Very expensive mistake - Page 2

[Selesai]

Originally Posted by mommyofmany

I am so sorry that that happened to you ! I am so sick of our bank as well; your deposit is pending for 2-3 days, but debit card purchases show up within minutes of use. I think it's set up that way deliberately so they can collect their outrageous fees for using your card, and so they can collect their interest on your deposit before you spend it.

that's probably true. I heard on NPR that banks make a lot of their money through fees like these. :

[Thursday Girl]

I am so sorry for you. Something like this just happened to us. They wouldn't do anything when i called. DH is supposed to call. If they can't help us out, we will be leaving their bank and joining a credit union.

It might be time for you to think about leaving. good luck.

[PenelopeJune]

I think bank fees suck. It is $35 per overdraft fee at BOA. YIKES! I can't afford that! I overdrew in the first place because I don't have any money, and then to tack on a $35 fee?

The time that made me the most mad is when we went to get ice cream. The ice cream was $4. Add in the fee and that was the most expensive ice cream I've ever eaten. I was kicking myself for days. It's been over a year and I'm still kicking myself!

[hockeywoman]

I'm so sorry that happened to you. It seems like the banks make the most $ off people who aren't able to afford it It's threads like this that make me glad we use our CC for all purchases possible. That way, I only have to remember to transfer/have money in checking the 1st week of the month (when our mortgage and CC payments are taken out). Granted, I pay the CC in full every month, but a 1x overdraft fee is much better than all the smaller ones. Oh, and our credit union let us set up to auto transfer up to $x from savings in case of accidental overdraw (but this only works if you're not living paycheck to paycheck).

[laohaire]

This is indeed frustrating, especially since they take no responsibility for their part, and their fees compound the situation exponentially (i.e. after you have the fees on your account, you are likely to have other transactions in the works that will also then overdraw, while they probably wouldn't have if it weren't for the fees).

This happened to us 1.5 years ago. My grandmother died, we flew down. DH used the debit card for everything and since it was accepted each time, figured there was money in the bank (he wasn't really thinking). We came back home and had a notice of 9 overdraws at $25 each - $225. Some of those were for $5 transactions.

We didn't contest it because DH really wasn't thinking, but I feel very angry that they would accept each of our transactions. Checks are different, obviously, but the idea of running the debit card through the machine is so the bank can give a green light or a red light to the transaction. They happily accepted every one of our transactions while overdraft fees piled up and our account plunged deeper and deeper into the negatives. To me, that is immoral and unethical. The charges should have been declined. Not to mention, does that mean if our debit card is stolen, a theif can steal far, far, far more than we even have in the account? Is there any limit?

DH now only uses the CC for purchases.

[neetling]

You should be able to call your bank and have POS debit transactions refused if there are insufficient funds. Banks do make a ton of profit from fees. They claim it is a service and while it may be embarrassing to have your card declined, I personally would prefer that to OD fees.

[travlr]

Originally Posted by neetling

You should be able to call your bank and have POS debit transactions refused if there are insufficient funds. Banks do make a ton of profit from fees. They claim it is a service and while it may be embarrassing to have your card declined, I personally would prefer that to OD fees.

I just read an article about this issue yesterday by one of my favorite financial collumnists Liz Pulliam Weston. She listed several banks that you CANNOT switch off the "courtesy" bounce protection. Another banking scam.

[miss_sonja]

Debits are processed before deposits in most banks. It increases their income. It sucks. And it's legal.

Never deposit in the ATM. It may say that you have the money, but it's not actually credited to your account until the check is processed in the after-hours accounting that banks do. Until a person looks at the check, they don't know the funds are there. Never deposit cash in an ATM!!

It's best to use a local bank, meet the bankers/tellers there and build a relationship. Go into the bank, even with squirmy young kids. It makes a difference. I've had fees reversed, even ones that were my fault where I asked them to do it as a courtesy. It worked, because I had a relationship.

good luck with the fee reversal!

[phathui5]

I hope they reverse it for you today.

I've been making an effort to pay for everything (other than bills I'd be writing checks for) in cash so that we don't do that to our account anymore.

[gurumama]

You can also consider filing a complaint with the Federal Reserve: http://www.federalreserveconsumerhel...nfo.cfm?info=1

If you get nowhere, let the bank know you'll file the complaint with the Fed and with your state's Attorney General as well.

[annethcz]

Originally Posted by gurumama

You can also consider filing a complaint with the Federal Reserve: http://www.federalreserveconsumerhel...nfo.cfm?info=1

If you get nowhere, let the bank know you'll file the complaint with the Fed and with your state's Attorney General as well.

I understand that you have good intentions here, but it doesn't sound like the bank did anything remotely illegal. Every bank I've ever been in has had signs indicating that deposits may NOT be available for immediate withdrawal.

It's a bad situation, but I don't the bank deliberately set out to make life difficult for Jaime. From the details we've been given here, it doesn't sound like the bank did anything illegal or even contrary to customary business practices.

I have nothing but love and support for Jaime, and I truly hope that they wave the fees for you, but I don't think this situation is the bank's fault.

Jaime- how did it go at the bank today?

[Thursday Girl]

so how did things go?

[velochic]

Any news, Jaime? Sorry to hear you are in this pickle. I can understand why you'd be so upset. Good luck.

[cjanelles]

Originally Posted by annethcz

It's a bad situation, but I don't the bank deliberately set out to make life difficult for Jaimie. From the details we've been given here, it doesn't sound like the bank did anything illegal or even contrary to customary business practices.

I think the concept might be that "customary business practices" of the banking industry are WRONG, PUNITIVE...and the banks have these huge liberties they can take with our money, and we basically have no choice but to accept the changes they make--regardless of whether or not we think they are good business practices--or we can hide our money in a mattress.

Frankly, banks have been taking advantage of the working and middle class for years and years with government sanction, even.

I'd make a complaint. The bank doesn't have to have done anything illegal in order to garner a complaint.

[UberMama]

Any update OP? I am so sorry. I overdrew my acct one time and was in an absolute tizzy over it.

{{HUGS}}

[littleaugustbaby]

Originally Posted by lalaland42

I hope the in-person visit works for you.

Does depositing at a teller vs at an ATM make a difference? I only do the ATMs because of personal conflicts with the bank and what they consider swear words but I always check available balance. Now I am worried about the funds not really being there.

Depends on the bank. WaMu will only allow $100 of anything deposited into the ATM until the money is verified (which can be anywhere from 1-3 business days). They've overdrafted me before because of that.

[gurumama]

Originally Posted by annethcz

I understand that you have good intentions here, but it doesn't sound like the bank did anything remotely illegal. Every bank I've ever been in has had signs indicating that deposits may NOT be available for immediate withdrawal.

It's a bad situation, but I don't the bank deliberately set out to make life difficult for Jaime. From the details we've been given here, it doesn't sound like the bank did anything illegal or even contrary to customary business practices.

I have nothing but love and support for Jaime, and I truly hope that they wave the fees for you, but I don't think this situation is the bank's fault.

Jaime- how did it go at the bank today?

In many cases, banks have discretion to waive fees. If they're choosing not to waive these fees in Jaime's case, she has the right to file a complaint.

It's for the Fed and the AG to determine legality.

[jessicuh]

I've seen a few discussions on overdrafting lately, so I thought I'd share what I have with my bank..

If I go under, my bank (US Bank) automatically transfers $200 from a reserve line to my account. The reserve line works like a credit card, it shows up on my credit report just like one I believe. If they transfer the money they then charge interest on it until it's paid back, something like $2 if I pay it back right away, or I could make payments on it monthly until it's gone.

I realize it's not the best thing in the world to be using credit, but a one-time $2 fee for a little timing mistake sure beats $30 for each purchase.

It is slightly strange how I ended up with that..I was in a bank sitting at a desk with an employee trying to clear up some fraud issues, closing an account and opening a new one, when it was offered to me. Maybe they were just trying to keep me happy because of the fraud (I think their website compromised my info somehow). I would have never known to ask for such a thing though.

[wendinbill]

Wow, I do that all the time-I guess I'll think twice before I do next time! That really, really sucks. I'm so sorry. I hope you got somewhere with them in person.

[deuxceleste]

If you all use Wachovia and have these problems, I know why.

We actually just fixed one of our own by slapping code down on the table and telling them that since they didn't follow regulations, they'd be hearing from our attorney.