1 /5 William V. Sinski.: First of all, I only make this review now, because a few weeks ago I received a bank statement from Magnolia showing and open account that I closed about 10 years.
Around 2009 I had a checking account with Msgnolia. I also had a small loan with them. I also had a debit card. I was very pleased.
During this time, I received a letter from the bank instructing me to come in to "opt in" or "opt out"of forced payment.
I was not even sure what they meant. I knew I would be charged a fee for overdrawn checks, if I wrote them. The many times I used my debit card I always checked first to be sure there was Cash in the account. I had no idea Banks would pay for a charge made on my debit card when there was not enough funds.
Liking this bank so much I went in personally to learn all about it. I was told that the bank automatically Force-paid a charge on my debit card if the account was insufficiently funded. Since I would never use the card without first checking my balance, the choice was--in my mind--of little consequence to me. I had so much confidence and Goodwill for this Bank; I elected to let them make the decision for me. The conversation went as follows:
me. "What do you think I should do?"
bk. "it does not matter what you decide."
me. "What would you like me to do?" I asked wanting this bank to like me as much as I liked them.
bk. "It does not matter what you decide."
me. "What is the best decision I can make for the bank?"
bk " It it doesnt matter what you decide."
I elected to "opt out."
About a month later, my card was declined at a local muffler shop for a charge of around $75. I had called first. There was over $400 in the bank.
The mechanic took a check.
I went to the bank to inquire why this was done to me. The receptionist got so tired of me, she called the manager Bill.
"Youre his problem now," I was told.
Bill the manager kept repeating the same two statements. That I had opted-out of the forced to pay and they can terminate my debit card at any time.
Magnolia Bank could not accept the concept that they had a moral obligation to inform me that they would terminate my card if I opted out.
So, why did I get a current statement last week for an account that I closed out 10 years ago?
In their quarterly stockholders statement, is it, (along with maybe other ghost-ccounts,) represented as an open Magnolia Bank account?
