Commerce Bank put through an unauthorized payment through my account for 500.00???

Question

They are going to put it back into my account, but because they did it without my knowing...I didn't have the money in the acct. Which means I have about 150.00 in overdraft fees that weren't my fault!!! The bank won't remove them because they say that Commerce should pay it for making the mistake. My question is, will Commerce bank pay for the OD fees they caused, or will I be out the money for their mistake??!?! :(

Commerce bank took out the money from my account at Bank of Oklahoma for my car loan that is through Commerce. Commerce said they will replace the money for the car payment but I'm wondering if they will pay the OD fees. Sorry for the confusion.

Bank of OK won't put in a fraud report since I know who did it....they say Commerce has to cover the charges..

Answer 1

If you have a problem where someone causes you overdraft fees it is their responsibility to pay those fees not the banks. The bank needs to give you an official bank letter most of the time called a Merchant Error Letter that states they are responsible to pay your fees. Then you give that to your other bank and they are required to pay the fees.

Answer 2

what kind of payment was it?
when you say " they are going to put it back into my account" who is they? commerce bank or the business that received the funds?
edited to add
if you did not give the Oklahoma bank permission to let the commerce bank take out money then the Oklahoma bank should refund or forgive the overdraft fees.
if you had signed up for a one time payment in the past and the commerce bank did it again with out your permission then they should pay for the overdraft fees. call them up talk to supervisors and say you want your money back now!

Answer 3

I flipping hate Commerce!

Do two things:

1. File a fraud report with the Bank of OK. Whether you have a relationship with Commerce or not, they took your money without your approval.

2. Contact Commerce and explain how their actions have negatively affected you. If you can, meet face to face with the person who gave you the auto loan and explain your issue.

Answer 4

If your bank paid an unauthorized check presented to it, YOUR bank is responsible. I had a similar scenario a few years back with my bank (Chase) and Discover, which managed to charge my account for exactly $10,000 more than it should have. Don't let YOUR bank walk all over you. Demand to speak to a manager and keep going up the ladder until you find one with a brain. If YOUR bank thinks Commerce is at fault, then it is THEIR responsibility to go after Commerce for these charges.

Answer 5

Check with the commerce end to see if they will take off the OD charges. At the very least, find a different bank, there are plenty of them. If they don't respect you as a customer, don't give them your money.
Good Luck