 What will happen if I refuse to pay my credit card? |
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 The credit card company made a mistake and made my balance $0. Do you think they'll catch it? |
Last month, my balance was $701.27. I made a $100 online payment. Now they say I have a zero balance. Pretty cool, huh?
Additional Details
Stuart- How did I commit a crime here? I made ... |
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Additional Details
I just don'... |
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Just wondering what happens when credit card debt gets out of control with elderly people and they pass away. Who assumes the loss???
Additional Details
I live in Texas.... |
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Ryan | Question about overdraft fees? |
I'm a stay at home mom and we are on a teacher's salary so money is tight. But, I balance my checkbook and try to keep track of our money. I realized that we would bounce checks unless I put money in one of our accounts, checked online and saw that we are fine for the moment, and then deposited money on 11/19. I got a notice today saying that two checks would have bounced if not for overdraft protection (took $35 for each check) b/c I had insufficient funds and it was taken that same day, the day I deposited the money. I have the deposit slip, saw that the money was supposed to be in the account on 11/20 but since I went that day, could I argue that I knew I would possibly have a negative balance which is why I put the money in? This is why I put the money in on 11/19 and no one told me my account was negative when I put the money in.
Additional Details
That's rude Tasha. I have to live paycheck to paycheck b/c my husband is a second year teacher on a bachelor's salary and money is tight. I don't spend on anything I don't need but last month we had two unexpected bills...big car payment and dental. How insensitive and rude. |
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MBATXguy
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You have an interesting dilemma. To all other contributors, SHE CAME TO ASK A QUESTION, NOT RECEIVE your UNEDUCATED advice on how to spend money. Her question was about bank fees....
Let's go back to when you deposited the money.... What time did you deposit the money? You probably deposited after the business day closed (which is going to be a problem)... You can go to the local branch and request the bank manager to waive the overdraft fees as a courtesy. Now, a suggestion.. since it says you have two accounts, I would recommend doing ACH transfers between your credit union and Wachovia...
Something else you will advise you to do in the future to alleviate this problem to ensure monies are immediately posted (no hold)... Go to the bank with check from whoever.. Instead of depositing the entire check, fill out two deposit slips, one for $1 and other for the check - $1.
For example:
You receive a check of $1,000. Go into the bank, deposit the check (but only $1 of it) and fill in the less cash received line of $999. Then once you have that in hand, deposit $999 as a cash deposit... This would eliminate any hold problems... See, when you present a check for immediate liquidation (or exchange from check to cash), they have to convert it immediately or give valid reason as to why they cannot cash it.. Trust me, if they want to verify funds on the check, they can find out very quickly by calling the drawer bank (bank on the check)... |
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schin530
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Just because you put the money in, does not mean that it was credited yet. This is especially true if you deposited the money after 1 pm. Afternoon deposits are typically not credited until the next business day. |
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cpttango30
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Many banks will not deposit the money untill the next business day.
My bank Wachovia has a 2pm cut off at a teller and 4pm cut off for the atm at teh bank. If you deposit after thoese times it will not process untill the next business day. |
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SlimMick
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You have to be careful these days....banks are making BILLIONS of dollars in overdraft fees by putting holds on deposits and especially by changing the order that checks are cleared....They now do it from highest amount to lowest amount rather than the old way of chronologically according to when the check was received...This new way lets them maximize bounced check fees as the largest check going through first will cause an overdraft (if that's going to happen) and each subsequent check, regardless of how small, will get NSF fees too.......There are tons of complaints on RipOffReport.com about these policies.
Advise: Start using credit unions instead of major banks....they tend to not have these policies and are less voracious in assessing fees. Also, stop using your debit card and write checks instead...Debit card transactions are immediately taken out of your available funds.
Be aware of the time cut off of deposits....Some will only credit deposits the same day if they are received before 2PM |
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Google Master
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You could try to talk to your bank and see if they will help you, however, I know that my bank's policy is any deposit made after 2pm is not available until the following day. And some banks have a policy that all deposits are unavailable for 24 hours. You might want to read your banks deposit policys. |
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model3girl
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You must have bank of america.. This happened to me! Not really a valid agreement because the date on the receipt (11/20) is the day that the funds will be available. But if they charged u any fees u can ask them to do a courtesy fee wave and if u have overdraft your account recently they will take the fees off! |
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joliewallace
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Sometimes if you call your bank and explain the situation, they may wave those fee's as a courtesy. I hope this helps. |
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kmao
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Did you deposit cash? If so it should be available the same day. I don't know which bank you're with but I am with Lloyds and if I go over my limit, but deposit money (cash) on the same day, they don't charge for going over. Also internet banking statements are not live, but your available balance always is. So if you saw that you were fine on that date, and you put money in, I think your bank needs to refund that £70 |
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debbiemaedke
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Online banking is usually 24 hours late in posting transactions (unless they are electronic) so you can not count on it for telling you exactly when a check has cleared your account. |
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2boys2dogs2birds
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They don't tell you your acct is negative because they want their money back.
Sit down with someone from the bank and go over the entire situation. That is what they are there for. They may even refund the fees.
Also, go to the bank and hand your check or deposit to a PERSON. Putting it in a machine guarantees a hold! The slip says what you have but not what is available to use!
If you have a history of NSFs they will always hold any deposit from you that is not cash.
I worked at a credit union and can tell you most of them do this too. They used to be the way to go but not any more..especially NFCU |
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Lord Worple
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Whew. I don't know. |
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rosebud64
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it will never work they will have you get out your bank book and go through everything with you first.then they will find the glitch but if you deposited the moneys on the 19 your checks should of been coverd the money would of been in there by the 20 i would argue that point unless you put the money in after 2 oclock on the 19 still the checks would of been coverd.it is worth a try i guess depends how nice your bank is and how well and friendly the tellers are somethings they will let you get a way with somethings they will not if you know what i mean. |
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captsead0nkey
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This depends on the money being deposited.
Cash/wire transfer/direct deposits are available for immediate withdrawl, so a bank will not usually post a overdraft fee if the cash was deposited before the checks were withdrawn.
If a check is deposited, depending on the day, can be held for 2-3 business days before the check is cleared and available funds for withdrawl. That means if the check is deposited say on friday afternoon, it would not be available for withdrawl until early tuesday at the mininum.
Also it depends on how the money was withdrawn.
Funds transferred online, by debit, withdrawn from ATM, wire transferred, or by check card are withdrawn almost immeditlely. A check takes more time, as the bank has to wait until it is cashed by another banking institution.
(However, Debit/credit cards that withdrawl out of a bank account, the amount is posted immedietly, but not fully withdrawn, a hold for that amound is secured for short period of time until the bank has the signature slip from the merchant, and this why some charges seem to disappear, but then reappear later. The hold was dropped, but the amount was then later withdrawn when the bank recieved the debit/credit transaction verification)
To prevent this, try adding overdraft protection. Most banks have this but dont put it out there, as they make more money from overdraft fees. There is mutliple ways, like haveing a credit card /saving account secured checking account, as if the account goes below 0, then the excess amount is charged to the credit card, or pulled from a saving account to cover the difference. |
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Mandingo Slong Long
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NO! simply bc depositing the money into the account doesnt mean that it has POSTED to the account. Many banks allow atleast 24 hrs for information to update in their system, and usually your deposit will show availble around that time, if there were any "pending" transactions b4 ur deposit, then any fees applicable, you are due. |
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suliyanka
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You haven't say which bank you save with. I know one thing for sure.. You have up to a given number of times to make an overdraft, they will not tell you though. so just walk to the bank , and don't argue just be nice and they will take it off. That will save you $70.... good luck |
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itsmetrea
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Count your losses and don't do it again. I don't mail the bill from my house untill the money is in the bank. Its electronoc now you don't have any leeway. |
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sundayschool
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Keep a $500.00 cushion in your account. Don't feel sorry for yourself you 2nd year teacher on a fixed income. Be happy that you have a job. I am sick and tired of hearing about how poor little teachers don't make enough money. BULLSHITTTTT! |
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rp_joe
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Its a scam. Switch to a credit union. |
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tasha
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why are you living pay check to pay check.. cut back on spending |
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heybulldog
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I dont think tasha's being rude. she is right. you need to cut back. You need to do written budget every month. Maybe you can take on a part time job.
what's your house payment?
car payment?
How much do you make a yr? 30,000.00 ? 40?
check out daveramsey.com and listen to his radio show or watch him on Fox Business News Network. He has lots of great advice on money and debt.
some say his views are radical. 250yrs ago they called our founding fathers (USA) radicals.
I say he's in good company.
Debt free is the way to be! |
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Bettee62
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SEEMS AS IF YOU ARE LIVING OR SPENDING TOO MUCH. IF THIS IS NEW, TALK TO THE MANAGER. IF THAT DOESN'T HELP, CHANGE BANKS |
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