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Very expensive mistake - Page 3

post #41 of 82
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Any luck today?
post #42 of 82
Do you have a savings account or any other account that you can set up a bridge to? We have that set up just in case something goes wacky. It's only a $5 a day fee to make the transfer(s).

I have heard all the horror stories from many people. Thankfully we haven't experienced that, but we only bank with local banks. The one we are at now only has one location and I regularly speak with the President and the VP. It's nice to have that personal connection.
post #43 of 82
Quote:
Originally Posted by littleaugustbaby View Post
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.
Huh, that is my bank. They always give most of it as available funds to me right away but I will be careful in case they change their mind.
post #44 of 82
Quote:
Originally Posted by annethcz View Post
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.
Well then the bank should have nothing to worry about then.
post #45 of 82
Seriously, do people not read the contracts they sign when they open bank accounts? Perhaps there is a bank out there that immediately credits deposited amounts to your account without first verifying that the check you're depositing is good. But if there is, I've never heard of it. I don't think it's at all unreasonable for a bank to verify that a check is good before crediting someone's account. And the timeframes for this, as well as fees for overdrafts, are laid out in the terms of service that you sign when you open the account.

I think it is absolutely a sucky situation, and I have nothing but sympathy for the OP. I think it's great when banks offer to refund fees as a *courtesy* for customers, and I really hope that Jaime's bank refunded the fees for her. But I don't think such fees are unreasonable. The bank can't put the funds into a customer's account until the bank itself receives the funds from the check that was deposited.
post #46 of 82
Quote:
Originally Posted by annethcz View Post
Seriously, do people not read the contracts they sign when they open bank accounts? Perhaps there is a bank out there that immediately credits deposited amounts to your account without first verifying that the check you're depositing is good. But if there is, I've never heard of it. I don't think it's at all unreasonable for a bank to verify that a check is good before crediting someone's account. And the timeframes for this, as well as fees for overdrafts, are laid out in the terms of service that you sign when you open the account.
Well, I was told by the person that opened my account the first few checks would be held until I had been with the bank a certain amount of time. After that time the bank would recognize regular deposits of the same amount and wouldn't hold the funds. Paychecks would fall under this category.
post #47 of 82
Our bank which is a credit union, if I deposit any check its automatically in my account to spend, which is an extremely nice feature.
post #48 of 82
Quote:
Originally Posted by annethcz View Post
Seriously, do people not read the contracts they sign when they open bank accounts? Perhaps there is a bank out there that immediately credits deposited amounts to your account without first verifying that the check you're depositing is good. But if there is, I've never heard of it. I don't think it's at all unreasonable for a bank to verify that a check is good before crediting someone's account. And the timeframes for this, as well as fees for overdrafts, are laid out in the terms of service that you sign when you open the account.

I think it is absolutely a sucky situation, and I have nothing but sympathy for the OP. I think it's great when banks offer to refund fees as a *courtesy* for customers, and I really hope that Jaime's bank refunded the fees for her. But I don't think such fees are unreasonable. The bank can't put the funds into a customer's account until the bank itself receives the funds from the check that was deposited.
This really isn't true. It was only very recently that banking regulations permitted banks to eliminate a "float" period. Before that, deposited funds were designated "on deposit" and once a deposited check cleared, any withdrawals made after the time of deposit would be valid. You cannot cash a check, of course, unless it is drawn off that bank, unless you have enough funds to cover it should it bounce.

I think it's ridiculous, because banks have the technological capability to clear checks virtually instantaneously. My bank took days to clear my first paycheck a while back, even though my paycheck was from the same bank. Bills that I paid by mail after I deposited my check cleared before my paycheck. The bank did me the "favor" of refunding the fees.

But you're right, it is legal, so unless the bank extends a courtesy, there is nothing you can do.

BTW, someone said above not to deposit by ATM, but I had the opposite problem at Citizens Bank a few years ago -- they said their policy was to back-credit ATM deposits, but deposits to a teller are handled at the end of the day, and after a certain time on Friday and on Saturday, they are credited on Monday. You should double-check with your bank to make sure which is faster.
post #49 of 82
Quote:
Originally Posted by sonrisaa29 View Post
Our bank which is a credit union, if I deposit any check its automatically in my account to spend, which is an extremely nice feature.
Wow! That is a wonderful feature. I didn't know that there were financial institutions that do that.

So I guess it just goes to show that different banks do have different policies, and it's important to know what *your* specific bank's policy is.

In any case, to the OP (my fellow shameless hussy ) I really hope that you got everything straightened out today
post #50 of 82
Thread Starter 
Sorry to keep you ladies waiting for so long! DH and I had to drive in to PA for my doctor's appointment. Six hours in a car- we got home at 2 AM

The overdraft fees were my fault- I assumed that DH's direct deposit was available once it showed in the available balance- apparantly not- I guess only $100 of it is truly available to pay for items. So it was my fault, and not the banks. My beef was that I truly made what was an honest mistake, and since DH has had this account since the beginning of time, I thought they might waive one fee to be nice- instead the lady was rude to me and hung up on me And I was not rude to her at all, honestly I wasn't. I used to do customer service over the phone for BofA, and so I know better than to be rude to someone. That is my major complaint- how this one person treated me.

Anyway, I did not go in to the branch today because my rent check has not cleared yet, and I only want to go in in person once- because if they don't at least apologise for the way I was treated over the phone, I am closing that account.

So I called before we left for PA instead and talked to the assistant manager. He wasn't there, but called me back- which surprised me in and of itself, actually. He was polite to me, and I explained my error and apologized and just told him honestly that I don't have that much money for fees. He looked at my account- he can see that we have no luxeries- we don't have cable, internet *My Dad pays for dial up for our house, which is why I am online at all* or cell phones. No eating out shows up, no hair cuts, no pedicures, no shopping trips- basically all we do is pay bills He told me that he is not able to remove fees (I find this strange, when I was at BofA, I was a peon over the phone rep, and I could waive a couple of fees- nothing crazy like, 10 or something, but one or two I was authorized to do once for someone) but that he would ask his boss for permission- then she would have to ask her boss- and he will get back to me in a few days.

I am not holding my breath.

Once our rent check clears, I will go in in person and if they still wont work with me, even one- I will close the account. We opened one at a credit union here on the way to my appointment. I checked their fees- they don't charge fees like the bank does.

So anyway, that is my update so far- I will update more if I hear back from them
post #51 of 82
I'm glad you were able to at least open another account. What a bunch of baloney that they won't work with you. When I first opened my CU account, they only held our deposited checks until clearing for the first couple of weeks or so. Electronic deposits were there immediately from the beginning. And now, if I put a check in the bank, it is mine to spend as soon as I leave the premises. Oh, and they record electronic deposits first in the am, before debits, which has helped us many a time. I CANNOT believe that these big corp. banks can get away with the crap they do. Yes, it's their right to charge ridiculous fees, but I'll never bank with another one again. Everyone we've dealt with in the past has sneaky ways of squeezing money out of you, whereas we've never been treated that way by a CU or locally owned bank. (too bad the locally owned banks keep getting bought out by the big guys)

and I hope you get some of the fees refunded.
post #52 of 82
At least he was polite, but sheesh. I don't believe for a second that he can't waive fees. AND I can't believe direct deposit isn't available immediately. That is ridiculous. We are about to drop our bank b/c they are such butts. It is going to take a lot of talk on my part b/c DH is resistant to change. Plus he is starting a business and well it is all going through the account is through this bank, so it will be a PIA to change everything. BUT they have pissed me off one too many times.

Good luck
post #53 of 82
Quote:
Originally Posted by annethcz View Post
Seriously, do people not read the contracts they sign when they open bank accounts? Perhaps there is a bank out there that immediately credits deposited amounts to your account without first verifying that the check you're depositing is good. But if there is, I've never heard of it. I don't think it's at all unreasonable for a bank to verify that a check is good before crediting someone's account. And the timeframes for this, as well as fees for overdrafts, are laid out in the terms of service that you sign when you open the account.
Our credit union always credits our deposits in real time, there is no waiting for a deposit until it posts. They've also never put a hold on any deposits, they were available immediately. But we've only deposited small personal checks or large payroll or government checks. There weren't any large checks from some unknown organization.

I do realize this isn't the norm with most banks though. That's why we switched from Wells Fargo.
post #54 of 82
Quote:
Originally Posted by ~*Jaime View Post

The overdraft fees were my fault- I assumed that DH's direct deposit was available once it showed in the available balance- apparantly not- I guess only $100 of it is truly available to pay for items. So it was my fault, and not the banks.
I've never heard of a direct deposit not being available right away. That doesn't make any sense to me. I'm not an expert on the technology, but if the funds are transferred electronically, it seems that they should actually BE there. There is no waiting for a paper check to clear.

I really don't think this was your fault. It was the fault of a messed up system that they intentionally use to get more fees from people. Like a pp said, they have the technology to clear checks quickly, they don't need to put holds on them anymore. They would just rather get fees.
post #55 of 82
I would get out of your bank, if you can without too much hassle.

I don't understand the logic of showing that funds are available, when they really are not.

Unless it's to get more fees. Good luck, I hope they help you with these penalties, but then I would still go to the credit union.
post #56 of 82
My bank has two levels for deposits, pending and available. To me, available funds means the funds are there and can be used. How would you know otherwise that the funds are not available?

Jaime, I think you are being too quick to take the blame. If your banks system says the funds are 'available' then you should be able to withdraw them.
post #57 of 82
I am sorry. I hope it all works out for you.
post #58 of 82
If it's direct deposit, then the money is already there. Why did they make only $100 available. It's DIRECT DEPOSIT! Instant cash. That's the whole point of it. Someone's being a butt. This wasn't your fault if the money was direct deposited.
post #59 of 82
Quote:
Originally Posted by annethcz View Post
Seriously, do people not read the contracts they sign when they open bank accounts? Perhaps there is a bank out there that immediately credits deposited amounts to your account without first verifying that the check you're depositing is good. But if there is, I've never heard of it.
WaMu does if you deposit the check with a teller. They only hold the money if it's an ATM deposit or a new account. Most smaller credit unions that I've seen will also do the same. I think my old credit union had the option to hold out of state checks for a week, but the money would not show up under "available" balance.
post #60 of 82
Quote:
Originally Posted by lalaland42 View Post
Huh, that is my bank. They always give most of it as available funds to me right away but I will be careful in case they change their mind.
It depends on your history. When I first joined WaMu only gave $100, but after a history of $600 deposits they upped it.
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