Thought the overdraft protection covered everytthing.

@suspenseful (40316)
Canada
July 15, 2009 6:48pm CST
As many of you know, we have been fixing up our house to make it more disabled friendly, putting in a new sidewalk, getting a ramp, enlarging the bathroom, putting in a shower, as well as living in a motel while that was getting done. Now when we got our credit union statement, there were several overdraft charges even though my husband said that the equity fund would cover it. Now as you can see, I am pretty worried. My husband cannot speak that well because of his condition, and now he has been told that he should have spoken to them verbally or given telephone authorization to have the overdraft protection money transferred. We did get some money transferred but that was after we got our bank (correction credit union statement/ So I was wondering whether you assumed something was being done becaise you were given the understanding that you were covered, but found out later that you had to give telephone or personal authorization to get it done.
3 people like this
8 responses
@Lakota12 (42684)
• United States
16 Jul 09
Even witht that they can mess every tihng up and usually do!
2 people like this
@suspenseful (40316)
• Canada
19 Jul 09
They sure did. We have a cable bill to pay for, our house insurance, our credit card bill that includes our three weeks in the motel. On top of that, we have to get groceries, and my husband will soon run out of his pills. So unless the money is put in, we will be stuck.
1 person likes this
@Lakota12 (42684)
• United States
20 Jul 09
I hear that for sure!
2 people like this
@suspenseful (40316)
• Canada
9 Dec 09
We did get enough for the pills, but now I have to buy the groceries and that suits me fine as now I do not have him go over the grocery slip and do that "you should not have gotten that, " ETC. although he does suggest that I buy certain stuff - most of what is not that good for me.
• United States
16 Jul 09
These kinds of things happen all the time. I think it is done on purpose. Nobody wants to put anything in writing anymore because they don't want to be responsible for what they say. Been there, done that. Today, you have to get everything in writing. You cannot trust people. Everyone wants to make a buck or fool someone. There are exceptions, but not a lot.
2 people like this
@suspenseful (40316)
• Canada
17 Jul 09
That is what happened. The trouble is that my husband is disabled and to go to the credit union, we have to get Handi Transit, or a friend to drive us. He did talk over the phone, but I do not know if it would help. Also how are we going to get the charges reversed?
1 person likes this
• United States
19 Jul 09
In order to get the charges reversed, you will have to make some phone calls. Until they changes things, you make those calls over and over.
2 people like this
@suspenseful (40316)
• Canada
19 Jul 09
That will take some time.
1 person likes this
@mtdewgurl74 (18118)
• United States
16 Jul 09
Sorry to hear that has happened. I overdrawn once and it was enough for me..cost me a arm and leg..and also I didn't get it free like I thought. It wasn't my fault it happened either. But I thought I was safe when I wasn't cause I read that I got one overdrawn fee overlooked but it didn't for some reason then I had to pay bounce fee,over drawn fee, and late fees since they charge 3 dollars a day till it is paid...came up to a nice big chunk of money..I ripped up my checks and only kept ten when those ten were gone I never reordered and haven't ever overdrawn again in 3 years. and no problems..knock in wood..
2 people like this
@suspenseful (40316)
• Canada
16 Jul 09
We thought we were covered, but we learned we had to tell the credit union, that the next check would be more then we had so we had to tell them to put the money from our equity into or checking account right then.
1 person likes this
@mtdewgurl74 (18118)
• United States
20 Jul 09
Thanks for the best response, appreciate it.
2 people like this
@suspenseful (40316)
• Canada
9 Dec 09
You're welcome. I hope that people are more warned about what really overdraft protection costs and that the fees may make it cost more then it is worth.
@LittleMel (14055)
• Canada
17 Jul 09
I don't think we have overdraft protection on any of our accounts. We only get the basic ones and if they offer protection of any kind that requires more fees we usually just refuse it. That's because we know banks can change policy any time they want, and things that were covered will end up not covered, so what's they use of paying the fees then? It's like insurance, they will say it's covered, but after we sign up and they change policy, we can't cancel or get our money back. so we are always extra cautious with those.
2 people like this
@suspenseful (40316)
• Canada
17 Jul 09
We are supposed to have overdraft protection, and they were to automatically transfer the money over to cover it. In fact my husband talked to them a month or so ago, saying that we were going to get our house upgraded because he was approved for a motorized wheelchair and we had to get a wheel in shower and enlarge the bathroom plus a ramp. We do get the money back when we get our income tax done, but that is not until March or April. But that is too long and it is $15.00 so far in overdraft fees.
1 person likes this
• United States
16 Jul 09
What a shock that must've been. I would have been under the same impression as you. Will your bank consider reversing those overdraft charges because you were under the impression that the funds would be transferred automatically? I sure hope so. Those overdraft fees are hefty!
2 people like this
@suspenseful (40316)
• Canada
16 Jul 09
I have enough money withdrawn for groceries, but we also have the cable, house insurance, and that credit bill for the motel coming up. And we do not get our pension check until the last of the month.
1 person likes this
@stephcjh (32327)
• United States
16 Jul 09
Wow. WE are to have overdraft protection on our account too and when there is an overdraft, they are to take money from savings and put it into the checking account. I have not been overdrawn to see if that is actually what they will do without charging me a fee though.
2 people like this
@suspenseful (40316)
• Canada
16 Jul 09
We have overdraft protection and they were supposed to transfer the money, but they did not.
1 person likes this
@KrauseHome (35526)
• United States
16 Jul 09
Many times, and it can be Frustrating for sure. It makes me wonder how they can really be for us, and makes you wonder how things like this are so misleading for sure as well. I do hope that somehow things are taken care of more for you, and that things start looking up. Since we have had to deal with Bank issues here ourselves lately, I know how frustrating it can be. Wishing you the Best.
2 people like this
@suspenseful (40316)
• Canada
16 Jul 09
The trouble is that my husband asked for overdraft protection and he told them to transfer the money from the equity fund but they did not do it.
1 person likes this
• Canada
12 Aug 09
Your husband may not be able to speak that well, but I imagine you probably can. In my husband's and my marriage, when one of us can't do something, we either make up for it in another way, or the other person does it. I walk a short distance, use a manual wheelchair for other distances, and sometimes he pushes the wheelchair. So if one of us is unable to do something verbally (not a problem in this marriage!! LOL) the other one would surely have done it. I'm one of those crazy people who doesn't assume a damned thing, because I've learned that to assume is to be screwed.
1 person likes this
@suspenseful (40316)
• Canada
9 Dec 09
I let them know. He had made a phone call and they were supposed to transfer money from the equity fund, but he speaks so slowly and I am rather excitable so both of us are at a disadvantage. We had to pay $8 three times for overdraft which we would not have had to if we had gotten the equity fund transfer right away. They do charge a fee but it is at a set amount and not as much as the overdraft. And we were able to transfer money from the retirement fund into it, but we cannot transfer any money from the retirement fund until next year so we are stuck right now.