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Checking Account Blacklist?

This is a discussion on Checking Account Blacklist? within the Motorcycle Financing forums, part of the General category; I wrote a check for $127 to Honda Finance as monthly payment for my new motorcycle. I expected the check ...

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Old 01-18-2009   #1
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Default Checking Account Blacklist?

I wrote a check for $127 to Honda Finance as monthly payment for my new motorcycle. I expected the check to be processed around 12 days after mailing it. Turns out it took 15-16 days. So for 3 days, I used my check card unaware that that check had bounced, and my account was overdrawn. Despite being overdrawn, my debit card continued to be approved, "overdraft protection" at work, i.e. buying gum at 7-11 was $1 + a $33 fee.That check that bounced: $90 in fees. Wells Fargo allowed Honda to submit the same check twice more, adding the same $90 fees each time. My account was taken to nearly $700 overdrawn, app. $500 in fees, in 3 days, before I was made aware.My question is do I have any ground to dispute this debt? I am eager to pay what I know I owe, but I need to know if I have legal ground to dispute what I see as incredibly unfair bank practices. A checking account is a vital privilege I'm now denied, but I can't swallow paying nearly 200% my actual debt to restore my credit
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Old 01-27-2009   #2
d p
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You have plenty of grounds.Ask around to see if your friends have lawyers that can advise you over the phone in their free time free of charge.Otherwise, get a lawyer to help you prove your case.You definitely have grounds. ------
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Old 02-27-2009   #3
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You could have stopped the story after"I used my check card".....You have no means of dispute.You over drew your account. The fees are clearly outlined in your service agreement with your bank and other institutions.Your 200% fee to restore your credit will seem like a drop in the bucket when you are offered a 9% interest rate vs a 5.5% interest rate on a home because you have a poor credit score.Why would anyone not have enough money in their account to cover a $127 bill.... further why bank with a company that has a $33 service fee for your debit card? Over draft protection should be linked to your savings account or a charge card and should not have overdrawn your account... that's why it's called overdraft protection.In short, I have very little sympathy for you and your situation because you chose to bank there and you chose the situation you are in.But, having said that, you need to pay to fix it or let it haunt you for a long time. ------
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Old 04-15-2009   #4
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I feel your pain - but you don't have too much legal recourse. when you got that checking account you agreed to the terms and conditions set forth by the bank - and when you took that loan out for the bike same deal.

Warning: If this sounds like your dad lecturing you, well, it kinda is...

Rule ONE of a checking account: Go by your ledger (the little book you write all the checks you make out in and keep the running balance in (you DO that, don't you?)) never the bank balance! If there is more in your account than in the ledger it means that a check is outstanding! If there is less in the account than the ledger: EMERGENCY! I predict rubber in your future! The check is a promise to pay someone, and you need to make good on your promise; so make sure the $$$ are there when demanded. As you discovered bouncing checks gets very expensive fast and can create all sorts of other nastiness - like people no longer accepting your checks!

About that check card? When you use it, put the amount you withdrew in the ledger now! It's just like a check - and it gives you way to easy access to your $$$. It's better to just park that card at home and take out the cash you need (and can afford to spend) at the bank on payday - and when that runs out, that's it. You are out of cash!

At the end of each month when you get the statement from your bank reconcile it with your checkbook - to make sure what you have is really what you THINK you have. There are programs like Quicken that will allow you to get hooked up to your bank and download the cleared transactions day-by-day so you can keep an up to date ledger, but this comes at a cost.

Last edited by John; 04-15-2009 at 12:32 PM. Reason: Added even more scolding!
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Old 12-29-2011   #5
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Special advice provided by Joy, and i am agree with him, go on with the post and describe everything in detail.
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Old 07-26-2012   #6
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Thanks for that share, it is the case where from we can learn the issues which may occur due to fact people don't do the work according to our need and will look for their own benefits.

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