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Yet another overdraft (NOT)

October 14th, 2007 at 06:16 am

It looks like I will be employing the innocent missive to get rid of yet another overdraft $29 fee. This time its - ironically - the bank that I just put 95K into. I know how it happened, and it's totally inappropriate.

Step 1 - before I deposited the 95K, I had 16K, to use to pay sister in our joint account for farmette expenses.

Step 2 - deposited the 95K. Was told that the 95K, due to its size and that its out-of-state, that it will have a hold on it for 5 business days. Fine, I said.

Step 3 - actually Step 2a, because as I deposited the 95K, I said that I wanted to also put a piece of it into another CD. Great, they said, we'll mail you the paperwork so that we can send you on your way.

Well, I thought that meant that the CD would be created after I sent the paperwork. Well no, it was Step 4..

Step 4 - CD was created 2-3 business days, so with the hold, it gave me a negative account. Fine. And FYI, that's not when the fee was charged. It was charged during...

Step 5 - I sent 5K to my sister on the weekend after I deposited the 95K. After all, I did have 16K in an unheld account.

Well, what happened was that the 5K bounced because of Step 4, and that bounce generated the overdraft fee. Essentially what happened is that with the creation of the CD, all of my money was put on hold. That's inappropriate - I was told that only the 95K would be put on hold.

So its an innocent chat with the bank to get rid of the fee. I'm guessing that they will be reasonable - why charge me $29 when they have the use of, well, lots more?

So far this year the reasonable request using in-depth analysis has saved me twice - and what's with everyone charging $29?

2 Responses to “Yet another overdraft (NOT)”

  1. Thrifty Ray Says:
    1192366241

    They should return the fee. 1. because their process, not your actions, caused the overdraft; and 2. they do not want your money moving to the next bank...Why $29...well, those stockholders need to make profit somehow...and there are many, many, many folks who pay the amount routinely. Hope it works out for you.

  2. baselle Says:
    1192407216

    I think they will back off on the fee. I think 29$ because someone must have figured out the highest amount of money someone's willing to shell out and still have it not be horribly punitive so that they will pay the fee multiple times. After all, way more profitable for a customer to grumble, pay it, and pay it, and pay it...

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