What do any of you know about Safegaurd Exception's put on a checking account? I have had a Net Bank checking account for 2 years now. I sent in my paycheck, like I always do, but noticed that they only memo posted it. I called in to see what could be the problem and they told me that they had put my account under Safeguard Exception and that all deposits would be held for 11 business days. I asked why such a thing would be done and they told me that I had more than 6 overdrafts in the last 6 months and that per FDIC rules they could now hold all deposits. Now, back in April I was overdrawn when I forgot to write down a check, it snowballed and cost me $150 in service charges plus several bounced checks. I paid it all and went on about my business. I was also told that Net Bank got in new software and all accounts that had 6 or more overdrafts in 6 months were Safeguarded. The rep said that he had never heard so many mad people in his life. Too make a long story short, I am now bouncing checks since I paid my bills out of my paycheck, had no reason to think they would hold it since this had not happened in two years, they won't remove the hold for 180 days and I am screwed. I cannot get a checking account anywhere, have called everywhere, because I am on chexsystems. I don't know what to do, anyone got any ideas? Thanks, Sam
iamsam- here is a site from another forum (the one WhyChat and breeze almost singlehandedly take care of, I might add)...it gives a list of banks that are non-chexsystems banks.http://www.cardreport.com/dirs/non-chexsystems-banks.html good luck! clc
Actually, banks and Chexsystem are under the same laws as TU, EQ, EXP, etc. I had my "nsf" removed the same way as a tradeline. Dispute letter. if no reponse, i used LizardKing's method. Validation letter to bank asking for signature, etc. Order chexsystem report a week later to see if it is disputed, then sue the bank for breaking FCRA law. Since the $3,000 i sued for was far less than the 90 dollar overdrawn check, they settled out of court for deletion from chexsystems. Funny thing is, i never associated doing this with my negative tradelines until i started visiting this website. Weird how the mind works! I did use a online bank while i waited for the chexsystem report to be cleared up.
I WOULD ASSUMED PAYCHECKS WOULD BE OUT-SIDE THE APPROVED "HOLD" DEAL... My paycheck is DIRECT DEPOSITED and is available CASH at open of business... Can you get DIRECT DEPOSIT??? I would ASSUME it would be ILLEGAL to "HOLD" a DIRECT DEPOSIT...since it is GUARANTEED CASH AT OPEN OF BUSINESS!!!
You mean you didn't ask for the overdraft line of credit ?? They give it out with a half way decent score. I won't even bank at a place that doesn't have some sort of defined overdraft loc. You never know when you need to float an expense(check) and the place don't take credit cards. whatever..
As you can see, my scores are nowhere near "halfway decent" I am very sure I would not be approved for overdraft protection. It was also a check they did this with, not a ach deposit.
