First Midwest Bank $183 single item overdraft Tinley Park Illinois
Two days before Christmas my business account over drafted approx. $35.00, This was my fault. Due to the holiday and the following weekend I wasn't notified until Monday December 29th, 5 calendar days latter.(Only 1 1/2 business days latter, Christmas eve was a half day.) When I opened the mail I realized my mistake. I immediately made a deposit to cover the check they paid plus the $39.00 fee assessed. This should have ended this incident but it didn't.
Two days latter on the following Wednesday, New years eve, I got a letter urging me to make a deposit on my overdraft. The letter stated that daily overdraft fees might be added if I didn't take care of this matter,and that daily overdraft fees could be avoided if I responded quickly. The funny thing is that the letter was dated December 26th, but the meter postmark said December 29th. I didn't worry because I took care of it two days ago. so I didn't worry.
Upon returning to work on Monday Jan. 5th I decided to checked my balance on the banking website. I was shocked that my account was overdrawn again. This couldn't be. I had only written 1 check and deposited cash to cover it the day I wrote it. I also noticed that an extra $75 had been deducted as part of my monthly fee. Then another $39 overdraft fee for paying my 1 outstanding check because their fee depleted my balance.
I called the bank and they refused to do anything. But its not over yet. I still haven't got official notification of this new increased overdraft yet. Only I'm told by a bank representative there will be another $30 added to my monthly fee to be deducted at month end, because this last overdraft wasn't taken care of within 2 days. So now they got me for $183 for a $35.00 mistake
Chuck
New lenox, Illinois
U.S.A.
1 Updates & Rebuttals
Robert
Irvine,California,
U.S.A.
Not Quite..
#2Consumer Comment
Tue, January 06, 2009
You said you are given 2 business days to correct any overdrafts. You stated that it was only 1 1/2 business days because Christmas Eve was a 1/2 day. Unfortunatly it does not work that way. It does not matter if they were only open for 10 minutes on 12/24, that consitutes a full business day. So your deposit on Monday was too late because Christmas Eve and December 26th were your 2 Business Days. Then you ignored the letter(because you thought it was taken care of) which caused another overdraft. Again by the time you caught this one the 2 Business days had passed. Hopefully it was just the holidays that kept you from checking your account every day. But it sounds like you keep minimal amount of money in the account. I am not saying that that is a bad thing, but if you do you should try and at least monitor your account each and every day to catch these things as soon as they occur.
As a side note, while you are probably paying a monthly service fee on your account having 2 days to rectify an overdraft is a good benefit. Most major banks do not give such a grace period and access the OD fee as soon as you do overdraft.