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Sometimes banks mess up, and you need to be on your guard to make them accountable. Here are some useful tips.
1. ATM errors
A withdrawal may be posted to your account more than once. Always check your receipt. Sometimes your ATM card can get stuck inside the machine -- inform the bank immediately and check your balance for any deductions.
2. Debit card errors
Always check your receipt because sometimes the same charge is recorded twice.
3. Deposits not recorded
Sometimes your latest deposit may be missing from your bank statement or the bank may also incorrectly record deposits. Make note of all your transactions in case there is a problem.
4. Maintain all receipts
Keep receipts for all your transactions, including ATM withdrawals, deposits or a check copies. These will help you if there is a discrepancy in your account.
5. Use the internet
You can keep an eye on your transactions online. You can catch mistakes much earlier than if you wait for the monthly statement.
6. Read your statements
Look for information on changes in fees and minimum balance requirements. More tips on what to watch out for in your account statement can be found here.
7. Put your complaint in writing
Follow up a call to the bank with a letter. If the error is not fixed within 24 hours send a written complaint. Give all the details about the transaction and provide copies of documents that back up your claim, such as checks and receipts from deposits and withdrawals.
8. Be mindful of automatic payments
If you have a savings account and a checking account with the same bank, and your monthly credit card payments are automatically deducted from your checking account, make sure there is enough money in your checking account. You will be slapped a hefty overdraft fee if you don't have enough money in your checking account to pay the credit card charges, even though you have enough in the savings account.
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Yes there is a kind of legalized robbery in the banks, in fact banks are making billions from overdraft fees just in times when credit business is down. This is my story: may bank (Bofa) charged me 11 overdraft fees after a weekend because they reordered transactions from the highest to the lowest, not based on date of transaction. I complained with no good response so I closed the account. But there was a negative balance left in my account so the bank had the chance to go after me and do a collection procedure. I went to complain before the Office of the Comptroller of the Currency(http://www.occ.treas.gov/), a Treasury Department entity that overseas national banks. A month after that I got a letter from the bank saying my negative balance was resolved as a courtesy from the bank( thank you very much for stealing my money for over a year). Well. the lesson here: we have to complain every time we feel there is no fair treatment. Banks have horrible policies against their customers. And now when people are struggling to have ends meet, when an overdraft is charged is like taking out the bread from your kitchen table.
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