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Old 12-31-2003, 11:13 AM   #1
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My bank is crooked

I knew credit cards did this, but banks?? I am in the hole right now, and I think they did it on purpose. I just had 4 debit card purchases 'bounce' on me, though at the store they said 'approved' when I bought them. Then I went to the bank to take out 20 bucks from the ATM and it told me I did not have that much money in the bank! I checked the balance and it said I was $160 dollars in the hole! I called them up and asked them, was I overdrawn when they approved those last 4 debit purchases, and they said YES! I was under the impression that if you had no money to cover the purchase, and the bank was well aware, it should have come up as a DECLINE at the store, right? I said, WHY did you approve me when I had no money in the bank?? They said it was their 'descretion' well, I am sure it's because they WANTED me to go over so they could hit me for 30 f-ing dollars each time, and then again a second time! WHY else would they possibly approve me, knowing I was overdrawn? They never said it was a mistake, they admitted they did it on purpose! What else could it be? So here I sit on New Year's Eve, not getting paid until Friday, knowing they will all come through again tonight and charge me another $120 in 'fees!' Not since the days of debtors' prison has there been anything so unfair and crooked to the already destitute. For the record, this is a very large well known bank that operates in 3 states.
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Old 12-31-2003, 11:26 AM   #2
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I think most banks do this.

No offense, but isn't it your responsibility to balance your account?
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Old 12-31-2003, 11:50 AM   #3
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its common practice.
granted, its a shock the first time you experience it but it is hard to avoid.

otherwise, how do you expect the banks to post billion dollar profits?
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Old 12-31-2003, 11:50 AM   #4
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yes i fell into this trip too... the banks tell you "oh sure... take this debit card and use it just like a credit card! it'll take the money out of your checking account!" to which i respond "so if i don't have the money it'll show up declined?" to which they say "of course it will!"

what they fail to mention is that certain service locations... gas stations and the like... only need 1 cent in the account in order to activate the debit card. so if you have .5 cents in your account, ya go to the local hess station, pump in 25 bucks of gas, you can get it... then when you check your statement you'll have the -$24.95, plus a 30 dollar charge for over-drawing your account, a 5 dollar charge for taking too long at the atm, 7.50 for not throwing out your reciept with 2 minutes and 37 seconds, and a 10 dollar convenience charge... just for your convienece. you'll be 100 down in no time.



my favorite bank issue... the reason why i'm no longer with fleet... happened 2 years ago. i deposited a 1500 dollar check into my checking account durring lunch time on friday. now my checking account is, or rather was, with fleet, and my work, who the check came from, also uses fleet. so it was a fleet check going into a fleet account.

the following day i took a few friends out for lunch in manhattan... my treat. the lunch is over... the bill is like 110 bucks or so... so i give them my debit card to pay for it. it comes back declined... i'm like "that can't be possiable." i had the money to cover it in cash, so i just through down the money in cash and we left. i then tried to use the account again, and it was declined again. i call fleet up and ask them what's the problem? they tell me that the check i deposited friday won't clear till tuesday afternoon. so i ask them a few simple questions... "if i had just gone their with my check and cashed it, you would've given me the money on the spot, correct?" and they answer yes... "ok, if i then took that cash and deposited it into my fleet checking account, it would be available immediately, correct?" again... yes. "so can't you help me out here and make the money that you know is valid because it's already in your system available so i can go out tonight like i planned on?" no sorry sir... i can't do that.

fuckers... i just took a few bucks out of the ol' savings account and spent that, then transfered the money over tuesday. i hate banks.
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Old 12-31-2003, 01:27 PM   #5
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If most banks do this, it's news to me, and they're all crooked. Of course that's how they post billions in profit, off the backs of the poorest people who can't afford it.

I'm sorry Headache Thanks for understanding and telling your story too. That was awful! I do believe they do it on purpose. And dammit, if you have no money in the bank, they shouldn't keep letting stuff go through unless they are trying to rip people off, which is what I believe. I hate banks too. My neighbor has not had a bank account in years because of the way they operate, bouncing your check in the middle of the night, yet telling you a deposit takes several days to post, come on. Now I know why old miserly men bury their cash in the backyard.
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Old 12-31-2003, 02:11 PM   #6
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Cash is a wonderful thing.

Cash can't be bounced.

Cash can be used pretty much anywhere.

Cash can be used when the power is out.

Cash won't give up personal information.

Cash doesn't require access codes or a signature to use it.

Cash is to the point.

Don't get mugged
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Old 12-31-2003, 03:38 PM   #7
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Admittedly I've only ever used two banks, but both of them had the same policy. I guess you just have to be careful that to know exactly how much money is in your account before you can use your debit card. Having to pay your bank money for something like this is so annoying though.
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Old 12-31-2003, 04:55 PM   #8
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same thing has happened to me too. At some places (especially gas stations) when you use your debit card it doesn't post to your account until like three days later, so you check your account balance and end up thinking you have more than you do because things haven't gone through yet.


What I hate is ATM fees. I don't have a problem with paying the 1.50 or whatever that I get charged when i use a different bank's atm, but what drives me insane is that my own bank (wells fargo) charges me another 2 dollars on top of what the other bank charged me. So it ends up costing me 3.50 to take $20 out of the bank . I know that there are other banks that don't do this, which makes me even madder
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Old 12-31-2003, 05:34 PM   #9
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i'm with elvis on this one... i go with chase for now, just because ya need to have some sort of account, but i keep the bare minimum in my accounts... most of my check goes to el banko de headacheo... which is located directly below this keyboard. cash is the way to go... ya spend a lot less when you can actually visably see what you have. this is especially true at bars... i'm still paying for some of the bar tabs i've run when i use a credit card...
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Old 12-31-2003, 06:10 PM   #10
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A friend of mine fought with his bank over this same issue and lost. He, however, had been sent a letter explaining the new policy and originally thought it was really cool that he had access to a $750 line of credit for a $25 fee (each time he used it, he would conveniently forget). But he abused it and got screwed (or rather, screwed himself). You should have at least been told in writing about the policy if it began after you were already a customer.

I'm not sure if my bank has this policy or not since I have never *knockonwood* overdrawn. But I miss the good ol' days when for a measly $6 monthly service charge, my old bank extended overdraft protection up to $500 with no additional fees. That truly helped me out one year when I had a lot of unexpected expenses. I lived in the red on that line of credit until I got my finances sorted out.
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Old 12-31-2003, 09:29 PM   #11
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I love the little thing my bank calls "uncollected funds"

I'm self employed and have 2 accounts...business and personal. I do most of my banking online and when its time to pay myself, I simply do an electronic transfer from one account into the other. The funds are obviously available because I am able to make the transfer.

The problem happens when I actually go inside the bank and pay myself by check. Its the exact same procedure as an electronic transfer...my money goes from one of my accounts to the other. Nothing needs to clear because my balance is right there and the teller couldn't do it if funds weren't sufficient.

On occasion, for some strange unknown reason, the money that I've transfered into my personal account is held as "uncollected funds" Instead of bouncing, checks written on that account will clear but I'm charged $25 per transaction, just like a bounced check fee! The money is THERE and according to the bank, there is NO HOLD but the funds aren't available.

I've complained about this SO many times and have had my fees refunded twice but I've never been able to get an explanation as to why they do this.
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Old 12-31-2003, 09:52 PM   #12
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cause they're probably hoping you won't notice Char
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Old 12-31-2003, 10:19 PM   #13
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I think I have changed my mind on getting a Debit Card.
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Old 12-31-2003, 10:40 PM   #14
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I agree with everyone's gripes and have suffered very much myself. Electronic money is too abstract and easy to spend, for me anyway. Cash does show you just how fast it's going. I have been so stupid, or really scared and depressed, that I haven't checked my balance because I just didn't want to know how broke I was Lame move, because it only leads to being broke, not knowing it and getting into trouble. It really sucks to always be so close to overdrawn. Damn I wish I was rich
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Old 01-01-2004, 06:21 PM   #15
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Quote:
Originally posted by Headache in a Suitcase
my favorite bank issue... the reason why i'm no longer with fleet... happened 2 years ago. i deposited a 1500 dollar check into my checking account durring lunch time on friday. now my checking account is, or rather was, with fleet, and my work, who the check came from, also uses fleet. so it was a fleet check going into a fleet account.

the following day i took a few friends out for lunch in manhattan... my treat. the lunch is over... the bill is like 110 bucks or so... so i give them my debit card to pay for it. it comes back declined... i'm like "that can't be possiable." i had the money to cover it in cash, so i just through down the money in cash and we left. i then tried to use the account again, and it was declined again. i call fleet up and ask them what's the problem? they tell me that the check i deposited friday won't clear till tuesday afternoon. so i ask them a few simple questions... "if i had just gone their with my check and cashed it, you would've given me the money on the spot, correct?" and they answer yes... "ok, if i then took that cash and deposited it into my fleet checking account, it would be available immediately, correct?" again... yes. "so can't you help me out here and make the money that you know is valid because it's already in your system available so i can go out tonight like i planned on?" no sorry sir... i can't do that.

fuckers... i just took a few bucks out of the ol' savings account and spent that, then transfered the money over tuesday. i hate banks.
1) There are a few reasons why that could have been delayed until Tuesday. Was it in an ATM? Over a holiday weekend? Do you have lots of past NSF activity that would make your account suspect for fraud? Needless to say, you should have cashed it out first before you deposited it. Fleet automatically puts holds on the checks it deposits, because the idea is to prevent check fraud. A Fleet check in a Fleet bank should take one business day to clear otherwise, unless for those above mentioned reasons.

2) Even if those funds were not available right away, you could either have set up a cash reserve overdraft protection, which could have covered any overdrafts with no NSF fees, or you could have set up a savings account overdraft, which would take funds out of a savings account, if you overdrew the checking account, for a nominal fee.

Banks are tricky, yes, and Fleet has had some past customer service issues, but many of the complications in banking these days come less out of greed and more out of precautions to prevent fraud, which happens far more than one would realize. However, there are plenty of products out there to prevent these issues, if you understand how the banking system works.

From Interference.com's favorite Fleet employee...

Melon
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