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post #1 of 14 Old 07-27-2006, 9:28 PM Thread Starter
 
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Banking advice please...

I keep a clean ledger for my checking account. Recently I received a check, half of which I deposited, the other half was cashed. A couple days later the check writer tells me not to cash the check...
Whoops, I already cashed and spent it!

Yesterday I was looking at my account online and saw that it was hundreds of dollars in the negative...The check was taken out of my account! the bank called it a "bank originated debit"

That caused five items after it to overdraft!!!!! 165 friggin dollars in fees!

Turns out there were insufficient funds it the other checking account. So why the hell did they take it back out of my account!?!? Has this happened to anyone else? what was the outcome? Do I really have to pay for someone else's mistake?
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post #2 of 14 Old 07-27-2006, 10:10 PM
 
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Re: Banking advice please...

Go after who ever wrote you the rubber check for the fees and the original amount.

It's amazing how stupid some people can be.
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post #3 of 14 Old 07-27-2006, 10:14 PM
 
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Re: Banking advice please...

Small claims court.

Be watchin' for ya on Judge Judy.


Seriously, go get him. They ruined your credit.
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post #4 of 14 Old 07-27-2006, 10:41 PM
Yep...that would hurt ya!
 
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Re: Banking advice please...

Quote:
Originally Posted by xraycatj View Post
I keep a clean ledger for my checking account. Recently I received a check, half of which I deposited, the other half was cashed. A couple days later the check writer tells me not to cash the check...
Whoops, I already cashed and spent it!

Yesterday I was looking at my account online and saw that it was hundreds of dollars in the negative...The check was taken out of my account! the bank called it a "bank originated debit"

That caused five items after it to overdraft!!!!! 165 friggin dollars in fees!

Turns out there were insufficient funds it the other checking account. So why the hell did they take it back out of my account!?!? Has this happened to anyone else? what was the outcome? Do I really have to pay for someone else's mistake?
It has happened to me before as well. When you make a deposit into your checking account and IF you are a good customer that dosn't overdraft or bounce checks all the time, the bank will credit the amount (usually 100%) of the deposit as "good faith" until it clears the OTHER bank on which it was written. Since your deposit was BAD - they had to remove the "good faith" money from your account. You need to go after the check writer for ALL of your overdraft fees. If he or she says that they won't pay it or if they blow you off, threaten to turn them into the D.A.'s office. That will get their attention! The District Attorney's office will nail them good. The fees for knowingly passing a bad check are HIGH and you can go to jail too!!!

Good luck!

"....and people in hell want ice water".
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post #5 of 14 Old 07-27-2006, 11:45 PM Thread Starter
 
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Re: Banking advice please...

I plan on talking to an actual person at the bank tomorrow because the phone bankers are completely rude and inept; they thought I wrote the damn check!
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post #6 of 14 Old 07-27-2006, 11:56 PM
 
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Re: Banking advice please...

Quote:
Originally Posted by xraycatj View Post

So why the hell did they take it back out of my account!?!? Has this happened to anyone else? what was the outcome? Do I really have to pay for someone else's mistake?
Because the money was never really in your account. When you opened your account, all this was spelled out in the paperwork, there is like 10 or 14 or so days for a check to clear. In the mean time, as already said, banks can show the deposit in you account, but its not "yours" untill it clears the issuing bank.
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post #7 of 14 Old 07-28-2006, 4:30 AM
 
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Re: Banking advice please...

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Originally Posted by G-Force Junkie View Post
Because the money was never really in your account. When you opened your account, all this was spelled out in the paperwork, there is like 10 or 14 or so days for a check to clear. In the mean time, as already said, banks can show the deposit in you account, but its not "yours" untill it clears the issuing bank.
+1

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post #8 of 14 Old 07-28-2006, 5:16 AM
 
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Re: Banking advice please...

Quote:
Originally Posted by G-Force Junkie View Post
Because the money was never really in your account. When you opened your account, all this was spelled out in the paperwork, there is like 10 or 14 or so days for a check to clear. In the mean time, as already said, banks can show the deposit in you account, but its not "yours" untill it clears the issuing bank.
I agree 100% that they have the option of hitting him with all these fees but $165 in overdrafts is a bit extreme IMO. After calling I would hope they might reduce that amount.
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post #9 of 14 Old 07-28-2006, 9:37 AM
Yep...that would hurt ya!
 
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Re: Banking advice please...

Why does everyone have to be an ass about this?? The kid is 25 years old.... probably just now really making some money and diving into all the banking and bull sh** that comes with it. Who reads the small print anyway? Come on....it wasn't even HIS fault. Jeezzzzz.

"....and people in hell want ice water".
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post #10 of 14 Old 07-28-2006, 4:34 PM
 
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Re: Banking advice please...

Quote:
Originally Posted by xraycatj View Post
...Turns out there were insufficient funds it the other checking account. So why the hell did they take it back out of my account!?!? Has this happened to anyone else? what was the outcome? Do I really have to pay for someone else's mistake?
You may be able to talk to the manager of your bank to explain what happened (been there, done that, many years ago). Having been at the point where I lived check to check and any "extra" money went to bills and such that were technically overdue, I can feel your pain.

They're taking it out of your account (as someone explained above) because it wasn't really there yet.

After explaining to your bank manager, I'd make sure the person who wrote the check pays the fees for the checks that bounced.
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post #11 of 14 Old 07-28-2006, 4:49 PM
 
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Re: Banking advice please...

I don't think he has one of these attached to HIS vehicle.
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post #12 of 14 Old 07-28-2006, 5:21 PM Thread Starter
 
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Re: Banking advice please...

Everythings cleared up. The check writer was more than polite and wired double what the check was back to me.

Thanks for the input! lessons learned everyday!
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post #13 of 14 Old 07-28-2006, 5:59 PM
 
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Re: Banking advice please...

Quote:
Originally Posted by xraycatj View Post
Everythings cleared up. The check writer was more than polite and wired double what the check was back to me.

Thanks for the input! lessons learned everyday!
You're very very lucky to have a good guy on the other end of an honest mistake.

Learn from that one...most of us learn it the harder way (cash out of our own pockets).




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post #14 of 14 Old 07-28-2006, 6:56 PM
 
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Re: Banking advice please...

If the check is out of a local bank you're almost better off going there directly and cashing it. The funds are immediately yours with no ambiguity and no contest, assuming the account will clear them. IF it's a real account you have an advantage of beign able to submit the check repeatedly for funds if it doesn't clear- the account owner gets hit each time. If it's a fake or closed account, you're SOL without "professional" involvement.

I just sold an MTB. I had stated cash transaction but the guy brought a check. Local bank, the guy offered every identifier including SSN. I told him to keep the SSN (and told him why), but compared the D/L to the check and copied the number down. All cleared.

Sperm donor. Maybe.
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