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Black Label Have you been treated good or bad? Share your story. This is the place to praise or shame

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  #1  
Old 03-05-2009, 12:32 PM
TObject TObject is offline
Reggae
 
Join Date: May 2001
Location: San Diego, CA, USA
Posts: 7,142
On-line banking transfers can fail

Here is a little cautionary story. I have been using on-line banking to transfer money between my accounts since 1997. It has always worked flawlessly; in fact I've grown so comfortable with it, that I stopped writing down confirmation numbers. You can probably see where this story is going.

One sunny day, I stopped by an ATM machine to get $20 for lunch. Terrified I discovered that my account balance was zero. Oh my... did somebody clean out my bank account? Nope, here is what happened:

Somehow, an earlier transfer of the money to the checking account did not go through. I made the transfer several days before, but there was no record of it. So, when payments started hitting the account it quickly became depleted, and an interesting, and expensive chain of events ensued:

1 ? as the account balance goes below certain threshold, a monthly service fee kicks in: $9.50
2 ? overdraft protection kicks in: $20
3 ? finance charge on the amount of money used for overdraft protection: $x
4 ? if you don't discover the problem right away, multiply the previous two lines by the number of times overdraft protection triggers
5 ? what happens if overdraft goes over the amount of your credit line with the bank? I don't know but I guess, that is very unpleasant, and probably will leave a mark on your credit report too.

Anyway. You can see, how a simple breakdown in the system that usually works can be very expensive. I recommend double-checking that your online transfers go through, and keep writing down those confirmation numbers.
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  #2  
Old 03-05-2009, 12:57 PM
NAILER341 NAILER341 is offline
I showed Matt my twinkie and he like it.
 
Join Date: May 2003
Location: LAKEWOOD CA
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aren't those confirmations emailed to yo when you move money between accounts? i know mine does.
or in your account history it will show the transfer.
i would fight the charges and make them reverse them or move my account.
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  #3  
Old 03-05-2009, 01:18 PM
TObject TObject is offline
Reggae
 
Join Date: May 2001
Location: San Diego, CA, USA
Posts: 7,142
It was basically my fault for not verifying that the transfer actually happened. But banks sure do have a nifty system in place to kick you while you are down. Keep your diligence.

And you are right; you can 'fight' things like this. Sometimes banks will waive the charges as "a one-time favor" if nothing else.
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  #4  
Old 03-05-2009, 02:08 PM
NAILER341 NAILER341 is offline
I showed Matt my twinkie and he like it.
 
Join Date: May 2003
Location: LAKEWOOD CA
Posts: 1,926
so did they make you pay all of the penalties?
i hope you were able to get pout of them.
there are plenty of banks out there anxious to store your money.
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  #5  
Old 03-05-2009, 03:22 PM
Joe Dillard Joe Dillard is offline
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Join Date: Aug 2001
Location: San Diego, Ca, USA
Posts: 3,047
Speaking of bank accounts I checked online to verify how much $ was deposited in my checking account from my military retirement. I saw that a deposit of ~$7.00 was made. WTF is going on here? I quickly remembered that I got a letter from the San Diego court saying that they were going to garnish my retirement (in error I might add). So I called up the court & they promissed me that they'd send the retirement folks (Defense Finance & Accounting Service/DFAS) a letter saying to disreguard the previous court order bacause I have never owed a penny in child support. This was ~3 weeks prior to the $7 deposit. Anyway, the DFAS folks claim they never got the disregard letter so they have to comply with the other screwed-up order. Plus....the court says they still have not gotten the $ so they will not reimburse me either. Plus, the court is telling me that they will not contact DFAS to unscrew their error.

I'm about ready to go postal!
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  #6  
Old 08-04-2009, 11:39 AM
imstuck imstuck is offline
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Join Date: Jun 2006
Location: Anza
Posts: 5
Thumbs down Bank of America Credit

I've had significant problems with only one bank: BofA. When I make credit card payments they never send email confirmations. More often than not, it has failed, and I have to sort it out over the phone. Turns out they were storing a weird routing # for my checking account with a different bank. That wasn't even the end of the story. In short, they baited me into a 0% interest transfer, and found every way they could to screw me up from day one. In fact, they set my credit limit several hundred dollars lower than what they transferred. I have seen charges from payments I made months ago reappear mysteriously. Now they're trying to extort me for penalties, etc., and screwing up my credit for things their system screwed up. I was spending at least an hour on the phone with them every month. I think they're crooks.
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