I made a Banking Screwup.

[mountainsoft]

Quote:

Originally Posted by BADGERWIN It looks like you didn’t have overdraft protection.

We had overdraft protection for years (and never used it), but I moved our savings accounts to online banks a couple years ago, so we don't have another account to set up overdraft with them.

Quote:

Originally Posted by BADGERWIN I would try to call the local bank where you do your business and talk to the manager there and ask if he or she can help you out because this is the first time anything like this is happened to you.

I already contacted the bank online and am waiting to hear back (weekend so probably won't hear back till next week).

Our local branch is closed during COVID, but I will call the national number next week if I don't hear back from my online request. With my wife working from home and using the phone all day, making calls is kind of awkward right now.

It would obviously be nice to have the fee removed, but I did overdraw the account. It's not huge expense, I'll consider it a learning lesson to pay more attention next time.

[Gumby]

Quote:

Originally Posted by Time2 That's when I would have stopped using that card. And I would have did a lot of free advertising for the company, all negative. It's ridiculous to charge you over $20 for a $.71 carry on their part.

It would have been nice for them to accommodate me, but I couldn't really hold it against them. It was in the contract that if I didn't pay in full before the end of the grace period, I agreed to pay the interest on the full amount. And it was my mistake, not theirs.

[mountainsoft]

I finally got through to the bank today and explained my screw up. She said "these things happen" and immediately refunded the $36 overdraft fee. I felt really stupid for making the mistake in the first place and it was embarrassing to have to call and ask forgiveness, but the lady I spoke with was very nice and understanding. Ironically, she was calling from Idaho, but said her son lives in the same town I live in here in Washington. Small world.

Anyway, my screw up has been remedied on both ends. I will certainly be paying more attention the next time I need to transfer money between accounts.

[BADGERWIN]

Glad you got back to zero.

[Time2]

Quote:

Originally Posted by youbet Soooooo, what amount would you pick?

We generally have a pretty high balance in our accounts, so I don't have to pick, I sick my wife on them and get the fees waved. ;-)
They should charge all those other people that don't follow the rules as much as they can get! /s/

[skipro33]

My credit union automatically transfers from my savings to my checking if there's an overdraft. No fee. I also have an open ended loan on file. If I overdraft, and there's not enough in the other, either checking or savings, they cover automatically through that. It incurs interest, but it's short term so not a big deal. Ask your bank if they have an option for the cross-account overdraft coverage.

[SecondCor521]

Quote:

Originally Posted by skipro33 My credit union automatically transfers from my savings to my checking if there's an overdraft. No fee. I also have an open ended loan on file. If I overdraft, and there's not enough in the other, either checking or savings, they cover automatically through that. It incurs interest, but it's short term so not a big deal. Ask your bank if they have an option for the cross-account overdraft coverage.

US Bank (the OP's bank) does this, at least in my state. It's the setup I use.

[Brat]

Quote:

Originally Posted by mountainsoft I finally got through to the bank today and explained my screw up. She said "these things happen" and immediately refunded the $36 overdraft fee. I felt really stupid for making the mistake in the first place and it was embarrassing to have to call and ask forgiveness, but the lady I spoke with was very nice and understanding. Ironically, she was calling from Idaho, but said her son lives in the same town I live in here in Washington. Small world. Anyway, my screw up has been remedied on both ends. I will certainly be paying more attention the next time I need to transfer money between accounts.

In the Pacific Northwest there is often only one degree of separation. The advice my Mother gave me WAY back in the day was, "Dear, be discrete. You will be surprised by how many people know who you are."

[RobbieB]

From time to time I've forgotten to pay a charge, or waited too long, or the bill slipped behind the desk. Yup finance charge and late fees.

My fault and I deserve the penalty. It's in the contract in plain terms.

I bought an old fashioned spindle that I impale them on now. Can't get blown by wind or pushed under papers and I can see how high the stack is getting.

[mountainsoft]

Quote:

Originally Posted by skipro33 My credit union automatically transfers from my savings to my checking if there's an overdraft. No fee. I also have an open ended loan on file. If I overdraft, and there's not enough in the other, either checking or savings, they cover automatically through that.

We used to have overdraft protection, but we moved our savings accounts to an online bank. We don't have any other account with that bank to use for overdraft protection. I wouldn't have had enough in all of our checking accounts to cover this anyway.

My mistake, I just need to pay attention more in the future.

[mountainsoft]

Quote:

Originally Posted by Brat In the Pacific Northwest there is often only one degree of separation. The advice my Mother gave me WAY back in the day was, "Dear, be discrete. You will be surprised by how many people know who you are."

Howdy Neighbor!

[mountainsoft]

Quote:

Originally Posted by RobbieB From time to time I've forgotten to pay a charge, or waited too long, or the bill slipped behind the desk. Yup finance charge and late fees. My fault and I deserve the penalty. It's in the contract in plain terms. I bought an old fashioned spindle that I impale them on now. Can't get blown by wind or pushed under papers and I can see how high the stack is getting.

Our bills have been on autopay for many, many years. So overdrawing or forgetting to pay a bill is not an issue. Also, I tend to be a little OCD when it comes to paying bills and often pay off credit cards and whatnot long before they're due.

[drcha]

You will get better service from a community bank that is smaller. They will call you. If you keep a specified minimum balance (where I bank, it's $2500), they will provide you with overdraft protection. I don't like doing business with the big boys.

[jldavid47]

Quote:

Originally Posted by N02L84ER Do try calling your bank again to try to get the overdraft reversed. Sometimes when you have been a long time customer and haven't made any mistakes like this in a couple of years, they will reverse the charges.

That happened to me a couple of years ago. I went there in person and explained the situation and they waived the fees.

[VungTau]

Quote:

Originally Posted by N02L84ER Do try calling your bank again to try to get the overdraft reversed. Sometimes when you have been a long time customer and haven't made any mistakes like this in a couple of years, they will reverse the charges.

+1 I have done exactly that a number of times over the years and they always reverse it.

[mountainsoft]

Quote:

Originally Posted by drcha You will get better service from a community bank that is smaller. They will call you. If you keep a specified minimum balance (where I bank, it's $2500), they will provide you with overdraft protection. I don't like doing business with the big boys.

I've been with US Bank since I was a teenager, roughly 40 years now. For the most part I haven't had any problems with them, as I normally maintain enough balances to avoid any fees. I made a mistake this time, but they reversed it without any questions. I can't complain.

I did switch to online banks for Savings and our main credit card, just to get better rates and cash back.

The main reason I've stayed with US Bank is because they are the closest bank with a safe deposit box. That's the only reason I ever visit an actual branch. Everything else I do online.

[indiajust]

Friends don't let friends use banks. No value add, heavy hand of state supervision/control. Closed a joint account at credit union, 6 months later they KYC'd me when I cashed a check. Its the system. Minimize contact,[MOD EDIT]. All downside, no upside.

[Finance Dave]

I used to have minor issues like that...then I switched to a local credit union where I can go talk to the manager if need be. They should retract the fee if you have an otherwise good record.

Here's a funny example...

We originally got our home loan (this was 30 years ago) through a large national bank...let's call them XYZ. We had our payment set up to automatically go to a certain "electronic address" monthly...easy peasy. About a year into the loan, we got a letter stating that our "loan servicer" was changing and we need to send our payment somewhere else. So we had to spend about an hour calling people and setting up the new automatic payment...what a pain. Then, about 18 months later, got another letter stating our servicing agent was changing again (XYZ still held the loan...it was just the servicing entity that kept changing) and we had to go through the entire process again. THen about a year later, got another letter stating the same thing. At that time, rates were low...and we decided to refinance...so we went to a local bank where they service their own loans. Never had another issue for the next 12 years of the loan (we had a 15 year loan).

Yes there are advantages to large banks...but IMO the smaller banks have advantages that outweigh those bigger chumps.

[reawilliams]

I too have been with US Bank for many years and am well satisfied with their services. They have a veteran's plan that provides free checking and saving accounts with no minimum balances and discounted safety deposit boxes. My screwups have been easily forgiven by a single call to my local branch.

[youbet]

Quote:

Originally Posted by RobbieB My fault and I deserve the penalty. It's in the contract in plain terms.

Sorry Robbie but this level of personal responsibility does not enhance the sense of victimization and the gossipy conversation we look for when reading these threads!

Come on! Get with it! Whine!