Anonymous
Anonymous asked in Business & FinancePersonal Finance · 2 months ago

What do I do about my bank?

So my bank keeps charging multiple over draft fees in one day and here’s the thing the take out the purchases directly at midnight the day they’re supposed to come out I’m disabled and live check to check struggling I’ve contacted the ceo and had them reversed before and was told they’d stop doing it but they don’t they take out the fees and the money directly at midnight even though I have a block on my account and they aren’t supposed to put any purchases through unless I have money in the account but they do it anyway and they charge the overdraft fees and take the money out directly at midnight which is the concern because I can hardly afford food I get food stamps which only partially helps but the thing is that it happens in a day where my money is pending to get through but yet the money going into my account doesn’t get processed at the same time it takes hours and sometimes I don’t get it until 5pm and they see and know this I’ve talked to the bank manger talked through email with the ceo I was told they’d stop if I had money pending the same day but they don’t and the charge me a $60 fee for each purchase I can’t afford it and I don’t know what to do I’m so stressed and don’t have enough to last the rest of this month now because they put two purchases through on the same day and charged two separate over draft fees I have nobody to help me and everything is shut down

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  • John
    Lv 4
    1 month ago

    What you are telling us your bank is doing is illegal for any bank in the United States and its territories.

    This is how it works.

    Each transaction has a time and date on it. All you need to do is send copies of the receipts that came with the transactions to the bank and tell the to correct their errors in accounting. 

    And don't forget to tell them to pay interest equal to or greater than what they are charging you.

    Secondly contact the FBI.

    Its called "bank robbery".

    I forget when but its been tried with me. When I called the bank they tried to feed me the same bullshit.

    They also let other companies into my accounts. And even steal money from it.

    I gave them a few years then contacted the FBI using their website.

    • a1 month agoReport

      Sorry, John, that is not the way it's done. Furthermore, your suggestion simply will not help someone who spends more than he' she takes in. If the OP buys $50 worth of groceries and only has $32 in the account, the time of day the transaction is reconciled makes  zero difference.

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  • 2 months ago

    And that IS the day.  If you do not have funds in the account do not do over drafts.

    Your fault, not the banks.

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  • 2 months ago

    I'm sorry to tell you this, but you are at fault for this. You have made purchases knowing full well you can't cover them. A bank does not have to go easy on you for that. You may have had the charges reversed before, but you simply cannot spend money you don't have. That's the bottom line. No matter what, you already KNOW the bank takes out the money at midnight and you KNOW you have no funds to cover these overdrafts. You have to stop. 

    Bank fees and withdrawals and deposits are all done on computer schedules that banks cannot just ignore or change. You can keep trying to get the charges reversed, but I would not hold out much hope for recompense here. You can keep complaining, but generally, they actually don't have to do anything about this. 

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  • 2 months ago

    Don't think for one minute that you can tell them how to run their business.  You do not have that right.  They have a policy and they are following it.  If their policy is to cover your charges, you should be thankful for it instead of complaining.  And you should expect to pay an overdraft fee, because you over-drafted your account.  If you don't want to pay overdraft charges, then don't overdraft your account.  Instead of complaining that you are struggling financially, why don't you cut your expenses?  Move to something more affordable.  There are many ways to do it - you can share an apartment instead of having your own place.  Eat more beans - less expensive foods, which tend to be the unhealthy processed junk anyway.  So, I have told you what to do - suck it up.  Pay what you owe and stop over-drafting your account, because they are not going to change their nationwide policy for you.

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  • 2 months ago

    You stop making purchases when you don't have money in the account. You make purchases only when you have enough money in the account.

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  • Anonymous
    2 months ago

    Easy, stop spending money you don't have.  Put the money in the bank.  Wait for it to be credited.  then spend it. "That's too hard", it's far cheaper than spending $60 on every overdraft.

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  • n2mama
    Lv 7
    2 months ago

    I know you aren’t going to like this, but none of this is your bank’s fault. Everything you describe is very common, from when debits process to when credits process. And if you have made multiple charges that you don’t have the funds to cover, yes, you can be charged an overdraft fee for each transaction.

    It is your responsibility to manage your finances. You need to know the balance of your account and if you can pay for an expense before you make the charge for it. There is often a lag in processing a charge, but it is still your responsibility and not the banks to ensure you have the funds to cover the charge. That you have had ongoing issues with this shows that you continue to not understand how the process works and your responsibility with this. The bank may forgive an overdraft charge once in a while for a good customer, but it sounds like you are a chronic offender.

    You can look for a new bank or credit union that does not charge an overdraft fee. What that generally means is that charge will be denied if you don’t have the funds available in the account to cover it. You also can learn to budget better and live within your means. You are far from the only person with low income who has to live carefully in those days before the next deposit comes in, but most manage to handle it without chronic overdrafts.

    And please, learn to use paragraphs and punctuation. That is literally a massive block of text that is one single run-on sentence and incredibly hard to read.

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  • John
    Lv 6
    2 months ago

    You don't give much detail about the source of your deposits.  You might be better off cashing them at a check cashing place, then depositing cash at your bank.  Unlike depositing a check, cash is usually immediately credited to a checking account.  It would cost you 2 or 3 percent to cash the check, but that would be far less than the overdraft fees you are being charged.

    • anon2 months agoReport

      It’s automatic deposit social security 

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  • 2 months ago

    I'd suggest you wait for the deposits to clear before spending money.

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  • 2 months ago

    Search the internet for a bank with more forgiving policy toward overdraft fees.

    Be more careful with your finances and stop over drafting your account.

    Check your balance before you spend or withdraw money - keep track of recent purchases that haven't cleared or any upcoming automatic payments and calculate how much you really have available.

    Try to live below your means (spend less than you take in) for a while and put the extra money in a savings account. Then set up over-draft protection which is a feature where if you overdraft your checking account they will automatically deduct the difference from savings instead of charging you an overdraft fee.

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