Ohio.com - FirstMerit is victimized b...

Ohio.com - FirstMerit is victimized by fraud

There are 34 comments on the Akron Beacon Journal story from Oct 24, 2007, titled Ohio.com - FirstMerit is victimized by fraud. In it, Akron Beacon Journal reports that:

FirstMerit Corp. reported a better-than-expected profit in the third quarter, even though it was down 3 percent from a year earlier.

Join the discussion below, or Read more at Akron Beacon Journal.

First Prev
of 2
Next Last
Very Opinionated

Cleveland, OH

#1 Oct 24, 2007
''Check kiting'' is an illegal scheme that involves taking money out of an account that has insufficient funds.'

Isn't this what the banks do everyday to people who have overdrawn checking accounts? The bank keeps taking money, or fees as they like to call them, out of an account that's in the negative?

Sounds to me like the banks are just as guilty of this illegal scheme as those who are doing it to the bank. They say what comes around goes around and First Merit's getting theirs.
former Akronite

Snow Hill, MD

#2 Oct 24, 2007
Funny thing is they offer "overdraft protection" ie..kiting rights, as long as you pay the interest of 20%
haha

Mansfield, OH

#3 Oct 24, 2007
I wonder if they know how we (as customers) all feel then? But the sad thing is, the accounts with insufficient funds will get charged, the bank may or may not recover the funds from the perpetrator, then the bank is sitting pretty once again...
IT REALLY IS A SCAM.
Kiting

Akron, OH

#4 Oct 24, 2007
I'm sorry I don't believe a word of this story on check kiting. On the rare occasions I bounce a check, it goes through in a blink an eye and my charge of $35 fee is mailed to my house the next day!
copswife74

United States

#5 Oct 24, 2007
Very Opinionated wrote:
''Check kiting'' is an illegal scheme that involves taking money out of an account that has insufficient funds.'
Isn't this what the banks do everyday to people who have overdrawn checking accounts? The bank keeps taking money, or fees as they like to call them, out of an account that's in the negative?
Sounds to me like the banks are just as guilty of this illegal scheme as those who are doing it to the bank. They say what comes around goes around and First Merit's getting theirs.
Exactly. We switched to a credit union after 11 years at Bankone/Chase, they actually go out of their way to make sure you do not overdraw on your account instead of setting you up to do it.
Paul D Brown

Cincinnati, OH

#6 Oct 24, 2007
Hypocracy is saying you can do it but don'tv get caught!!!
Reality states inspite of any threat "I'll try that !!"
One Bank asked ,"Don't you expect a charge ?"
Why not reply using your money would be a "C H A R G E "!!!
Ha ....Ha..........Ha..........Ha !!!!!
Ironic

Akron, OH

#7 Oct 24, 2007
The only reason you are able to put a First Merit checking account in the negative, is that they make tons of money off the overdraft charge. You can go in the negative for only $2 for less than 2 hours, and you’re hit with a $37.50 fee. You could also use your card 10 times, overdraft less than $50.00 and they will hit you with a $375.00 fee. They don’t call you to warn you about suspicious activity, or put a hold on the account, they just mail you something so that you find out days later. Someone just finally figured out a way to use their own scam against them.
And another

Richfield, OH

#8 Oct 24, 2007
CHARTERONE is another bank that rapes it's customers with overdraft fees! They do not correct bank errors. Flee from Charterone!!!!!
SDespot

Bedford, OH

#9 Oct 24, 2007
How about just making sure you have enough in there to cover the checks you write and you will not be charged. I've been a FirstMerit customer for 12 years and I never had my account overdrawn. There is always enough to cover the bills.

Since: Mar 07

Tulsa, OK

#11 Oct 24, 2007
And ever-buddy was complainin' about what the PayDay loans places were chargin'.
David

United States

#12 Oct 24, 2007
SDespot wrote:
How about just making sure you have enough in there to cover the checks you write and you will not be charged. I've been a FirstMerit customer for 12 years and I never had my account overdrawn. There is always enough to cover the bills.
Well aren't you special! We're all so impressed. I'm sure you don't fart, either.

Several years ago, FirstMerit sent me a nice notice explaining they cover overdrafts up to $500 as a courtesy. Of course, the hefty fee applies. Sounds like the scammers beat them at their own game.
ddd

Youngstown, OH

#13 Oct 24, 2007
$4.1 Million is a whole bunch of kites !

d
SDespot

Bedford, OH

#14 Oct 24, 2007
David wrote:
<quoted text>
Well aren't you special! We're all so impressed. I'm sure you don't fart, either.
Wouldn't you like to know! HA!
Mark

Orrville, OH

#15 Oct 24, 2007
Surely this is all Bush's fault.

(Sorry, couldn't resist ... For those without a sense of humor, for clarification I AM JOKING.)

No seriously, I don't understand how they could have lost that kind of money. Whenever I write a check from my account at one bank to another of my accounts at a different bank, they hold the money for what seems like forever. Even though they see me in there at least once or twice a week. And they make you go through a bunch of hassle, make your pat your head and rub your tummy, recite the Constitution -- backwards (and in Spanish no less)-- and conduct retinal exams and full cavity searches. With all the delays and other stuff they do in order to protect themselves, I just don't see how they can be swindled like that.
Danielle

Canton, OH

#16 Oct 24, 2007
I'm glad this is finally happening. First Merit isnt a bank, its a scam circus. I'm glad they are finnaly getting their butts handed to them because thats exactly what they deserve and hopefully one day go out of business.(Go to fifth third they are the BEST!!)
ZZZ

Chillicothe, OH

#19 Oct 24, 2007
David wrote:
<quoted text>
Well aren't you special! We're all so impressed. I'm sure you don't fart, either.
Several years ago, FirstMerit sent me a nice notice explaining they cover overdrafts up to $500 as a courtesy. Of course, the hefty fee applies. Sounds like the scammers beat them at their own game.
Yes, that's a solid rebuttal to the guy's argument. Comparing a person's irresponsible financial mismanagement to a person's fart.

I don't know what you've been eating, but I know that keeping my checking account in the black doesn't make me fart. Perhaps your checks have too much fiber and taste like cabbage. I'm not a doctor, but that may be the source of your serious wind problem. Perhaps you should make an appointment with a gastroenterologist before you happen to kill somebody in a Bank One elevator.
ummm

United States

#20 Oct 24, 2007
that article says... exactly nothing. good wriiting ther
All is well

Akron, OH

#21 Oct 25, 2007
I AM SO TIRED OF PEOPLE COMPLAINING ABOUT YOUR OVERDRAFT FEES. FIRST OF ALL, YOU NEED TO MANAGE YOU MONEY BETTER THAN AN 8 YEAR OLD. SECONDLY IF THE BANK DIDN'T HONOR YOUR CHECK PAYMENTS(NOT DEBIT)THE COMPANY OR COMPANIES THAT YOU GAVE YOUR BAD CHECK TO WOULD SLAM YOU WITH A FEE. SO, SUCK IT UP, STOP CRYING, AND TAKE SOME BASIC MATH CLASSES. UNIVERSITY OF AKRON HAS SOME GREAT CLASSES.
copswife74

United States

#22 Oct 25, 2007
All is well wrote:
I AM SO TIRED OF PEOPLE COMPLAINING ABOUT YOUR OVERDRAFT FEES. FIRST OF ALL, YOU NEED TO MANAGE YOU MONEY BETTER THAN AN 8 YEAR OLD. SECONDLY IF THE BANK DIDN'T HONOR YOUR CHECK PAYMENTS(NOT DEBIT)THE COMPANY OR COMPANIES THAT YOU GAVE YOUR BAD CHECK TO WOULD SLAM YOU WITH A FEE. SO, SUCK IT UP, STOP CRYING, AND TAKE SOME BASIC MATH CLASSES. UNIVERSITY OF AKRON HAS SOME GREAT CLASSES.
I don't have a problem with the checks, I think the fees are extremely high though.

The problem I had was that the debit cards can continue to be used even after there are insufficent funds. My current bank cuts you off, if you don't have the money in the bank, you cannot use the card. To be charged $37 dollars in fees for a 2 dollar purchase is ridiculous. Yes, absolutely we are partly to blame, but being raped by your bank for your mistake is a crime.

Regardless, how could a bank possibly lose 4.1 million dollars in a check kiting scheme? What does that tell the consumer about this bank?
Barbara

Warren, OH

#23 Oct 25, 2007
I too have been with FirstMerit for over 15 years. They offer the $500.00 overdraft as a courtesy so that you do not get the $20.00 + charge from the place that you wrote the check to. I did overdraft once and they removed the charges because of my good record. They are a very customer friendly bank and go out of their way to assist you. I for one am very glad of the precautions that they take. They are there for a reason, TO PROTECT YOU. They also called me and asked about a transation on my debit card. They were checking for fraud. It was not that time, but you never know. Thank you FirstMerit.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker
First Prev
of 2
Next Last

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

FirstMerit Discussions

Title Updated Last By Comments
News Akron: FirstMerit Bank may shut down Soap Box D... (Jan '10) Jan '10 Jerry 1
News Monday Briefing | The Columbus Dispatch (Nov '09) Nov '09 Little Tyree 6
News Fat Boy Robber Arrested (Sep '09) Sep '09 TheJudge 16
News Akron bank robbery suspect identified (Aug '08) Aug '08 Give Me A Break 8
News United Way drive begins in Summit (Aug '08) Aug '08 Something Wicked 17
News United Way of Summit County sets sights higher ... (Aug '08) Aug '08 sch 1
News Restroom solution is low-down (Jul '08) Jul '08 germophobic 22
More from around the web