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post #1 of 38 (permalink) Old 06-17-2010, 04:09 PM Thread Starter
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checking account issues

WTF

So i got car loan. Refinanced it. And the bank loan guy says i have to do a direct removal(whatever its called) from a checking account instead of using payment books.

so a family member has a checking account in the bank, so he closed it and transfered it to me.


So now I'm getting charged maintainence fees, IDfraudprevent fees, and 8 dollars a day overdraft fees besides the 30 dollar overdraft fee.

and I get the letter today stating all this and the letter is post dated the 14th.


I'm assuming what the loan officer did is illegal. espcially me not signing a contract for a checking account and not receiving a disclosure.

And I canceled everything but I'm waiting to hear from the bank about closing my account because they don't want to do it over the phone because theres a negative balance.

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post #2 of 38 (permalink) Old 06-17-2010, 04:16 PM
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post #3 of 38 (permalink) Old 06-17-2010, 04:35 PM
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Quote:
Originally Posted by taledarkside View Post
WTF

So i got car loan. Refinanced it. And the bank loan guy says i have to do a direct removal(whatever its called) from a checking account instead of using payment books.

so a family member has a checking account in the bank, so he closed it and transfered it to me.


So now I'm getting charged maintainence fees, IDfraudprevent fees, and 8 dollars a day overdraft fees besides the 30 dollar overdraft fee.

and I get the letter today stating all this and the letter is post dated the 14th.


I'm assuming what the loan officer did is illegal. espcially me not signing a contract for a checking account and not receiving a disclosure.

And I canceled everything but I'm waiting to hear from the bank about closing my account because they don't want to do it over the phone because theres a negative balance.


You make no sense.

1. Why the bloody hell did you have a family member close an account and transfer it to you when you can just open one up your own?

2. Overdraft fees are common. Maybe check out the fee schedule and terms before you open up an account.

3. You can't cancel an account when you owe the bank money, no matter how much you cry over the phone.

4. Your existing checking account (hopefully you're not one of the crazies that doesn't have one.) should allow you to make electronic fund transfers to your loan account, even if it's with another bank.

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post #4 of 38 (permalink) Old 06-17-2010, 04:41 PM
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What bank is this with? Most banks have Free checking account options that will not have monthly maintenance fees. All banks have overdraft fees (initial and continual) This can be solved by not overdrawing your account.

At account opening you should have received a stack of papers and booklets... somewhere in there would have been the fee schedule. Bankers are not required to walk you through every single possible fee step by step but they are required to provide you with that literature.

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post #5 of 38 (permalink) Old 06-17-2010, 04:45 PM
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I'll make your loan payments, problem solved.
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post #6 of 38 (permalink) Old 06-17-2010, 04:45 PM
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The loan probably had a automatic withdrawal requirement. Should start reading what you are signing. Good luck.

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post #7 of 38 (permalink) Old 06-17-2010, 04:45 PM Thread Starter
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I was never disclosed that this checking account had any fees. And I never signed a contract for a checking account.

The monthly maintenance fee is what is overdrafting my account. Since the checking account is only used for the car payment(automatic withdrawl)

I also never signed up for IDproctection, which is being charged to me.


The only literature I have is from my refinance, no paper work for a checking account.
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post #8 of 38 (permalink) Old 06-17-2010, 04:47 PM
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Can't wait for the my car was repossessed thread.

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post #9 of 38 (permalink) Old 06-17-2010, 04:48 PM Thread Starter
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The loan probably had a automatic withdrawal requirement. Should start reading what you are signing. Good luck.

I already read that part. That is why the loan officer gave me a checking account. And was suppose to send me booklets within a month(never did)



He closed a family members checking account and put my name on it. So he said "heres your checking account" And transfered the balance that was on that account to mine.
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post #10 of 38 (permalink) Old 06-17-2010, 04:48 PM
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Can't wait for the my car was repossessed thread.
I'll make sure the payment is in on time.
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post #11 of 38 (permalink) Old 06-17-2010, 04:50 PM
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this is an easy problem to solve. Get yourself an awesome job that pays like $750,000 a year and you don't have to finance the car. So simple.

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post #12 of 38 (permalink) Old 06-17-2010, 04:51 PM
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this is an easy problem to solve. Get yourself an awesome job that pays like $750,000 a year and you don't have to finance the car. So simple.
That's ghetto! What kind of clapped out car can you get for under $750,000.00?
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post #13 of 38 (permalink) Old 06-17-2010, 04:52 PM
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Quote:
Originally Posted by taledarkside View Post
I already read that part. That is why the loan officer gave me a checking account. And was suppose to send me booklets within a month(never did)



He closed a family members checking account and put my name on it. So he said "heres your checking account" And transfered the balance that was on that account to mine.
Something has to be missing here...is this bank run out of a back of a bar?

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post #14 of 38 (permalink) Old 06-17-2010, 04:56 PM Thread Starter
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Quote:
Originally Posted by gsd656 View Post
Something has to be missing here...is this bank run out of a back of a bar?
Its a large bank.

bank of america
Charter one
fifth third
Chase
etc...

bank name maybe in said list
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post #15 of 38 (permalink) Old 06-17-2010, 05:04 PM
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The monthly maintenance fee is what is overdrafting my account
damn, and i thought i was broke
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post #16 of 38 (permalink) Old 06-17-2010, 05:05 PM Thread Starter
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went through 30 pages of paper work. The only thing checking account related is a receipt that states XXX dollars is being transfered from a free checking account to regular checking account.


So no disclosure of checking account, copy of me signing up for a checking account, or permission to close family members checking account and transfer their funds without authorization.
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post #17 of 38 (permalink) Old 06-17-2010, 05:17 PM
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Quote:
Originally Posted by taledarkside View Post
WTF

So i got car loan. Refinanced it. And the bank loan guy says i have to do a direct removal(whatever its called) from a checking account instead of using payment books.

so a family member has a checking account in the bank, so he closed it and transfered it to me.


So now I'm getting charged maintainence fees, IDfraudprevent fees, and 8 dollars a day overdraft fees besides the 30 dollar overdraft fee.

and I get the letter today stating all this and the letter is post dated the 14th.


I'm assuming what the loan officer did is illegal. espcially me not signing a contract for a checking account and not receiving a disclosure.

And I canceled everything but I'm waiting to hear from the bank about closing my account because they don't want to do it over the phone because theres a negative balance.


I'm confused.

What bank is your loan with?
What bank is the checking acct with?
Who does the loan officer work for?
Did you refiance with the same institution or a different one?
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post #18 of 38 (permalink) Old 06-17-2010, 05:18 PM Thread Starter
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all three are from the same bank.


If i knew i was gonna get bullshit, i would have gave them my checking account I had with my other bank for the last 15 years.
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post #19 of 38 (permalink) Old 06-17-2010, 05:21 PM
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Quote:
Originally Posted by taledarkside View Post
all three are from the same bank.


If i knew i was gonna get bullshit, i would have gave them my checking account I had with my other bank for the last 15 years.
Was the first loan with this same company?
How were you paying the first loan?
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post #20 of 38 (permalink) Old 06-17-2010, 05:31 PM Thread Starter
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the first loan is from the same bank.

I was paying the first loan with the booklet. take the slip to the bank, hand to the teller and give cash. receipt DONE. (the last 3 years)


refinanced it at the same bank. 2-3 percent drop. But the loan guy wanted us to do automatic withdrawl. And that after 1 month, he'll send us the booklets, which never came. I just ordered them now over the phone from the 800 number.



I never got a statement from the checking account until last week which showed a negative balance of 33 cents. Today, i get a letter stating i'm getting charged 8 dollars a day. And I also learned I somehow applied for ID theft protection. Something I never did. I don't even have a pin number for my checking account and view anything online.
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post #21 of 38 (permalink) Old 06-17-2010, 05:32 PM
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So chase (picking one from the list) just transfers accounts to anyone not caring about who has permission or not?

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post #22 of 38 (permalink) Old 06-17-2010, 05:34 PM
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Is this checking acct number and your family members checking acct number an exact match?
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post #23 of 38 (permalink) Old 06-17-2010, 05:36 PM Thread Starter
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Quote:
Originally Posted by whiteSeatEnvy View Post
Is this acct number and your family members acct number an exact match?
two different account numbers.


Only thing I have is a receipt that says "funds transfered from free checking to regular checking" XXXX no fees for transfer
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post #24 of 38 (permalink) Old 06-17-2010, 05:38 PM Thread Starter
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So chase (picking one from the list) just transfers accounts to anyone not caring about who has permission or not?

Thats what the loan officer did.


so we told family member and he was like "WTF FFS "
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post #25 of 38 (permalink) Old 06-17-2010, 05:38 PM
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Is the maintenance fee being charged for maintaining a balance below a certain amount?
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post #26 of 38 (permalink) Old 06-17-2010, 05:39 PM
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the 2-3 percent drop in the interest rate was probably tied to the account changes. a lot of banks give better rates when u add autopay, overdraft protection, etc. i'm sure all this is stated somewhere in the refi paperwork u signed.
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post #27 of 38 (permalink) Old 06-17-2010, 05:40 PM
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Quote:
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Thats what the loan officer did.


so we told family member and he was like "WTF FFS "
Well, hold on. It does not seem that he transferred the acct. It looks like he cancelled your family members and opened a new one for you.

Did your family members acct have a balance? Was that balance deposited in your new acct?
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post #28 of 38 (permalink) Old 06-17-2010, 05:42 PM
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It sounds to me that you opened a new acct and did not put any money in there to cover the first automatic withdrawal. So you got hit with NSF and maintenance fees which all bank accts are subject to.
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post #29 of 38 (permalink) Old 06-17-2010, 05:43 PM Thread Starter
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Quote:
Originally Posted by whiteSeatEnvy View Post
Well, hold on. It does not seem that he transferred the acct. It looks like he cancelled your family members and opened a new one for you.

Did your family members acct have a balance? Was that balance deposited in your new acct?

family member checking account had 1,000,000 dollars in it.

I'm assuming he closed it.

opened a checking account for me (without me signing anything)

and put the 1,000,000 dollars into my checking account.


So that balance has been paying that maintenance fee, until last week when it ran out.
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post #30 of 38 (permalink) Old 06-17-2010, 05:45 PM
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Oh shit, that's fucked up.
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