The banker looks serious. I missed a deadline to renew a certificate of deposit. So the bank did what it said it would do in the fine print of agreement I had signed: It automatically rolled the CD over into another instrument, one that paid a much lower interest rate.
This could be fixed. I could pay a penalty--a hefty penalty--and re-instate the CD at something close to the original rate. Or I could sign up for a new checking account--a superfluous service I don't need--and the bank would consider reducing the penalty.
It was my mistake. I should have renewed the CD in a timely fashion. The bank no doubt sent me notices. I was--or should have been--aware of the consequences of doing nothing. It took me an embarrassingly long time to discover my mistake.
But what do I do now? Do I accept the penalty? Agree to open the unnecessary account? Threaten to withdraw my money (and incur another penalty) and take my business elsewhere? My immediate reaction: Stall.
And consider my options.
I don't have high hopes of victory in what I consider Bank v. Me. I understand its position; I hadn't abided by the rules. On the other hand, it's my money, and I'm asking the bank to forgive an arbitrary penalty and place me in a product I would have chosen if I'd renewed in a timely fashion. Obviously they could do this; had I withdrawn my money when the CD matured, they'd welcome it back with open arms.
On the other hand, I don't really have any leverage other than being a long-time customer. The CD represents a significant amount of money for me, but it doesn't matter........