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Fighting insufficient fund fees
mrt144
King of the NumbernamesRegistered User regular
King of the NumbernamesRegistered User regular
So I just got dinged for $102 on insufficient funds fees.
I have a personal checking account with Chase that I use to pay my credit cards, and transfer money into my brokerage account at Fidelity. On the 15th I initiated a transfer from said checking account to Fidelity that resulted in me being hilariously overdrawn. I meant to transfer it from my Bank of America account that I share with my wife. So the very next day, realizing my mistake I transferred the amount of money I initially put at Fidelity back into my Chase account. At the same time I had 3 credit card payments get processed resulting in those fees.
How do I go about negotiating away these insufficient fees based on a typo I made? Do I start out soft and explain the situation and how I've been a customer for years and finally arrive at "close my account today" if no headway is made? Do I ask for the branch manager? I have my student loan coming out tomorrow and would like to avoid any more bullshit with Chase if I can help it.
Thanks.
I have a personal checking account with Chase that I use to pay my credit cards, and transfer money into my brokerage account at Fidelity. On the 15th I initiated a transfer from said checking account to Fidelity that resulted in me being hilariously overdrawn. I meant to transfer it from my Bank of America account that I share with my wife. So the very next day, realizing my mistake I transferred the amount of money I initially put at Fidelity back into my Chase account. At the same time I had 3 credit card payments get processed resulting in those fees.
How do I go about negotiating away these insufficient fees based on a typo I made? Do I start out soft and explain the situation and how I've been a customer for years and finally arrive at "close my account today" if no headway is made? Do I ask for the branch manager? I have my student loan coming out tomorrow and would like to avoid any more bullshit with Chase if I can help it.
Thanks.
mrt144 on
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I'd go down in person. Makes more of an impact if they see a visibly disgruntled person. Harder to ignore it. Also bring up the school loan too, how you're worried that'll further ramp up your fees (you're already $102 in the hole, it could make it worse unless it's rectified immediately).
Don't be a dick, but be firm.
If you haven't agreed to the overdraft/NSF via a statement (as passed by law) you might try that angle. They should've been declined rather than put through. I have no idea if you signed or agreed to that, though.
When it happened to me I was polite, and offered to sign up for one of those overdraft protection systems that links my checking and savings accounts and puts a dollar from my checking into my savings account every time I swipe my card. That way they got to tell their bosses they actually signed someone up for one of their bullshit (but free) plans and it made them more amicable to waiving my charges.
That new law only applies to one-time charges, i.e. you pay for something with your debit/credit card and there's not enough funds available, the bank *should* deny the charge at the POS unless you've specifically agreed to allow overdrafts (and the associated fees). However any sort of recurring charge on a debit/credit or basically any other transaction type (intra-bank transfer, ACH, a check, &c.) can still overdraw you. It sounds like these were payments on his credit card bills, so they wouldn't be exempt from overdrafts.
Also, as a dude who used to do customer support at a bank, don't threaten to close you account. We don't give a shit, and it just makes us stop listening to you. Just keep escalating until they fix it or won't give you a higher manager.
fuck up once and you break your thumb / if you're happy at all then you're god damn dumb
that's right we're on a fucked up cruise / God is dead but at least we have booze
bad things happen, no one knows why / the sun burns out and everyone dies
No reason an ACH should go through if you've got no funds. I'd expect a raw check to bounce. ACH tends to not have the associated "oops bad check" fee because it's usually dealt with online and maybe I mistyped. Much easier to explain away.
Oh, yeah, I'd close it anyway. Fuck chase. Get ye to a credit union. Just, trying to use that as a tactic with CSRs only gets you negative points.
Also ACHs in my experience get treated the same as checks and will incur NSF and/or overdraft fees. They're fundamentally the same, in that the balance of the paying account is not checked upon origination.
fuck up once and you break your thumb / if you're happy at all then you're god damn dumb
that's right we're on a fucked up cruise / God is dead but at least we have booze
bad things happen, no one knows why / the sun burns out and everyone dies
I found myself in a similar situation a few months ago when I paid my Chase credit card with more money than I had in my Chase checking account.
They reversed the charges and it was cleared up with a 3 minute phone call. They're actually pretty excellent to me.
Went with ING myself. Pretty sweet for a bank (way better than the local CUs).
If you're looking for an online bank, they're aces.
With BECU, most of their ATMs will accept checks without envelopes. It just scans the check when you insert it. Or you can just use their iPhone or Android app and deposit checks from your phone by just photographing the front and back.
ING is owned by Chase now
It's not bad (yet), they're still the same in regards to their offerings. Some people think Capital One is terrible, but I've never really had a problem with them. I guess they're a major CC company, but, again, any bank or Credit Union that offers a credit card through themselves is going to have the same issues in customer relations. Don't let them scare you away.
It's definitely a superior product to most banks, their web portal is amazing (being that they're online only). Ally is the one that's up and coming I hear good things about.
Capital One is typically distrusted not because of their general actions/services but the fact they have deliberately run unaccounted micro-fees on their entire population to supplement losses in their investments, without updating terms of service or informing their customers beforehand of changes. Lots of banks do similar things, but give due warning before changing policies and adding arbitrary fees (BoA notwithstanding).