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If you use Citizens Bank...

June 28th, 2007 at 11:22 pm

you might want to be aware of this. Just found out today:

Citizen's BankTheyBank is going to be bought out by the Royal Bank of Scotland and Citizen's will be no more. This will happen sometime in 2008. Also, and more importantly, they are making a change to one of their policies (not sure when it takes affect, but soon). Right now they credit any automatic deposits at 12:01am and then when all the deposits are done, they do all direct debt for that date.

Now, they are going to be doing the debt's first and then the deposits. So if you are scheduled to have a direct deposit and debt on the same day and you don't have a cushion in your account, you will get an over draft fee!!

I would make sure you leave at least a day between deposits and debts. Or, do as I am, and switch banks.

Posted in | 2 Comments »

2 Responses to “If you use Citizens Bank...”

  1. LdyFaile Says:
    June 29th, 2007 at 12:09 am 1183075761
    1183075761

    A lot of banks do that now since they can per regulations. I forget when that changed. I think it sucks personally.

  2. Thrifty Ray Says:
    June 29th, 2007 at 03:04 am 1183086292
    1183086292

    Yikes. This is huge...and results in huge fees for unsuspecting account holders. My advice would be to move your account. Credit unions are often the most financially friendly...unless you prefer an online account like ING, etc. Thanks for the warning.

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