs. banks is very different. Unless something has changed of late, credit unions are "not-for-profit" entities and thus not subject to federal income tax. Banks are in business to make a profit and thus are taxed. As credit unions have come to act more like banks these days--with the same services and functionality--is this fair? Just food for thought.

I have been a member at PCCU forever. They require $20 in saving and no fee unless it sits there for about 6 months. You could take out 10 and put it back in and no fee beause there was "activity". I read the directions Steve.
Checking with direct deposit- no fees.
I also have two loans at another CU and there is a fee on you $5 unless there is activity and the loan payment each month count as activity. Just read the "rules" and you will be fine. When they mail new rules(which cost money and they just got it form you) READ THEM!

BCCU may not do this now, but they have in the past. When I first started college I had accounts there. There was no branch where I went to school, so I opened an account with a local bank there. Eventually most of my money at BCCU was gone due to monthly fees for not maintaining high enough balances. I closed my accounts there and the bank I used in college now has branches here. Between my husband and I we have two checking accounts, two savings accounts, and our mortgage at that bank. My husband banked at PCCU for years, but their system was slow. It would take days for debit card transactions to show on his account. The best thing about my bank now is they don't have "bankers" hours. Their drive up is open until 6pm Mon-Thurs, 7pm Friday, and 2pm Saturday. Considering I work 45 hours a week (minimum) and I don't have the option of direct deposit through my employer, this is pretty important. I always get good customer service, but I'm not that up on their fees because I don't pay any. I don't think it's is really about banks vs credit unions, it's about finding the right financial institution for your needs.

You better read you CU rules as well. They do have fees unless you do like I stated.
Sre you going to bash them next for charging fees to you because you cannot read the rules???

Is this the same FREE $100 that I got a few years ago for opening an account. WELL that is what you get for not spending it ASAP. I still have my free checks and they have never charged me a fee. They give you all the packets and CLEARLY state what happens to the moeny and if you don't have activity etc!
I called my bank yesterday on the Holiday and asked a question. Are you sure you bank was closed. What is with the issues on Holiday days? You couldn't mail something because of Columbus Day. Have you been listening to the news lately or just listening to yourself blog. FEES are everywhere. I don't have a fee on my personal checking because we do Direct deposit. Do you own a home? Many no fee things if money is in their bank where your mortgage. Did the wife get the home?
If you give money for the bank to use you usually can get away with not paying fees. If you get $100 for free and don't have any other accounts and want the bank to live off your(their own $100) you got another thing(fee) coming."telling me I owe them money for housing my small amount of money in their bank was wrong"
again YES it costs them a lot to "house" this petty cash for you. Just think how much they pay on stamps to send you mail and stmts. Some now charge a fee to send you statements if you don't sign up for paperless. I see no problem with this. They cannot live off your 100/ or is it 30 now 2.

"Footnote I am a member and volunteer Director at a local credit union; however, I became a customer at Anchor prior to becoming a Director."
THEN YOU SHOULD KNOW BETTER!! DUH

Factsplease - So what horse do you have in this race because this is obviously bothering you more than it should? Work there? Management there? Regardless of their policies I think the main point is these types of fees are ridiculous and drawing attention to them will allow others to not make the same mistake. Too many companies get away with treating customers poorly (wheter in the policies or not) and I'm glad someone is drawing attention to it.

A local credit union is recovering from an 'embezzlement' episode. Another one has problems understanding the IRA rules. Customer service suffers at another credit union. Yet I choose to use credit unions instead of banks despite the fact that I get second-class service.

If you opened your account four years ago to check out how a bank would treat a little guy like you, you might have been better served to have given your hundred dollars to a worthy cause. It is hard to believe that a person would open an account for that purpose. It is also hard to believe that you would be a director at a credit union. One day you said you were an " iron man " and now you are trying to pass yourself off as a "little guy". You will have to some day make up your mind. What ever you are taking, try not to operate heavy machinery or drive. Next you will be using caps in the middle of your sentences. Go for a bike ride or put a Honda in your driveway.

He says they did something "wrong". That is a lie, they followed their rules and procedures, nothing wrong with that. If he didn't read the rules or chose to ignore them, that is what HE did wrong, not the bank. Totally Steve's fault that this happened and very unethical of him to publicly bash them for his mistake.

you set yourself up for this one, but I feel your pain. Many years ago in college, I left 3 bucks in a checking account. my last check that was suppose to go through was for about 5 bucks for "beer nuggets" (pizza puffs)leaving my balance at $3. Problem was, the pizza place didnt cash my check for 2 months. Monthly service fees dropped my balance, so when they cashed the check it bounced. $40 snack it turned out to be. I now also only have my money in credit unions. rules will change over time, and so will the location of my money.

I am a lawyer & the defense to libel & slander: the truth. That said, I bank at Guaranty Bank - totally free checking with direct deposit. I would never bank anywhere that assessed any kind of fees.

It is the banks fault for letting adults open accounts for that small of an amount, but I bet the bank thinks less of you than you think of them.

Way to go stevo, piss off the very same people who read your crap.

I don't believe that I used the word libel. Unethical was my word, but not libel. I would want my lawyers to look at it as there are other legal avenues besides just libel and I would want every one of them checked out.

I have one more comment. After reading the rules of posting a comment I think The Gazette should have removed your comments about the bank. If I were near an Anchor bank I would start doing business with them only because you don't like them and to help make up for any customers they lost because of you. You were not fair this time.

After reading the rules for a checking account you should have known that you needed to maintain a higher balance. Where is this different from going into a restaurant and ordering just a glass of water and leaving with a few napkins to use to check the oil in your car. What you are doing is just driving up the cost for everyone else. I think it is wrong to bad mouth your bank because you did not play by the rules. There is some cost involved each time your bank sends you a statement. I think you need to take a nice walk and think about getting a life and quit complaining about every little thing.

Steve...these banks are here to make money, NOT serve the customer like a credit union. Years ago we had our girl scout account there, what a joke,I would NEVER trust my money to a bank, only a credit union.

Stick with a local Credit Union. Best service I have ever had with a financial institution.BCCU.

Not for me to spread fear, but Anchor bank is actually on the verge of going under. It was just recently kicked off NASDAQ because it could not stay above the required $1.00 a share bench mark. So now it's on the OTC pink sheets, which basically means it's credit worthiness is less then junk status. It currently trades for $0.32 a share.
Your balance Steve of $30, 6 months ago, has fallen about as fast as their market capitalization value!
If they are not soon bought out by someone, you'll likely see the FDIC take the place over soon.

Factsplease, if I managed Anchor bank... oh nevermind.

Factsplease & luvjanesville - the word libel doesn't even
apply to this blog. Probably would be a good idea to look the
Word up and know what it means before you try to
use iit

Factsplease - there's nothing libel about this. This is all true and I will be calling in the morning. Closing an account with a ticky tack fee is one thing, but this is not customer service...no matter what industry you're in.

I agree with factsplease... I'm no lawyer, but even I can look up "libel" in the dictionary.

If I managed Anchor, I think I'd be talking with the lawyers about this one.

Hmmmm.... bashing a bank, when I'm sure their fee policy was explained, while on the board of directors of another financial institution??? Not too ethical of a use of your blog, IMO.
http://www.usacreditunions.com/blackhawk...

I side with Anchor, why hold the account open. Ever consider that they have expenses associated with insuring and reporting your balance?

Banking industry is scum. No BANK is better than any other.

My member owned credit union doesn't pull stuff like that - and they stayed exceptionally solvent during the real estate bust because they didn't refinance every mouth breather that could sign their name.

http://www.anchorbank.com/Personal/perso...

Just typical bank dealings, like charging $30 for (not Anchor) overdrawing $8 because my payment into that acct was a day late.
Just smile and grit your teeth.
Typical bank.