Bank did not generate statement for 18 months

[KC_Guy]

What is the name of your state (only U.S. law)?

Missouri

My bank failed to create a statement date for my checking account and therefore no bank statement was ever triggered until I caught the mistake 18 months later. (yes, I should've noticed that I wasn't receiving statements, but I balance my account with mint.com). The problem is the bank account is supposed to have monthly compounded interest, which is only paid when a statement is generated, so I didn't get my interest paid monthly, instead they paid based on the average balance over 18 months. Also, I get a fee charged for using non-network ATM's, however if I use my debit card 5 times during the month, I get the fees reimbursed up to $25. When they identified the mistake they generated one big statement for all 18 months and therefore I only got the maximum $25 fee reimbursement for a statement. However, it I had been getting the statements monthly I would have received over $250 in fee reimbursements. I tried to get the bank to pay the fees, but they said they would only go back 90 days.

What are my options for resolving this matter? Can I sue for negligence or just for the fees in small claims?

 

[Antigone*]

What is the name of your state (only U.S. law)?

Missouri

My bank failed to create a statement date for my checking account and therefore no bank statement was ever triggered until I caught the mistake 18 months later. (yes, I should've noticed that I wasn't receiving statements, but I balance my account with mint.com). The problem is the bank account is supposed to have monthly compounded interest, which is only paid when a statement is generated, so I didn't get my interest paid monthly, instead they paid based on the average balance over 18 months. Also, I get a fee charged for using non-network ATM's, however if I use my debit card 5 times during the month, I get the fees reimbursed up to $25. When they identified the mistake they generated one big statement for all 18 months and therefore I only got the maximum $25 fee reimbursement for a statement. However, it I had been getting the statements monthly I would have received over $250 in fee reimbursements. I tried to get the bank to pay the fees, but they said they would only go back 90 days.

What are my options for resolving this matter? Can I sue for negligence or just for the fees in small claims?

This is your fault. The bank will correct any errors reported to them within two statement periods. If you do not report the errors, you basically agree with what the bank has reported to you. If it took you 18 months to figure out you did not receive a bank statement, then this is totally on you.

How is it that you reconciled your account without the statements, did you use your online banking?

 

[Zigner]

This is your fault. The bank will correct any errors reported to them within two statement periods. If you do not report the errors, you basically agree with what the bank has reported to you. If it took you 18 months to figure out you did not receive a bank statement, then this is totally on you.

How is it that you reconciled your account without the statements, did you use your online banking?

OP didn't actually "reconcile" the account. OP managed the account and kept track of cleared items and balances through mint.com (online banking, more or less)

 

[Antigone*]

OP didn't actually "reconcile" the account. OP managed the account and kept track of cleared items and balances through mint.com (online banking, more or less)

I use a similar service to track my account as well. Except, that in order to reconcile my account with what the banks states my balance is, I need to log onto my online banking. Had he truly reconciled his account he would have known about the fees and about the interest he did not receive.

 

[Zigner]

I use a similar service to track my account as well. Except, that in order to reconcile my account with what the banks states my balance is, I need to log onto my online banking. Had he truly reconciled his account he would have known about the fees and about the interest he did not receive.

Right - he didn't actually reconcile

 

[Zigner]

I use a similar service to track my account as well. Except, that in order to reconcile my account with what the banks states my balance is, I need to log onto my online banking. Had he truly reconciled his account he would have known about the fees and about the interest he did not receive.

Mint.com is the same way. You give it your log-in credentials and it logs in to show you your accounts in aggregate. I used it for some time before I realized that I have no reason to use it, as opposed to simply logging in.

 

[Antigone*]

Mint.com is the same way. You give it your log-in credentials and it logs in to show you your accounts in aggregate. I used it for some time before I realized that I have no reason to use it, as opposed to simply logging in.

Then I'm truly baffled as to how the OP didn't know that he wasn't getting interest and that he was being charged ATM fees.

Totally his fault.

 

[KC_Guy]

Resolved the Easy way

FYI -

Looked at the bank account contract and it specifically states that I have 60 days from the issuance of a statement to report errors and to be reimbursed by the bank. I pointed out that technically I was following the contract by reporting the error within 60 days of the statement (even though the statement covered 18 months). I filed this complaint with the BBB and within 5 days the bank VP called to say they will be putting all of the interest and fee reimbursements back into my account. So, last week I got my $300+ of old fees and interest money.

so, you are all probably right that it's my fault for not looking at my statements, but the bank, for which I've been a customer for 10 years, decided to do the right thing and pony up due to their clerical mistake.

 

[Zigner]

Congrats on the positive resolution.

 

[Hot Topic]

Amazing that the bank took action (apparently) because the Better Business Bureau contacted them. The BBB has no legal power to force the bank to do anything. It's very much the "toothless tiger."

 

[Antigone*]

FYI -

Looked at the bank account contract and it specifically states that I have 60 days from the issuance of a statement to report errors and to be reimbursed by the bank. I pointed out that technically I was following the contract by reporting the error within 60 days of the statement (even though the statement covered 18 months). I filed this complaint with the BBB and within 5 days the bank VP called to say they will be putting all of the interest and fee reimbursements back into my account. So, last week I got my $300+ of old fees and interest money.

so, you are all probably right that it's my fault for not looking at my statements, but the bank, for which I've been a customer for 10 years, decided to do the right thing and pony up due to their clerical mistake.

The bank decided that your loyalty was worth the $300. I applaud them for that.

A customer who is loyal and profitable to the bank is almost always worth taking a bit of a hit for loyalty and future profit's sake.

Good luck to you.

 

[sandyclaus]

This is the Rules of Bank That it did not generate statement for 18 Months.

And where exactly do you get that from?

OP never referenced the bank's rules. And it's not that they didn't generate a statement for 18 months. They stopped generating statements altogether.

Please, if you are going to respond, please make an ACCURATE response.

 

[keke007]

I filed this complaint with the BBB and within 5 days the bank VP called to say they will be putting all of the interest and fee reimbursements back into my account. I use a similar service to track my account as well.