I was given a atm/debit card by Charter One Bank at age 17 and the age requirement was 18.I've accidentally overdrawn out of my account and accumulated a bill of over $300,was unable to pay it and it's been sent to collections.I'm 18 now.But the entire purpose Banks set these age requirements is because of the responsiblity that comes along with managing a Atm/Debit card.Which I admit.I wasn't responsible enough to handle and wasn't aware of how you can overdraw your account.So basically my question is.Can my bank be held responsible (similar to how a liquor could be held responsible for selling aclohol to a minor and they go out and get into an accident killing someone)would a court of law force them to waive the fee or even pay me damages for the trouble?
2007-07-19 08:00:07 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I didnt lie about my age i couldnt have,they had my I.d,social,and everthing.in fact.I never even asked for the card or a checking account for that matter.I just wanted to be able to put money in and take it out.
$180 was diposited into my account I was.it was also posted in my balance.but in reality it wasnt.I withdrew $180 thinking it was my $180 but I was actually overdrawing $180 from the bank money and when my money was actually put into my account.I was thinking it was just extra money in my account.and of course after the fees and charges.the amount basically doubled.and by the way I never intended on my parents paying the bill.and its not the amount its the principle and the circumstances.
2007-07-19 08:50:09 · update #1
If they would have never given me the card.none of this would have happened.Im not saying that I didnt do anything wrong,But Just as a Gun Store or a Liquor store sell to minors illegally and something bad happen as a result.I believe that they are ultimatley responsible.And I am aware that these are set laws against comapared the Company Policies but when they register those policies,rules and requirements.those are the ones they have to follow.just as a law.so it can also work in a disadvantage for them.Would some one be a little more open minded here with me.This is more then just $300.If i had Bill Gates money,i would still question these charges.This is about Corporate Big Heads getting over on people and getting away with it.How do we know if they arent just handing out cards to 10 year olds he doest even know what a checking account is.think about it.
2007-07-19 09:13:16 · update #2
Do not listen to the other posters. This sound like it the banks fault. Not yours. So send a letter disputing the amount of $300 to both the bank main office and the collection agency. Tell them If it has been report to the credit bureaus, telecheck or check system please remove this incorrect info.
The reason it is incorrect. Is you deposited $180. The balance the next day show $180.00 then you take out $180.00
If it was a check, the bank should of told you since you were a minor at that time. Checks can take up to 14 days to clear. Most if not all make the first $100 available by the next business day.
Credit bureaus, Check Systems, Telecheck must remove all debits from their records if the debit was accrued as a minor. This is the law in the U.S.
2007-07-19 13:22:50 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Did you do something to get the card at the age of 17 such as lie about your age? Did your parents co-sign for it? How much of the activity happened when you were 17 as opposed to 18? When did you contact the bank and let them know you were 17 years old and that the bank had made a mistake? Did you wait until you had blown the money?
Odds are that you are on the hook for this. I do not see the bank getting in trouble unless you can prove that the bank is systematically giving cards to minors.
In my opinion, the bank should pay a small fine or something and you still have to pay back everything you owe to the bank or your parents pay back everything you owe to the bank. Unless, you can prove that the bank knew you were underage you have no case. You are not wanting to use the law to protect a child from being taken advantage of, you are trying to use it to get out of paying what you owe. Also, you have not said how much of the fees came after you turned 18. If all of the fees came after you turned 18 then you should owe all of it and the bank not even get a fine.
2007-07-19 08:28:30 · answer #2 · answered by A.Mercer 7 · 1⤊ 1⤋
Nice try, but no. The Bank is still the injured party. I would also ask how you got the account as a minor without a parent being on the account with you? If you falsely represented yourself as older than you were, it gets really nasty with other tag along crimes, fraud, identity theft, etc. Contact the bank and make payment arrangements with them to clear the debt. They probably wouldn't pursue court action over $300, but they can certainly mess up your credit report for seven years if you don't pay them. The principle of the circumstances? You deposited 180, took out 180 and then when the 180 did post to your account you "thought it was extra money"? NO, THEY ARE NOT TO BLAME. When you open an account you get a pamphlet with all sorts of legal definitions and responsibilities on it and it clearly identifies the period of time it takes deposits to post to an account.
2016-04-01 02:08:47 · answer #3 · answered by Joni 4 · 0⤊ 0⤋
If you were 18 when the overdraft occurred, you are probably liable, even though the card was issued when you still a minor.
If you were 17 when it happened, you can dispute your liability with the collection agency and with the credit bureaus. You may be able to get off the hook, but it will stay on your credit records.
Do you really want to trash your credit just to get out of a small debt that really is yours? Remember that nowadays your credit score counts for whether you can get a loan, a job, car insurance, everything.
2007-07-19 11:59:22 · answer #4 · answered by hermione98765 3 · 1⤊ 1⤋
You're 18 now, you've acknowledged that the debt is yours. Be an adult, and pay it.
You might be able to dodge it on the underage defense, but this WILL go on your credit record. And that will shadow you for years. If you want to get a car loan, this will make you pay higher interest rates. If you want to get a credit card so you can do anything from pay for gas at the pump to get an airline ticket, you'll pay higher rates because of this. If you even hope to buy a house in the next few years, this may affect that, too.
Do the adult thing, and take care of your own debts.
2007-07-19 08:23:49 · answer #5 · answered by Ralfcoder 7 · 1⤊ 1⤋
Nope, it is now your problem. I bet if you talk to a manager, they will work out a plan with you and might even wave the fees. But don't go in saying "it is your fault because I was under 18."
2007-07-19 08:09:21 · answer #6 · answered by Carrie F 2 · 1⤊ 1⤋
ha ha ha, pay YOU damages?!??! come on, step up to the plate and deal with it and quit trying to milk it.
speak with the bank manager and possibly try to get them to waive fees. you'll have to pay for the transactions.
2007-07-19 08:16:48 · answer #7 · answered by Sandy Sandals 7 · 2⤊ 0⤋
Nope sorry it's on you, accept the responsibility that is yours!! PAY YOUR BILLS!!!
2007-07-19 08:04:47 · answer #8 · answered by wish I were 6 · 1⤊ 1⤋
nope you are resposible , pay it off and move forward
2007-07-19 08:08:08 · answer #9 · answered by jgilbertdo 5 · 1⤊ 1⤋