Charged NSF fees before my balance is even officially negative?!?!?

Question

My bank has charged me NSF's several times, before I'm even really overdrawn! Like right now, my current balance is $21. Apparently a domain registrar has charged me $60, even though I've already transferred my domains to another registrar...this is obviously something that I didn't expect to happen. But even though my current balance is positive because the charges are still pending, my bank has already charged me a $35 NSF fee!!!! This brings my available balance to (negative) -$39.30. So that stupid charge only left me $4 overdrawn and they socked me with that fee!!!

A few months ago, I had 3 charges come in at the same time. I was only 2 CENTS overdrawn, but my bank charged me 3 separate NSF's. Back then the charge was $33, so then my balance was like -$99.02!!! Technically only one charge sent me under, but since 3 came in at once they charged me for 3.

What can I DO? I work very hard but am low income, and this is really hurting bad!

I do my absolute best to keep up with my expenses, and I calculate before I buy anything. I'm poor, but I'm VERY conscientious with the money I have. I have never gone more than a few bucks under, and I just think it's so dishonest to charge a $35 fee for being $4 short! And to charge over $90 in fees for being two cents short!

Okay people think that if you are overdrawn, you're automatically irresponsible. Anyone who knows me could tell you that I'm VERY responsible with my money. I do the best I can, but everyone makes human errors, and the few times this has happened, I'm never off more than a few bucks.

And second...I went into my online account with that registrar WEEKS ago and revoked their authority to auto-renew my account. I turned it off and it said that the changes were saved. And then I got an authorization code from that registrar so I could switch all my .info domains to another registrar that had a better rate. So obviously it's not my fault that the previous company charged me anyway, even after I revoked my permission. I had no idea they wouldn't honor the change in auto-renewal status.

It's actually Suntrust bank. I'm going to try to get them to cancel the NSF, but I don't know how helpful they will be.

Answer 1

NSF fees are for "no sufficient funds" not to be confused with OD "over draft" fees. If you do a transaction for $80 and your account has $40 in it, they can charge you for trying to make a transaction, even though it doesn't come through. It is at your bank's discretion whether to allow you to overdraw or to return the payment. They base this decision on your past history with your account.. I worked in banking.

Answer 2

NSF Charge is Non Sufficient Funds. There may be something in the rules on the account which you signed when you opened the account that states the bank will charge you a NSF fee if your balance falls below a certain level. It is a totally bogus charge in my opinion and just a way to get money for the banks' bottom line profit. Call the bank and ask them about the charge. Explain to them that you did not understand about the charges and ask them to reverse the charge. It sounds like it was an honest mistake and usually the bank will forgive the first mistake. If it happens again, they will hit you. Make sure you have them explain the exact rules to you.

Answer 3

Well, I never experience banks do things like this. Bank are very strictly regulated by tons of Federal regulations. Maybe you need to try to understand how electronic debit works. As long as you already authorized the transaction the dollar amount is retrained for any other purchases. Also the overdraft charges are PER ITEM/TRANSACTION. If the transactions you happen to charged are over the weekends and you tried to deposit money on Monday, then you are TOO LATE. But if you DO think your bank is unfair, the only thing you can do is go do business with other banks.

Answer 4

First you need to keep better records of your transactions. Set a dollar amount that you don't go below. When you get to that point, don't write checks or use your debit card.

Second, you should stop authorizing auto debits of your bank account. Had you not given that domain registar access to your account, you wouldn't have had that problem.

Answer 5

Another idea...is that Domain charge was UNAUTHORIZED, I would contact your bank and report that draft as an unauthorized draft.

They will investigate and perhaps you will be successful in getting those funds returned to you.

Answer 6

Does your bank offer overdraft protection? If so, it will save you the fee if you overdraw your account.