I opened a checking account yesterday with a major bank. I now have checking accounts at 2 banks. I did this because I plan to close out my checking account with Wachovia because they suck. I opened the checking account with $100. The account rep, who is a friend, told me he needed to deduct $1 from the $100 to pay for something on my account - I forget what. He gave me the $1 back in the form of a "bonus check" that I could deposit into my account via their ATM. That left me with a balance of $99. Today I check on-line to see if my password works and I note they have debited $29.50 from my account. I call the 800 number to find out why and I'm told that the $1 overdrew my account because the $100 deposit had not posted yet. I reminded her I opened the account just yesterday with $100 and then the $1 was deducted out of the $100 by the account rep. She paused and then said, "the $1 payment posted first." I could not stop laughing.
That's ridiculous!! If they both went through on the same business day, it doesn't matter which posted first - it only matters what the balance is at the end of the day and EVERYTHING has posted. Did they refund your $29.50???
This was a classic example of how banks are set up to screw the consumer. 2 transactions performed on the same day around the same time by one of their employees. They could have allowed the pending $99 deposit to post so the $1 payment could be paid but they held it up just long enough. That's how banks do business. Now I have to wonder if I made the right decision to go with this bank which has more ATM's than Wachovia.
That's bogus! My credit union does DEPOSITS first and then debits for this reason. Move your account to a more "consumer" friendly credit union. National banks suck...I switched once to Wachovia and they did something similar to this and I left really FAST.
Let's just see what happened here. The BANK took the $1 out of your account and told you that you could re-deposit it. THEN the BANK used the $1 THEY took out of your account to create a $1 OVERDRAFT and charged YOU $29.50???? I smell a class action suit here that could end up costing that bank millions.
Re: Re: Checking account overdrawn by $1 I'm sure this will be cleared up on Monday. I am going to open an account with my credit union because this experience has left a bad taste in my mouth.
Re: Re: Re: Checking account overdrawn by $1 I wrote a check to my credit union the same day I opened an account with them. They let the deposit post first before they withdrew the money.
You can ask Bank of America (the bank formerly known as NationsBank) how smart it is to do that. They were sued and settled, investigated by the Fed Reserve, etc - all because their policy was to debit checks/withdrawals and then post deposits so that they could generate money from overdraft charges. They no longer do that (for obvious reasons). FYI - if they reported your account to ChexSystems during the period they were doing this (1995-1999 I believe), they will gladly remove it.
Re: Re: Checking account overdrawn by $1 That's the bank I opened a checking account with. So should I close the account? How do I report them to the Federal Reserve because obviously they are continuing this scam tactic :/
Re: Re: Checking account overdrawn by $1 File a complaint with the Comptroller of Currency in your state....
