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Chris117 · Mar 23, 2009, 04:16 PM

Hi my name is Chris. I am currently 17 years old, and I live in Illinois. I opened a bank account without a signature from my parents. The guy at the bank said he usually doesn't open checking accounts for 17 years olds but he said he knows my dad. The problem is I have been charged with 300 worth of Overdraft fees and didn't know I was under. I didn't even know that I could go negative. I went to the bank talked with the manager and she didn't want to waive the fees. I offered to pay for what I bought and pay one overdraft fee if she could help me out in my current situation because I am currently now unemployed and cannot afford to pay 300 in fees. She refused to help me and I don't really have a choice what to do. I have been looking for a job but am unsuccseful I have no way to pay back 300 just in overdrafts. What should I do? Because I am under 17 and the contract is voidable but I don't know how to go about on voiding a contract. I know if I don't pay the fees I will be put on checksystems but what are my other options. I didn't want to have come down to not pay but she didn't want to help me out by waiving most of the overdraft fees, I have enough to pay for one overdraft and what I bought with my checking account and I offered that to her and she refused. What should I do?

Bank:MB financial - other locations can't waive the fees only the branch that I made the acount at.

stevetcg · Mar 24, 2009, 05:19 AM

You might be able to have the contract voided, but really, why? You earned the fees... its your responsibility to pay them.

Why should they let you get away with it? They wouldn't let me get away with it. I am sorry, but being 17 doesn't make you special. Did you learn math in school? Then you should know that if you subtract a large number from a small number you end up in a negative.

Now that the lecture is over: have your parent go speak with them. If they are also a customer, that might have some sway in their decision.

excon · Mar 24, 2009, 05:30 AM

Originally Posted by Chris117

what should i do?

Hello Chris:

You should go to the bank manager and tell him that if he doesn't waive the fees and promise NOT to report it with checksystems, you WILL complain to his supervisor about the problem. It IS, after all, against the law to contract with a minor.

Be polite and respectful. Just tell him what's so. I'd show him the letter you've already written and is ready to send. It's NEVER to early to learn how to play hardball.

excon

Chris117 · Mar 24, 2009, 07:24 AM

Originally Posted by stevetcg

You might be able to have the contract voided, but really, why? You earned the fees... its your responsibility to pay them.

Why should they let you get away with it? They wouldn't let me get away with it. I am sorry, but being 17 doesn't make you special. Did you learn math in school? Then you should know that if you subtract a large number from a small number you end up in a negative.

Now that the lecture is over: have your parent go speak with them. If they are also a customer, that might have some sway in their decision.

How Do I get A contract Voided? Where do I start?
I don't think I'm special because I'm 17 but I am having a had time finding a job. I have no source of income, if I had a job I would pay all the fees but I don't. This government can bail out banks but banks won't bail you out. All she had to do is waive the fees, its not like she's giving me money, overdraft fees are 100% profit going straight to the banks.

You should go to the bank manager and tell him that if he doesn't waive the fees and promise NOT to report it with checksystems, you WILL complain to his supervisor about the problem. It IS, after all, against the law to contract with a minor.

Ill try this later today and see what happens.

stevetcg · Mar 24, 2009, 07:35 AM

Originally Posted by Chris117

How Do I get A contract Voided? Where do i start?
I don't think i'm special because i'm 17 but I am having a had time finding a job. I have no source of income, if I had a job I would pay all the fees but I don't. This government can bail out banks but banks won't bail you out. All she had to do is waive the fees, its not like shes giving me money, overdraft fees are 100% profit going straight to the banks.

Ill try this later today and see what happens.

You start by hiring a lawyer.

The fact that you have a hard time finding a job is not the fault of your bank. Government bailout has nothing to do with overdraft fees.

It IS like she is giving you money. It's their profits.

Chris117 · Mar 24, 2009, 08:12 AM

Originally Posted by stevetcg

You start by hiring a lawyer.

The fact that you have a hard time finding a job is not the fault of your bank. Government bailout has nothing to do with overdraft fees.

It IS like she is giving you money. Its their profits.

I never said it was their fault, I'm explaining the situation that I am in. I don't have a source of income to pay off the fees.

stevetcg · Mar 24, 2009, 08:22 AM

Originally Posted by Chris117

I never said it was their fault, I'm explaining the situation that I am in. I don't have a source of income to pay off the fees.

That doesn't change the fact that you still owe them. People run up credit card debt that they cannot afford to pay for and end up defaulting and eventually some file for bankruptcy.

Have you considered borrowing the money from your parents and then paying them back?

excon · Mar 24, 2009, 08:30 AM

Hello Steve:

The contract he has with the bank is illegal. It's illegal to contract with children for this very reason. The bank can't enforce the contract, and the OP ought to let them know it, if they don't already.

If this were a responsible adult, or even an irresponsible one, I'd be telling him the same thing you are.

excon

stevetcg · Mar 24, 2009, 08:34 AM

Originally Posted by excon

Hello Steve:

The contract he has with the bank is illegal. It's illegal to contract with children for this very reason. The bank can't enforce the contract, and the OP ought to let them know it, if they don't already.

If this were a responsible adult, or even an irresponsible one, I'd be telling him the same thing you are.

excon

True enough... although the headaches getting it reversed might be worth more than $300 and the valuable lesson.

Can they ultimately hold him responsible? No, probably not. Can they make his life miserable? Oh you betcha!

Fr_Chuck · Mar 24, 2009, 09:49 AM

But a "bad" check if he wrote a check that did not have money in the bank, is also criminal, even if the "contract" to open the account was not legal, writing a check with ISF can be charged as a crime, although at the money discussed it would be a misdemeanor.

The other issue is you know that a contract is voidable but did not know there was overdraft fees??
Sorry not buying that, there have been over draft frees for I know at least 30 years, they are listed in the paper work given you when you open the account

Your best course of action, and over all cheapest is to borrow the money from mom and dad and use this as a lesson learned.

How do you void it, you inform them, then if and when they sue you, you use that as your defense in court.