So here is the story, I made three deoosits into a US Bank ATM in cash. 2 on a Friday and one on a Monday. Tuesday morning I check my balance and have a positive balance. Around 1 I go back to internet banking and see that I have now received 2 overdraft charges. The funny thing is that I deposited enough money to cover transactions plus have $2.30 over. According to US Bank only $100 of my deposit could be credited and the other $25 was put on hold. Now I have 3 overdraft charges, and negative balance fees are added each day. It's christmas time and I unfortunatly don't have the extra $150 to bring my account back to positive nor do I think I should have to claw to get the money when they are the ones who screwed up. All the charges were paid, and the only thing owed is what was charged in overdraft fees. Right now it at about $150. What will happen to me if I just say Screw Them and not pay.
2006-12-21 14:16:05 · 11 answers · asked by Larry T 1 in Business & Finance ➔ Personal Finance
Yea I tried that nice approach with about 3 differnt people. First I called the local corporate office, they told me to talk to my branch manager. He told me he did not have time that day and would call me back the next....of course he did not. I called back again and talked to another lady who was "authorized to take fees off" she said she was with a customer and would call me back. She called me back only to tell me that Im **** out of luck because it wasnt bank error. I have a Credit Union account, I guess I will just have to suck it up and pay it eventually. One more question, how long can they keep adding the negative balance fee, and can I close the account even with a negative balance
2006-12-21 16:40:17 · update #1
Hi Larry,
When you make an ATM deposit, the first $100 of each deposit is immediately credited to your account. This is by law (Regulation E). The remainder has a hold on it (even if it is cash) until the funds can be verified. This can take up to 3 days.
If you don't pay the OD charges, you will go into Chex Systems and you will have difficulty opening an account at any bank.
You made 3 separate deposits. The first $100 of EACH deposit should be credited to your account. If this will get you out of your bind, call the bank's call center and ask for "The Executive Office." Be insistent. Tell them that according to Regulation E, the first $100 of each ATM deposit is immediately credited to your account as cash, and you want to be reimbursed for your overdraft fees.
2006-12-21 14:27:08 · answer #1 · answered by Anonymous · 3⤊ 0⤋
Well, you could say that, but eventually the bank will just close your account. The bad part about that is that when you go to open a new account, those fees will be on a record in cyber land and can be retreived in a matter of seconds, preventing you from getting another account.
You should go to your bank and ask for an explanation as to why your deposit was put on hold. If it was in cash, they should have credited it right away. The old saying that you can catch more flies with honey will come into play here. If you go to the bank, and why that happened, explain that your over draft charges are mounting and you haven't enough to cover them, and tell them you don't understand what happened, you may get lucky. Its happened before where the bank may see an error and remove all over draft charges. But again, be polite. Walk in with an attitude and you will get nowhere with them. Suck up a little and things may go your way.
You may also want to research the law a little before your visit to the bank. There are federal laws governing how long banks have to post transactions to your account and how long they have to clear checks etc. Good luck and by the way... don't use the ATM for deposits. For some reason, it may take longer to get credited.
2006-12-21 16:01:38 · answer #2 · answered by David L 6 · 0⤊ 0⤋
Banks (most now) run your checks through largest to smallest as they come in (but NOT in the order they come in. Only the deposits you made friday (and only if it was before 6pm) were credited to your account by monday. Your monday deposit would not be credited yet, so you did not have enough VERIFIEd funds for all checks to go through. Also, the bank can hold ANY of your deposits for up to 5 days after deposit to verify them. You will have to take this under advisement the next time you deposit. Go in to the bank in person and ask to speak to a manager- ask (very, very nicely) to have the charges (or whatever amount they will agree to) removed from your account because you are a good, loyal customer that has had a great experience with the bank, just made a mistake. They will probably help you- but do not get mad, no yelling keep to what I said or you will get nothing. I used to work at Wells Fargo and we removed charges for customers that asked the manager nicely over and over but mean or rude people got nothing.
2006-12-21 15:23:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If I were you I would be very nice and go into your bank and talk to one of the Accounts people. They have the authority to fix stuff like that, if in fact it is there fault.
It all depends on when you made the charges and when you made the deposits. At my bank any deposits I make after 3pm dont go though until the following business day. So If I made a charge today and when and deposited the money today after 3 then I would overdraft.
2006-12-21 14:26:11 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Sexy Troja gave you a great answer & I don't really know what to add, except that you should always look at your particular banks'
little thingee they send with your statement & you don't have time to read! My bank makes CASH deposits available to me IMMEDIATELY. I don't believe any part of a cash deposit should be put on hold! But if that's the US Bank procedure, I doubt you can do anything about it. If you've banked there awhile, you might get some "wiggle room" by talking to a head honcho. At least try!
2006-12-21 14:41:36 · answer #5 · answered by Valac Gypsy 6 · 0⤊ 0⤋
Unless you can prove that those charges weren't warranted you will have to pay. They will get the money out of you some how even if they have to go through a collection agency to do it. If you don't pay you will destroy your credit.
2006-12-21 14:56:08 · answer #6 · answered by Anonymous · 0⤊ 0⤋
i left usbank for their feeing policies, unfortunately you can try to get them to remove them, but that's tough, you'll have to keep calling until one of the customer service agents is feeling "generous" do yourself a favor... go to another bank preferrably a credit union
2006-12-21 14:25:42 · answer #7 · answered by jibjab1978 2 · 0⤊ 0⤋
They will close your account and report it to chex systems then you can never get another bank account with any bank that uses chex systems. Very aggravating!!!
2006-12-21 14:20:47 · answer #8 · answered by Anonymous · 1⤊ 0⤋
Close your account, after you open another one some where else.
2006-12-21 14:25:24 · answer #9 · answered by thecarolinacowboy 3 · 0⤊ 0⤋
yes you will pay...unless bank admits mistake and we both know that ain't likely.
2006-12-21 14:27:36 · answer #10 · answered by cork 7 · 0⤊ 0⤋