Chicago Bank Charges Teenager $229 in Fees On $4.85 Savings Account

Daniel Ganziano’s mother urged him to open up a savings account so the 18-year-old McCullom Lake teenager could learn about financial responsibility.
But after his $4.85 remaining savings ended up as a triple digit loss, Daniel’s lesson turned into not trusting banks.
His problem arose, according to the Chicago Tribune, after his account at TCF Bank dropped to below $5. He was then charged $9.95 for a monthly maintenance fee. And since he did not have enough money in his account to pay the fee, he started getting overdraft fees.
And when he and his mother Melinda Ganziano went to the bank to close his account, she had to pay $229.10 before bank officials would let them close it.
She then contacted the Tribune’s Jon Yates, who in turn called the bank.
Bank officials, smelling a major public relations disaster, quickly refunded the $229.10.

“I try to raise my children the right way and if my son would have overdrawn this account because of spending money he didn’t have we would have made him take care of it,” the mother told the Tribune. “But what TCF did is not right. Money is tight right now and if this is their way of making money, they need to be stopped.”


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5 Comments on "Chicago Bank Charges Teenager $229 in Fees On $4.85 Savings Account"

  1. ONE more example of what scum these banks are along with the people who are in charge of them! No need to say anymore.

  2. People, I am so tired of you all whining and complaining about what “banks did to me.” No bank will make any changes to your account with out providing you the information. It is YOUR responsibility to update your mailing address. It is YOUR responsiblity to update your phone number. It is YOUR responsiblity to READ YOUR STATEMENTS AND ALL INFORMATION IN THEM. There are strict government guidelines on how banks are required to inform customers of changes. It’s your responsiblity as the consumer to read the information the banks are sending to you.
    If you don’t like what your financial institution is doing, move to another, but be prepared for the same.

  3. When Washington Mutual went under and was bought up by Chase they automatically transferred my account into a checking account that charged my $50 a month if I didn’t keep a balance of $75,000. I’ve never had a quarter of that in any investment. Since they mail out statements a month after the charge they got $100 out of me before I called and complained and was told the the account they picked for me was comparable to my WaMu account.

    I closed my personal and business accounts with Chase on the spot and they didn’t care at all. I am so much happier with a local credit union and you would be too. Chase is horrible. They still service my loan but I stuff junk mail in with my mortgage check every month and include a letter explaining to them why I left.

  4. Nice Job TCF | December 14, 2011 at 8:24 am |

    Actually my credit union pays interest on my checking and requires no minimum balance and charges no fees. Get out of banks all together.

  5. Yes, use credit unions instead. Starting TODAY!

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