I have been a customer with Colorado State Bank & Trust for many years. In fact, they were the bank that gave me my first car loan many years ago. When the company was still locally owned, it was known as a reliable bank with low or at least reasonable interest rates and loan decisions were made locally with a loan officer. One draw back was that it was a bit stodgy and behind the times technologically i.e. no Internet banking. Because of this fact, I did leave CSBT and go to mega-bank that offered all the new technologies.
After being with a few mega-banks over the years and getting fed up poor customer service, out-sourced customer service and ridiculous fees, I thought I would switch back to CSBT and give them try. To my surprise the bank is no longer locally owned, as it was purchased by a bank out of Nebraska a few years back. While the new owner has upgraded the technologies of the bank, the customer service is very poor. Every representative that I spoke with was rude and always referred me back to the branch to answer my questions.
The new owner also has very tricky ways to acquire fees from customers. For example: At every mega-bank I banked with, if I made a debit card purchase, that purchase remained pending on my account until the item finally posted. That is not the case at CSBT. If you make a debit card purchase it will stay pending on your account for about 24 hours and then totally disappear from your transaction history and the funds will be placed back in your available balance. This ""trick"" cost me hundreds of dollars on overdraft fees.
I know that it is my responsibility to track my purchases, but I am the type that checks my bank account every morning and keeps a register based on what my history shows me on-line. I take responsibility for not keeping a written register, but honestly, who carries a checkbook register with them now-a-days when we can log-in from any computer or phone to check our balance?
Secondly the bank offers an overdraft service for a fee. They allow you to overdraft your account and pay a flat fee as long as you bring your account current within 30 days. I needed some extra cash one month and decided to use this service. I overdrafted my account by 300 and expected to pay the flat fee of 29.95. To my surprise not only was I charged the 29.95 fee but I was also charged an extended overdraft fee of 5.00 each day. This was not stated in my original terms and agreements. I ended up being charged around 100 for overdrafting my account by 300. You do the math to figure out what that would equate to as an interest charge.
I am not complaining about fees that I knew were applicable, I am complaining about the sneaky ways in which this bank makes profits. Their processes are unfair and weighted against the consumer, waiting for them to make a mistake.
When I closed this account I asked the banker if she thought the 100 I was charged for overdrawing my account was excessive, and she said ""Yes"", but the banks need to make up the lost revenue for the new legislation that has been passed. She said the bank doesn't have a choice and the government is the one I should blame. Are you kidding me? The fact of the matter is each bank does have a choice whether or not to charge excessive or abusive fees, and the sad fact is every bank will always decide that they need more money.
If you want to be charged excessive fees and have poor customer service then Colorado State Bank is the bank for you.
Cons: Fees
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