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  1. #1
    Veteran Member BringOnTheMen's Avatar
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    Last edited by BringOnTheMen; 07-28-2012 at 09:30 AM.
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    God/dess Zofia's Avatar
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    Default Re: Bank is charging overdraft fees for charges that they are reversing!

    First step, read the terms of service for your account. Terms of Service are the contract. Then check with the bank and see if they have changed the TOS. If reversal and charges are allowed by the TOS or its revisions, it still helps to ask the bank nicely to reverse the charges.

    Second step, STOP OVERDRAWING YOUR ACCOUNT!

    If you need money and don't have it in your account, talk to the bank about a loan or better yet, stop spending money that you don't have. Make a budget and stick to it. Save money rather than spend all you have and borrow more. You will never overdraft yourself to wealth and prosperity.

    HTH
    Z

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  4. #3
    Banned Melonie's Avatar
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    Default Re: Bank is charging overdraft fees for charges that they are reversing!

    ^^^ actually this is the unintended consequence of recently enacted financial 'consumer protection' laws. No bank is now allowed to offer overdraft protection ( or to charge overdraft fees ) without the express permission of the account holder ... which you must have officially given at some point. Once you voluntarily elected overdraft protection ( and voluntarily agreed to the terms of service that go along with that overdraft protection ), you placed yourself under the potential consequences of those terms of service.

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    Featured Member Vamp's Avatar
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    Default Re: Bank is charging overdraft fees for charges that they are reversing!

    Quote Originally Posted by BringOnTheMen View Post
    For awhile my bank didn't charge me overdraft fees. It was awesome- my account would overdraft, I would deposit the money, everything was fine. Then they started charging me some fees around $22. Annoying, but I was still fine with paying them. I didn't have any credit cards (and the ones I have now are lame) so overdrafting my account was my only option sometimes, and I was fine with the fees.

    So recently I had 3 automatic payments go through. My account was overdrafted, I received 3 separate $33 fees in addition to a handful of $6 "continued overdraft" fees, totaling $130. Then the bank REVERSED 2 of the 3 payments, but kept all of the fees. I didn't realize that they did this until I got a call from a collections agency that said that since my "check bounced," my account was in jeopardy and this could further hurt my credit. The other payment was also for a credit card, and now I'm assuming now I will have a late payment on that account.

    I am so livid. I was planning on closing the account anyway but I was waiting for these payments to finalize (because I had set them up over a month ago) and I was planning on depositing the money this week to close the account. But now the only thing I have in my account is $130 in overdraft fees and the bank says it is impossible to reverse the already reversed payments. The bank hurt my credit and I told them I'm not paying separate overdraft fees for payments they reversed. I agreed to "opt in" to overdraft fees for any automatic payments that would overdraft my account- obviously, if they are going to reverse those payments, I am not going to pay those overdraft fees!!!

    This is not what I agreed to. This is not what was explained to me. This also seems blatantly illegal and I'm fairly certain that in 2008/2009 there was a lot of legislation put into place that specifically addressed the big banks' ridiculous overdraft fees.

    Is there anything I can do? Get a lawyer to write them a letter? Bring a copy of whatever legislation that supports me and a formal letter stating this violation of my agreement to my local branch and ask to speak with the manager?
    My advice is to go talk to a manager calmly.
    Each bank interupts the new legislation differently while complying with it. Some banks have a policy that all automatic reacurring electronic withdrawls are covered. If it was a one time payment that may be a different issue.

    When was the last time you had your fees reversed? Many banks have been forced to be more strict on fee reversals. Most only allow a one time reversal per year if there was no bank error. Some dont even allow that.

    I would let the manager know that you didnt know you did not have overdraft coverage. The rep that helped you last time did not ask if you wanted it. Make a sob story of ignorance and good intentions. Ask alot of questions about the overdraft as if you are going to keep the account and want to know how it works.

    If the manager doesnt work. Call the 1800 number for the bank customer service. It is a totally different department. They tend to be more likely to give back fees then branches.

    Edit to add:

    Most accounts have an overdraft limit. Meaning that based on your account history a dollar amount is set for how much they will cover and allow the account to over draw. For example: Your account may of had an overdraft limit of $100. That means the bank will cover your transactions taking the account negative up to $100. After that amount is reached they bounce all the transactions attempting to withdraw funds from the account. The computer systems deterime the overdraft amount. That is what sounds like happened to you and why the transactions were reversed.
    Nature knows no indecencies; man invents them. ~ Mark Twain


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