Let's say you wrote a check and mailed it today. Will this check amount post immediately out of your online account later today? Ofcourse not! The same principle applies when you charge an item on your debit card or withdraw your funds electronically through the ACH network. If you closed your account at Webster Bank, the same thing will happen at another bank or a credit union! The common sense rules are:
1. Make sure you have money in your account before you spend it or pay your bills.
2. Record all your transactions in your register book.
3. Look at your transaction history online to see if your item has been paid.
4. Man up and accept responsibility for your own actions.
Your borrowing money from your bank and they closed your account out of fear you will default if your line of credit is open. Ultimately, every poster on this board and people around the country will pay the price indirectly for a consumer's lack of responsibility. It sucks but that's part of reality. I'm extremely grateful I've never opened a HECL account but if I had and my income reduced due to a disability I'd be grateful the banks would freeze my line of credit or close it out entirely because I'll be paying down what I owe at the time. What's better paying $5, 000 or $50, 000? Yes, I work for the bank but I'm a human being too and I've made my fair share of financial mistakes over the years. My mortgage is under $45K, my husband has $15K in credit card debts and our combined income is roughly around $65K and we don't have alot in our savings account. My husband works in retail and he makes more than I do, by the way. You must be your own banker. Learn from your mistakes, take responsibility for your actions and save your money for a rainy day.
No one will give you free money because you're cute. There are specific terms and conditions you have to meet first. Always read the fine print. I had a credit card which offered triple points on my rewards program during the months of October through December. I wrote to them and said your criteria is stupid, unrealistic and restrictive but I'll signed up for it because if I miraculously qualify that's great for me but if I didn't at least I didn't lose any money. Am I disappointed? Hell yes but it's not worth crying over.
George, people are not complaining because they know how to count and balance their accounts. Joseph, you and your wife need to communicate better. You're better off opening up another joint checking where she's the primary and has a card exclusively under her name so she can overdraw all she wants. Hmmm, on second thought, she's probably better off opening an account on her own because if she overdraws on your joint account both of you will be screwed because a collection agency will come after both of you if you're account is force-closed.
I hate to repeat myself. Please read my other posts. Jesus, please fix stupid. Amen.
I had an interesting if not slightly surreal conversation with a bank customer today. She's a Bank of America employee who has an account at my bank. She had her checking account for less than a year and she overdrafted at least 3 times through out this period. We're a smaller bank but her main complaint was we didn't post the debit card purchases immediately like Bank of America's website does. I was tempted to ask her, why didn't she have an account with Bank of America but I smiled from ear to ear and kept my mouth shut. I told her that although Bank of America has this distinct advantage, they still advise their customers, just like we do, to keep a register booklet because not all merchants will post their transactions immediately. This situation happened to me with my ING checking account. She wanted to argue and demanded I waive her fees naturally and I told her we helped her out in the past and can't do this anymore. She told me she was closing her accounts, said F you and hung up on me. As I mentioned several times, don't spend money unless you have it. You have two courses of action: Either delay your transactions or put it on a credit card. I was stupid enough to spend $135 this weekend with only $20 in my checking account. I have to eat after all but I gotta have those shoes! I put it all on my credit card instead of my debit card. Luckily for me, my direct deposit comes through on Thursday and the first thing I'm going to pay off is the credit card. Easy cheesey peasey. Take responsibility and take care.
You think a credit union is any better? If you overspend, at least a bank will pay your items 8 times out of 10 and assess the overdraft fee the next day. A credit union will likely reject your transactions every time. "Oh, you want to pay your mortgage or pay your grocery bill but you don't have any money in your account? Sucks to be you. Think about before you run off to the nail salon or liquor store AND READ THE FINE PRINT!"
You are all angry because you refuse to take responsibility of your actions. If you don't learn your lesson at Webster, you're going to face the same problem at TD Bank, Bank of America, ABC Credit Union, etc. I have learned from my mistakes of youth and own accounts at several institutions. I'm not a rich person by any means and I had a good track record until a year ago when I incurred my first overdraft fee in 4 years. I realized it was my fault and I asked for a courtesy waiver which they thankfully granted. I have been careful with the bill pay ever since. If you overdrafted on your account, listen to the bank rep's suggestions on how to avoid any overdraft fees. If you are a repeat offender then SHAME ON YOU!
Next time, count the money before you leave the drive through teller. Who cares if there is a line behind your car. The bank rep EXPECTS you to count your money in front of them, [censored].
Hipprocates, you are full of baloney. If your checking account has been overdrawn for 45 consecutive days then the bank will close your account and turn your information over to a collection agency. However, Webster has a product called the Opportunity Checking account and they MAY give you a second chance after you paid off your debt. There is a monthly service charge, overdraft fees are non-refundable and there's a card limit. If you have demonstrated good fiscal responsibility after a year then you can ask for an upgrade. If you overdrafted again then you're screwed. No bank or credit union will accept your application after that. Know your facts first otherwise you'll look like an idiot.
I'm not sure about BAnk of America's policy but I'm 80% sure it's similiar at the bank I work for. Most banks' policies use BAnk of AMerica as a model. We will refund the overdraft fees IF the merchant acknowledges their mistake and posts your refund back into your account via your card or through ACH.
I'd rethink your strategy as far as costing BOA money by leaving $10 in your account. #1: What type of an account do you have with them? If there's a monthly service charge, your defeating your own purpose because you have to maintain a certain balance to avoid the monthly service charge. #2: If you're like me and you were lucky enough to take advantage of their no monthly service charge when you opened their basic account online then you MUST keep the account active. They have the discretion of either charging an inactivity fee if you leave the account dormant. #3: My husband had that idiotic logic too. He wanted to "punish" the credit card companies by not using their card again and forcing them to send paper statements each month. Guess who had to waste time by shredding all the documents? Companies are getting smarter and will find a way to save their costs. The penalty is they raise their fees elsewhere to compensate. Thanks for costing us money, "Likonna".
Dale Carnegie assumed people LOVE it when they are called by their name. Most retail stores follow this philosophy. That was one of his most important tenet in How to Win Friends and Influence People. (I guess to a certain degree he may have introduced ### Kissing but that's another issue). My real name is hard to pronounce too but I'd rather prefer people make an effort to pronounce my name and butcher it the first few times until they get it right. If I'm a regular customer I'd rather the employees call me by my name rather than "Ma'am".
I feel sorry for the employee and as heartless as this may sound: business is business. I don't agree with it at all but I'm sure the manager has to weigh alot of options before reaching a final decision. I've faced these challenges as an employee and as a staffing manager. It's easy to judge if you're looking from the outside.
I wish I could offer you an advice in your favor but if I'm reading this right, it sounds like you have a bad habit of overdrafting your account. I've had an account with Citizens years ago and they're able to waive the fees as a one time courtesy but they can't help you if you can't help yourself. You need to take better care of your physical and financial health.
Ask a supervisor to see if they're able to extend a courtesy waiver. If they can't: Pay your debt before you switch to another bank or credit union. Do your homework. Most places will state there is no "monthly service charge" but there may be miscellaneous charges like check orders, etc. Keep a register booklet like Maggie said.
I hope your doctor gives you a big discount on your insulin but seek alternative therapeutic solutions at the same time. Eat better exercise and take your vitamins too. Good luck.
Pop Quiz: What does Transaction HISTORY mean? Answer: An itemized list of PAST transactions. Why are you frequent overdrafters so dense?
