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HELP! I need a real pro to help me figure this one out; maybe a banking pro. As of 12/17/07, my checking account overdrafted by $1.05. Naturally my bank (TD Bank North) charged me...$35.00!!! I don't know if ne one knows RedBox DVD rentals but 4 of those came through on my account and I did not know that my account had overdrawn. Don't think I'm not one of those people that don't balance my check book, bc trust me, I do! So not knowing that I had overdrawn by $4, another bill came through, only this time it was a $9 restaurant bill, which was used on my debit card. So far, my bank charged me by far over $200 for this and that includes all those $35.00 fees for every overdraft made. Right now...my account is at a whooping $421 just bc I made that little mistake. As soon as I found out my account was negative, I went straight to my bank and explained to them that (at the time) I had no job and was not able to pay this off. They could not waive the ridiculous amount bc they had previously done so twice early in the year but never that much. I just started my new job and now most of the paycheck is going towards this. I know this is how banks make their money but I took the innitiative to speak to my branch supervisor and tell her myself, that I did not have the money. What do I do? I can't NOT pay it off bc that will mess up my credit, but at the same time, this is RIDICULOUS! HELP!!!!
I had that happen years ago. I call it the cascade effect. See if your bank has overdraft protection. Things that automatically draft your account can get you sometimes.
As a branch manager of a large retail banking operation, I can tell you that this is NOT how banks make there money. Unfortunatly, it is an avenue that has been exploited by corporate policy makes to make money, but we, on a branch level, focus on the overall financial well being of our customers, i.e., home loans, CDs, savings bonds, checking, savings, installment loans, etc. One is typically granted a single overdraft fee waiver a year, anything over that will have to be waived due to banker error. So, ie t sounds like you already used up your allowance for the year. If you come in on a weekly basis and make deposits into the account, you will eventually get caught up. As long as we see the effort being made, we will not file collection or judgement, its not worth money. If you have decent credit, most checking accounts can be linked to a credit card. Rather than get hit $35/overdraft, the overdrafted amount +$10.00 will be charged to you card. Get a new job, pay down your overdraft and move on.
I would say I am sorry but your own words that his has happeend a couple of times early this year, that is why you balance your check book closely you write every debit out and you know when you have or when you don't have any money. While I hate the charges also, it is caused by our errors, and is not the banks fault.
Your story reinforces my theory that one should never use a debit card - it is virtually impossible to know where your account stands, and if your checking account is so tight that a $9 debit started this mess then you should vow to never, ever use a debit card again. Use cash, or check, or if you must, a credit card (but only to the extent that you know you can pay it off completely when the bill comes at the end of the month). The use of debit cards benefits no one but the bank!
Actuallly I have a bank debit card and know where all my money goes at all times.It is taken off for every purchase and since Im on fixed income my bank doesnt charge me the overdraft...just how much its over
I will join the others in that I have little sympathy for you. You claim that you are not someone who doesn't balance their checkbook, but it appears you don't. You state this has happened twice before.
If your checking account balance is that tight then you are not managing your money well. You should have overdraft priveleges on the account or you should not be using debit cards or other thigns that directly debit your account.
But that doesn't solve your current dilemna. So what I suggest you do is go to the bank and tell them you understand you screwed up and want to pay the fees, but you don't have the money right now. See if they will agree to some payment schedule. Or maybe you can open an overdraft account and put the overage into that. so you can pay it as you can.
I don't care that no one has little sympathy for me. I have been an excellent customer to them for 3 years and the two 'incidents' that had happened earlier in 2007, one of them was NOT my fault. Yes, I am to blame for overdrafting, but I didn't ask for any one's sympathy. I asked for advice. My advice is to take some reading classes. The issue has been resolved so this topic no longer needs to be continued.
PS. Thank you Fastfun for you'r input. I have made arragments to pay them a certain amount every two weeks and it will be paid off this Friday 2/1/2008
Alyssa Im not one to berate a person for their oversights....it was an honest mistake that could happen to anyone....even if you keep a check of everything there is always that chance that something could go through and screw it up,as was your case.
Hope that you try not to make the same mistake again....
Yes I understand. Somewhere along the line I screwed up w/the math or something. Trust me, I am the obssesive type of person to record what I purchase right after I purchase it. I will not (hopefully by not some stupid error) let this happen again. Thank you for you'r input!
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