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bank question

Posted: Mar 20, 2014

I have a question. I haven't had a bank account in YEARS, because I just use a payroll card and have been quite happy with it. I was finally deciding to save some money though, so went and opened a savings account. I received a letter in the mail saying that my savings account had been debited $71.00 because I owed an old bill with the same bank I had gotten the savings account through. I had a checking account with them back in 2007, but ended up closing my account after my information was stolen online and I honestly didn't even know I owed them money. I went to the bank to find out what the money owed was for and they referred me to collection agencies and told me they had nothing to do with it, that the collection agency took the funds. Finally, after getting through to the collection agency, they told me my account was overdrawn that amount and therefore they took it.

My concern is this. When having a savings account, do random people that you owe money to have access to it, or was this just because it was affiliated with the same bank I opened the savings account? I am thinking I am going to close the account, because while I understand they say I owed the money and I don't mind paying, but a simple phone call to explain that to me BEFORE just taking money would have been nice. I mean, I just get a statement in the mail showing it was taken, no explanation or anything and I had to spend 2 hours of my time on the phone trying to track it down. Is this normal or even legal?

;

Answer - sm

[ In Reply To ..]
It's because you went back to the same bank. Unfortunately, it is legal and normal.

If I were you, I'd close the account anyway and go somewhere else, simply because they didn't give you the courtesy of informing you first. Who knows if they're going to bother informing you of any important info later, so I wouldn't take the chance.

Can I ask what bank? My husband had this same issue with Chase a few years back.

This was Regions Bank-thanks for reply - nm

[ In Reply To ..]
x

I dumped my bank 3 years ago and went with a - credit union. Best move I ever made!

[ In Reply To ..]
.

What are the differences in a credit union? - Pardon my ignorance

[ In Reply To ..]
I know that with my job they said something about us being with the local credit union, but I didn't know what they meant or how a credit union was different than a bank.

The biggest difference in mine is no hidden fees, - and more services available, -

[ In Reply To ..]
such as an option of the best possible price on a car if financing it thru their auto-buying service. You can open a tax-free Health Savings Account to help with medical bills. You can choose between free checking or checking that earns interest. There are no minimum balance fees, and no fees for traveler's checks or cashier's checks. They also have a free and easy-to-use feature for automatically depositing funds in other people's accounts. I have this with my landlord, and that's how I pay my rent each month. There's no fee for using most regular bank ATMs, and I can also use the ATMs of many other credit unions. Best of all, they AREN'T predatory lenders, like the banks are.

At my CU, the fees they do have are more reasonable--sm - anon

[ In Reply To ..]
At one of the major banks that I had a checking account with, an overdraft fee is $38 whereas the credit union it is $25. That is a significant difference, especially when one is living on the edge (which is when those fees have a greater chance of happening). Best to avoid fees all together but...

Love my CU! - 2Tired2TypeTonite

[ In Reply To ..]
CUs are member owned (i.e., by me/us). They are not corporate. Huge difference in the culture and the way you are treated.

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