Update 3/5/10: Closed by FDIC, will reopen on 3/8/10 for 30 days to allow people to move their money out. If you still have a balance after 30 days, you will be mailed a check.
Rather than open a thread, I am posting here. Got a mailer with the statement for my Free Waterfield/UFB Checking account. $10 inactivity (12 mo) fee, $3 Paper Statement fee, starting 12/01/09
dacii
Member
posted: Oct. 16, 2009 @ 7:32p
Down to 1.75%.
sfchris
Cranky Member
posted: Nov. 7, 2009 @ 3:14a
Wow, the beancounters at Waterfield (the ones who took over UFB) are complete morons. You'd think they would have learned from their silly manipulation of the low balance limits 6 months ago that customers don't let banks cram fees down our throats. Nope. They included a notice in this months bill that anyone receiving paper statements will be billed $3 a month starting December 1. Well, guess what? They also billed me $3 for the heck of it. I complained by bankmail and completely expect an indignant reply of "Sorry, it's bank policy to screw you" just like last time. Then I will make a manager waste her time to call me, so I can keep her talking to me for 30 minutes until she refunds the $3, just like last time. They are fools and it is too bad. Back in the day UFB used to be so good at customer service.
Oh, as someone else mentioneed they also added a $10/month "dormant account fee" after 12 months but didn't properly define what makes a dormant account, so expect a flood of complaints in 12 months. I can't believe they think that stealthy and asinine fees that alienate customers is a solid business model.
The reasons why I kept a ($1000) balance, is the hope that someday they beecome fully competitive again, and I like their web interface, and it would be a pain to close and then reopen the accounts. But I am about to write them off forever because it is not looking good, and it is no fun to have to worry that a bank is out to screw you.
The111
New Member
posted: Dec. 6, 2009 @ 12:49p
sfchris said: Wow, the beancounters at Waterfield (the ones who took over UFB) are complete morons. You'd think they would have learned from their silly manipulation of the low balance limits 6 months ago that customers don't let banks cram fees down our throats. Nope. They included a notice in this months bill that anyone receiving paper statements will be billed $3 a month starting December 1. Well, guess what? They also billed me $3 for the heck of it. I complained by bankmail and completely expect an indignant reply of "Sorry, it's bank policy to screw you" just like last time. Then I will make a manager waste her time to call me, so I can keep her talking to me for 30 minutes until she refunds the $3, just like last time. They are fools and it is too bad. Back in the day UFB used to be so good at customer service.
Oh, as someone else mentioneed they also added a $10/month "dormant account fee" after 12 months but didn't properly define what makes a dormant account, so expect a flood of complaints in 12 months. I can't believe they think that stealthy and asinine fees that alienate customers is a solid business model.
The reasons why I kept a ($1000) balance, is the hope that someday they beecome fully competitive again, and I like their web interface, and it would be a pain to close and then reopen the accounts. But I am about to write them off forever because it is not looking good, and it is no fun to have to worry that a bank is out to screw you.
I got that notice in the mail too. Isn't a SAVINGS account a dormant account by default? LOL.
I'm still leaving the account open, I have a pretty big balance and put something in every month or two so I doubt I'll be considered dormant, and I don't get paper statements either. But I agree it is stupid and they are bastards.
dacii said: AKA Sky Bank / CA Attorney Banking Center / Huntington National Bank / Bloomfield State Bank / Affinity Financial Corp
Thanks, I lost track of all the name changes haha
AugustFour
Senior Member - 1K
posted: Jan. 2, 2010 @ 9:50a
I guess YMMV... I actually called them today regarding some other issue and they were very nice and helpful. My experience with UFB has been great so far although they are not my main bank anymore.
sfchris
Cranky Member
posted: Feb. 22, 2010 @ 12:38a
propcgamer said: Now its not really a bank per-say, more of a "banking center", where they take your deposit and place it at another bank.
This is a good point. You need to keep track of what bank they put your money into, lest they use one you already use and put you over the FDIC limit there. You can call them and ask them to use a different bank though. I don't use them right now - their rate is too low.
FDIC(OTS) closes Waterfield Bank The bank had one branch location. It also took deposits from customers via the Internet and 38 affinity groups.
sfchris
Cranky Member
posted: Mar. 6, 2010 @ 3:20a
Fortunately they had crappy rates so I had not much with them. Keep us informed on what happens.
dacii
Member
posted: Mar. 6, 2010 @ 8:31a
I liked their postage-paid check deposit service, perfect for rebate checks.
sfchris
Cranky Member
posted: Mar. 6, 2010 @ 9:51a
From the website:
On Friday, March 5, 2010, Waterfield Bank of Germantown, Maryland, was closed by the Office of Thrift Supervision. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. On Monday, March 8, 2010, the bank will be re-opened as Waterfield Bank, FA and will remain open for 30 days. All funds in your account at Waterfield Bank are guaranteed by the FDIC. To reduce any disruption to you, those funds will remain available to you throughout this period.
You will continue to have access to your account, and payments to you and by you will continue to be processed as usual while Waterfield Bank, FA remains open. As soon as possible during this period, you should make arrangements to transfer your account to another insured bank or thrift. If you have not made such arrangements by April 5, 2010, the FDIC will mail you a check for the full balance of your account.
You may continue to use your ATM and Debit cards until March 31, 2010. Daily withdrawal limits at ATMs remains unchanged from the previous bank limits.
You will have continued access to your insured checking and savings account funds by using your same checks and ATM/Debit cards.
If you have a CD or IRA, the FDIC will mail a check to your mailing address on record with Waterfield Bank. Checks will be mailed on Monday, March 8, 2010. A letter will be sent to IRA customers outlining their rollover responsibilities.
On-line Banking Services, including Bill Pay, will be unavailable for transactions over the weekend; however, these systems will be available for transactions Monday morning.
sfchris
Cranky Member
posted: Mar. 6, 2010 @ 9:56a
As of December 31, 2009, Waterfield Bank had $155.6 million in assets and $156.4 million in deposits. At the time of closing, the amount of deposits exceeding the insurance limits totaled about $407,000. This amount is an estimate and is likely to change as the FDIC works with customers of Waterfield Bank. The uninsured deposits were not transferred to the newly chartered institution.
Depositors with more than $250,000 at Waterfield Bank should call the FDIC at (800) 830-4735 to make an appointment to discuss the status of their funds. The phone number will be operational this evening until 11:00 p.m., Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 9:00 p.m., EST; on Sunday from noon to 6:00 p.m., EST; and thereafter from 8:00 a.m. to 8:00 p.m., EST.
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