I just had $600+ taken/seized from my bank account- help!!!!

Discussion in 'Community Discussion' started by applefan1997, Jun 7, 2007.

  1. applefan1997 macrumors 6502

    Joined:
    Sep 2, 2005
    Location:
    Koreatown, Los Angeles, California
    #1
    . I was supposed to have an income check be electronically deposited, and when I asked the bank why it hasnt appeared, I was told that it was taken because there were no funds for the other transactions, and that with each transaction I make with no funds or something, they overcharge $35. I signed up for Vonage VoIP, and in doing so, gave them my credit card number. I'm not sure if it's a factor, and a couple of other transactions, but anyway. I am COMPLETELY new to checking/credit cards, and I may be describing it incorrectly. Who excactly took the check out, and can I ever recover it?
    ANY help would be greatly appreciated.
     
  2. JNB macrumors 604

    JNB

    Joined:
    Oct 7, 2004
    Location:
    In a Hell predominately of my own making
    #2
    It sounds like you were overdrawn, and for each charge to the account that came in after you hit a zero balance, the bank charged you a NSF (non-sufficient funds) charge of 35 bones.

    If that's the case, the bank took it, you don't get it back, and you learn an expensive & valuable lesson.

    If that's not the case, then you need to reconcile your account (you should anyway), noting all deposits and charges. Your bank will provide you with everything that came & went, and when, but you must keep track of that yourself anyway.

    So, what did you think you had in the account prior to the latest deposit, and what outstanding charges were there? I assume you are keeping track of all of this daily, right?
     
  3. wyatt23 macrumors 6502a

    wyatt23

    Joined:
    Mar 7, 2006
    Location:
    Forest Hills, NY
    #3
    listen. if you go to you bank and explain your situation... AND [big and] you have never done this before, they may remove all of them but one... or at least remove a few.

    go to you bank and at least ask. if not, tell them that you will pay it, and close your account and go elsewhere... at least that will show them that you are serious and that you didn't know.

    goodluck and hopefully things work.
     
  4. applefan1997 thread starter macrumors 6502

    Joined:
    Sep 2, 2005
    Location:
    Koreatown, Los Angeles, California
    #4
    OK, II'll try to explain it to the bank. I know I didnt make enough purchases to make a total of $600+ NSF's. And then a $109 charge showed up, I think it was from vonage. Does vonage have my money right now?
     
  5. D0ct0rteeth macrumors 65816

    D0ct0rteeth

    Joined:
    Mar 11, 2002
    Location:
    Franklin, TN
    #5
    We dont know. You havent given us enough info.

    What it sounds like is that you havent really been balancing your checkbook as you make purchases. Get someone that you trust (father/grandfather/mopther/aunt) and have them walk thru your bank account with you (either online or witha written statement) and teach you about balaning a checkbook and how this works. You were spending money that you didnt have.

    It sounds like you just paid a few hundred dollars in NSF fees, and honestly you legally deserve it. Also, you may have been hit with additional fees and security desposits from vonage for their service/equipment that you weren't paying attention to, which helped put you deep into the red.

    I dont think that anyone pulled a fast one on you, you were just new and nieve to the situation and you just learned avaluable lesson. Your money is gone - you just need to manage your money better.
     
  6. Abstract macrumors Penryn

    Abstract

    Joined:
    Dec 27, 2002
    Location:
    Location Location Location
    #6
    applefan1997, were you born in 1997? I doubt it, but the younger you are, the better the chances of you getting your money back from the bank. It was an honest mistake, and I think they might charge you $35, but that's it.

    Talk to them. Don't post here. Just go and talk to them, and afterwards, tell us how it went.
     
  7. Sun Baked macrumors G5

    Sun Baked

    Joined:
    May 19, 2002
    #7
    Debit cards can nail you to the wall ... the bank will pay small charges, so a $3.50 cup of coffee will be a $40 charge with the fees.

    If you make a bunch of small charges with the card weekly, switch to cash.

    Leave the debit cards for anything you'd normally write a check for.
     
  8. arkitect macrumors 601

    arkitect

    Joined:
    Sep 5, 2005
    Location:
    Bath, United Kingdom
    #8
    Debit? Or did you mean Credit cards?
    In the UK if I charged £2.50 or what to my Debit card that is all I get charged for.
    Now if I used my Credit cards for that small amount, well that would be more in line with your scenario.
     
  9. VoodooDaddy macrumors 65816

    Joined:
    May 14, 2003
    #9
    First things first, I cannot stand the ridiculous overdraft charges banks charge. Gee, you dont have enough cash in there so lets charge $35 for each one.

    Ive found myself in this situation due to circumstances out of my control ( I dont care to elaborate either). I got hit with about (7) individual $35 overdraft charges.

    First thing I did was go to the bank manager and explain what happened, and explain that this was beyond my control. Whether or not your situation is I cant be sure. I made it pretty clear that I didnt have a problem paying 1 or 2 of the overdraft charges if need be, but 7 was just way excessive. Id banked there for several years and never had an overdraft before so he reversed all the charges. Its worth a shot to plead your case.

    edit - No one specifically has your money. Sounds like you account went way in the negative, so when your deposit went in it was basically negated against the negative account total. Example, your account was in the negative for $600. You had a deposit for $600 so that brought your account back to 0. There is no one you can go after to get the money back.
     
  10. zgh1999 macrumors 6502

    Joined:
    May 27, 2007
    #10
    The Electronic Fund Transfer Act (EFTA) obligates your bank or credit card company to investigate and explain transactions in your account, upon a written inquiry by you. They have to respond with written documentation within at most 45 days.

    And no, they cannot keep funds that they have no claims to -- because that would be a form of conversion under tort law.

    You should write to your bank and demand a response under EFTA.
     
  11. iBlue macrumors Core

    iBlue

    Joined:
    Mar 17, 2005
    Location:
    London, England
    #11
    I'm sure he was referring to overdraft fees; where it doesn't matter if it the item was 50¢, if there was not enough in the account, it's overdraft. the bank fee is the same.


    Debit cards in the hands of most 15 year olds seems like a rather bad idea.
    I'm surprised you were able to get an account and get direct debits set up and such. Talk to someone at the bank and explain the situation. They'll explain a bit themselves. Ask them if they can reverse these fees just this once because you didn't understand, they just might do it.
    Good luck.
     
  12. Nuc macrumors 6502a

    Nuc

    Joined:
    Jan 20, 2003
    Location:
    TN
    #12
    I had this happen once. The check I deposited from my employer bounced (he reimbursed me for fees). Therefore some of my checks bounced. After this I got overdraft protection which is great. I've only had to use it once since then but it saved me $35.

    Nuc
     
  13. twistedlegato macrumors 65816

    twistedlegato

    Joined:
    Jun 15, 2006
    #13
    I guess someone wanted an iPhone:D

    Okay sorry:eek:

    Hope you solve this problem soon and fast and catch that little twerp:)
     
  14. wyatt23 macrumors 6502a

    wyatt23

    Joined:
    Mar 7, 2006
    Location:
    Forest Hills, NY
    #14
    next time you use your Debit card, don't let them swipe it as credit.

    credit will always go through as a charge, but if you have them swipe the card as debit, if you have insufficient funds the charge won't go thru.
     
  15. arkitect macrumors 601

    arkitect

    Joined:
    Sep 5, 2005
    Location:
    Bath, United Kingdom
    #15
    Grrrrrrrr. :( :confused:

    Anyone else hate being misquoted? :p :p
     
  16. notjustjay macrumors 603

    notjustjay

    Joined:
    Sep 19, 2003
    Location:
    Canada, eh?
    #16
    Taking your statements at face value, it seems unlikely that Vonage has anything to do with it since you said you gave them a credit card number. If, however, it wasn't actually a credit card, but instead one of those debit cards that looks-and-feels like a credit card (what do you call those? Checking cards? We don't really have those here in Canada...), then it's quite possible that the charges from Vonage contributed.

    The lesson learned here is to always be aware of about how much should be in your account. I actually log into my online banking just about every day, just to keep tabs -- both to remind myself how much is in there, and double check when things are added or disappear. Pay gets deposited every other week, and every month a number of things automatically disappear -- money for my car lease, auto insurance, and now home insurance and mortgage. The fun part is how they all leave my account at different times of the month, so I have to get used to watching the numbers and making sure that the money's there when it needs to be. If I slip up, then I need to quickly transfer over some money temporarily from my savings account.

    The alternative is to keep enough money in there that you'll know you always have something, but then that's money that isn't earning higher interest in an investment savings account, or money not being used to buy a new MacBook Pro ;)

    For example, my first mortgage payment is scheduled to disappear from my account in the next two days or so. My next payday is this coming Friday. So I need to make sure I don't buy anything big for the next few days. It's not strictly how much you have, it's when you'll have it, too! :rolleyes:
     
  17. shu82 macrumors 6502a

    shu82

    Joined:
    Jan 10, 2007
    Location:
    Rocket City, AL
    #17
    This can happen!

    I went out one weekend and spent $3 over what I had in the account. I had made over 20 purchases over the weekend (hotel, gas, food, etc.) Since it was over the weekend they were all processed at once. And since they put a hold on you account before they clear, every single puchase bounced. After I subtracted the over $500 worth of fees, and the purchases I actually made, I was $3 short on my account.

    Banks are thieves, Just use a credit card.
     
  18. Jopling macrumors 6502

    Joined:
    Jul 14, 2004
    #18
    Had this happen once, I made a charge and I thought my check had gone through, i ended up bouncing like 4 times in an hour which i wouldnt have done had they processed my check on time. They ended up taking off all the chrages.
     
  19. Sdashiki macrumors 68040

    Sdashiki

    Joined:
    Aug 11, 2005
    Location:
    Behind the lens
    #19
    Still no better lesson to learn than:

    if you cant afford it, dont buy it.

    yes, you bought 20 items over the weekend and they hit you on monday.

    you still didnt have enough to pay for it all. you didnt balance your accounts as you should have. $3 over, is still going down to zero and beyond.

    i mean, buying stuff kicks ass, but having nothing in my bank account...i wouldnt let that happen if I could help it at all.

    though i do agree, banks are thieves.
     
  20. shu82 macrumors 6502a

    shu82

    Joined:
    Jan 10, 2007
    Location:
    Rocket City, AL
    #20
    I wasn't buying things, I was just living. I did learn my lesson. I just wish it could have been a cheaper one. Anyway, I got the bank to take off most of the fees. The OP should try going to the bank and begging like I did.
     
  21. Turkish macrumors 6502

    Joined:
    Jan 12, 2007
    #21
    Someone's going to sue the banks over this one day.

    If I do this:

    $4.02 Starbucks

    $25.07 Groceries

    $15.00 Gas

    $23.06 Dinner

    $12.23 Lunch

    They pay each one and charge me $32 a hit.

    If I went to the Apple Store and tried to ring a $1099 MacBook on that same card, it would get declined.

    I had a paycheck delayed by a day once and Bank of America let 10 of these "little" transactions go through, even when I had no funds in my account. The overdraft charges cane to $320.00.

    They said "well there is a day lag time on some of these transactions sometimes, so that's why you were allowed to make those purchases." So I responded "so if I went out and tried to buy a $200 pair of jeans that would have gone through?"

    They said "well no, that's not how it works."

    I said "Well how does it work then?" "Does that mean that you'll allow small charges to go through to the tune of $32 a pop, but when you stand a real chance of losing money, you decline the transaction?" "If I don't have the money in my account, the transaction should get declined."

    It's so close to the definition of predatory lending it's silly.

    Yes, it's my responsibility to know if there is money there or not, but when they let a whole slough of little transactions go through, and then charge you $32 a hit for the privelege, somethings foul.

    I can't wait until someone class action's this, because it's BS. If they have the technology to decline a $1,200 transaction if you don't have the funds, they can do it with a $2.43 transaction.
     
  22. Turkish macrumors 6502

    Joined:
    Jan 12, 2007
    #22
    Then why was the transaction approved?

    You think I could go and pull $40.00 out of an ATM if I didn't have any money?

    Then why can I buy a cup of coffee if I don't have the funds?

    It's insane. I know so many people who have gotten bitten by this.
     
  23. Rodimus Prime macrumors G4

    Rodimus Prime

    Joined:
    Oct 9, 2006
    #23
    Problem is based on the post he has not had an account very long and I am going to guess that he never had a large amount of money in it so that threat is minor at best and one they will not be willing to respond 2.

    I would say it worth a shot to ask but do not hope for much and you will not get all your money back. You just learned an expensive lesson. I would recommend you do get over draft protection and then a good chunk of change in savings. My bank is willing to active overdraft protection 10 times a month after that I get slap with a fee each time but you should never really on overdraft protection. it is there just in case over drew checking a little and didn't know it. If you use it then it means time to transfer some money from saving to checking.

    Also I might recommend finding a small bank and not a big chain. A local credit union might be best since they are general more willing to work with you and make special expeditions for you. it comes at a price that you do not have branches everywhere. My bank is in the same credit union as my parents. Hell my checking account used to be a saving account my dad made to put money away for me when I was a baby so the account is over 20 years old. 3 years ago the account was transferred into solely into my name and I added a saving account. That credit union will bend a lot of rules for us. One is my dad can and does just call them up and tell them transfer X amount of money from his account into either mine or my brothers and they will do it and our account only link to him is the fact that is USED to be one of his accounts.

    Oh and be careful because mistake like this are a great way to fry you credit rating and it a pain in the rear to repair it and get it strong again.


    On and might I like to add I do not pay a DIME in fees and my account is well below what it takes a most banks to get that. I also believe they have free online bill pay
     
  24. Sdashiki macrumors 68040

    Sdashiki

    Joined:
    Aug 11, 2005
    Location:
    Behind the lens
    #24
    If you buy something and you cant afford it (i.e. dont have enough to pay for it in your bank account) then dont complain when they pay it for you anyway and charge for the privilege of buying something you couldnt afford.

    life is full of lessons, and banks give us the best ones of all about money and reading fine print.

    you dont have to have Overdraft Protection on your account. Without, it would simply decline your purchase, pissing you off, but not bankrupting you.

    its when banks move around purchases, bills, deposits and whatnots to make it so that you didnt have enough in your account somewhere along the line, eventhough had one deposit gone in before a purchase, it all could have been avoided. THOSE charges can be taken off easily.
     
  25. it5five macrumors 65816

    it5five

    Joined:
    May 31, 2006
    Location:
    New York
    #25
    Start balancing your checkbook.

    I'm insane about it. If I buy something, and don't balance my checkbook within a day, I start having these panic attacks and I get really nervous about my bank account.

    Also, if you're at Bank of America, switch, because they are the worst bank imaginable. Switch to a local credit union if you can.
     

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