I opened the an account with a large deposit and informed them that a significant portion of the deposit would be used to pay my IRS/US Treasury tax bill. I confirmed that the deposited checks had gone through before mailing out my tax payment. A week later I get notice from the bank that they bounced the payment due to insufficient funds and I'm being charged $38. By the time I received the notice they did the same thing again.
I went in and proved that there was more than enough $$$ in my account and they informed me that there is a 10 day hold on ALL initial deposits. Wish they mentioned this when I opened the account and had told them my intentions in regards to paying my taxes. I was only informed of a hold on ATM transactions, which didn't matter because it would take 10 days before receiving my debit card.
To make matters worse, the branch manager in Penfield told me she felt bad because she knew when they were bouncing an IRS payment, but insisted she didn't know that the deposit cleared because of the 10 day hold. How can she not know the money cleared when I was able to see that it did, but she knew the check was for a tax payment??? She also said she tried to call me, however I never received a voicemail. I further reviewed my call log and showed her that there was never an incoming call from the branch -- surprise, she couldn't explain that one either. I don't know what their issue is, but lesson learned; never trust Fairport Savings Bank with your money!!
I immediately closed the account, moved the money to M&T, and (God bless M&T) the tax payment went through the next day. Now I just have to deal with the IRS penalties, and I will never again have anything to do with Fairport Savings Bank! read more