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Additional Details
Wow. E... |
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vickyali0424 | Bank Rip-off??? |
Can banks( this case bank of america) transfer money between your accounts without your knowledge or authorization if one of the accounts is overdrawn? Not out of the savings account as a form of overdraft protection but out of your other checking account....i jsut found my account on 0 and all the money transfered to the other account, i am so upset, i received a letter today asking me to resolve this issue within 30 days, it has not even been 10 days from the day of the letter....please i need some advice...thank you
Additional Details
THE ACCOUNT IT WAS ALREADY OVERDRAWN BY 799 AMERICAN DOLLARS |
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Mikie Likes It!
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NO -- they do not have the authority to do this. Banks CANNOT transfer money between accounts unless it is authorized by you in some way. It might have been unknowingly authorized by you when you set up the accounts. Banks will do this to help you avoid a bounced check. Best bet is to call customer service and find out what happened, and why. |
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Lorraine H
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I would call them and speak to someone there about the situation. Whether or not it's legal, I can't say, but my credit union has done that between a savings and checking more than once. It's pretty lousy not to have let you know via email or phone because supposing you had written checks on the account that is now zero? If you did, I'd refuse to pay any bad check fees and demand that letters explaining that it wasn't your fault be written to anyone who received bad checks. When you actually are talking to a person, they are pretty good about cutting you a break and explaining things. |
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morecowbell
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I dont know but why the heck are you writing checks if you dont have the money in your account? You need to get your finances in order because writing hot checks will ruin your credit and could land you in legal trouble. Who needs 2 checking accounts when they dont have money in them anyway?
Thumbs down me all you want but you know I am right! |
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Bob C
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Yes. When you open your checking account, a standard section of the agreement is called a "cross-collateral" agreement.
Basically, it states that if one account is overdrawn, the bank can use funds from another account to pay for it.
Technically, you authorize the transfer when you open the account so they don't need an authorization for the actual transfer. |
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~In Love~
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First don't get too mad..not trying to be mean but you used the bank's money...you owed them so they took it, but if you have the money to pay them back then just go talk to them! I work at a bank and I have never heard of them doing this before your time was up so maybe it was a mistake just go talk to them!!! |
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pandemic1444
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Yes, it's meant to help you avoid and overdraft fee. You'll be happy they did it when you avoid a $30 penalty. |
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samiam
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Call them. Banks do screw up (trust me-especially Bank of America and Wachovia!!) and sometimes you just have to call them and go over what they have done-and if you think they made a mistake, tell them and don't back down. Often times, they can reverse not only the mistake but any fees caused by their screw up. Also many banks have a policy to refund 1-3 overdraft charges per year as a courtesy so if all else fails, ask about it. I hope this helps! |
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deadmanbro001
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banks can do that because this way they get their money. most likely when you signed an account agreement if would say something about it. banks have the authority to do anything they want. so you have to be careful with them. make sure you're balanced. use a balance register. or you will just give your bank free money from your nsf's charges. |
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why not?
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It's happened to me several times with Well Fargo as well. |
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sasil85
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Your account was overdrawn to much and since you didn't resolve the issue the money was taken from your other account and then the account at 0 is most likely closed. Yes banks can do this. Basically that money was owed to the bank they have every right to it.
I would recommend sitting down with a banker and working out exactly what happened. Either way don't listen to some of these other people. If you go in and start shouting and throwing a fit odds are your other account will be closed and you will be put on chex systems which will destroy your life pretty much. |
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Mama Bear
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You know, that happened to me also... I didn't think they could do that, but when I went to talk to them, they double talked me... and whatever they said made sense to me at the time... they made me feel like they were doing me a favor. I have a feeling they can do just about anything they want. |
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Turok
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vc |
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Shirley T
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My first response would be to call customer service and complain, if I didn't get any results I would look to another source such as the better business bureau or the fdic |
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CB_lova
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idk. talk to the bank i guess. cause same thing happened with my savings account. i had almost $70 but somehow it ain't there no more. if someone really knows how to fix this problem contact me and the person who asked this. |
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