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Since: Aug 08

Signal Mountain, TN

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#1
Sep 3, 2008
 
How many other people are being "ripped off" by First Tennessee Bank?

Here's my story and be aware it may take a minute to get to the point. Please read all of this post before you slam me, if you are going to do that.

First Tennessee Bank just charged me $280 in over draft fees. The charges came in last night in this order: highest debit to lowest debit.

I knew I might have an over draft fee because I could not make it to the bank yesterday to make a deposit. I knew my account was going to be about $30 short. IF First Tennessee Bank had paid all the charges from lowest to highest I would have had ONLY ONE NSF fee.

*Side Note* I have another account with a different bank - First Volunteer - and they always pay the debits from lowest to highest to help avoid any unneccessary nsf fees.

I've had this problem with First Tennessee Bank in the past. Even when I would make a deposit in order to avoid nfs fees.

A little history of policy regarding deposits and debits according to First Tennessee Bank's Red Bank Branch's manager...

This is from a conversation between myself and the bank manager.

Me: "How come you can take money from my account immediatley when I use my debit card, but you cannot put the money in my account in the same manner unless it is a cash deposit?"

Manager: "The government dictates different policies that we follow for deposits and debits."

Me: "So you can take money from my account immediately but you cannot put it in my account the same way. Why can't your bank do the same thing regarding taking money from another bank account in the same manner as the ATM, various stores, etc. to make the deposit available so that I'm not charged an NSF fee."

Manager: "The government doesn't allow us to do that."

Me: "So I can make a deposit, then go to Bi-Lo buy groceries using my debit card. The money for the grocries will be deducted immediately, causing an NFS, your bank will charge me $35 for that overdraft even though I had made a deposit before the debit I knew I was going to have."

Manager: "Yes."

Me: "That's not right."

Manager: "We have to follow government policies. It's in the agreement you signed when oening your account."

Me: "I don't have this problem with my other bank account."

The conversation went on without my getting what I considered a fair explanation. Yes, I have read the legal mumbo jumbo since that conversation and it doesn't really make much sense to me.

This is my point (finally) why does one bank, governed under the same rules as another bank charge nsf fees every chance they get, when they could help their customers by paying as many debits as possible before overdrafting the account?

My opinion is that First Tennessee Bank does this, hiding behind government policies, in order to make as much money as possible from their account holders. First Tennessee Bank is out for themselves ONLY and does not care about their customers. What they are doing is legal but is it morale? I think not. First Tennessee Bank is greed controlled.

I realize businesses have to make money in order to stay in business. Doesn't a bank make money through the interest they charge on loans? Isn't that enough?

Think about this, if First Tennessee Bank has 10,000 account holders that have one overdraft fee per month (at $35 each) that amounts to $4,200,000 a year.

I am closing my account with First Tennessee Bank today! I have had enough of their greed. I'm tired of them ripping me off. They could adjust their policies (and still be within the law) so that they help their customer as much as they can and still make money. They won't, because they are greedy!

Sorry if this is a duplicate post.
whats up in your hometown

Cleveland, TN

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#2
Sep 3, 2008
 

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lobo, you did the right thing by closing your account. The banks (government) have us under their control. I have made a deposit and it was not credited to my account first. I was told that it was credited in the order it was received and maybe not in time to stop an overdraft. This is at Regions Bank, not much different than First TN Bank.

Good luck, and this is a good topic to get started. Let's see what everyone else has to say about banks.

Since: Aug 08

Signal Mountain, TN

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#3
Sep 3, 2008
 
whats up in your hometown wrote:
lobo, you did the right thing by closing your account. The banks (government) have us under their control. I have made a deposit and it was not credited to my account first. I was told that it was credited in the order it was received and maybe not in time to stop an overdraft. This is at Regions Bank, not much different than First TN Bank.
Good luck, and this is a good topic to get started. Let's see what everyone else has to say about banks.
WUIYH: Thank you. I would like to what everyone else has to say also. Maybe someone will offer some good advice on how we can make a change in how the banks and govenment do business.

I have been dealing with this problem for a while. One day, I stood in line for 20 minutes to make a deposit (read 3:40PM). I was overdrafted that night. I went to the bank (First Tennessee of course) to complain. Showed my deposit slip, the same manager looked at it and said "Oh, you didn't get the deposit in before 4 p.m." The slip was stamped 4:03PM. I went balistic, probably lucky they didn't call the police. Had I not created such a scene, they would have charged me that overdraft fee. Because I was loud (maybe a little to loud ~ hehe), that time they reversed the charge.

Oh, I just want to add a little disclaimer, yes I know it is my resposability to have the funds available. I honestly try to keep my account in the black. But in this day and age of high prices, low wages, recession heading for depression, it is hard for the common man to make ends meet.
atfin

Medford, WI

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#4
Sep 4, 2008
 
And the other end to this note. This is how the stock holders are making there money and the Branch Managers and Administration. Not the Clerks, or the Customer service people. See they have a strict guideline that says they can courtesy only 2 nsf per 6 months per account. Now the other part people does not know is just how much money they make in overdraft charges and return check charges, and check by phone fees. If you will watch your account real close you will notice items posting and then watch carefully they vanish the next day making you think the item has posted and cleared. They have people in processing in memphis who actually find ways to cost you money. Here is an example they open credit cards for you when you open an account at a branch you don't even have to ask for it the manager makes money doing this and opening online banking etc. Now let's say you have a loan from the bank again processing in memphis will not ship you out a statement and they say it is the postal service well if you don't get the statement you can't pay the bill now the bank makes interest and late fees. First Tennessee Bank is a big rip off. If enough people would just pull together you will find out you can beat them back start by stopping the visa debit and go debit only atm withdraw only remove your money when it comes in do money orders or just pay cash use free checking there is no fees for the account and no minimal balance. I will check this site again. And if you want to know how I know just figure out the name.

Since: Aug 08

Signal Mountain, TN

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#5
Sep 8, 2008
 

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atfin wrote:
If you will watch your account real close you will notice items posting and then watch carefully they vanish the next day making you think the item has posted and cleared.
They have gotten me using this method several times.
Timberwolf

Collierville, TN

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#6
Sep 17, 2008
 

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Lobo,
If you have not closed your First Tennessee account or when you open an account at another bank you may want to ask about a reserve fund. I have a First Tennessee account and I have a $400 reserve that is baiscally a loan that Frist tennessee gives me when ever I have NSF. I know when I use the reserve they charge like 1% per month on what I and any money I depost is used to first cover the reserve but if you do not use the reserve they do not charge you. I do not know if can get the reserve on a free checking account or if you have to have a premium checking account (mine costs $9 a month). It may be worth looking into at your next bank.
ms knoxville tn

Knoxville, TN

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#7
Sep 18, 2008
 

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frist tennesse sucks , i have the same problem nsf . only had the acct for 3 mos . i was told they have no control over , but when i use my card its a point of sale . chg me over 300.00 am closing this acct . i will never bank there again.
josephnmemphis

AOL

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#8
Sep 19, 2008
 

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i must say the memphis frasyer branch has the WORSE customer service of any bank i deal with. i have a commercial account with them..only because they are located down the street from my business.
the commercial account manager and the branch manager are pure asses. i take in cash deposit and they say they can not accept that much cash... i write a check for fifty thousand and ask for cash they tell me they dont keep that kind of cash on hand, and it will take 9 days to get it. i deposit a local certified check and they put a 15 day hold on it.
it does no good to complain because the ass hole branch manager will defend the jerk handling the commercial accounts.
I ASK FOR THE MAIN NUMBER OF CORPORATE AND THEY SAY THEY DONT HAVE IT.. LOOK IT UP.
I HAVE HAD IT WITH FIRST TENNESSEE.
THERE MORTAGE DIVISION HAS BEEN PESTERING ME FOR THREE MONTHS TO TAKE A LOAN ON MY REAL ESTATE HOLDINGS... I HAVE 16 PROPERTIES ALL PAID IN FULL, I HAVE NO LOANS ON ANY THING I OWN. I HAVE NO CREDIT CARD DEBT. THE LAST PEOPLE IN THE WORLD I WOULD DEAL WITH IS FIRST TENNESSEE OF MEMPHIS.
unfair

Athens, TN

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#9
Sep 22, 2008
 

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The same things happened to me. The over draft fee is too much. I am thinking about that I should close the accounts in First Tennessee Bank.
Jin

Athens, TN

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#10
Sep 22, 2008
 

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They charged me 3 times one day. It really made me mad. I am going to close the accounts too.
misslender

Soddy Daisy, TN

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#11
Sep 24, 2008
 
I worked for them several years ago...and YES...they are all crooks. In fact, several employees brought a class action against them, just to get paid. Everyone had to agree to keep quiet in order to receive very little of what was owed to them.
On another note, Com trust Federal....they are a joke!! I opened a account there with $127000.00 to start. Every bit of that was planned to be withdrawl in 3 payments..I had a home and some land to buy. Once I bought my property...they sent me a nasty letter claiming I was over drawn...they called me by first name and never made me wait in a line while the balance was high. The sad thing is...they lost a lot more than that. My accounts were simply still in Panama City Beach..and I didnt want to move everything right then. Boy did they miss this train..BIG TIME!!!! LOL
Bank Rip Offs

Madison, TN

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#12
Sep 28, 2008
 
Banks are truly in it now for the "money". The managers are trained to crook and rook everyone possible. They must meet quotas. Not only does this make for unfair business sales tactics but turns the seller into a lying, manipulating crook.
That is the way of our country now, stab them in the back while you have a chance. It's called
"business". They will meet God in person one day.
Sandra Hudnall

Crowley, LA

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#13
Oct 2, 2008
 
It is near to impossible to open/review or do anything with your account online at First Tennessee Bank Memphis Tennessee

My dad passed away on September 5, 2008 and his atm card was given to me (daughter) He only had two children ---- myself and one who is deaf that took most all his earthly material possessions. I am the only one that has access to this account and I suggest they make improvements with their online software to look at a monthly statement or close their damn doors.
Little to Do

Rossville, GA

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#14
Oct 2, 2008
 
change banks..........

Since: Aug 08

Signal Mountain, TN

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#15
Oct 25, 2008
 
Timberwolf wrote:
Lobo,
If you have not closed your First Tennessee account or when you open an account at another bank you may want to ask about a reserve fund. I have a First Tennessee account and I have a $400 reserve that is baiscally a loan that Frist tennessee gives me when ever I have NSF. I know when I use the reserve they charge like 1% per month on what I and any money I depost is used to first cover the reserve but if you do not use the reserve they do not charge you. I do not know if can get the reserve on a free checking account or if you have to have a premium checking account (mine costs $9 a month). It may be worth looking into at your next bank.
I closed the account Timberwolf. I found a great bank, First Volunteer. So far I am extremely pleased with their service. Anyone wishing to change banks, you may find First Volunteer an acceptable change.
Sheri

United States

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#16
Dec 27, 2008
 
My heart goes out to you all. I had a really bad day after Christmas regarding my account with First Tennessee. The 24th I waited in line to deposit my checks that morning but the lines were so long that I had to pull out and go on to work. So, I went back on my lunch hour only to find they had closed early. I was panicked. I went to the bank first thing on the 26th and found out I had 8 overdraft fees. I was sitting there about to cry and the woman was so cold to me. She told me I could only have one overdraft refunded and it came to $280 total so I still have $245 taken out of my much needed funds. I am a single mom raising three kids and I need that money so badly. I explained to her how hard I tried to make that deposit on the 24th but she didn't care. She told me I could have deposited it through the atm. Well, even if I had thought of it, which I didn't because I have never done it before, I probably would have thought it was too late anyway since they were closed. I found a video online that some of you may be interested in. Maybe it will work. I am going to try to talk to someone else at the bank on another day but if they won't give me my charges back I am going to take them to small claims court. Here is the link to the article and video:
http://www.wallstreetfighter.com/2008/10/how-...
Bob Orr jr

United States

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#17
Jan 11, 2009
 

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lobo2013 wrote:
<quoted text>
They have gotten me using this method several times.
Bobby Orr Jr

Plainville, GA

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#7
Wednesday Dec 31


Someone who knows wrote:
<quoted text>Why are you putting this on here???

What Alvis Bolin did was wrong he should say he is sorry for messing with Lonnie's Sister's Car
and Property.

Lonnie Lee Owens was a member of my Church before He Married
Heather. He was in my Sunday school class in 2nd grade. How did he become evil, you cant be a regular church goer and plan to do something like
he did to Heather. I guss the Devil has had his heart for a long time. I havent seen him since 90
before I moved to Manchester. I remember Brother Darryl Baptizing both of us. I guss its easy to
backslide. I heard from Scott Hunter what Lonnie did and He told me Lonnie became a drunk and drug user and stoped taking his meds so he could get high and not kill himself. I will prey for him
and I will ask My church members also. Evil is real!
Randy

Memphis, TN

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#18
Jan 28, 2009
 

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All banks post in the same manner unless it is a credit union. The issue is don't spend money unless it has posted in your account. People often play 'beat the bank' and with the check 21 and fasting processing, you cannot get away with it. People need to grow up and stop blaming people for their mismanagement of money. This is crazy.
Ms Diva

Memphis, TN

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#19
Feb 23, 2009
 

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Everyone has had a bad banking experience but since I actually know what's going on I do not get offended. First of all you all should know that cut off time is a 4 mon-thur and 6 on friday's. After these times anything you post will not credit to your account until the next business day so if it is friday it will not post until monday at midnight. Especially those of you who think you can deposit a check at 5:30 and then go shopping, it doesn't work that way stop trying to beat the clock. While all of you are closing your account be careful because First Tennessee has some of the best numbers right now. They have never merged or been taken over so do your homework before you really get messed over. Toodles!
Ms Diva

Memphis, TN

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#20
Feb 23, 2009
 

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Bank Rip Offs wrote:
Banks are truly in it now for the "money". The managers are trained to crook and rook everyone possible. They must meet quotas. Not only does this make for unfair business sales tactics but turns the seller into a lying, manipulating crook.
That is the way of our country now, stab them in the back while you have a chance. It's called
"business". They will meet God in person one day.
Sorry I do not know where you het your info from but First Tennessee manager's do not have to meet quotas stop lying you all just want the bank to pay for overspending they are not Burger King you can not have it your way!

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