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Overdraft fees at the bank

When I deposited my tax money into the bank I put it into my savings. I used my card 4 times, thinking that it would take MY money out of my savings. And figuring that it would not work if I had no money to use. Then I got 4 overdraft fees of $31.00 - So now I have negative $184 - when I only got $60 worth of stuff that I thought I definitely had money for - 2 times I got gas for the car, one time diapers for my daughter, and the other purchase at the dollar store. All of these orders were well under $31. I am so upset that I now owe $120 for thinking my accounts were connected. I don't enough money for that - I was hoping to use the $600 I deposited to get a used car. I called the bank and they said there is nothing they can do for me and I have to pay them all that money. I know this is terrible - but I really don't have that kind of extra money - can i just withdraw my account from them in order not to pay it back?

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Anonymous

Asked by Anonymous at 3:00 PM on May. 24, 2010 in Money & Work

Answers (8)
  • I would call again or go into the branch and ask to talk to a manager, usualy if they see your account doesn't normally go into the negative, they will remove at last a few of the overdraft fees if not all
    Mom2Jack04

    Answer by Mom2Jack04 at 3:03 PM on May. 24, 2010

  • sometimes you can go into the branch and speak to a manager and have the fees reverse if you haven't had NSF fees in your account, I've done this in the past, they typically can do 1 or 2 reversals on NSF fees. Also I believe that if you withdraw the money the bank will still require you to pay the money back, I think you have to be over a certain amount though for it to go to colelctions, and you really want to avoid that because you name can go on the Chex system it will enable you to have a checking account and/or be able to write checks as long as you are in that system. Talk to your bank again maybe they will allow you to bring your account current with payments that way you don't have to pay everything back right away
    Anonymous

    Answer by Anonymous at 3:04 PM on May. 24, 2010

  • If you go to close your account some banks will take the money they are owed and give you the rest. I'm sorry that you didn't realize that your accounts were not connected- most aren't, though. Who did you talk to at the bank? Ask to speak to the branch manager and explain the situation. Ask them to waive some or all of the fees in exchange for keeping your account active. If you don't overdraw often they should be understanding. If you overdraw a lot, though, they won't, and will insist you pay the full amount. In that case, cut your losses and change banks because $31 for an overdraft fee is ridiculous.
    Ati_13

    Answer by Ati_13 at 3:06 PM on May. 24, 2010

  • I would go to the bank and talk to someone in person. Chances are the people taking phone calls do not have the authority to waive fees, but if you can actually talk to a supervisor there is a chance they might waive the fess this time.

    They will take the O/D fees out BEFORE allowing you to draw out all your money, so pulling it out is not going to save you from paying the fees.
    Anonymous

    Answer by Anonymous at 3:14 PM on May. 24, 2010

  • Yea i suggest going to the branch talking to a manager! Im a teller at a bank and i know those fees are ridiculous! But they can
    Reverese them depending on how many times they have reversed them before! I
    kyheavensmom

    Answer by kyheavensmom at 3:44 PM on May. 24, 2010

  • I suggest finding a bck with online banking or mobile banking so
    You can monitor your acct to avoid the fees
    kyheavensmom

    Answer by kyheavensmom at 3:47 PM on May. 24, 2010

  • Was this a debit card? Debit cards ALWAYS work off the checking account if you have one. Only if you don't can you have them work off your savings.
    Also Obamas new CC reform bill makes it so you have to opt into the overdraft protection program where they would cover your costs (for a fee) if you overdrew using a debit card. You do have to have the money to cover it in another accout though.I thought they are not supposed to allow a purchase from an account that doesn't have the money in it though. I'm sure there are many banks trying to mess people over any way they can. You will have to pay the fees so if I were you I'd keep the new rules in mind and remember your debit card works off your checking account. Banks are different but you will probably not get your money out of that bank until you do and they will close your account and turn you in as if you had written a bad check.
    itsmesteph11

    Answer by itsmesteph11 at 6:22 PM on May. 24, 2010

  • Talk to the manager about reversing the fees. Once you have it paid off, close you accounts & go to a Credit Union. Banks do not care about their customers. They make money off of the fees they charge you.

    At a Credit Union, You are part owner. They are locally owned & operated. They have lower fees and are more likely to work with you & notify you in a timely manner of any problems.
    motherofhope98

    Answer by motherofhope98 at 10:03 PM on May. 24, 2010

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