Yes, I’ve moved beyond dumb, I’m now officially an idiot. Yesterday, I received a cool looking letter from my bank…you know the ones that typically hold some kind of check with the neat little tear off edges. So there I am, opening up this letter thinking, “Money! Money! Money!” Yeah…uhh, not quite. Instead, the tables turned on me those dirty bank bastards I tell ya! Unfortunately, I was the idiot. Insufficient Funds notice.
So yeah, I paniced a bit because, well, I’ve never had one of these in a long time, and I recently read LAMoneyGuy’s write up on the ChexSystem. So there I am thinking, “Crap!! Am I going to have a blackmark preventing me from opening another 5 or 6 checkings and savings accounts?!”
I made a trip to the bank to make a deposit and talk to someone.
First of all, I was lucky because they covered my balance from the payment request. Why? Because it was electronic. Electronic payments are more difficult to reject, since they are pre-authorized. If for some reason you account becomes short during the period between authorization and actually hitting your account, the bank loans the money for you. I got hit with a $25 fee for this part. The 2nd lucky thing is that you don’t get a blackmark in the ChexSystem unless you default on that temporary loan from the bank.
Phew, I’m happy. A little poorer, but I’m happy I’m not on the ChexSystem most wanted list.
Maria
October 6, 2006 at 7:25 am
I remember the days when they would report you to ChexSystems and I feel grateful that most banks do dont that anymore.
How about linking your checking account to another account so it wont ever “overdraft” like that?
Also, how about a small “buffer” in your account? I know that some people avoid that because they like to know where every penny goes, but it saves alot of aggravation.
Well, I guess you live and learn!
D
October 6, 2006 at 8:13 am
First of all, you should have spoke with either a personal banker or the VP. Being that this is your first incident and I am assuming you are a good customer, you could have requested the reversal of these fees.
For example, I’m not sure if I posted about this or not, in August I made rather large deposits into our construction company and then went online and transfered the cash to pay bills. Well, the online banking didn’t give up any warnings about the money not being available so I just kept on going. Generally with personal accounts it pops up a warning.
Anyway, I received over draft notices for many items. I have the emails for 3 different “in the know” people VP, Commercial Loan Manager, and a Personal Banker. I sent it requesting an explanation and boom they reversed it all.
My point is that it is all in who you address. Pointing out that you are a valued customer they will accomodate you. NEVER just accept the fee, even when you are in the wrong. So many banks, so little time.
You want me to fly out there and talk to them?
D
D
October 6, 2006 at 8:16 am
Ding! You Got Mail – No Just An Idea
I will do my best to post thought provoking comments and when I win, which of course I will.
I will let you keep my prize to make up for your lost dough.
freedumb
October 6, 2006 at 10:15 pm
Maria, Actually this checkings is supposed to be just for petty cash…buying things, food, spending cash, etc. Not for paying bills, but I have it linked up to some credit cards…just in case. Well, I guess I made a mistake and paid my CC with this checkings. I did ask about a line of credit on my checkings, but I would have to switch to a fee checkings, which I didn’t want since it’s really just a petty cash account.
D, You’ve got some major spunk! I made a stupid mistake…I don’t want to argue about that. As long as I don’t get that black mark on my bank history, I’m fine. Plus they covered the difference for me…And I could’ve waited to pay it off until the end of the month no interest, but I couldn’t stand knowing that I let something so dumb happen…so I had to pay it off. About flying out here…sure! Does Amazon sell air tickets?
D
October 7, 2006 at 3:54 am
Spunk Or Shameless? Maybe you should have said – “D, you’ll do anything for a vacation”.:lol:
By the way did you feel the tension – back on your welfare posting. Ouch, I think I got slapped. This is definitely a hot topic.