View Full Version : Overdrew my account? What?
05-01-2008, 12:41 PM
So I have a bank out here in Buffalo where I go to school, I was getting my balance down since I have another account back home I use because my boss pays cash out there. there arnt any branches of bank that go from one side of the state to the other, unfortunetly. Anyways - I got it within a few cents except one thing - there's an ATM fee when you use the "debit" feature? I tried calling 2 tellers at the bank and neither explained it to my understanding. I thought I had a DEBIT card, so I was supposed to use the DEBIT feature on it? Apparently I have 2 choices, CREDIT or DEBIT (which I'm aware of). I've never used the CREDIT option because its a DEBIT card. However, by using CREDIT, there is no fee. I'm trying to figure out why there are 2 options when the only difference is that one charges 50 cents and the other doesnt, but they do the same thing? I now have to pay a $32 overdraft fee on a 50 cent overdraw?! (simply because of the fee) :angry: Can anyone exlpain this to me? And what happens if I dno't pay the fee? :twisted: I broke even with the bank, they don't have my money and I didnt theoretically use any of theres (except for the 50 cent "fee")
05-01-2008, 12:44 PM
if you don't pay it within so many days, they hit you with another fee! I've overdrawn on my account numerous times from not keeping up to date on my check book... And I don't know much difference between debit and credit... sry
05-01-2008, 12:49 PM
you use capital one?
05-01-2008, 01:16 PM
or hes done it before.
05-01-2008, 01:17 PM
Sucks but its just the banks policy. Cant change them, only learn.
05-01-2008, 01:23 PM
yeah its gay but they can do it just pay the $32 and chalk it up 2 experience.
05-01-2008, 01:36 PM
What happens if you don't pay? Bad credit. =P
Around here in Ohio some places only accept debit. I believe debit may be easier on stores due to the fact that they don't have to pay transaction fees themselves. I also think that debit is basically just like using an ATM but from a remote location. It comes straight out of your bank account right there and then, where credit is usually all processed at the same time from some stores to help save on credit processing costs.
Here's a site I found (But didn't really read)
05-01-2008, 06:15 PM
1. M & T Bank
2. First time I've overdrawn an account ever.
3. Its a free checking Account, as long as I use it at least once per month - and I use it generally once per day.
I just don't get the credit/debit thing. Why have the options? for dumb kids who don't know the difference?
05-01-2008, 06:21 PM
honestly call them tell them whats up and seriously 90% of the time they will let you off witho ut paying. I used to do this to my bank all the time cause im an idiot and would forget a paypal payment was coming out or something. Call them tell them your situation and they will more than likely reverse the fee.
05-01-2008, 06:25 PM
Doesn't HSBC have branches all over NY state ??
When I lived in the Albany, NY area I had a Marine Midland account (at a branch in the student union of the university where I completed grad school.) I left the account active after I moved to CT so I'd have emergency funds when I traveled back to NY. HSBC eventually bought Marine Midland and I left some funds with HSBC...
05-01-2008, 06:25 PM
I'm not trying to get out of it, I suppose its my fault for not being informed - but I can't find much online about it. Whenever I'm looking for credit vs. debit stuff its credit scores, ect. Like I said, no one at the bank could explain it to me either.
05-01-2008, 06:26 PM
HSBC does in buffalo, but not upstate NY where I live
05-01-2008, 06:27 PM
if its a mis-understanding and you tell them you can get it waived but...i wouldnt want to do that either i would want to pay the 32 dollar fee
05-01-2008, 06:30 PM
Just call and tell them whats up. I've done it before and got it cleared. I only have a debit card... if I got a credit card right now I would easily be stupid enough to just start spending the "money" and then be screwed for years.
05-01-2008, 06:50 PM
It's rough but if you go to the bank and talk to them you can usually get most of the fee, if not all waived. Bank managers have amazing power. I overdrew $2.15 one time because I had to have the money to get my car running, then unfortunately got injured on the job 2 days later and went unable to work for 8 weeks (broken bone). I had to fight to get workmans comp cause the doc said I could work if I didn't use the left arm at all, and it didn't shake, and my job said they wouldn't work me. I guess that means you dont get workman's comp easy, I had to fight 6 weeks to get a check. When I finally got back to work that $2 had grown to $360 in fee's. Went to the bank after I got back to work and they waived all but $18 in fee's. Took a $20 and opened my acct. back up. Only time I've ever overdrawn, and hopefully the last time I ever do.
05-01-2008, 06:50 PM
Call the bank, tell them it's your first time being overdrawn. They should let it slide. If they don't, threaten to take your business to another bank. That'll usually do the trick. Explain to them that they'll be losing out on your eventually getting a credit card with them, car loan, personal loan, home loan, etc......you know, lay it on thick. LOL
05-01-2008, 07:02 PM
to banks your only a number they wont care if you threaten them with anything.Just pay the fee and read their policies a little better next time.
05-01-2008, 07:06 PM
just pay it and go to another bank, if you dont pay it will just get bigger and bigger and you will regret it later
05-01-2008, 07:08 PM
Well, I was only suggesting it as it worked for me in years past. With the lousy economy these days, I would think that they'd want to get/keep all the customers they could, I may be wrong.
05-01-2008, 07:18 PM
Well it would work in years past because banks used to be small places and not merging with others and making millions,
I didn't realize there were still banks that charged for debit purchases.
When debit cards first started being used that's how it was pretty much everywhere I believe. Basically, if you swipe your card at the register and use your pin, it's a debit transaction, but if you swipe the card and sign for your purchase it's a credit purchase. I couldn't tell you why there is a fee if you use your card as a debit as opposed to credit, but I'm sure it was probably in the contract you signed with your bank when you opened your account. You know, the big stack of papers they gave you and you never read? haha.
Since it was your first over-draft, if you call and speak with the officer over your account and explain the situation they may wave the fee.
And you definitely don't want to just not pay it. If you don't pay it, your account will eventually be charged off and that will be reported to check systems and you won't be able to open an account ANYWHERE. I deal with people everyday who want to open an account and then I find 'account abuse' on their social....and sometimes it's all over ONE over-draft. You can't just ignore it.
05-01-2008, 07:31 PM
Ex banker here...
Did you use the debit card in an ATM? When you use a debit card in an ATM that is not your bank's, the ATM will charge a fee (1 or 2$) and your bank will charge a fee. If you are going to the store and swiping the card at the counter for food or something, and you choose debit, there should be no fees. There is also a max use amount at times for ATM transactions (out dated practice).
Some banks may have a limit on how many transactions you can make in a month on a free account, but i'm sure thats becoming very rare with all the big banks giving out free accounts. If this is your case, pay up and move to a bank like BofA or Wachovia or some other mondo bank with free everything.
Also, the bank should not charge you an overdraft if the banks fee is what caused it. For example, if you have $2 in the bank and there is a $5/mo service charge for a balance under $100 you would be -$3, however, they would not charge an overdraft for it. Even at big banks that do not care about you.
What was the fee actually for?
I also agree with Jess... if you get put on check systems, you are eff'ed. You can try and get the bank to reverse the fee, however, you have to remember banks run off fee income and spread of intrest. No matter what, do not eff' the bank over. You will never have an account anywhere, until you settle up and wait for your record to clear.
05-01-2008, 08:34 PM
i live in buffalo and M&T has done that to me and what i did was:
1:go to closest branch
2: go to teller
3: ask them to get the manager
4: tell manager that you were never aware of this fee
5: if manager is nice they will revoke the fee
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