…and all because my bank does not distinguish between “Hypothetical-Balances-That-Will-Be-Up-To-Date-When-All-Your-Transactions-Have-Gone-Through” and “Real, Live, Actual Balances On Which All Transactions Have Actually Gone Through.” I’ll be the first to admit that I’m completely at fault here for not knowing they’d be such numbskulls and making provisions for it, but still…would it be so hard for them to tell you BOTH numbers? Would it really? Do they want you to just guess at what has gone through and what hasn’t? Gahhhhhh.
(Why yes, I am completely spoiled by having previously dealt with a bank that actually had the courtesy to tell you both numbers so you had some idea of how you stood in real time.)
It’s not exactly dignified but if you call in outraged(not overdone) and ask them to explain the charges then act surprised and angry and ask to talk to a manager you can get them removed, I’ve done it a few times.
I used to have this problem too. Keep a checkbook. Write down your transactions. Don’t trust your bank or, worse, ATM machine to tell you the correct balances. Either that, or keep an extra thousand or so squirreled away in your checking account so you don’t have this problem (also ask about overdraft protection.)
If this is your first overdraft fee, go talk to a bank manager about it. I’ve been successful in fighting most of my overdraft charges.
Good advice! Maybe I should start keeping dinero in the mattress?
Seriously, I don’t know…the friends/relations with whom I have spoken about this think I should harass them until they refund this fee, as well. But the thing is, I am completely at fault here (for wrongly assuming that a particular transaction had gone through). Shouldn’t I have to, you know, suffer for it? Ignorance is no excuse, and all that jazz. Plus, I don’t think I could stand going there and saying, “You know, I’m an idiot, and this is my first overdraft fee…please, Mr. Bank Manager, won’t you refund the money?”
But then again, don’t overdrafts have an adverse effect on your credit rating? (I thought they did but maybe I’m mistaken…)
Bank of America decided to attach two $34 NSF fees to my account even though the account wasn’t in arrears. However, when the $825 check was debited, the account was in arrears then, causing an additional $170 in various fees to arise.
The jackass at the branch explained to me that the online account balance shown on the online statement is not correct, that when it says that a deposit is posted on, say, Friday, it really isn’t posted until Monday. Even though the funds are available on Saturday. Even though Friday’s statement has the deposit as pending and the Saturday statement has it posted to the account. When I pointed out that the deposit was actually posted (again, according to their online service) on Friday he shrugged and told me it was wrong.
I just finished writing a two-page letter to the TN Dept. of Financial Institutions, a one page letter to the bank (complaining about a CSR who literally told me to “shut up” and then rolled his eyes when I offered to shake his hand), a two page letter to the FTC and FCC (detailing deceptive advertising practices on the part of Bank of America - anybody remember that $40,000,000 ad campaign that finished a few months ago that showed people checking their balances right after making a purchase on their check card?), all complete with backup information (including deposit slips, the online banking statements, etc).
I expect you’ll be surprised. If you bitch high enough up the corporate ladder, somebody usually listens to you, that was my experience. I’ve written to the Vice President of Operations at American Airlines once because I was given the run-around by every freakin’ customer service employee. For my troubles, I got double what I was asking for ($150 times two), plus $700 in airline vouchers.
That’s a good idea. My SO is having her own trouble with overdraft fees and she does keep her own records. She’s been talking to a friend who works in one of their branches and the friend doesn’t know what’s going on, either. Personally, I think one of their employees has been raiding her account again. I’ll suggest she write to those nice people in the link.
There are certain advantages to living in a country in which slippage (the use of your money banks get between the time that they withdraw the funds from the payer’s account until the time they deposit it in the payee’s account) is illegal. When I worked in the banking industry, I remember a US-based trade magazine writing an article about how amazing it was that Canadian consumer banks managed to get so large and profitable without it.
Of course, in Japan, you don’t have silly cheques [checks] to worry about.
Just an FYI, they only deal with specific banks, those with multiple branches in multiple states. You can find a list of every bank they are in charge of regulating here. (100kb PDF Document).
I’m from the old school where slippage (or check kiting) was normal operating procedure. It’s really hard for me to remember that I can’t withdraw today on money that will be deposited tonight. At my bank, withdrawals come out immediately; deposits are added by 10 pm. I bounced a check by being -$1.74, because my deposit late Friday wasn’t processed into my account until Monday.
Check kiting has never been standard procedure. In fact, it’s fraud and 100% illegal.
Are you thinking of “floating” checks? That’s different. That’s when you could assume that if I write a check on Monday, they get it Tuesay, it clears their bank Wednesday, and exits my account on Thursday, then I don’t REALLY have to have the money in the account until Thursday, instead of the day I wrote the check.
All of this is 100% avoidable if you only write checks for money that is actually in your account.
Mind you, my bank was bought by Citi and now it is beyond fucked up. My checks clear instantly via the magic of computers, and yet my deposits are held for 5 days until the checks “clear.” Yeah, okay…
Bottom line- know how your bank does it and then go with it. They will not change their procedures for you.
And I must heartliy agree with those who have gone up the food chain to get satisfaction. I have found that the executive secretary to the president has more power in most companies than anybody else. When I have gotten to her (always a her, hmmmm) I have always gotten speedy resolution, including from Microsoft and several airlines.
