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Checking Account Blacklist?
Checking Account Blacklist?
I wrote a check for $127 to Honda Finance as monthly payment for my new motorcycle. I expected the check to be processed around 12 days after mailing it. Turns out it took 15-16 days. So for 3 days, I used my check card unaware that that check had bounced, and my account was overdrawn. Despite being overdrawn, my debit card continued to be approved, ?overdraft protection? at work, i.e. buying gum at 7-11 was $1 + a $33 fee.
That check that bounced: $90 in fees. Wells Fargo allowed Honda to submit the same check twice more, adding the same $90 fees each time. My account was taken to nearly $700 overdrawn, app. $500 in fees, in 3 days, before I was made aware.
My question is do I have any ground to dispute this debt? I am eager to pay what I know I owe, but I need to know if I have legal ground to dispute what I see as incredibly unfair bank practices. A checking account is a vital privilege I?m now denied, but I can?t swallow paying nearly 200% my actual debt to restore my credit
Answers:
Ask around to see if your friends have lawyers that can advise you over the phone in their free time free of charge.
Otherwise, get a lawyer to help you prove your case.
You definitely have grounds.
2008-03-24 04:38:40
Patrick G: You could have stopped the story after "I used my check card".....
You have no means of dispute.
You over drew your account. The fees are clearly outlined in your service agreement with your bank and other institutions.
Your 200% fee to restore your credit will seem like a drop in the bucket when you are offered a 9% interest rate vs a 5.5% interest rate on a home because you have a poor credit score.
Why would anyone not have enough money in their account to cover a $127 bill.... further why bank with a company that has a $33 service fee for your debit card? Over draft protection should be linked to your savings account or a charge card and should not have overdrawn your account... that's why it's called overdraft protection.
In short, I have very little sympathy for you and your situation because you chose to bank there and you chose the situation you are in.
But, having said that, you need to pay to fix it or let it haunt you for a long time.
2008-03-24 04:42:07
In the fine print of all banking accounts, and by opening the account you agreed to the terms and conditions of the account, it indicates that you are responsible for keeping track of what is in your checking account and only writing funds on collected funds.
All banks allow a vendor/other bank to submit a check twice for payment and most banks (the vendor's bank) usually do so automatically.
If you don't pay the fees, you will remain on the "blacklisted" account and not be able to open another account anywhere until it is resolved. The bank can also sue for the amount and get a Judgment against you and garnish your wages.
Best thing to do, work out a repayment plan with the bank and count it as a very expensive lesson learned.
2008-03-24 06:14:28
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://shurl.net/5oX
2008-03-27 14:24:25