Consumer complaint received 2019-12-02
Company: FIRST CITIZENS BANCSHARES, INC.
State: NC
Product: Checking or savings account
Sub-product: Checking account
Issue: Problem caused by your funds being low
Sub-issue: Overdrafts and overdraft fees

Complaint:
I opened a checking account with First Citizens Bank in XXXX of XXXX when I took out a line of credit on home equity. I had recently moved from XXXX  to XXXX XXXXa and felt it was time to move my accounts to be closer to me. 

I must say that I have never had been charged so many fees, and then fees on top of fees, and then those fees causing you to be overdrafted so more fees caused by previous fees. It is horrible ' Initially, I was not too concerned because any OD transfers would come from my LOC and was okay financially. 

In XXXX of this year, I sustained damage due from Hurricane Dorian which I did not claim under my insurance since the year prior I had a very large claim due to Hurricane Florence. Also, the area where I live in XXXX   was not classified as a disaster area. 

I spent close to {$5000.00} just to repair and replace fencing, my HVAC unit had to be replaced which was another {$3800.00}, then my dryer went ( {$750.00} ), my car needed brakes and sensor repair ( XXXX ), The foregoing were unanticipated expenses that I used the remainder of my LOC to pay for. There was no money left for the completion of the two bathrooms which were in mid-renovation. 

I am a single mother who lives paycheck to paycheck. I need my bank to be reliable, and that I can rely upon what information is in the computer. To be safe, I signed up for alerts to let me know when my account went below {$50.00}. 

Since my LOC was spent, I started to receive {$36.00} in overdraft fees and it has now progressed to such an extent that I have paid over {$700.00} in OD fees since XX/XX/XXXX. That is my mortgage payment. I am now a month behind - I live paycheck to paycheck. 

After studying First Citizen 's practices, it came to my attention that unlike any other bank that I have had int he past, it posts a transaction at the time it was made rather than " after XXXX '' for example. I was used to getting an alert, running to the bank and deposition funds and not being charged anything. Now, if I get an alert and deposit money for a transaction about to post, I get a {$36.00} fee because the " money wasn't in there at the time it posted ''. 

Now, if I get a text alert that my account is below {$50.00}, and I run and deposit {$50.00} to ensure it does not get overdrawn, the next morning ( usually at XXXX ) I would receive notice that an item posted and caused my account to go overdrawn and charge me {$36.00}. Since I had not anticipated this additional {$36.00}, I am now hit with another {$36.00} the following day because I no longer have the funds to deposit. It is so unfair. 

I know the logical answer is to keep an eye on my funds and that I can appreciate, however, I rely on my text alerts but it seems First Citizen 's doesn't text for each transaction just a blanket " a transaction '' caused me to be OD which could mean there are five transactions subject to OD fees. Again, these OD fees are unanticipated. 

It's a very ugly cycle I seem to have got myself into. I was concerned so I opted in on the Basic OD Protection which really was a way for the bank to make money charging a {$36.00} fee for a {$7.00} purchase. 

I tried to work this out with First Citizens who was very rude to me and said twice that despite having a positive balance on XX/XX/XXXX, I was charged a {$36.00} OD fee because a transaction came in and there was not enough money in the account at the time. So despite having a positive balance, I was still hit with a {$36.00} fee. And then the nightmare continues. Because I don't have the money in the account due to an unanticipated OD fee, I am charged another OD fee, etc. 

First Citizen 's will look at " total deposits '' as one number but conveniently look total charges as individual charges ( largest one first ) for the purpose of charging an OD fee. 

I am beyond broke now. Again in a hardship and First Citizen 's is aware of this because I was going to refinance my home to pull out some equity. However, First Bank wanted money up front and I had to laugh and say seriously? 

I would love to be able to rely on First Citizen 's balances and pending transactions, but since they do not include OD fees charge, those numbers are unreliable. Let 's say I have {$500.00} balance in my account, pending shows {$470.00} in three transactions, I spend the {$30.00} I believe I have left and then at XXXX XXXX the following morning will get a note saying my {$30.00} transaction caused my account to OD. In all actuality, it was the OD not shown in pending that caused my account to overdraft. 

Today was the last straw. I canceled the OD basic protection but was still charged {$36.00} for a {$7.00} ATM charge. After further investigation, First Citizen 's is paying these charges as a benefit of my having Premiere Checking when in actuality, it just made {$36.00} for loaning me {$7.00}. I can not get them to decline my transactions. 




I have now opted out of the so called overdraft protection and find myself a mortgage payment behind, in dire financial straights, all because the bank has predatory credit/debit but any text notices for that my account is overdrawn are always posted at close to XXXX every XXXX. So the balance in my account online is inaccurate because they add overdraft fees.

Company response to consumer: Closed with explanation