This coming from a guy who’s been jerked around by several banks, thinking that nobody could possibly be worse than Wells Fargo…
Do not use Prosperity Bank – Heights. I wanted a local bank with whom I could build a few businesses and possibly re-finance my mortgage.
After moving close to 7 figures through the bank to build 2 new businesses, I began to get daily overdraft fees for temporarily falling below $3k in my account…an obviously egregious offense, even though I wasn’t alerted until after the fact and until charges had begun to accumulate.
When I asked if I could immediately replenish $3k and have the charges waived, I was told no and that they would continue to charge me $3 per day until I paid them.
Seeing as I work 8-5, and their doors open promptly at 9:01 and lock at 4:59 on the dot (they define the term “banker’s hours”), it took a little time before I could take time off of work to atone for my sins.
In the end they calculated that I owed $143 for my crime…a small amount of money in the overall scheme of things, but a big indication of how I would be treated had I stayed with them.
I have 3 issues with the way this was handled:
1) “Gotcha!” Clearly Prosperity would rather charge you anything they can than build a long lasting relationship, to the point they will charge $3/day on top of late fees and penalties.
If you choose to bank with them, watch out as they’re looking to take their pound of flesh any way they can.
I’m glad I learned this early on in my experience with Prosperity…I can’t imagine all of the hidden fees and other “gotcha”‘s that would have occurred had I actually re-fi’d my mortgage with them.
2) Lack of business acumen. If you’re a bank and have a business account with large sums of money going through it, are you really so narrow minded that you’d rather collect $143 in late fees and daily charges than to continue to do business with someone who wishes to use your institution exclusively to build businesses?
That seems like a bad business model…and indicates that one is not a good business partner going forward.
3) Personal service. At some point, you would think that someone would say “let’s work together on this and figure out a solution” rather than smile and let a large account simply close and walk out of the door.
But hey, they wanted that $143, and it was clearly more important than maintaining a business relationship.
If this is how their business accounts are handled, I can’t imagine how you’d be treated as a personal account. I wouldn’t suggest finding out.