Who needs robbers when the bank itself will steal your money?!

[Trench]

Yesterday morning I went to my bank before work to deposit some money. They weren't open yet so I made my deposit via ATM. I also stopped on my way to work to drop off my rent payment. The office wasn't open yet so I dropped my check in their drop box. My account balance before my deposit would not have been quite enough to cover the rent check, but after the deposit there was more than plenty.

Last night after work I was updating my MS Money account. Using my bank's online banking site, I could see my deposit had already posted to my account. My rent check was not yet even a pending item in their system.

This afternoon I checked my balance online to see I had a hefty negative balance. I checked the transaction details to see I had multiple overdraft fees and that my rent check had cleared as well as a several small transactions. If you were to believe the order of the transactions on the online ledger and the running balance, there was no negative balance on my account until AFTER the overdraft fees started to be applied.

I immediately went to my bank to correct the issue. They told me that because I had used the ATM to make my deposit, my funds weren't yet available to my account when the rent check cleared. That put my account in negative territory and caused a $34 overdraft fee, and each of the small transactions after that incurred their own $34 fee. They told me there was nothing they could do and next time I should come inside because my deposit would be immediately credited to my account that way. They had a hard time understanding that I couldn't do that since they weren't open yet!

So now I'm out $150, plus I have three more pending transactions that may get posted tonight before my paycheck hits my account through direct deposit at midnight. That's another $102.

This is the last thing I need right now. I'm living pay check to pay check and have to work a second job, seven days a week including twice on Fridays just to scrape by. Being short $252 is not something I can contend with.

I have a hard time believing that a check I wrote could post to my bank the very same day I wrote it, but a deposit I made before I even wrote the check couldn't be credited to my account until after it was too late to keep me from having a negative balance.

 

[sol92258]

yeah, they take every chance they can to screw you over like that

ATM fees to pull money from your own account - yeah, I do understand you're using a service for the convenience, I'm just not going to accept it

some bills, like credit card payments, changing due dates to screw you up...

bunch of jackals

 

[luvmysuper]

I had a similar situation years ago with Citibank showing a check as deposited, then denying access to the funds.
You need to talk to a manager, not just a teller, and tell them that the online account had the funds credited to your account, and that the check was not submitted till after the funds were reported by their system to be available.
They will try to say that the deposit was "listed" but not credited, to which you must reply that if the funds are not available for use, they cannot be listed as desposited in your account.
At least try to get them to waive the overdraft fees, which they CAN do.
If you continue to get a hard time, make sure you have a screen print of your online account showing sequence of events, and tell them that you will be calling your local news people, Fox News, the newspaper etc, to show how in this economicly troubling time, a "Big Bank" is trying to hose the "little" guy.
This worked for me and I got a total refund of fees.
I wish you the best of luck my friend.

 

[toucanlamp]

That's the truth, I try to use the bank for as absolutely little as possible, just for an account to stick my money in. I pay rent with a money order.

It's just stupid now, they make you pay like $1.50 for every deposit, withdrawl, transfer, bill payment, etc. etc.

And something that infuriates me as a young guy trying to think ahead and save, for my RRSP account they charge me $100 per year just to have it until the balance of it goes above $25 000.

But what option is there? I sometimes wonder if I should go to one of those little ones like the Ukrainian Credit Union kind of thing, I know a guy who goes there and they charge practically zero fees compared to the big banks.

Maybe it's time to go old fashioned and buy a safe to hide in some secret passage in your house, between the walls or something..

 

[xbostonirishx]

I never keep my money in banks. I haven't in over ten years. You will always do better with a credit union. If you do your resarch, you may be able to find one that pays you dividends at the end of each year. I got a check for nine hundered dollars two years ago form a credit union here in las vegas.

 

[Stubblefield]

This is the exact reason I switched to a credit union 20 years ago. My CU even credits the deposit to my account immediately when I make a deposit at the ATM.

 

[joto]

If I was in your shoes, it would be time for a new bank. Threaten to close your accounts and take your business elsewhere- see where that gets you, and follow through if they refuse. It might be a small hassle on your part to change things over, but surely not quite the hassle of dealing with a bank that plays games with your money to maximize its own profits. How bad will it be next time they decide to mess with your money? I've been through one bank already for asinine behavior along almost exactly these lines. They tried to jerk me around with those bullsh!t money games so I just took my business elsewhere. My current bank forgave a couple of bounced check fee once because I asked, although I was probably in the wrong. THAT'S customer service, and if you have otherwise been good to that bank you DESERVE it.

Like they say about women, there are plenty of fish in the sea. They probably say that about fishing as well.

 

[blackfoot]

I had a similar situation years ago with Citibank showing a check as deposited, then denying access to the funds.
You need to talk to a manager, not just a teller, and tell them that the online account had the funds credited to your account, and that the check was not submitted till after the funds were reported by their system to be available.
They will try to say that the deposit was "listed" but not credited, to which you must reply that if the funds are not available for use, they cannot be listed as desposited in your account.
At least try to get them to waive the overdraft fees, which they CAN do.
If you continue to get a hard time, make sure you have a screen print of your online account showing sequence of events, and tell them that you will be calling your local news people, Fox News, the newspaper etc, to show how in this economicly troubling time, a "Big Bank" is trying to hose the "little" guy.
This worked for me and I got a total refund of fees.
I wish you the best of luck my friend.

He's absolutely right. We have found ourselves in the same predicament. One bank we had (We switched) would run all of the withdrawals first and then the deposits. This nailed us twice. I think it was weekends. You end up paying 30+ for a five dollar trip to Micky D's.

I tease my wife. She can usually convince people to give in on this sort of thing. I say her method is to ask them the same thing over and over until they either kill themselves or give in. Sadly, it works. When she isn't getting anywhere, she asks for the next person up. She has never resorted to threatening to bring in the media, but I wouldn't throw that card away. Just reserve it for a final broadside.

 

[gollum83]

This is the exact reason I switched to a credit union 20 years ago. My CU even credits the deposit to my account immediately when I make a deposit at the ATM.

Credit unions are a great option, but they can have their issues to. One I was associated with in college kept mixing up my account with another member's, who happened to share my first and last name. Thankfully, the first mix-up was cleared up, but after the second time they did it, I told them to go lump it, I'm closing my account and cut me a freaking cashier's check.

 

[rm71]

Don't get me started about banks...

 

[Robxcarlson]

Credit Unions are definitely the way to go... I've had similar problems with banks in the past, but never with a credit union. The one bank that is an exception is USAA.

 

[perry]

I'd start with the executive offices to get resolution. Tell em the story and see what they have to say.. If they don't help out, just kinda mention something about wondering who the state banking regulatory authority is. consumerist.com is an option too, in fact they may have some executive contact into for you bank.

 

[SRock]

About a decade ago I had a similar incident. Uncle Sam wasn't paying me enough in two weeks to cover a months rent. Times were tough. Anyway, I had my rent come out of my account on the same day as my direct deposit. The bank cleared the rent check and then applied the direct deposit so I was over drafted. They charged me a $25 fee. I went in and raised holy ****. The Teller explained to me that they do debits/payments first thing when the bank opens, but they didn't do credits until 1200. So although my direct deposit would have been available to me/my back at 1 sec after midnight and they didn't do debits until they opened at 0900 I should have been good to go. But their own greedy policy of not crediting deposits until 1200 caused the issue. I promptly withdrew what little money I had remaining and went to another bank. Pure BS. The money was there but they chose the order of the transactions and somehow could justify charging me. Sounds like a scam doesn't it?

 

[blackfoot]

I read this to my wife this morning. Here is her advice. First, make sure you start out nice about it, and keep that attitude for as long as you can. Don't put them on the defensive right off.

Next, keep asking to speak to someone higher. I have noticed this is where it really helps if you have been polite and not aggressive. Just remember, you are talking to a supervisor, not because the subordinate refused to do their job, but because what you are asking is above their pay grade.

Be very persistent. I have watched my wife ask the same question multiple ways over and over again.

If you have not overdrawn your account before, they will waive the fee if you keep at it. Some places have a rule that they can do this once a year but no more. I leave that for you to figure out off of a public forum.

Lastly, she pointed out how to avoid this next time. Apparently, our bank will do the same thing. She said to use the night deposit slot instead of the ATM. They won't necessarily deposit it first thing in the morning, but it will be deposited and available that morning.

Hope this helps out a little. Good luck!

 

[blackfoot]

About a decade ago I had a similar incident. Uncle Sam wasn't paying me enough in two weeks to cover a months rent. Times were tough. Anyway, I had my rent come out of my account on the same day as my direct deposit. The bank cleared the rent check and then applied the direct deposit so I was over drafted. They charged me a $25 fee. I went in and raised holy ****. The Teller explained to me that they do debits/payments first thing when the bank opens, but they didn't do credits until 1200. So although my direct deposit would have been available to me/my back at 1 sec after midnight and they didn't do debits until they opened at 0900 I should have been good to go. But their own greedy policy of not crediting deposits until 1200 caused the issue. I promptly withdrew what little money I had remaining and went to another bank. Pure BS. The money was there but they chose the order of the transactions and somehow could justify charging me. Sounds like a scam doesn't it?

This is exactly what happened to us a few years back. Man that makes me mad.

 

[KenS]

I feel for ya. I've had the same thing happen, and few things feel worse than being screwed by your own bank. In my case it was Washington Mutual; I didn't feel too bad when they went broke.

 

[arcman]

Credit unions rock. Never deal with a bank if you don't have to.
I love that my credit card is through my union, because that means they're not going to hike up my interest rates, my minimum payments, and lower my credit limit, which is what pretty much every bank that issues credit cards are doing in response to the upcoming federal regulation that says: "Please stop screwing over your customers."

 

[Brodirt]

My thoughts:

Your bank will have a posting policy displayed in the branch for all to read. Go take a picture of it, read it and know it.

When your statement comes in check the timing of the postings to see that they conform with the banks posting policy.

I find it hard to believe, or I am misunderstanding your time line, that the bank posts an inclearing check days faster than an incoming deposit.

Keep your ATM receipt for your transaction, as it is the evidence of when the deposit was made, so that you can compare it to the banks posting policy.

Check your statement in regard to the rent check to see what date(s) is stamped on the check and make sure those dates conform with both the posting policy and the time line of what they are charging you for.

Inquire with your landlord what bank they use and when they deposited the check with that bank. They likely won't know the latter, but if you have a good relationship with them they might tell you what bank they use. If they won't tell you the stamp on the check will. Certain banks' checks/deposits clear faster with other banks that they have a relationship with and if your landlord uses the same bank as you do, and the check you deposited comes from some alien bank, then even if the bank followed their posting policy to a tee, what you described can very easily occur.

If you are in the right, take your statement, print out your picture of the bank's posting policy and go directly to the branch manager...and be VERY nice about it, if you are in the right, they will help you, if you are in the right and nice, they will be less likely than to be prickish about doing so.

 

[Austin]

Wells Fargo will post a deposit as pending. During that time you can't access the cash. It usually takes 24 hours for it to post. They will make exceptions when a note is due to their company. They want their money.

I don't wish to offend any Bankers on this site.

 

[Prince]

I used to work for a bank and even for employee's we'd get nickel and dimed. Oh we could get the fees reversed if we asked, but that gets old real quick. Especially when your manager reviews all the account credits on a monthly basis and keeps seeing your name.

Ask nicely and explain the chain of events. They should be able to credit the fees back.