I had been using Flagstar for an eBay account and always had money going in and coming out. Then, for a little over a year, I took a break from my online sales.
I received a notice from Flagstar that my account had been overdrawn. After paying them a visit, I was informed that my account had been closed for inactivity. I had over $100 sitting in the account when they started deducting $10 a month. It turns out that they continued to deduct this $10/month until there was nothing left to take, then they closed it.
Not once was I notified that the inactivity was draining my savings until the account was empty. They kindly "excused" the overdraft fee but would not refund the money they had taken from me. Who would have thought that a bank can get away with draining an account in this manner? They can't convince me that it takes $10/month for money to sit in their hands.
It would seem to me that the less they handle it, the LESS it would cost. For the record, all of my business was done electronically and I never ever used a teller.
Product or Service Mentioned: Flagstar Bank Checking Account.
Monetary Loss: $100.