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Since FI and I decided to keep all of our checking & saving accounts at one bank, I switched my accounts to his bank, and then we opened a joint account as well (so we have his, hers, and ours checking accts, follow?). Well the person that set up my account failed to mention that they have a super sneaky way of calculating a daily balance. And their oversight has cost me several hundreds of dollars in overdraft fees in the last week, even though my account was never even close to negative!! :( :( I am freaking out. I called the customer service line, went in and talked to someone, and no one will help me out. Their method of calculating balance is sneaky but nonetheless valid and they do disclose it (in one sentence on page x of xxxxxxx), but I DIDN'T KNOW!!!! On the one hand, whine whine whine, nobody spelled it out for me, but on the otherhand, if you're going to be sneaky shouldn't there be a part of the explanation that says "hey we're probably going to try to screw you over at some point." Basically they hold money out before its actually taken out, then rearrange the way your deposits and credits go through so that it works to their advantage. I'm switching back to my old bank once this is all straightened out.
I guess I'm not really looking for advice, just want to give all you bees advice to be sure you understand the fine print at your bank.
Thanks for the advice and I am sorry this happened to you!
I have had the same issue at my bank!! Just last month I was out over 200 bucks and when I went in they were atleast nice enough to credit 100 back to me. My bank does it the same way, I don't even pretend to understand.
That's horrible - I'm so so sorry. I would def make it a point to talk to a supervisor and make your feelings known.
@Julybride2010 - Sorry to hear that! But... glad to know I'm not the only one who thinks this is seriously screwed up. At least now we know!
Thanks Querida! I did... long story short - they're not sympathetic. :( Boo...
I was with WAMU and they switched to Chase. This JUST happened to me over the holiday weekend when they were closed. They rearranged all of my credits and debits, stating that it's normal to do that. If they had processed everything in the order in which it was received rather than all at once in their order, there would not have been a problem. I called everyone imagineable, and I eventually got all of my money back, after they were going to credit me half as a "courtesy."
I will even volunteer my services to you for calling customer service. I usually don't lose those discussions. I have gotten things for friends in the past when these things have happened. It's not right, and I think Chase might even have a lawsuit against them that just started for this exact thing. I don't believe it to be legal.
Whoa. i'd be super ticked. my bank shows me my "available" balance and "total" balance and i can only take from the available. how can you overdraft if you have money?! Keep hitting the customer service line--since you JUST joined and got screwed, maybe they'll mak "just this one" exception for you
Kinda like how i didn' tlisten to the banana republic representative on the phone spell out my credit card for me, then magically got charged $12.99/month for some identity theft protection fee because i didn't technically say "no". They waived it and i made them take it off.
Persistence!
@Jelly_Bean25 - Thanks for the offer lol!! FI is going over there after work with me. He's more or less planning to make someone cry (his words) if that's what it takes. He's pretty good with this so I have faith in him. I checked on lawsuits for this type of thing, and there are a few out there, for multiple banks. Sneaky, sneaky, sneaky!!
sorry this happened to you! I had WAMU before getting married and wanted him to switch over with me... then right before the wedding -- they screwed me over like this as well!
Honestly, the best thing to do is threaten to take your money elsewhere! That's what I did. At first, they wanted to give me a portion for "courtesy" as well... then I threatened them and talked to a manager and they credited it back to me.
After that I switched over to my husband's bank. :)
Wow, that's horrible! I know what you're talking about though. My best friend recently had that happen to her. And they were like, "so sorry, we'll credit you 1 overdraft fee" but she was like what about all the others?? I'm so sorry! That's super upsetting!
A bill is being reintroduced to Congress to try to make crap like this illegal... I'm all for it! It's total crap!
I would keep on it, until you get your money back. Except I would start putting it in writing, and get their responses back in writing. Writing into the online customer service form, or emailing directly to the bank, always seems to get more positive responses than just calling. Give it a try! And don't give up! :) Good luck!
I'm so sorry, this is why I hate banks. Chase did the same thing to me, I had deposit pending and my internet company mistakenly took out the month's auto payment, although I had cancelled the service a month before and taken care of me fees. I called both Chase and the company, and told Chase I was getting the charge removed, but they'd only say that the overdraft fee would not be changed because there were "insufficient funds" at the time the money was taken out since the previous deposit hadn't finished clearing.
Yeah - FH is over his bank (Bank of America) and mine (Chase). So, he and I will be moving after we're married to a credit union. The thing is, he has three personal accounts and three business accounts that BoA will be losing. I guess it's too bad when you behave that way as a bank. It's terrible that both of them try to do this to people.
I have Wachovia, and I've never had this problem. But I know I'm not switching to any of these banks listed!! I can't believe they can get away with this stuff. :(
As sucky as they are, sometimes banks will meet you half way. I would call and talk to someone in customer service. Explain that you didn't understand the way things worked, and that it is different than your old bank. Apologize and explain that you are getting married and having to watch money very carefully. Finally, ask if there is any way they can forgive some of the fees associated with the overdrafts. Also request that this not be reported on your credit report. Here-- here's a transcript of a request I made of my bank several months ago:
Me: what I am requesting, and have requested in a letter with no response from Bank of America, is any consideration that can be given towards keeping this off my credit report, and any consideration that can be given towards forgiveness of these fees. While the mistake was my own, I have been working diligently to improve my credit and my financial situation.
Harry: Tthere is a great news for you.
Harry: As you are a valued customer, I am able to provide you with the one time courtesy refund for the amount of $113.00
Me: will this still be reflected on my credit report?
Harry: No.
Me: I appreciate your assistance.
Try it! The worst that can happen is they say no... and the best? You get some of that money back!
This is why I went back to my credit union, even though they don't have any branches in the state I live in now. Local banks pulled this same kind of crap and I didn't appreciate it.They also pulled it on a friend of mine while we were in college who ended up not having money available to take a cab home from the airport. (A CAB! Go figure).
You really should call and complain. I did, and I got the money refunded to me and promptly closed my accounts. There are lawsuits pending, as I think was mentioned above, about this stuff because it is really a sneaky thing to do and while it may not be outright illegal yet, it is certainly ethically dubious.
I recently had the same problem with my bank and finally just went in and closed the account. I felt really liberated... Hubs and I weren't planning on combining finances so soon but we did and it's great because he has some serious overdraft protection and he's much more organized with money than I am. We're with a credit union and so far I like it alot.
I hear that a lot... that they'll rearrange your transactions so if you have $100 and spend $20, $20 then $90, they'll do it $90 then $20 so you overdraft once then $20 so you overdraft again... instead of the just one overdraft you would have gotten
Apparently there is some sort of legislation being pushed by specific politicians about making overdrafts more fair (like giving you an option on your acct that if you are going to overdraft that the card will be declined, etc)
I'm sorry to hear this... and I switched from WAMU for doing this (years ago) to US bank. I haven't had a problem with them, but may have a different kind of account. It also has an overdraft protection built in, so that helps.
Don't let them get away with it. Stay persistent and they usually cave.
I STRONGLY dislike that Bank you mentioned, Appleblossom. For that EXACT reason! So many headaches. And they've gotten away with it to me so many times!!
I have even kept my hometown local bank as my main bank even though it's 40 miles away because I love my hometown bank and they would never be shady like that!
Lauch an EEBC (Executive Email Carpet Bomb)! These posts (below) on Consumerist.com will show you how. If you tell the bank that you are a brand new customer and that you want to STAY a customer if they help you, they might work with you to reverse the fees.
This happened to me on a trip to NY a few years ago. I overdrafted *6 times* on my vacation because they cleared a large debit first (which I had made at the end of the day), and THEN all of my $2 subway fares from earlier. The large one was my fault--I had an arithmetic error and I overdrew by a few dollars--but the other five? That is totally shady. And totally legal. And almost every bank does it... good luck finding one that doesn't. :( And if you do find one of those, tell me what it is!!
Don't give up. Call back and ask to speak to a supervisor immediately. If they can't help you, ask for their supervisor. I'd cancel my accounts and move my money elsewhere. That's RIDICULOUS.
I'm sorry you had to go through this with your bank. That said - if they offered NO resolution and didn't offer to re-imburse you those shady fee's etc you should file a complaint with the ombudsman for that bank. You should be able to locate this information on their website or on their customer service brochure. You'll be able to file a complaint through them and since it's an OUTSIDE investigation they'll be better able to help you resolve this situation.
Keep calling. Seriously, I've worked in the banking industry and all I can say is it's funny how the standards differ from one customer service agent to another. Unfortunately it really does depend on who picks up the phone and what type of mood they are in to help.
Have you told them about your plans to switch back to your old bank? Could you perhaps use this as leverage to negotiate a solution?
switch to Wachovia.. i have never had a problem. when my fiance's other bank had some shady maneuvers like this one, it was Wachovia that straightened it out and waived all the fees.
DEFINITELY keep trying to talk to someone who can help you. My parents had US Bank and they switched when their debit card info got stolen from one of those illegal readers on an ATM. Guess where the ATM was? Attached to US Bank! It took them almost 2 months to get back over $7,000 and the bank was so slow with the paperwork that they missed the deadline for getting their money back and had to practically threaten a lawsuit in order for them to refund it, which they did, as a "courtesy." Some courtesy!
I used to work at a bank. ALL banks process your debits first and then your credits. Its a very common practice in the industry. Yes, it sucks, and yes, you should try to get your money back. Switching banks isn't going to help since they all do business this way.
Why does this happen? Good God, it makes zero sense. This is how much money I've put into that gigantic mattress of yours back there, and therefore this is how MUCH I HAVE! How difficult is that????
I have a savings account a car loan through a credit union. We're going to switch everything to them like, NOW.
Thanks so much for the warning!!!
I bank at US bank and have never had that happen to me or any negative experience...But I would find it incredibly annoying that no one will even talk to you or lay it out.
When you went into the branch to speak to someone, did you go to the branch where you set up your account? Most of the time, banks won't do anything for you unless you are at the branch where you set up your account.
Don't bother speaking to a teller, or even someone on platform. Ask to speak to the branch manager (hold out for the branch manager, not the office manager). Very nicely, explain your situation, that you were unaware of how debits and credits were posted to your daily balance, and that you'd really appreciate if she/he could help refund these overdraft fees.
I worked in a retail bank as a teller for years, and I can tell you that you'll win people over more with kindness. I know it's hard and you have every reason to be upset! Some banks post transactions differently, they are not all the same. Some banks post online transfers immediately, while others take a business day, etc etc. Regardless, just try to talk to a manager and plead your case! If they decline to help you, take your money elsewhere and make sure you let everyone know how badly you were treated!
That's BS! I'm sorry you have to deal with that!
I was so happy with WAMU, and now that They're Chase I'm having more issues than ever. I hate direct deposit, but I would never be able to pay my bills when I need to if I didn't since they take 2 days to make checks avalible to you. It's totally balls!
My FH and I have had this same problem with Wachovia. It totally sucks and I feel for you. I would take up other people on the suggestion to call and ask for part of the money back. If it is the first time it has happened to you, they should be able to give you atleast a partial credit.
((HUGS)) Capital One is pretty amazing (in my opinion). I had a negative balance in one of my accounts (oopsie) and I went and deposited the money in before 2 pm and they didn't charge me for it because it beat their cut off. They also have online where you can transfer money into different accounts and if it comes from savings it doesn't count as a withdrawal in the traditional sense and they don't charge you. I really like them, and the fact that every time I have called customer service they are amazingly nice and in the banks they are amazingly nice really helps a lot (I bank in Louisiana).
That's horrible! I am so sorry. We switched banks about a year ago because things were so bad with our last bank, and then our new bank (which is across the street from our house) was closed by the FDIC. They were bought out by a new bank, but it's been nothing but a hassle. Wish I could just keep it all in my mattress. :)
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