Overdraft Charges, Criminal Liability -- debit card, checking account

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Old Apr 5th, 2011, 02:40 PM   #1
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Confused Overdraft Charges, Criminal Liability -- debit card, checking account

In the never ending saga of Overdraft Charges that are unethical, here is simple layout to my problem, possible dilemma and query:

I have an SSI direct deposit checking account. Since Federal Banking regulations pertaining to overdraft charges took affect, I decided to go ahead and "Opt In" for overdraft protection. It isn't wise to some what with my menial income, but I found it a necessity in that often LiHeap (federal energy assistance) ran out of funds early far too often, and I needed the added protection to ensure that my utilities stay on no matter what.

The new regulations didn't help much, as the bank I use enlists all forms of "policies" and rules to charge me for "any" overdraft charge they can get their grubby little hands on.

From excusing transaction errors to the electronic programming or merely policy, I have had to call them almost every other month to argue refunds back for incorrect OD charges.

If I am at the end of my account balance say, and as in one case, used my debit card for pharmacy then groceries and then a bit of gasoline, all being done so with enough of a balance to cover those charges...

then go to pay my utilities using my overdraft protection, the bank was sure to charge my debit for the larger over draft payment towards my utilities, the last one made, so that all other transactions which we valid were then tasked and charged additional OD charges, totaling five charges of $28 a piece.

The bank claims it is the way the retailer markets their transactions even though I know for a fact that the bank has time:date:number of transaction for each individual charge.

Now, with two recent charges newly accrued to my account for NSF checks that they did not have to return nor have to use overdraft features to pay (my check hit the next morning and the SSI deposit covered my checks) I am fed up.

What I wish to know is:

I wish to change banks but must change direct deposit features to my Social Security monthly payment via direct deposit.

If I have a current overdraft charge of $250...
and change my direct deposit to another source...
prior to the bank being reimbursed....
is it a criminal or civil case for the bank to seek reimbursement for the overdraft payment charged to my debit card/checking account?

Thank you in advance, I would think it a matter of simple interpretation?

What law governs the transaction...

No check written, just a debit card withdrawal using the overdraft protection for my checking account.

Is this simple enough asked?
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Old Apr 11th, 2011, 04:27 PM   #2
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Default Re: Overdraft Charges, Criminal Liability -- debit card, checking account

Obviously its a waste of time to post to threads like this, and it makes me wonder if the other posts aren't merely "dummy" threads
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Old Apr 11th, 2011, 04:38 PM   #3
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Default Re: Overdraft Charges, Criminal Liability -- debit card, checking account

Viewers who wish prompt and courteous replies should try here instead:

Overdraft Ethics and Charges
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Old Apr 29th, 2011, 11:19 PM   #4
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Default Re: Overdraft Charges, Criminal Liability -- debit card, checking account

Quote:
Originally Posted by djdrew102 View Post
In the never ending saga of Overdraft Charges that are unethical, here is simple layout to my problem, possible dilemma and query:

I have an SSI direct deposit checking account. Since Federal Banking regulations pertaining to overdraft charges took affect, I decided to go ahead and "Opt In" for overdraft protection. It isn't wise to some what with my menial income, but I found it a necessity in that often LiHeap (federal energy assistance) ran out of funds early far too often, and I needed the added protection to ensure that my utilities stay on no matter what.

The new regulations didn't help much, as the bank I use enlists all forms of "policies" and rules to charge me for "any" overdraft charge they can get their grubby little hands on.

From excusing transaction errors to the electronic programming or merely policy, I have had to call them almost every other month to argue refunds back for incorrect OD charges.

If I am at the end of my account balance say, and as in one case, used my debit card for pharmacy then groceries and then a bit of gasoline, all being done so with enough of a balance to cover those charges...

then go to pay my utilities using my overdraft protection, the bank was sure to charge my debit for the larger over draft payment towards my utilities, the last one made, so that all other transactions which we valid were then tasked and charged additional OD charges, totaling five charges of $28 a piece.

The bank claims it is the way the retailer markets their transactions even though I know for a fact that the bank has time:date:number of transaction for each individual charge.

Now, with two recent charges newly accrued to my account for NSF checks that they did not have to return nor have to use overdraft features to pay (my check hit the next morning and the SSI deposit covered my checks) I am fed up.

What I wish to know is:

I wish to change banks but must change direct deposit features to my Social Security monthly payment via direct deposit.

If I have a current overdraft charge of $250...
and change my direct deposit to another source...
prior to the bank being reimbursed....
is it a criminal or civil case for the bank to seek reimbursement for the overdraft payment charged to my debit card/checking account?

Thank you in advance, I would think it a matter of simple interpretation?

What law governs the transaction...

No check written, just a debit card withdrawal using the overdraft protection for my checking account.

Is this simple enough asked?
I don't know if anyone in the bank has explained this to you, but gasoline charges may be the culprit, as may be any restaurant, hotel, or other lodging you may use your debit card for. But since you mentioned gasoline, I'm assuming that's what's causing your overdrafts.

You see, when you pay for gas with a debit card, the merchant automatically deducts a set price much higher than what you're actually pumping for gas. They do this as an "insurance" of sorts to ensure they don't get ripped off. They "hold" this money for up to three business days. Usually, it's around $75.00

When you go on to swipe your debit card for groceries (either immediately before or after your gasoline purchases), that makes more deductions and what you thought was "still enough to cover your expenses" is no longer adequate.

My advice to you is to stop using your debit card to purchase gasoline. Go to the atm, take out cash to pay for your gas. It's not worth the overdraft charges.

Your diatribe was quite amusing, by the way.
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