Online banking...made too easy?

[Welly Wu]

Have any of you run into financial problems of your own doing because you were messing with your money online? I recently made the second exact mistake of transferring an transaction from one bank account to another. The mistake? One of them wound up short and I'll be charged a NSF fee. When did it happen? Last night at a around bedtime. Oh yeah. That was me.

Seriously. You click the wrong button. You get directed to the wrong web page. Then, BAM! You screwed up. I know that there is no protection for you from yourself especially when computers are involved, but it is just all too easy.

Part of me thinks that all of those inconveniences and formal procedures that everybody has to go through when they are standing in line waiting in a real bank with real bankers is actually for your own good. It makes you slow the hell down and think...carefully.

So! Be cautious the next time you get some letter in the mail or a brochure for a new online convenience by your local money sucking banks that will make your life easier and more convenient.

Bah! Why can't they waive the charge for stupid mistakes? I don't want free checking or online bill pay. I just want that benefit alone. My financial life would be much better.

 

[ken36]

I agree man.

 

[daycart1]

Not me. I love it. I think it is just as easy to screw up for forgetting to put a stamp on an envelope (Yeah, I've done that.....)

 

[3DCadman]

My wife's a bank manager. She always says that if someone hasn't made a bad habit of this, and is willing to come in and explain, she will most likely reverse the charges, if everything's in good faith.

My point is, just go into your bank and tell him/her what you did and it was a simple mistake, they may let you off the hook. MAY is the operative word. Not all managers are as kind as my wife!

Give it a shot. All they can say is no and your'e in the same boat you are now.

Good luck!

 

[JMT]

Errors happen, and I can almost guarantee you that if this is a one off mistake your manager would be willing to listen. Perhaps even reverse the fee. It's those people who consistently run up insufficient funds charges and start screaming that the bank "stole their money" that managers have little to no sympathy for. Just last week I reversed over $200 in fees for an elderly lady who simply mailed her bills out too early (before her Social Security direct deposit hit). She came in, explained what happened, and asked if there was anything I could do for her.

There was and I did.

 

[Welly Wu]

I happened to call today and my bank manager told me I had called one day too late. So, I got the two NSF fees today. There's nothing she can do about it which is what I expected.

My question is how does a rare financial mistake like this effect my credit score or history? I did the free annual credit check and I have no credit history or rating because I never applied for it. The only outstanding report on my credit record is the fact that I am in good standing with paying my US Direct Student Loan debt because I've automated it.

Also, who is ChexSystems? I had them send me a letter a few years ago when I was much more financial irresponsible, but they don't have a website (at the time they sent the letter). How do they figure into my credit history or rating?

I'm getting a direct deposit payment tonight at midnight and I already routed the funds to cover the shortage I currently owe my bank from my ING Orange MMA. So long as I don't do this again, I will surely hit my major financial goal by the end of this year because everything is automated.

Lesson learned: define your financial goal early, create an automated system, and let the system do the work for you. Don't mess with the system and let it take care of you over time. No more manual Internet deposits or withdrawals between banks for me again.

 

[perplex]

you gotta admit it's just so convenient

you can clear credit cards by dialling the number on the back for god sakes!

 

[3DCadman]

Welly,

I asked my wife about the one day too late statement. She says that's "a load of crap".

She can't speak for all banks, but hers (I won't name names) allows her the discretion to reverse as she sees fit, within reason with good customers.

Also, she says (she also used to be a loan manager) says that one NSF will not affect your credit. The only things that are reported on a credit report are late payments (30+ days). Unless you have been negative on your bank accounts for over 30 days and were turned over to a collections agency, you're good.

If you bounced something (a loan payment?) and it made or will make you 30 plus days late, it will be reported on your credit report.

Sorry your bank is jerking you around like this. My wife said that you might want to ask yourself if you want to stay at a bank that isn't willing to work with you and treat you like a human being if you make a little mistake.

Edit: Chex-systems is a company that retail businesses use to report if someone wrote a bad check at a retail store. So, the next store can use the company to check to see if someone wrote a bad check before.

 

[JMT]

Quote:

Originally Posted by 3DCadman I asked my wife about the one day too late statement. She says that's "a load of crap". She can't speak for all banks, but hers (I won't name names) allows her the discretion to reverse as she sees fit, within reason with good customers.

I agree, that is a load of crap. All bank managers have certain fee reversal authority. If your bank manager does not, I would change banks.
Quote:

Edit: Chex-systems is a company that retail businesses use to report if someone wrote a bad check at a retail store. So, the next store can use the company to check to see if someone wrote a bad check before.

Chex Systems is actually more than that. Member banks will report accounts that have been closed with an overdrawn balance by taxpayer I.D. number. Other member banks will then refuse to open an account for that person. If you have abused a checking account, and it is closed by the bank with an amount owed, you can literally be prohibited from opening another checking and/or savings account until your information is removed from the system.

 

[ssblood]

Relying on Online Banking for balancing sucks. The way things go away and come back and random times baffles me. They just repeat that things can disappear for 30 days or longer then pop up. Try being 556.76 in the hole. 13 NSF charges when I didn't get the money I expected to before a check hit, it goes then all the little things like McDonalds hit... Did I mention im just finishing school and in the process of moving back home with no job? Bank of America basically told me it sucks to be me

I paid some tellers paycheck this week. lol

 

[Welly Wu]

PNC Bank is mine for now and I have a VISA Check Card with them. I may wind up switching banks to Bank of America. I have not been thoroughly disappointed with PNC Bank, but I have not been thrilled by them either. They seem to me like a 2nd tier bank aiming for the top spot...at least that's been my impression as a customer for the past several years.

I have a Bank of America branch that just opened up a few months ago here in West Orange. I may give their website a visit and see what my options are.

This is crappy service from PNC Bank. This is the turning point for me with this bank.