Peter Gossels, a 77-year old retired lawyer was furious over a 4% fee charged to him on the deposit of a large check drawn on A German bank. Fleet Bank didn't bother posting its exchange rates and then charged Gossels the difference between the retail exchange rate and the interbank "spot rate" for foreign currency -- 4%.
The fee came out to $10,000, and Gossels believed it should have been about $30. After failing to get anywhere with complaints and pleas to consumer reporters, he sued the bank.
According to The Boston Globe, "Last month, eight years after he went to the bank, a three-judge panel on the Massachusetts Appeals Court agreed, saying Fleet (now owned by Bank of America Corp.) had failed to properly disclose the differential in the rates."
Good for Mr. Gossels! Bank fees have gotten completely out of hand. While there's nothing wrong with banks charging outrageous fees, consumers have a right to be informed of them so they can make a decision:
As Gossels said, "This is the only way banks will learn not to cheat its customers."
I hope I have the courage and vivacity to take on a major corporation when I'm his age.
77-year old takes on bank fees -- and wins!
Posted Sep 21st 2007 6:40PM by Zac Bissonnette
Filed under: Law, Scandals
Closing Bell: When We All Love the PIIGS (NBG, SQNM, PG, ERTS, KO)
Serious Money: Cheapest Stocks List Shrinks from 26 to 21
Chasing Value: Hasbro Earnings Makes My Point
Reader Comments (Page 1 of 1)
9-22-2007 @ 3:29AM
runaroundclaire said...
Hurray for the educated!
9-22-2007 @ 11:29AM
Connie said...
Way to go Mr. Gossels!