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Federal Savings Bank

Phone: (603) 742-4680Fax: (603) 742-2014

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Customer Complaints Summary

1 complaint closed with BBB in last 3 years | 0 closed in last 12 months
Complaint TypeTotal Closed Complaints
Billing / Collection Issues1
Advertising / Sales Issues0
Problems with Product / Service0
Delivery Issues0
Guarantee / Warranty Issues0
Total Closed Complaints1

Complaint Breakdown by ResolutionAbout Complaint Details

Complaint Resolution Log (1)
10/04/2013Billing / Collection Issues | Read Complaint Details
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Complaint
Federal savings bank holds my deposit without noticing me. It causes overdraft while I made a payment to a credit card. They charged me $29 fee.
I had been 8 yr customer of Federal savings bank. The check deposits were cleared within 24 hours, otherwise I would be noticed. However this time they hold my deposit more than 24 hours without noticing me. But the balance showed the money were already available in my account. Hence I made a payment to a credit card. They told me that this time the holding period was 2 days and charged me overdraft fee for their misleading practice.
I called their branch in Durham. The branch manager(First name *****) were not friendly and not helpful. They just dodge the responsibility and refuse to return the fee.

Desired Settlement
$29

Business Response
Mr. **** *** *** deposited a check via mail delivery that was received by the Bank on September 23rd. Upon review of Mr. ***'s account history and in accordance with Regulation CC (Availability of Funds), the decision was made to place a 2-day hold on the funds. Also in accordance with established procedures, a written notification of the hold (hold notice) was mailed to Mr. *** the same day the check was received at the branch. It appears that prior to the check even being received at the branch, Mr. *** scheduled an automatic payment to a credit card company for processing on the 24th of September. The payment was made and funds sent to the credit card company, but Mr. ***'s balance on his checking account was in the negative due to the fact that the funds were still unavailable because of the two day hold. Mr. *** visited the branch on October 1st and voiced his displeasure over the $29 fee associated with a payment not clearing due to insufficient funds. The branch staff informed him that proper procedures were followed for a deposit received by mail. It should be noted that the Bank had previously refunded an overdraft fee for Mr. *** back in July.
After speaking with Mr. *** at length and reviewing the situation with senior management, the Durham staff did, in fact, refund the $29 fee to Mr. *** late in the day of October 1st.
Federal Savings Bank has a 124-year old history of strong customer service and customer satisfaction. We are confident this complaint will be swiftly resolved; as proper procedures were followed.

Final Consumer Response
(The consumer indicated he/she ACCEPTED the response from the business.)
They refunded me the charge for overdraft fee.

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BBB Business Reviews are provided solely to assist you in exercising your own best judgment. Information in this BBB Business Review is believed reliable but not guaranteed as to accuracy.

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