A friend recently got “upgraded” to a new “Freedom choice” option on her Liberty Savings Bank checking account. However, this was done without an opt-in. It was supposed to provide up to $500 in overdraft protection, stopping those embarrassing moments when a debit card gets declined, or a check bounces. What they failed to mention is that now you get a $35 fee every time you overdraw.
So, the $5 sandwich becomes a $40 sandwich, and the $15 fill-up becomes $50. Sounds good for Liberty Savings Bank and bad for the customer. Before this “New and improved service” her card would be declined if it would cause an overdraft, now, she was looking at $350 in overdraft fees from 10 debit card transactions that totaled $85.
After discovering the massive sucking sound out of her account, and talking with a Liberty Savings Bank manager, Tina Marie Brown, the fees were to be cut in half if the money was paid today. Extortion- nice.
If anyone is wondering why our financial system is in shambles, we don’t have to look just to the big banks, we can have our own local losers ready to screw over the average American.
If you’ve had a similar experience with Liberty Savings Bank and their “Freedom choice” plan- and been in overdraft fee hell, leave a comment. We’ll make it easy for the class action lawyers to get an action started.
Yep, the ads are almost right: “Liberty Savings Bank, our interest is in (screwing) you.”