A life lesson

[Bateluer]

The Story:

My rent is normally due on the 1st of the month. I wrote a personal check and turned it in in person, getting a receipt, at the apartment offices. Unfortunately, I forgot to forgot to transfer the funds from my savings account to my checking account. Therefore, the check bounced. Once I realized that the check had bounced, I spoke to the managers regarding the fees.

The bank charged a 25 dollar NSF fee. The apartment complex charged a 25 dollar late fee, plus their own 50 dollar NSF fee.

The moral of the story: Don't bounce checks!

 

[ShotgunSteven]

Your bank doesn't automatically transfer funds from savings to checking to cover an overdraft?

 

[Eli]

Ouch.

This is why I don't use checks. 🙂

 

[Bateluer]

Originally posted by: ShotgunSteven
Your bank doesn't automatically transfer funds from savings to checking to cover an overdraft?

No, that feature costs extra. Couple bucks a month, nothing substantial, but since this is the first time this has ever happened, over draft features would essentially be a money bleed.

 

[chuckywang]

Ouch...yeah, you gotta be careful. I never had a check bounce, knock on wood.

 

[ShotgunSteven]

Originally posted by: Bateluer

Originally posted by: ShotgunSteven
Your bank doesn't automatically transfer funds from savings to checking to cover an overdraft?

No, that feature costs extra. Couple bucks a month, nothing substantial, but since this is the first time this has ever happened, over draft features would essentially be a money bleed.

Ugh, sorry to hear that. 🙁 My credit union does it for free. Do you use a national level financial institution?

 

[Bateluer]

Originally posted by: ShotgunSteven

Originally posted by: Bateluer

Originally posted by: ShotgunSteven
Your bank doesn't automatically transfer funds from savings to checking to cover an overdraft?

No, that feature costs extra. Couple bucks a month, nothing substantial, but since this is the first time this has ever happened, over draft features would essentially be a money bleed.

Ugh, sorry to hear that. 🙁 My credit union does it for free. Do you use a national level financial institution?

no, Credit Union West. I only have minimalist accounts with them, needed an instate checking out for certain bills.

 

[dionx]

thats why i've got overdraft protection on my checking account

 

[PhoenixOrion]

i thought most banks have overdraft protection as an automatic feature if you have both savings and checking account with them.

 

[Midlander]

Originally posted by: PhoenixOrion
i thought most banks have overdraft protection as an automatic feature if you have both savings and checking account with them.

Ours does. But you have to pay a fee unless you carry a minimum balance. Which is sort of like paying a fee....

 

[ShotgunSteven]

Mine has it for free if you have direct deposit for your paycheque with them.

 

[zylander]

Damn that sucks. Mine has overdraft protection for free also, I use Wells Fargo.

 

[mobobuff]

Originally posted by: ShotgunSteven
Your bank doesn't automatically transfer funds from savings to checking to cover an overdraft?

My credit union does that by default.

They also provide NSF protection, meaning even if you don't have the funds, they approve the check anyway and just charge you a $25 NSF fee (and of course you have to deposit the money immediately afterwards). I believe I pay $5 annually for that.

 

[zainali]

talk to the bank/apartment people. might be able to get some of that waived.

 

[I Saw OJ]

Damn, I wish my apartment complex took personal checks. I gotta drive to my bank, take out money then drive to the grocery store and get a money order. Its a PITA.

 

[smack Down]

I would be really surprised if the 75 dollar bounce check fee from the land lord is legal.

 

[markgm]

I'd ask nicely to see if they'd wave some of those fees. Talk about a joke though, like a bounced check creates $100 worth of work.

 

[Tiamat]

ouch.

 

[Insane3D]

Originally posted by: ShotgunSteven
Your bank doesn't automatically transfer funds from savings to checking to cover an overdraft?

I thought all accounts had that now...my credit union has been doing that for years at no extra charge.

 

[Tobolo]

Originally posted by: ShotgunSteven
Your bank doesn't automatically transfer funds from savings to checking to cover an overdraft?

You always have to sign up for it. I specifically do not have it do it, because I will write checks with money I dont have because savings will cover it.

 

[JEDI]

Originally posted by: ShotgunSteven
Your bank doesn't automatically transfer funds from savings to checking to cover an overdraft?

overdraft FTW.. and it's usually free to set up

 

[her209]

Wasn't there an ATOT member whose wife or girlfriend racked up like $1000 in NSF fees?

 

[Bateluer]

Originally posted by: smack Down
I would be really surprised if the 75 dollar bounce check fee from the land lord is legal.

It was a 25 dollar late fee.

Stop me I am wrong, but doesn't a merchant pay fees when a check is bounced as well?

 

[Insane3D]

Originally posted by: Tobolo

Originally posted by: ShotgunSteven
Your bank doesn't automatically transfer funds from savings to checking to cover an overdraft?

You always have to sign up for it. I specifically do not have it do it, because I will write checks with money I dont have because savings will cover it.

No.

When I opened my account, I had that feature automatically. It's on the list of benefits you get when you open an account. I did not need to do anything extra to set it up or "activate it".

This is with a credit union though...

 

[manlymatt83]

Originally posted by: chuckywang
Ouch...yeah, you gotta be careful. I never had a check bounce, knock on wood.

ING for the win

$1000 line of credit overdraft and no NSF fees