How wrong is this?

Question

Our bank never gives us a correct balance amount for our checking account, it's causing us to overdraft by the same amount of money every month with NO detailed report of why.

Should I file a complaint with the Better Business Bureau? This is costing us an extra 400 dollars EVERY time we get a paycheck.

(bi-weekly)

Answer 1

Um, yeah. You should definitely do something about that.

I would suggest contacting the bank first and threatening to contact BBB if nothing is done to solve the problem. That should scare the h**l out of them, and it might even cause them to waive your fees.

Then if nothing is done, definitely contact BBB and file a complaint. That is just not right. Eight hundred dollars a month is ALOT of money to lose because your bank is being incompetent.

If worse comes to worst, you may have to switch banks to stop the problem.

I hope t works out for you, and I hope I helped!

Answer 2

Why aren't you tracking your own money and not relying on the bank to do it for you?

Answer 3

Two things come to mind:

1 - If you depend upon ATM statements, you may have an overdraft protection feature (which pays the checks overdrafted, but charges you anyway) which balance is included in the ATM balance slips.

2 - Reconcile your account! Take the _latest_ monthly bank statement and subtract all your outstanding checks, along with any autopay amounts (like phone, cable, electric, internet) and work from that balance. Then, make sure you use a check register and keep subtracting any charges involved, including Debit cards and checks written.

If you don't get monthly bank statements showing ALL charges against the account, find out why. If the bank charges extra for that service (and some may do this), then find another bank!

The monthly bank statement is one that is printed and mailed to you on a monthly basis. That is the only valid statement to use to reconcile your account.

Also, NEVER "float" checks prior to a deposit. Floating checks (without funds in the account when you write them) is fraud and you can be charged with a felony for writing them if the amount is significant.

Many businesses now perform electronic money transfers as soon as they accept your check.

Something you are doing is at the root of the problem. Use good banking practices and get a balance in your account to buffer any mistakes most of us are capable of making.

Last item: Write checks from one checkbook and only one checkbook. If you use more than one, there is no way to accurately keep a current balance in your checkbook. Make sure you do the same with any Debit card(s) and record every debit you make at the time you perform the transaction.

Edit: You use a debit card - do you keep track and keep a running balance? If you just "guess" at the balance, you could be in trouble.

There is nothing wrong with not keeping track of the balance, but you definitely need a buffer of at least a thousand dollars in the account, just in case you forget to mentally subtract a transaction. Keep _all_ receipts of your transactions and compare them to your bank statement. Make sure there are no "unauthorized" transactions in there or you may be the target of phishing activity (someone has stolen your identity!).

Answer 4

I would go to the bank with the last statement and the checkbook and checkbook register. Ask them to help you find the correct balance so you can have a starting point. Pick a day that's not the busiest day of the week (usually Mondays and Fridays are the busiest days) so you can get help from someone who is not rushed.

If you're off by the same amount every month, deduct that amount (for right now) from your balance in your checkbook.  Do you still have your old bank statements? If so, go through them very carefully and see if there are charges/debits against your account that either you didn't subtract, don't know about, or if a check posted for the wrong amount (this is rare, but it does happen). Hope this helps. Good luck!