I had an account with Crestar for 20+ years - ran it up to about $5000 - but was paying on it just fine. (had some problems in '92 - but they had been resolved - and account current & on time for 5 years). Then Fleet bought the account in late '97. First thing is they charged me a late fee for a payment the went to Crestar (where it was supposed to go) - then an "over the limit fee" because the lack of applied payment and fees ran over my limit. The first statement I get from them was a shock - as they also raised the interest from 15.9% to 24.99%. I complained - and after several phone calls, letters, etc. finally got the charges removed, the interest back to 16.9 (but as good as before but in the interest of "being fair" I agreed to it) - but needless to say I didn't activate the cards nor the account - and I notified them in writing that I would pay off the account under those terms. A few months ago - I notice the interest had "edged up" to around 17.5% - I sent them a letter of protest. I have NEVER received a written reply to ANYTHING! Two days ago I get a letter noting all the wonderful benefits of using the Fleet Card - and oh, by the way - we made a couple of minor changes to your terms of service - be sure and read the enclosed folder. The upshot of that was that due to a review of my credit report (which is improving strongly) they have decided to up my interest on the balance (remember this is a CLOSED account) to 21%. I have charged NOTHING to the account since they bought it - nothing! I've read elsewhere about them holding checks so they can generate a late charge - this has happened twice to me - I've protested loudly - but to no use in the most recent incident (they did remove the first one because I could prove that it cleared MY bank the day it was due to them). So how do I go about getting them to honor the interest rate THEY agreed to back in '97. We made an agreement that I would pay off the account under the old terms - but they are now ignoring that fact.
RE: Fleet - can they get away Howdy Ten years ago, Fleet was this little hick bank in Rhode Island; they did not even have an office in Massachusetts. In the last ten years they have bought or acquired Bank of New England, Bank of Boston, Shawmut, and BayBanks. Essentially there is no competition in the Boston area any more (THE SECOND LARGEST FINANCIAL CENTER IN THE COUNTRY! THAT'S SCARRY!). This is what happens when the government allows mergers with out thinking about what happens after the dust settles. The merger between Fleet and BankBoston has not gone well. You should complain to the Attorney General for the Commonwealth of Massachusetts. My own experiences with Fleet are also not good. I have never bounced a check, I have had an account with them for ten years, and all of a sudden they are holding my deposits for review (six days!). They sent me a form letter, not even signed! Man was I furious! Man do we need another bank in Boston!
RE: Fleet - can they get away I'd suggest trying Citizens Bank if you want a large bank with lots of ATMs. I used to be a Baybank customer and bailed out after the merger with the Bank of Boston. I've had an account with Citizens for 3 years and have been quite happy. Their merger with USTrust was far smoother than the mess that Fleet created. Citizens has also take over the small retail operation (6 branchs, mainly serving their very wealthy customers and employees) of State Street as well too. They now have 4 branches in a two block stretch on Boylston Street from Dartmouth to Berkeley. I've had several friends that got moved to Soveregn Bank after the Fleet/BankBoston merger and they've had nothing but trouble. ATM cards wouldn't work, no checks, direct deposit problems, money put in wrong accounts, etc. If you don't want a huge bank, try Wainwright bank. They are very customer service oriented and do a great deal for community sponsorship work as well.
FLEET/ INTERNET Hey all. Thanks for the continued information about Fleet. J- excellent information- san fran doesn't know that history. What our Intenet board is doing is QUICKLY showing Fleet as the new bank TO DROP IMMEDIATELY. Good work all! Dogman
RE: FLEET/ INTERNET The bottom line is that Fleet wants to become a huge money center business bank and all of those retail customers with checking accounts, ATM cards, and credit cards are becoming a major annoyance with their customer service demands, so they just want to get rid of them. The best way to do that is jack up their credit card interest rates for the flimsiest of excuses and charge them ridiculous fees on deposit account. It's no coincidence that the branches of Fleet/BankBoston that they dumped in the merger were in 'economically disadvantaged' areas.
Use SFNB I was in Massachusetts over the summer (and will probably be back in 9 to 12 months permenantly) and I am glad I had my account with SFNB, Security First Network Bank. With their interest checking account you get FOUR ATM reimursments up to $1.50 for each. That way you can use any ATM you wish up to 4 thimes a month without worrying about any fees. If you use a no fee ATM then you stll have the same number of reimbursements that you did before. It gets even better with interest and the money you save on stamps if you use their electronic funds transfer to pay bills. Their direct deposit is excellent. They will update your direct balance (the one that shows your up to the second balance) that day. The entry in your register will appear the next day. They also have a visa. I haven't tried it but I think I will soon. The apr for the classic is 12.9% and 9.9% for the gold. They also have an airline rebate with the credit card that can be used on any airline, but I don't know much about it.
