After years with Santander, I have only one financial gain that has kept me with them; up until this month, they covered my first of the month debit card expenses until my first of the month direct deposit check clears. I have other accounts.
I get better offers. I often live over seas (because it's cheaper for me) and keep Santander anyway (despite the fact that I get 3% international transaction fees plus a flat fee). I could even switch to Cambridge Savings Bank and get absolutely no international transaction fees which would save me a lot of money. I don't do it for one reason and one reason alone: Santander allowed me a grace period while my GOV direct deposit cleared.
They even put it in writing by sending me a little note stating that I have 5 days grace period (but I tore up the note thanks to lack of space). My whole checking account reflects this policy that they have had with me and as a thanks, I kept Santander. There have been times when it looked like I would get over draft fees. For about a day each month, recurring payments have fallen within this grey area for years.
But without me even asking, the fees disappear within a few days. This has been going on for years...up until this month. Out of no where, Santander was slow to credit several of my credits (including my GOV direct deposit). Then, despite years of providing that day or two of grace that I once had in writing, they slammed me with 6 overdraft fees (over $200 in fees).
When I went to address the issue, a newbie banker said he couldn't make any decisions. When pressed his manager approved two credits to make me go away. I am not going away. This is a change in policy and I should have been notified so that I could switch banks or use my cash or a different account during the transition day.
I have years of banking history proving they changed their policy without notifying me. But, they won't repeal the fees. When I protested and defended myself respectfully but firmly that this policy is usually to the most vulnerable people, he decided not to credit me back anything at all. I am getting $35 over draft fees for multiple $1.99 expenses at Whole Foods (and other duplicate locations).
Like I said, I would have paid using my cash or bought a lot at once. This change without notification is unacceptable.
Product or Service Mentioned: Santander Consumer Usa Checking Account.
Reason of review: Not as described.