mountainsoft
Thinks s/he gets paid by the post
A few days ago I tried to transfer $7000 from our savings account to our brokerage account on Vanguard. I recorded everything that way on my end, but somehow I accidentally selected our checking account instead of savings. Of course, we don't have $7000 in checking, and I ended up overdrawing. It was my (costly) mistake, but I thought the difference in the way each end handled it was interesting.
My bank (US Bank) immediately charged me a $36 overdraft fee and rejected the transfer with Vanguard. They sent me an email (with no hint what this was about), telling me I had a letter online, which I had to log on, track down, and try to decipher. It wasn't clear whether they were waiting for me to deposit enough to cover the mistake or not. Poorly worded. I tried to contact customer service, but of course the link to their support email is inoperable.
Vanguard, on the other hand, sent me a polite email letting me know the transfer failed but they had already purchased trades for me. "No problem, you probably just selected the wrong account" (true). Transfer money in to cover the mistake and we're all good.
Considering I've never overdrawn a checking account in my life you would think the bank would contact me and say "did you mean to do this"? But no, they charged me another fee before I even knew I had messed up. They love their fees...
My bank (US Bank) immediately charged me a $36 overdraft fee and rejected the transfer with Vanguard. They sent me an email (with no hint what this was about), telling me I had a letter online, which I had to log on, track down, and try to decipher. It wasn't clear whether they were waiting for me to deposit enough to cover the mistake or not. Poorly worded. I tried to contact customer service, but of course the link to their support email is inoperable.
Vanguard, on the other hand, sent me a polite email letting me know the transfer failed but they had already purchased trades for me. "No problem, you probably just selected the wrong account" (true). Transfer money in to cover the mistake and we're all good.
Considering I've never overdrawn a checking account in my life you would think the bank would contact me and say "did you mean to do this"? But no, they charged me another fee before I even knew I had messed up. They love their fees...