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Author Topic: [BDK] - Liquidating, Permanent Closure -  (Read 15245 times)
Kluge
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March 05, 2012, 05:39:46 PM
 #1

Operations permanently halted due to negative equity. 9/11/12



[Lender Vitals]
Amount of BTC available to loan out: ~฿150
BTC currently loaned out (excl. defaults): ~฿3125
Held Securities' FMV: ~฿4400
Other assets: ~฿100

Loans in default: ~฿50
Total deposits: ~฿3750
Other Liabilities: ~-฿250

Assets minus Liabilities: ~฿4325
Asset/Liability & "I/O" Disclosure: https://docs.google.com/spreadsheet/pub?key=0Ao892S4MOoDZdGZSbjJVd1ZTbFVLZE5aRE95bE91NVE&output=html



[Information on Loans]
*Basic rules for requesting a loan from me:
     -Do not lie to me. If you lie to me or use weasel-y language (for example, sending me a "personalized" PM saying I'm the only lender you've PMd, but sending a similar PM to every other lender in this sub-forum), I will reject your request and alert the other lenders to it.
     -Do not bother me unless you have >50 posts on this forum and at least 5 positive transactions you can point to worth a significant amount of BTC.
     -I want information. You're better off providing me with bad-looking information than no information. When I'm not provided enough to fully assess, I assume you're trying to hide it and it's as terrible as I can imagine. I'm first operating on the assumption that a conventional bank will not loan to you. Tell me why, and why they're making a mistake.
     -I'm not interested in funding your Pirate account.

*Loans come in three basic tiers.
     -"High-Doc" - Your best shot of getting the prime rate is having a publicly-established method of paying back (mining API, invoices, or pay stubs), ID (govt-issued gov't ID card, SSN, and recent utility bill), and live in the US (no intent on discriminating, it's just most economical for me to collect from you if you default and are located in the US). You also need an extensive, positive business-related reputation on this forum or OTC. I don't care about your eBay rating. You generally will not receive this rate unless I'm pretty familiar with you. There is no maximum loan amount for this category.
     -"Average" - This tier is assigned to those who have provided at least two forms of verification (exceptions possible) and have an extensive, positive business-related reputation on this forum, OTC, or HeatWare/similar. The maximum loan amount for people in this category is 500BTC.
     -"No-Doc" - This tier is assigned to those who have not provided verification but have at least a moderate amount of business-related reputation on this forum. The maximum loan amount for people in this category is 100BTC.

*Minimum loan amount is 10BTC. There is no minimum time-frame, but you're very unlikely to get a long-term (3mo+) commitment from me. I want to cycle money rapidly so I'm able to rapidly adapt to changing market conditions, and changes in our situations.
*Other than that - just send me a PM, and we can work something out.

**Looking to reduce your interest rate? Look here!**

[How to Deposit with BDK/IOU]
*CDs (Certificates of Deposit) come in durations of either 32-days ("32D") or 63-days ("63D"). The minimum investment amount is 50BTC (keep in mind that as long as you have ~.1BTC, you can invest in BDK.BND). If you were to take out a 63D 100BTC CD on 7/12 and the 63D interest rate is 10%, for example, it would mature on 9/13 to be worth 110BTC.
*You are not guaranteed to be able to withdraw your deposit prior to the date of maturity. You may request early withdrawal, and I'll try to get the coins back to you, but you will forfeit all accumulated interest and receive only principal. These are not "demand deposits" most people are used to with banks - and BDK/IOU is NOT a bank.
*You can reinvest interest if you'd like. Just let me know what you want to do. You can also renew only principal if you'd like, or have principal + interest returned once the CD matures. The earlier the warning you give me, the more I'll appreciate it -- I generally PM depositors about a week before your CD matures.
*I do not keep records of depositors' names in public. I privately record only the repay address and a reminder so I can figure out the depositor's username. You can view deposits out @ https://docs.google.com/spreadsheet/pub?key=0Ao892S4MOoDZdGZSbjJVd1ZTbFVLZE5aRE95bE91NVE&gid=3
*I am willing to accept USD-denominated USD deposits, but these will be at significantly lower rates and longer durations. Please PM me for more details.

-Alternately, you could deposit by purchasing BDK.BND. You can withdraw whenever there's enough liquidity on GLBSE, you don't need to interface with me to deposit more or withdraw, and you can keep your investments consolidated by only needing to access one website. BDK.BND pays a flat 1% every Monday and is listed on GLBSE. For more info,  click here.

GPG (feel free to email associated address)

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Kluge
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March 05, 2012, 09:16:13 PM
 #2

[How To Lower Your Interest Rate]
Paying an interest rate above Prime? You could lower it through the following methods (% rate reductions are absolute, not relative):
*Provide gov't ID & utility bill. Bill & ID must show same home address. Verification results in an interest rate reduction of .5% MPR
*Provide pay stubs, income tax forms, or proof of funds showing you could repay $10k+ within a year. Verification results in an interest rate reduction of .75% MPR.
*If verification information shows you live in the US, you'll receive an interest rate reduction of .5% MPR. This isn't intended to discriminate on prejudice, but it's much more economical and less complicated to collect from someone domestic.

**If verification information is not in English or Spanish, your rate reduction will be reduced by 50% (relative, not absolute) to compensate me for the time to run the documents through OCR, try to correct all the blunders the OCR software made so I can get them translated, and ask someone in your locality if the documents look legit.


ETA: Please also see https://bitcointalk.org/index.php?topic=97214.0 for more information on how to get the best rate for your loan.

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March 05, 2012, 11:26:34 PM
 #3

Quote
32D - principal + 4% @ date of maturity
364D - principal + 50% @ date of maturity

364 / 32 = 11.375
1.04 ^ 11.375 = 1.562263314
1.562263314 > 1.5
Profit?!

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March 06, 2012, 12:18:45 AM
 #4

You can lock in a 50% return for the year, or risk a suspension of deposit taking.  It states that deposits are taken at discretion, and interest rates move.

There are also costs for committing to a one year term versus a shorter duration.  Many bank deposits have different rates for several months versus several years, and often have a bow-shape.
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March 06, 2012, 12:26:17 AM
 #5

You can lock in a 50% return for the year, or risk a suspension of deposit taking.  It states that deposits are taken at discretion, and interest rates move.

There are also costs for committing to a one year term versus a shorter duration.  Many bank deposits have different rates for several months versus several years, and often have a bow-shape.
Yeah - a 364D loan for the depositor is "set it and forget it," but for me, it likely means a lot of PMs exchanged, feeling more nervous and trapped while making sure things line up so I can fit in something like 12 30D loans with only 4 days worth of "slack." Having 32D loans gives me relatively more slack (assuming I'm making 30D loans), and if I want to, I can simply refuse to renew CDs, go enjoy vacation for a few months. On top of that, the compound interest I'll enjoy as extra profit will most likely exist only as unused change in my wallet.


That said, I'll adjust the rates, probably remove the almost-a-year CD entirely. Thanks for pointing it out.


ETA: OTOH, buying a 364D CD means the depositor is taking on a fair bit of risk, too. It means having money tied up that much longer without much extra reward, and the USD price of BTC could plummet, while the depositor is unable to save anything during a major crash. The more I think about it, the more I don't like the option even existing.

ETA2: Changes made in OP. Interest rates increased slightly all around, over-half-year and almost-full-year loans removed.

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March 06, 2012, 01:01:17 AM
 #6

BDK is pleased to announce we will now be issuing CDs for SolidCoins.

SolidCoin CD rates for CDs purchased in March (D=duration in days):
32D: principal - 10.05% @ date of maturity
63D: principal - 21.35% @ date of maturity
94D: principal - 43.5% @ date of maturity
(see terms in OP for additional details on CDs -- note that if you request early withdrawal, unlike with BTC CDs, negative interest on SolidCoin CDs are still taken into account)


h/t Pat

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March 06, 2012, 01:13:13 AM
 #7

not sure if glbse is worth the effort but issuing asset there might be cheaper or with less binding character.
issue 1-2-3-6-12 M bonds at lower rates or shares w/o guarantee of profit. if you have little slack, profit will be close to modeled expectation. if things go wrong, secondary market could absorb them at a loss or premium blah blah
nice idea anyway. good luck and keep posting signs of life
It's been talked about. It costs nearly $100 to create a new asset, but would give bond-holders a certain amount of liquidity I think they'd appreciate. It's in my thoughts. For now, this is messy, but it works well-enough. I intend to live up to my name.  Smiley

Cheers!

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March 06, 2012, 01:29:03 AM
 #8

It's been talked about. It costs nearly $100 to create a new asset, but would give bond-holders a certain amount of liquidity I think they'd appreciate. It's in my thoughts. For now, this is messy, but it works well-enough. I intend to live up to my name.  Smiley
I must have missed that talk. the 20 btc fee for new asset seems to me unreasonably high. It used to be 1/10 of that.
anyway it should be a one off payment for a ticker/key. creating sub .assets should be then free of charge.
for a few days/weeks he should be busy with bugfixing the new version, thinking about the right time to open discussion about fees.
what I like on the other solution is that it comes with public trading and in last month few thousand of btc of new capital. and not all assets are mining. I looked at the spreadsheet and it might be worth it the fees and migration and stuff. I've stumbled upon you in the TyGrr forum already. I like your projects and wish you all the best. & I might be back for the escrow
Thanks  Smiley

It's talked about a bit here: https://bitcointalk.org/index.php?topic=66733.0 The "Banking Cartel" talked about it on Skype, too. I think Nefario's reasoning for unreasonable fees was to prevent scammers, perhaps similar to why Silk Road charges so much to register as a seller (something like $125 IIRC) when it used to be free. It's good for investors, but definitely turns away potential asset-creators.

Listing CDs/bonds on GLBSE would definitely be worth the fee if other lenders were on board and we started a collaborative effort. It's just a matter of someone having enough balls & interest to take it seriously, get everything prepared, and just do it.


ETA: Thanks for the re-sticky, someone.

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March 15, 2012, 01:15:24 AM
 #9

Upon the launch of GLBSE 2.0, BDK will begin offering fund management services, with interest in funding community projects which can't take out rigid high-MPR loans.

How it Works
IPO shares will be available @ .1BTC/share. I will always have a bid placed @ .095BTC/share. At most, you can lose 5%.

95% of profit is paid out to shareholders as dividends. This will be done every Sunday. I keep 5% of profits (as well as dividends from shares I bought) for myself. There will be a focus on making loans, but GLBSE assets will be purchased as well, with particular interest in acquiring favorable IPO shares.

I will issue more IPO shares @ .1BTC/share as I see fit - without warning, and without a vote.

If there is ever a month where there are losses, I will personally make up the entirety of those losses from the general BDK fund. Fundamentally, BDK funds will NEVER devalue.

Disclosure & I/O reports will be filed in the same manner as current BDK reports (found in the OP).

When I decide to close these funds, I will offer .105BTC/share. A trusted third party will have access to the keys to access the account and disperse funds were I to be incapacitated, but that file will be encrypted with a passphrase they'll receive when I die or am otherwise incapacitated. That said, I have no intention of dying within the next 40 years.

There will be 24h votes on investments I feel are appropriate, with explanation of what the fund's buying. If the majority of shareholders vote against what I want, I won't do it -- simple.

Different Funds
Funds will be split into four assets -- BDK.Mining (self-explanatory), BDK.Community (will fund large community projects which grow Bitcoin, such as a call by BitVPS for a loan to acquire hardware), and BDK.WeirdShit (Fund for some of the quirkier ideas in the community, such as the race horse, Satoshi's Daemon.

BDK.Mining -- 5,000 shares will be initially issued. There will be focus on longer-term solutions such as FPGA & ASIC mining. I'd like to keep ~50% in loans, ~50% in GLBSE assets.

BDK.Community -- 5,000 shares will be initially issued. There will be focus on helping (non-mining) community businesses form and improve.

BDK.WeirdShit -- 1,500 shares will be initially issued. There will be focus on "creative solutions" which either advance Bitcoin's adoption, use Bitcoin in an novel way, or do something else I never could've imagined.

Why should I invest in this instead of investing coins myself?
There's much lower risk of loss for you (assuming you aren't operating on the assumption I'll be running off with the coins). I will always be offering to buy back shares @ 95% of IPO value, and will personally eat all losses, sending personal/BDK coins to different funds' wallets to cover losses. The funds will never fundamentally devalue.

BDK has operated for three months now, with dramatically increasing profits each month. Know I have no experience managing funds. I've read a couple finance/banking textbooks, and that's about it. I don't expect you to have faith in my ability to make picks & connections to buy shares under favorable conditions, which is why I cover losses & buy back shares @ 95% of IPO value if you are dissatisfied or you're in need of more cash than the market could otherwise provide.




There will be a separate thread with this information. For now, I'd appreciate criticism, and if you'd like to pledge to buy IPO shares, it'd be good to know there's interest.


This may be irrelevant after receiving some PMs. If they deliver, trying to compete with the same people depositing with me would be silly. As such, plan's on hold until further notice.

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March 15, 2012, 01:25:03 AM
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so you're going to IPO at .1BTC/share and have a perm bid to buy back that is 950% higher at .95BTC. sign me up.
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March 15, 2012, 01:25:59 AM
 #11

so you're going to IPO at .1BTC/share and have a perm bid to buy back that is 950% higher at .95BTC. sign me up.
derrrrrrrp

Hello, trust me with your money. I can't distinguish .95BTC from .095BTC, nor do I read through my own posts enough to catch that.


Cry (fixed)

ETA: Expected release date for GLBSE 2 is Monday (3/19). I intend to have the assets up on Tuesday (3/20).

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March 18, 2012, 04:12:04 AM
 #12

CD rates have been increased. Please check OP for detailed information.

All CDs purchased in March prior to the CD dividend rate increase will be given the new, higher % at time of payout.

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March 18, 2012, 11:32:51 AM
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Thanks for the retroactive bump!   Cheesy

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March 20, 2012, 01:12:16 AM
 #14

Surprising amount of sudden interest in this, so... bump.  Smiley

(Updated examples in OP to reflect new, higher rates, updated OP text to reflect current stats, and changed thread title to reflect higher rate)

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March 20, 2012, 01:32:24 AM
 #15

Congratulations, you won the sig advertisement lottery!  BDK is now advertised in my sig Smiley

(BFL)^2 < 0
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March 22, 2012, 10:41:20 PM
 #16

Fiat banks can go explode.

I accidentally sent cash through Paypal using the wrong bank. I had $50 in my bank, sent $100, resulting in an over-draft. My bad.

~15 days after the transaction, they alert me to tell me I owe $5/day for each day after the transaction. That's 5% daily. ... I'd like to publicly disclose my intent to default on the $5/day they're charging me. The idea that they're taking losses so extreme from my $50 overdraft that they feel they need 5%/day is utterly absurd, and the delay in informing me inexcusable. I'm really pissed off -- tomorrow (they didn't call until a few minutes before the branches closed), I'll try settling the debt with them and close my account. My credit's perfect, and I have no problem losing it because a bank's charging me 5% daily on debt and not even telling me I have the debt until my debt's (in their eyes) doubled. Fuck that.

Let me give you some back-story on this bank, too. ~2 months ago, I used my account there for the first time in ~2-3 years. They told me I had to fill out a Change of Address form when I went in there to deposit some checks. I did so, right in front of them. I gave them the checks and the form. ~2 weeks later, they call me up to tell me I need to fill out a Change of Address form. This was the same fucking teller -- the SAME TELLER! I tell her I already filled out the form. She puts me on hold for ~10 minutes, to come back and say she found it and it'll be sorted out. ~2 more weeks after that, I go in to cash some checks. The teller tells me my account's marked dormant (even though I deposited checks and filled out a change of address form just a month prior) and I need to fill out THE SAME FUCKING FORM I FILLED OUT A MONTH AGO! The "head teller" (the one who called me and originally accepted my form) tells the teller I was using that I already filled out the form and to mark on the deposit slip that my account is dormant. I ordered some checks for $18 and a debit card. The checks came ~2 weeks later, and I still haven't received the debit card or PIN for it. I'm guessing they forgot to process my form... again.

So, when the main HQ called me today, I assumed it was an update on the status of my debit card order. NOPE. It was to tell me they're charging me 5% daily on debt they didn't tell me I had until 15 days after.

http://www.countynationalbank.com/ , kindly go explode. I'm furious. If they try to charge me an account closure fee or tell me I can't close an account with a negative balance, I'm liable to blow up.

Edit for the sake of Google:
County National Bank
County National Bank overdraft


ETA: I was truly infuriated when writing this. Really, they were charging me 10% per day in overdraft fees (50*.1=5).

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March 22, 2012, 11:38:28 PM
 #17

Fiat banks can go explode.

I accidentally sent cash through Paypal using the wrong bank. I had $50 in my bank, sent $100, resulting in an over-draft. My bad.

~15 days after the transaction, they alert me to tell me I owe $5/day for each day after the transaction. That's 5% daily. ... I'd like to publicly disclose my intent to default on the $5/day they're charging me. The idea that they're taking losses so extreme from my $50 overdraft that they feel they need 5%/day is utterly absurd, and the delay in informing me inexcusable. I'm really pissed off -- tomorrow (they didn't call until a few minutes before the branches closed), I'll try settling the debt with them and close my account. My credit's perfect, and I have no problem losing it because a bank's charging me 5% daily on debt and not even telling me I have the debt until my debt's (in their eyes) doubled. Fuck that.

Let me give you some back-story on this bank, too. ~2 months ago, I used my account there for the first time in ~2-3 years. They told me I had to fill out a Change of Address form when I went in there to deposit some checks. I did so, right in front of them. I gave them the checks and the form. ~2 weeks later, they call me up to tell me I need to fill out a Change of Address form. This was the same fucking teller -- the SAME TELLER! I tell her I already filled out the form. She puts me on hold for ~10 minutes, to come back and say she found it and it'll be sorted out. ~2 more weeks after that, I go in to cash some checks. The teller tells me my account's marked dormant (even though I deposited checks and filled out a change of address form just a month prior) and I need to fill out THE SAME FUCKING FORM I FILLED OUT A MONTH AGO! The "head teller" (the one who called me and originally accepted my form) tells the teller I was using that I already filled out the form and to mark on the deposit slip that my account is dormant. I ordered some checks for $18 and a debit card. The checks came ~2 weeks later, and I still haven't received the debit card or PIN for it. I'm guessing they forgot to process my form... again.

So, when the main HQ called me today, I assumed it was an update on the status of my debit card order. NOPE. It was to tell me they're charging me 5% daily on debt they didn't tell me I had until 15 days after.

http://www.countynationalbank.com/ , kindly go explode. I'm furious. If they try to charge me an account closure fee or tell me I can't close an account with a negative balance, I'm liable to blow up.

Edit for the sake of Google:
County National Bank
County National Bank overdraft

You should turn off that over-draft coverage.  Personally I find no use for it.  A bounced check is a $25 fee and a over-draft fee can be up to $40 plus the daily over-draft charge. 

Introducing constraints to the economy only serves to limit what can be economical.
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March 22, 2012, 11:46:15 PM
 #18

Fiat banks can go explode.

I accidentally sent cash through Paypal using the wrong bank. I had $50 in my bank, sent $100, resulting in an over-draft. My bad.

~15 days after the transaction, they alert me to tell me I owe $5/day for each day after the transaction. That's 5% daily. ... I'd like to publicly disclose my intent to default on the $5/day they're charging me. The idea that they're taking losses so extreme from my $50 overdraft that they feel they need 5%/day is utterly absurd, and the delay in informing me inexcusable. I'm really pissed off -- tomorrow (they didn't call until a few minutes before the branches closed), I'll try settling the debt with them and close my account. My credit's perfect, and I have no problem losing it because a bank's charging me 5% daily on debt and not even telling me I have the debt until my debt's (in their eyes) doubled. Fuck that.

Let me give you some back-story on this bank, too. ~2 months ago, I used my account there for the first time in ~2-3 years. They told me I had to fill out a Change of Address form when I went in there to deposit some checks. I did so, right in front of them. I gave them the checks and the form. ~2 weeks later, they call me up to tell me I need to fill out a Change of Address form. This was the same fucking teller -- the SAME TELLER! I tell her I already filled out the form. She puts me on hold for ~10 minutes, to come back and say she found it and it'll be sorted out. ~2 more weeks after that, I go in to cash some checks. The teller tells me my account's marked dormant (even though I deposited checks and filled out a change of address form just a month prior) and I need to fill out THE SAME FUCKING FORM I FILLED OUT A MONTH AGO! The "head teller" (the one who called me and originally accepted my form) tells the teller I was using that I already filled out the form and to mark on the deposit slip that my account is dormant. I ordered some checks for $18 and a debit card. The checks came ~2 weeks later, and I still haven't received the debit card or PIN for it. I'm guessing they forgot to process my form... again.

So, when the main HQ called me today, I assumed it was an update on the status of my debit card order. NOPE. It was to tell me they're charging me 5% daily on debt they didn't tell me I had until 15 days after.

http://www.countynationalbank.com/ , kindly go explode. I'm furious. If they try to charge me an account closure fee or tell me I can't close an account with a negative balance, I'm liable to blow up.

Edit for the sake of Google:
County National Bank
County National Bank overdraft

You should turn off that over-draft coverage.  Personally I find no use for it.  A bounced check is a $25 fee and a over-draft fee can be up to $40 plus the daily over-draft charge. 
I have no idea what was enabled or disabled there and they haven't given me the information to use their online banking service I requested months ago. AFAIK, I never requested any type of over-draft coverage. I only use the bank to cash & deposit checks -- using it for anything else was an accident. I would've preferred the bank simply disallowing the transaction to occur since my account didn't have sufficient funds. At the very least, they should have told me when it happened.

Don't mix your coins someone said isn't legal
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March 23, 2012, 12:22:54 AM
 #19

Fiat banks can go explode.

I accidentally sent cash through Paypal using the wrong bank. I had $50 in my bank, sent $100, resulting in an over-draft. My bad.

~15 days after the transaction, they alert me to tell me I owe $5/day for each day after the transaction. That's 5% daily. ... I'd like to publicly disclose my intent to default on the $5/day they're charging me. The idea that they're taking losses so extreme from my $50 overdraft that they feel they need 5%/day is utterly absurd, and the delay in informing me inexcusable. I'm really pissed off -- tomorrow (they didn't call until a few minutes before the branches closed), I'll try settling the debt with them and close my account. My credit's perfect, and I have no problem losing it because a bank's charging me 5% daily on debt and not even telling me I have the debt until my debt's (in their eyes) doubled. Fuck that.

Let me give you some back-story on this bank, too. ~2 months ago, I used my account there for the first time in ~2-3 years. They told me I had to fill out a Change of Address form when I went in there to deposit some checks. I did so, right in front of them. I gave them the checks and the form. ~2 weeks later, they call me up to tell me I need to fill out a Change of Address form. This was the same fucking teller -- the SAME TELLER! I tell her I already filled out the form. She puts me on hold for ~10 minutes, to come back and say she found it and it'll be sorted out. ~2 more weeks after that, I go in to cash some checks. The teller tells me my account's marked dormant (even though I deposited checks and filled out a change of address form just a month prior) and I need to fill out THE SAME FUCKING FORM I FILLED OUT A MONTH AGO! The "head teller" (the one who called me and originally accepted my form) tells the teller I was using that I already filled out the form and to mark on the deposit slip that my account is dormant. I ordered some checks for $18 and a debit card. The checks came ~2 weeks later, and I still haven't received the debit card or PIN for it. I'm guessing they forgot to process my form... again.

So, when the main HQ called me today, I assumed it was an update on the status of my debit card order. NOPE. It was to tell me they're charging me 5% daily on debt they didn't tell me I had until 15 days after.

http://www.countynationalbank.com/ , kindly go explode. I'm furious. If they try to charge me an account closure fee or tell me I can't close an account with a negative balance, I'm liable to blow up.

Edit for the sake of Google:
County National Bank
County National Bank overdraft

You should turn off that over-draft coverage.  Personally I find no use for it.  A bounced check is a $25 fee and a over-draft fee can be up to $40 plus the daily over-draft charge. 
I have no idea what was enabled or disabled there and they haven't given me the information to use their online banking service I requested months ago. AFAIK, I never requested any type of over-draft coverage. I only use the bank to cash & deposit checks -- using it for anything else was an accident. I would've preferred the bank simply disallowing the transaction to occur since my account didn't have sufficient funds. At the very least, they should have told me when it happened.

If that is the case then you can probably fight the charges.  In 2010 Congress passed a bill requiring that bank customers had to opt-in to getting over-draft protection.  I remember because my bank seemed to be begging me every time I logged in to my online account.  So if you never told them you want over-draft protection then they should not have accepted the charges over the $50 you had in that bank account.

Introducing constraints to the economy only serves to limit what can be economical.
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March 23, 2012, 01:00:40 AM
 #20

Fiat banks can go explode.

I accidentally sent cash through Paypal using the wrong bank. I had $50 in my bank, sent $100, resulting in an over-draft. My bad.

~15 days after the transaction, they alert me to tell me I owe $5/day for each day after the transaction. That's 5% daily. ... I'd like to publicly disclose my intent to default on the $5/day they're charging me. The idea that they're taking losses so extreme from my $50 overdraft that they feel they need 5%/day is utterly absurd, and the delay in informing me inexcusable. I'm really pissed off -- tomorrow (they didn't call until a few minutes before the branches closed), I'll try settling the debt with them and close my account. My credit's perfect, and I have no problem losing it because a bank's charging me 5% daily on debt and not even telling me I have the debt until my debt's (in their eyes) doubled. Fuck that.

Let me give you some back-story on this bank, too. ~2 months ago, I used my account there for the first time in ~2-3 years. They told me I had to fill out a Change of Address form when I went in there to deposit some checks. I did so, right in front of them. I gave them the checks and the form. ~2 weeks later, they call me up to tell me I need to fill out a Change of Address form. This was the same fucking teller -- the SAME TELLER! I tell her I already filled out the form. She puts me on hold for ~10 minutes, to come back and say she found it and it'll be sorted out. ~2 more weeks after that, I go in to cash some checks. The teller tells me my account's marked dormant (even though I deposited checks and filled out a change of address form just a month prior) and I need to fill out THE SAME FUCKING FORM I FILLED OUT A MONTH AGO! The "head teller" (the one who called me and originally accepted my form) tells the teller I was using that I already filled out the form and to mark on the deposit slip that my account is dormant. I ordered some checks for $18 and a debit card. The checks came ~2 weeks later, and I still haven't received the debit card or PIN for it. I'm guessing they forgot to process my form... again.

So, when the main HQ called me today, I assumed it was an update on the status of my debit card order. NOPE. It was to tell me they're charging me 5% daily on debt they didn't tell me I had until 15 days after.

http://www.countynationalbank.com/ , kindly go explode. I'm furious. If they try to charge me an account closure fee or tell me I can't close an account with a negative balance, I'm liable to blow up.

Edit for the sake of Google:
County National Bank
County National Bank overdraft

You should turn off that over-draft coverage.  Personally I find no use for it.  A bounced check is a $25 fee and a over-draft fee can be up to $40 plus the daily over-draft charge. 
I have no idea what was enabled or disabled there and they haven't given me the information to use their online banking service I requested months ago. AFAIK, I never requested any type of over-draft coverage. I only use the bank to cash & deposit checks -- using it for anything else was an accident. I would've preferred the bank simply disallowing the transaction to occur since my account didn't have sufficient funds. At the very least, they should have told me when it happened.
If that is the case then you can probably fight the charges.  In 2010 Congress passed a bill requiring that bank customers had to opt-in to getting over-draft protection.  I remember because my bank seemed to be begging me every time I logged in to my online account.  So if you never told them you want over-draft protection then they should not have accepted the charges over the $50 you had in that bank account.
Alright -- I'll bring it up with them tomorrow when I go to complain. My account's been dormant for years -- I probably haven't used my account since the opt-in requirement (prior to when I re-opened), and I certainly didn't ask for it or agree to it when I had to fill out a Change of Address form a couple months ago. I've never had any problems with my out-of-state CU. It's really stupid of this bank to start piling these kinds of fees on my account, because the money which was going toward my house which's being pulled out of investment accounts now was going to be deposited at this bank. They'd never apply these vulture-like fees on a larger client. Thanks for the tip!

Don't mix your coins someone said isn't legal
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