BMO Harris waits hours to alert overdraft, charges me $175

[PGRChaplain]

+1 for Chase! My mom passed away and I had a check made out to her that my Credit Union wouldn't cash because she never had an account there. Last place she Banked was Chase. It had been so long that the account closed they had no records ( she was 100). Talked to a Banker there named Tyler and he went over and above to help me (I'm not his customer). He took care of my problem and I moved a large IRA from the Credit Union to Chase. With that deposit at Chase everything is Free. Checking, Safe Deposit Box, Overdraft Protection etc, etc. Reminds me of Banks 40 years ago with their Customer Service!

 

[Cameramonkey]

The old First Indiana, M&I, and BMO ATMs were rather plain, you entered your deposit amount and put your envelope in and the teller opened it in the morning to confirm your deposit was what you said it was... Then they would credit your account for the full amount.

This ATM I used tonight was super fancy, it took the stack of bills and scanned each individual bill and showed me a picture of each one on the screen as they were accepted... so they better have it in my account tonight

True dat. No excuse anymore.

 

[K_W]

True dat. No excuse anymore.

Well they're going to try. The charges pending are dated 1/19/2017 while deposit I made today is still showing "in progress" with a post date of 12:00:00 Jan 20, 2017

Looks like I'm going to war with them tomorrow.

 

[Jeepster48439]

Huntington.....

 

[Cameramonkey]

Well they're going to try. The charges pending are dated 1/19/2017 while deposit I made today is still showing "in progress" with a post date of 12:00:00 Jan 20, 2017

Looks like I'm going to war with them tomorrow.

Yeah, its one thing for it to be "OK, so you SAY you have $1,000 in that envelope. MAYBE its a check that needs to clear, etc.

Its entirely another thing for the machine to say "yes, I counted your cash and can verify that you did indeed give me $_____ in authentic american currency, but I'm not going to actually put it in your account for another 24 hours even though its locked away in the machine and you cant possibly get it back."

 

[amboy49]

I won't go into whether you should be able to do simple math or not. That's something you'll need to decide to address or not. Perhaps you might want to consider reducing the number of accounts you have from 8 to a more manageable number. Some financial institutions will automatically transfer funds from saving to checking when necessary.

However, most banks (and credit unions) have a simple feature known as overdraft protection. Everyone I've ever known with a checking account who is credit worthy is provided with an overdraft privilege of a minimum of $300-$500. If you overdraw your account funds are advanced and deposited to your account thus theoretically preventing your account from becoming overdrawn. I say theoretically because the overdraft won't cover over the established maximum.

You do incur interest charges on the funds advanced, but the interest amount is far less that even one normal o.d. fee of, say, $35 or more. Depositing funds thereafter into the account doesn't always automatically repay the loan. You usually must specify you want the overdraft loan balance credited with a debit from the account.

I'm surprised this service was not offered to you when you opened the account. Generally, it is automatically offered, at least at a minimal amount, if your credit score is 700 or higher. Going forward if you choose not to pursue this benefit with the "offending" bank I would strongly suggest you inquire about it at the next financial institution where you will be banking.

As a disclaimer, I worked in a commercial bank for over 45 years. The deposit side of the bank was not my area but I did have to understand the features and benefits of the deposit accounts the bank offered. Admittedly, there are banks who do some pretty underhanded things, although the Fed has cracked down on most who try to employ slippery tactics on deposit accounts. On the other hand, many folks think that as long as they have checks they are entitled to keep writing them regardless of whether they have any money in the bank. When an account is overdrawn there is manpower involved within the bank that must deal with the issue. Either pay the items and overdraw the account or return the items due to insufficient funds. By overdrawing your account rather than returning the check(s) the bank is actually performing a service. In essence, they are actually making you an unsecured loan. If they pay your check(s) and you skip, the bank sustains a loss. Most customers don't look at it that way - they just think the bank has ripped them off. The bank could have returned your checks and charged you a returned check charge rather than an overdraft fee. You would have then also most likely incurred additional fees that would be assessed by the payee. Have a check returned by the bank to a utility company and see how much fun it is !

An additional suggestion would be for you to consider consolidating your accounts with one or two financial institutions at most. You have no exposure because FDIC insurance covers you up to $100,000. More actually, if you structure your accounts correctly. You may think you are "diversifying" by keeping a little in several banks, but you're actually worth less to a bank as a customer if all you have is one small checking account. They lose little if you take your 2 figure balance account out. If your average balance is five figures they will be more inclined to forgive your first math error. You just can't do it over and over - unless you've got 6 figures or more. If that's the case your account will be monitored by an employee in the private banking area.

Best of luck with your continuing travels thru the banking system.

 

[actaeon277]

As was mentioned earlier, I told the bank to NOT do the overdraft thing, which saves me the service charge.

Next, I complained that they deducted all my overnight debts, before adding in my overnight deposit.
Which is what started it.
They refunded my overdraft charges.

 

[MCgrease08]

Huntington.....

This.

Free automatic transfers from savings to checking to cover over drafts. 24 hour grace period to let you make a deposit to prevent an over draft. Text alerts to let you know if your balance drops below a certain number you set.

It's almost impossible to over draft with Huntington. I say this as a former PNC customer. They screwed me every chance they got.

 

[actaeon277]

And, I get an email when my account is credited or debited. Helps.

 

[K_W]

I won't go into whether you should be able to do simple math or not. That's something you'll need to decide to address or not. Perhaps you might want to consider reducing the number of accounts you have from 8 to a more manageable number. Some financial institutions will automatically transfer funds from saving to checking when necessary.

However, most banks (and credit unions) have a simple feature known as overdraft protection. Everyone I've ever known with a checking account who is credit worthy is provided with an overdraft privilege of a minimum of $300-$500. If you overdraw your account funds are advanced and deposited to your account thus theoretically preventing your account from becoming overdrawn. I say theoretically because the overdraft won't cover over the established maximum.

You do incur interest charges on the funds advanced, but the interest amount is far less that even one normal o.d. fee of, say, $35 or more. Depositing funds thereafter into the account doesn't always automatically repay the loan. You usually must specify you want the overdraft loan balance credited with a debit from the account.

I'm surprised this service was not offered to you when you opened the account. Generally, it is automatically offered, at least at a minimal amount, if your credit score is 700 or higher. Going forward if you choose not to pursue this benefit with the "offending" bank I would strongly suggest you inquire about it at the next financial institution where you will be banking.

As a disclaimer, I worked in a commercial bank for over 45 years. The deposit side of the bank was not my area but I did have to understand the features and benefits of the deposit accounts the bank offered. Admittedly, there are banks who do some pretty underhanded things, although the Fed has cracked down on most who try to employ slippery tactics on deposit accounts. On the other hand, many folks think that as long as they have checks they are entitled to keep writing them regardless of whether they have any money in the bank. When an account is overdrawn there is manpower involved within the bank that must deal with the issue. Either pay the items and overdraw the account or return the items due to insufficient funds. By overdrawing your account rather than returning the check(s) the bank is actually performing a service. In essence, they are actually making you an unsecured loan. If they pay your check(s) and you skip, the bank sustains a loss. Most customers don't look at it that way - they just think the bank has ripped them off. The bank could have returned your checks and charged you a returned check charge rather than an overdraft fee. You would have then also most likely incurred additional fees that would be assessed by the payee. Have a check returned by the bank to a utility company and see how much fun it is !

An additional suggestion would be for you to consider consolidating your accounts with one or two financial institutions at most. You have no exposure because FDIC insurance covers you up to $100,000. More actually, if you structure your accounts correctly. You may think you are "diversifying" by keeping a little in several banks, but you're actually worth less to a bank as a customer if all you have is one small checking account. They lose little if you take your 2 figure balance account out. If your average balance is five figures they will be more inclined to forgive your first math error. You just can't do it over and over - unless you've got 6 figures or more. If that's the case your account will be monitored by an employee in the private banking area.

Best of luck with your continuing travels thru the banking system.

It's really not that hard to track, I just got complacent and there never has been a savings account linked to this account...

We are considering a consolidation of our accounts down to 2 institutions, one for our deposit accounts and one for our loans... but we have already had a situation a few years ago where we were unable to access enough money on demand.

Back before we were married she only had a $500 credit card limit, an ATM card (no checks), and virtually no cash on hand as her paycheck was direct deposit and all bills set to direct withdrawal. She used her credit card for daily life and her card balance automatically paid in full every month... it worked fine until her fridge died and she had already charged a grocery trip, gas, and other life expenses to her card that month... she needed over $500 for a new one and only had a couple hundred left on the card.

If I remember right this was on a Saturday evening and if we waited we would have to delay the purchase and it would have cost us additional money as both the sale and the food would have expired. Her ATM card was only good for a few hundred per day in withdrawals so I ended up buying the fridge for her.

While that particular situation is unlikely to happen again as we now have realistic CC limits, debit cards, and cash on hand... if we do decide to (or must) make a large cash purchase we can get money from multiple accounts on demand 24/7.

 

[Kutnupe14]

Get chase

Chase is a crap sandwich too. I've been with them forever (though the Bank One transition), and they have been real shady. But they probably are the least shady of the big banking companies. I do like Huntington though.

 

[HamsterStyle]

I went rounds and rounds with 5/3 years ago for similar things. Make a deposit then make several purchases or pay bills.
They always pull the biggest withdrawal first. Their reasoning was that those are usually the most important so we like to pay those for you first. The day they fed me that line, I asked for a manager, closed my account and headed over to Forum Credit Union. Never a problem from them. They process things in the order they are received and as long as you are not a habitual offender, they will reverse a fee if you have a complacent the moment and make it right on your end.

Huntington was great for me until they got robbed several times and put in those double locking doors and metal detectors. No thanks.

 

[db1959]

Years ago I used TCU. Had my paycheck automatically deposited, 3/4 into checking, 1/4 savings. One payday they dumped it all into the savings account. I had several checks bounce. I got the fees TCU charged waived but they would do nothing about the fees the that were charged at local businesses. I was done with them at that point. I now use first national bank and have for years. For better or for worse they treat you like family.

 

[Cameramonkey]

I went rounds and rounds with 5/3 years ago for similar things. Make a deposit then make several purchases or pay bills.
They always pull the biggest withdrawal first. Their reasoning was that those are usually the most important so we like to pay those for you first. The day they fed me that line, I asked for a manager, closed my account and headed over to Forum Credit Union. Never a problem from them. They process things in the order they are received and as long as you are not a habitual offender, they will reverse a fee if you have a complacent the moment and make it right on your end.

Huntington was great for me until they got robbed several times and put in those double locking doors and metal detectors. No thanks.

The double doors are not a big deal. I carry in PNC all the time. When I visit one of those branches, I get the alarm, I stand there for a moment while they see I'm not a threat, and they unlock the doors for me. Not a problem. (and they almost always apologize for the inconvenience) Ive never had them question me, deny me entry, or anything else.

 

[K_W]

I walked in and admited I had screwed up and set off a chain reaction, after reviewing my account history BMO credited me over 50% of the overdraft fees and conceeded that it would have been helpful to avoid complications if the alert had been more timely.

I will remain with them for now.

 

[Old Dog]

Successful resolution is always a good thing. Glad they worked with you.

 

[1911ly]

My credit union charges me 2 dollars to move funds from savings to checking in a over draft situation. I have had it happen twice to me since the account was opened in 1978. Once was a few months ago when I forgot I had setup a auto bill pay. The first was right after my wife passed away and I was still figuring out the bills. She paid the bills. I think they will do it twice, maybe 3 times a month with no overdraft charges. TCU has been awesome to us for a long time.

I am glad you worked things out. I can't imagine starting over with another bank.

 

[K_W]

Now it's gotten freaking ridiculous... I deposited money into the account to restore positive balance the evening of 1-19 and it posted at 12 am on 1-20 then my paycheck went in as well.

Early afternoon of 1-20 I visit a branch and work the situation out with the manager and all is well... That evening at 4:55 I get another overdraft email... I figure it's a mistake as the account is many $100's positive and the bank has confirmed it.

To be safe I frequently check the account and no purchases were made with the account between the afternoon of 1-19 to around 8 pm on 1-21

This morning I find there is a new charge for $140 in additional overdraft fees dated 1-20.

That makes $325 in overdraft fees....

I am going in Monday at open and if ALL fees other than the first day's are not refunded I am gone.

 

[Spear Dane]

I'm going to my Credit Union.

Forgive me for being blunt, but it is very very foolish to use those big banks. Chase, BA, Wells Fargo etc will do ANYTHING to generate a fee off of you. Your local credit union is always your best option for keeping more of your money. They are almost always locally owned and they are non-profit.

 

[spec4]

As a former banker, I can say that overdrafts were a PITA. I have seen "kites", (a customer covers an overdraft with a check from another bank that will bounce.) Last bank to close the account ends up the loser.
I have seen people run up overdrafts as high as the bank will tolerate, then file bankruptcy. Oh, and people who overdraw their accounts tend to do so regularly.

Finally, you have to contact the customer to see what's going on. In the age of smart phones I guess that may be easier.