Good News At The Bank!

[ProfessorGAC]

I had a problem with my third bank. It was, completely admitting to it, my fault originally.

I used a debit card on this account. The account is both a savings and a checking account. When i made the purchase at 1:30 in the afternoon, i KNEW i didn't have the money in the checking account to cover the purchase. I don't deny that. However, when i got back into town at 2:30pm, i went to the ATM and transferred money from savings to checking.

Well, it turns out that 2pm is the cutoff time, and i didn't know it. So, the account "overdrafted" because the transfer didn't count until the next morning. So, they charged me a $33 fee for overdrafting. This despite the fact that there was more than 10 times the money in the savings account at the same bank.

Well, i didn't know this! So, a week goes by. Then another week. Then another week. I get a statement and it looks wrong! Yesterday we get a call that we have an oustanding overdraft, and that's despite the fact that the expenditure was covered! Turns out that since the fee wasn't covered, i'm overdrafted for 3 weeks.

On top of this original fee, they add another $33 per week! So, now i'm mad and was going to close the accounts and go somewhere else. But, i was very matter of fact and didn't throw a fit or anything.

The branch manager says, "Will you keep the account open if i waive the fees?" Well, of course, i said yes! So, she knocks the $132 in fees off, and whole problem goes away.

That's pretty good customer service. She agreed with me that $132 is pretty steep for a mistake that lasted a half-hour. Now i'm happy.
The Professor

[Gormy Cuss]

1. Thanks for an example of good customer service.

They may have been overly exuberant in charging the overdraft fees but at least there was a sentient being at the branch who was willing to correct it.

:toast:

[ProfessorGAC]

5. She Was Most Cooperative

Nice woman. Obviously more than a few working brain cells. The rules are the rules, but she has the power to overwrite and she used it! Cool!
The Professor

[SoCalDem]

6. It's nice to see that humans can counteract computer malice

When I worked at a bank, eons ago, our customer service reps would CALL customers who were "about to" overdraft and warn them so they could come in before the close of business and deposit enough to cover checks.. Can you see that happening these days? Nope..

[ProfessorGAC]

7. The Thing That Stuck In My Throat. . .

. . .was that there was 10 times the money that mixer cost in the savings account which is ATM linked to that checking account. And, i DID put that amount in there by ATM, just 30 minutes too late. Fortunately, i learned my lesson without having to pay the money, because the manager was most excellent.
The Professor

[bleedingheart]

2. that is Great Customer Service!

glad to hear it worked out so well!

[prolesunited]

3. Can you ask for overdraft protection?

I have checking, savings, money market and mortgage all at the same bank. I didn't even ask, but they added $500 overdraft protection to my checking without me even asking. That's cool because there's always money to cover it, just like in your case.

Great on the call. It never hurts to ask and if you've always been a good customer, they'll usually relent. I've done that if a CC payment got delayed in the mail. It rarely happens and they've always waived it.

[ProfessorGAC]

4. Really Not Necessary

I don't use that account much. It's really extra money (fun cash). I keep it in the savings, and just have the checking so i can access the money 24/7 with the ATM. And, for things like that impluse buy (a mixing board) that i screwed up by taking an hour to get home. I admitted to her that it was my fault in the first place, but that high a fee for 30 minutes seemed silly. She was very helpful and cooperative.

There's ALWAYS enough money there. It's just not always in the account that the debit card hits. So, i had a brain cramp, but i thought the punishment didn't fit the crime. She agreed!
The Professor

[Gormy Cuss]

12. Beware of "courtesy" overdraft protection.

Overdraft protection used to be a nice touch, giving one piece of mind at no costs. When it's in the form of fee free overdraft coverage from a companion account, it's a good thing.

Last fall my bank sent me a letter stating they were removing my courtesy overdraft protection because I didn't need it, having signed up for a linked overdraft plan (covering checks from the companion savings account.) I couldn't get a straight answer about why this was to my benefit.

A few weeks later I read that it's related to one of the sneaky little changes in our relationship to banks courtesy of the Check 21 legislation. It's a new way for banks to enhance fees by letting you think your check will be covered but in the fine print it's spelled out that it's at the discretion of the bank (read: we can choose to charge you an overdraft fee at any time rather than cover it. You lose, we win.)

In effect, my bank was doing me a favor by removing its "courtesy" protection because now there is no discretion -- if the funds are available in the savings account, they must use them to cover the check.

edit: link to explain this in nauseating detail, beginning at Section IV:
http://www.consumerlaw.org/initiatives/test_and_comm/frb.shtml

[Beetwasher]

8. They Will Always Wave The Fee as A Courtesy the First Time

That being said, link your accounts and get overdraft protection. It's free and that will never happen to you again if you have money in your other account.

[ProfessorGAC]

10. It Won't Happen Again Beet

Now that i know what the cutoff is, it won't. Also, i found out, that if you use the card as credit instead of debit, it takes two days before the money is taken. So, there is a longer float period and the convenience is the same.

I should have found this stuff out before. My fault.
The Professor

[RebelOne]

9. When I use my debit card, the money is immediately

deducted from my account. So I had better be darn sure that the money is there before I use my card.

[ProfessorGAC]

11. Yeah, I Know. I Had A Brain Cramp

See my post to Beetwasher. I found out something interesting about the dual use card. I can do the same thing, call it a credit instead of a debit, and have two days to move the money. Same convenience, more grace time.
The Professor