What to Do for Overdrafting a Checking Account
Every once in a while a person may find themselves writing a check, ATM transaction, or paying a bill that they do not have enough money to over. The error could be caused simply as not keeping the correct bookkeeping in your check book.
Avoid using these plans as short-term loans-they are costly forms of credit. If you overdraw your account, get money back into your account as soon as possible. Good account management is the lowest-cost way to protect your hard earned money. If you need overdraft protection every now and then, ask your bank about the choices and services that are right for you.
If you should have a problem or complaint about courtesy overdraft-protection, or bounce coverage, plans, first try to resolve the problem directly with your bank. If you are unable to resolve the problem, you may want to file a complaint with one of the state or federal agencies responsible for enforcing consumer banking laws.
Here are some names and addresses for you to use:
State-chartered banks that are members of the Federal Reserve System:
Board of Governors of the Federal Reserve System
Division of Consumer and Community Affairs
Mail Stop 801
20th and C Streets NW
Washington, DC 20551
(202) 452-3693
www.federalreserve.gov
State-chartered banks that are not members of the Federal Reserve System to file a complaint on State Chartered banks:
Federal Deposit Insurance Corporation
Consumer Response Center
2345 Grand Boulevard, Suite 100
Kansas City, MO 64108
1 (877) 275-3342, toll-free
www.fdic.gov
Federally chartered credit unions file a complaint to:
National Credit Union Administration
Office of External Affairs
1775 Duke Street
Alexandria, VA 22314-3428
(703) 518-6330
www.ncua.gov
National banks file a complaint to:
Office of the Comptroller of the Currency
Customer Assistance Unit
1301 McKinney Street, Suite 3450
Houston, TX 77010
1 (800) 613-6743, toll-free
www.occ.treas.gov
Published by Cathy Pelekakis
Retiree from the Department of the Army, Procurement Analyst. Mother of one terrific son. Love to go to the movies, read books, work on the computer, gardening, my pets Samantha and Missy. I have been publ... View profile
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23 Comments
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Good stuff to know :-)
I hate the banking fees, I once was overdrawn by $4.00 and I had a direct deposit due to come in the next day. They charged me $32.00 to cover the $4.00. I don't think they should be able to charge you more than you are actually short.
Thanks for this. I had problems with this awhile ago, and it drove me crazy because I am usually very good with keeping my checkbook balanced. Those overdraft charges are so bloody infuriating!! I went crazy when I realized long after the fact that this had happened. I have been checking online from thereon out ever since.
Thanks for this. I had problems with this awhile ago, and it drove me crazy because I am usually very good with keeping my checkbook balanced. Those overdraft charges are so bloody infuriating!! I went crazy when I realized long after the fact that this had happened. I have been checking online from thereon out ever since.
Thanks for this. I had problems with this awhile ago, and it drove me crazy because I am usually very good with keeping my checkbook balanced. Those overdraft charges are so bloody infuriating!! I went crazy when I realized long after the fact that this had happened. I have been checking online from thereon out ever since.
This is helpful rersource information. Thanks for putting it out here'there!
You worked for a bank too. Huh?!?!
Cool great info here, thanks!!!!!!!!!!!
great advice....nice article