Post # 1
This all started last Thursday. I went to use my online banking and noticed that I had an overdraft. It was because I opened up some life and disability insurance policies with another company. I wasn’t expecting the money to be withdrawn until the 2nd of October. I have always had overdraft protection, but my bank changed plans. I transferred money in right away and then went Friday after work (I start work before my bank opens, otherwise I would have went earlier) to make a deposit. I made the deposit high enough so it wouldn’t cause anything else to overdraft.
Well, I didn’t take into account the fines. I racked up $76 in overdraft fines. I went up Saturday morning to deposit more money into the account, just as a back-up. Because the overdraft fees were taken out first, it caused me to overdraft on other items. Therefore, my overdraft fees are now $152.
I contacted my bank and explained the situation. They will not reimburse me, they say it’s because of my life/disability insurance company’s withdrawal, they need to reimburse me the fine.
I was hoping my bank would reimburse me at least the second set of fees. The first set is my fault, but I was trying to get everything paid back in a timely manner. Had I waited until my next paycheck, I wouldn’t have paid an extra $76.
Can I do anything? I am really tempted to pull my accounts. I haven’t had an overdraft fee in years, I’ve generally been a good client. I know my account doesn’t mean much to them, but it still just sucks.
Post # 3
Honestly, I would call again and tell them you are going to change banks. They’ll usually give 1 courtesy fee refund. Also, if the company withdrew too early, contact them and see what they can do.
Post # 4
Just call the bank. BofA allows a one time thing usually. Maybe your bank does as well.
Post # 5
Do you have an agreement with the insurance policy folks to not take the money until a certain date? If so, yes, I would go to them. If they cannot do anything, I would go back to the bank and explain the whole situation again and show how you did your best to fix it the first time – I would expect them to at least cover the first charge. If they don’t, change banks.
Also, if the plan changed to no longer provide overdraft protection, they should have notified you. If they didn’t, I would use this as fodder for my argument as well.
Post # 6
@MrsCoachBtoBee:, @heather25: Good suggestions! I did call the bank today. They want me to go through the insurance company. They want me to file a fraud claim. It wasn’t a fraud.
@melodicsighs1: When I signed up with the insurance company, I asked if they could wait until a certain date to take out the September payment. Since the medical testing got pushed back (after the original date I said they could withdraw), it was taken out later. I had figured that since it was much later, they wouldn’t take out until the 2nd of October.
So really, the first set of fees were my fault. The insurance company technically had permission to take out the money. The bank did notify me of the overdraft change. I thought I had elected to keep my overdraft coverage–apparently, I didn’t.
I asked the bank if they could meet me halfways–I have never overdrawn on my account before, and I tried to rectify the situation as soon as possible. They will only help me file a claim on the insurance company (which I don’t want to do–I don’t want them raising my rates–that will equal more than $152 in the long run). The bank won’t work with me at all.
I know that they are just following policy, but I think of myself as a teacher. If I didn’t give my students any leeway, I would have so many parent complaints that I wouldn’t have a job. It’s also frustrating, because I feel like other people who don’t try to do the right thing get more leeway than those who just make an honest mistake.
I’m going off on a tangent here. I am going to try to visit another bank branch and ask what the bare minimum I need to have in my account to keep my credit card (I have a credit card through my bank…not a credit/debit card, but an actual credit card). If they ask why, I will explain the story, and maybe they can work with me. I’ve been with this bank for 10+years, maybe it’s just time for a change.
Post # 7
Honestly, most good banks should waive at least one set of fees if you are a good customer and have never had problems like this before. I have had late fees and other fees refunded to me when I had things happen once because I am so responsible and never have problems like that. I would talk to a manager and take your business elsewhere. Maybe consider a local credit union, I have always gotten better service through them.
Post # 8
I’ve actually been on both sides of this as a banker and in corporate retail. If you’ve never had a fee reversed, most banks will give you a “good faith” reversal to keep you content. If you called and spoke to someone at a branch but were denied, then call the banks customer service and pitch your story to them. When I was in banking, it was pretty common to “reverse at will” if you may. If your banker or customer service agent was having a particularly craptastic day, they may not have been overly eager to please you. Try a few more avenues before giving up with the bank.
As for corporate retail, if you have something that says that the debit was supposed to come out on a certain day but it came out earlier, you could give it a go with the company and you may have a shot. I wouldn’t expect to get back all of the fee’s though. No retailer is that generous. Dealing with these types of things is actually a large part of my job. Just had one last week, actually.
Post # 9
I have to agree with @CaitMarae, unfortunately in my younger years this was somewhat of an unfortunate but typical thing to happen. If you call the customer service hotline, every time you call you’ll generally get someone new. Keep trying. If they give you hell, pull the whole you’ve been a loyal customer and this is ridiculous that this is how they plan to repay you, and that you’re sincerely upset by this..you know that your friend at XYZ bank had better customer service, so you plan to take your service there.
worth a shot..and if you lose-lose, well, you’ll never see that person on the phone again anyway. 😉
Post # 10
sheesh, double post again