Many years ago I joined a local Credit Union for all of my banking needs. It had lots of perks like a free debit card, free checking, great prices on safety deposit boxes and loans for building your credit- which I thought I needed at the time, yet never used.
My absolute favorite feature is an anti-check bouncing feature. If you have money in your savings account, they will charge you $7.50 and move money from your savings to your checking account in order to keep you from bouncing checks. Yes, common sense knows you should NEVER bounce checks, but when I was younger I made some mistakes with math and actually ended up with a warrant for hot checks.
Long story short, I closed an account thinking all of the checks had cleared (they didn’t), and I moved back home from college. I never knew there was an issue because the post office failed to forward my mail. Next thing I know, my old roommate told me she found a letter telling me I had a warrant out…Can you IMAGINE having to go tell your POLICE OFFICER father that you have a warrant out for your arrest for a $15.00 and an $8.00 check? I immediately drove the 90 miles to turn myself in, made a court appearance, got probation and asked to have it expunged. I put my big girl panties on for that little error, and I have been absolutely paranoid and terrified about bouncing checks since.
So, today I log into my bank and see this:
The first column is debts, the second is a deposit and the third is my running total. Yes, my account gets that low for 2 reasons:
1. I follow Dave Ramsey’s advice 100% in making sure that we budget to spend every single dollar in our checking account each month. If money is just sitting there while we have debt it’s being wasted. However, I do TRY and leave us about a $10-20.00 error of margin just in case.
2. My husband lost his job mid January. It’s been a rough 6 weeks and right now every single penny counts. He starts a new job on Monday!!! YAY!
Let’s look at my bank total for 2-27-14. I had $22.71 total. The the bank conveniently transferred $18.00 to my account from savings and charged me a $7.50 fee. Then, they charged $14.99 for one of our World of Warcraft accounts. and it left $18.22 in my account…$.22 more than the amount they “added”. I pulled up my handy-dandy calculator and show that $22.71 – $14.99 = $7.72. Then, my paycheck deposited, but I didn’t show the total there (I do keep a FEW things private…lol).
This is not the first time I have caught this bank doing this to my account either. It’s happened at least twice. I’m not a genius, and I would even go so far as to say I SUCK at Math, but it’s pretty bad when your bank sucks worse.
How many times would you let your bank get away with this kind of mistake before swapping banks?
How often and how closely do you check your banking information for errors?
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