Overdraft c**p. Help PLEASE! It's a Sunday and bank it not opened till Monday!?

Question

Here it goes. I have student checking and

Me-Do I receive free checking?

EvilBankMan-Yes, you do.

Me-Thanks.

Cut to 2 weeks later. I am charged $20.00 for checks. But I didn't know that.

I just found out tonight when I called the automated bank number I have an overdraft fee of $44.00 plus. Lovely.

Question 1: Does the store I went to receive my payment (or w/e)? Are they going to blacklist me for not paying them???

Q 2: How can this be my fault????

Q 3: Is this a normal thing...this overdraft c**p?

Answer 1

1.  They'll send notice that the check didn't clear and charge you $30, and the bank will charge you another $20 or so.

2.  Becuase it is YOUR responsibility to manage your money.  Not the banks.  Free checking is not, never has been, or ever will be completely free.  Checks are a different product, so unless they specified, "FREE CHECKS" in a contract, tough luck.

3.  The bank is losing money because you are irresponsible.  So, yes it is normal for them to charge you.  And if I had to guess, they're charging you daily for having a negative account balance.

The best thing to do is keep money in the account and stay aware of your finances.

Answer 2

Okay, I think what happened is that you (and the bank guy) both misunderstood what YOU meant by free checking. Simple miscommunication.

You asked if you get free checking. To the banker, that means: when I write a check, do I get charged for every check I write? He answered, probably truthfully: You have free checking, as in, you don't pay a transaction fee for each check.

You heard his reply and thought: the checkbooks are free, too. _That_ is the basis of the confusion. The checkbooks, obviously, are NOT free. Each time you need new checks, you pay. But to write a check to pay something, you won't get charged a transaction fee.

So, definitely call up and explain. Don't try to blame anyone, just point out that it was a misunderstanding. Getting upset, especially with someone from the bank, really will NOT help your case. Politely explain what happened, and ask if they can waive this fee just this once. Now that you understand, you will not let this happen again. They may not waive the fee, but at least you'll have tried.

Now the good news: You have an overdraft fee. This means you LUCKED OUT! You're not going to be reported as a loser who bounces checks (please double-check this with the bank when you speak to them).

It means (I believe) that they honoured your checks (which would otherwise have bounced) and paid out. They are charging you for providing you with that convenience. You _can_ cancel overdraft provisions on the account, but I'd keep it - it can save you from a misunderstanding like this one, which _could_ have cost a LOT on your credit rating! You're currently focused on the fact that you owe money - that's a SMALL thing compared to how your credit would have looked with bounced checks on it! (Don't forget, employers will often pull a credit check before offering you a job, as will any lender - car loan, home loan, etc!)

Thank the bank, request a waiver on the fee, and bless your lucky stars that you accidentally had overdraft protection that saved you from major humiliation!!

Good luck,

FF

Answer 3

Nothing takes effect if the bank is closed.

Answer 4

Contact the banks customer service and quietly, politely explain the situation.  There is usually a one time waive the fee policy at most banks.  Depending on the policy of the bank involving overdrafts, the merchant may not be aware that you bounced a check another question to ask when you contact Nice EvilBankMan.  If they are aware of the bounce then the merchant will expect you to make good on the funds and pay their bounced check fee.  They may also not allow you to write checks for them anymore until this is taken care of.   Paying attention to the balance of the checkbook is your responsibility.  I myself to provide a math mistake cushion,  and forget that there is $50 in the account until the end of the month when I reconcile the bank statement.  The bank will provide you with more assistance if you go in and ask.  You are not the first person to get caught in this problem and they will try to help.  Being up front with the bank will go along way to fixing any "black marks" that arise from your mistake.