Robert
Buffalo,#2Consumer Suggestion
Thu, July 30, 2009
Ways to avoid these NSF/OD fees: Using an account register and reconciling that register with a monthly account statement from the bank will prevent any account holder from causing any NSF/OD fees. The majority (if not all) of the reports I've read about NSF/OD fees have common behaviors of the account holders: -using atm cards for everyday purchases. -using more than ONE card attached to the account (husband and wife) -using atm cards for online purchases. -using atm cards for 'auto-bill pay' (autodebits) **relying upon telephone or online account balances to determine what money is available for that shopping trip to Walmart. **NOT using an account register. **NOT verifying deposits have cleared. 1. Use an account register and reconcile the account register with a monthly written statement generated by the bank. If the bank is not mailing statements, contact customer service to have monthly statements MAILED to you. 1a. Be aware of ATM fees, such as the 'non-bank ATM fee' that most banks charge when you use an ATM that is not owned by your bank to make a withdrawal and post that fee in your account register immediately. 1b. Also be aware of any monthly 'account service fee' charged by your bank and post that to your register on the appropriate date. 2. Do NOT GIVE bank account information (or ATM card info) to any merchant, service provider, utility, online service to pay for services and goods. Use a REAL credit card for this purpose (either secured cc or unsecured cc.) Do not setup any automatic deposit to an account that is attached to said cc-NO auto payments to CC company-mail a check each month. If the entity demanding payment makes a mistake, you're gonna have a host of problems and risk OD/NSF fees. 3. Do NOT use an ATM card for everyday expenses-USE CASH. Establish a monthly budget and withdrawal a weekly 'allowance' for every day expenses such as 'milk and bread' from the corner store, Burger King, etc. This will reduce the amount of transactions on the bank account which in turn makes RECONCILING the account and detecting ERRORS easier to accomplish. Again, if the entity demanding payment makes a mistake, you're gonna risk NSF/OD fees. 4. Do not shop with the ATM card-use a real credit card. A real credit card offers protections that you don't have with an ATM card. If the merchant/service makes a mistake, you can dispute it with the CC company WITHOUT getting any OD/NSF. Not true if you use an ATM card-if the merchant makes a mistake, your money is gone until you can convince your bank to give it back, as well as OD/NSF fees. 5. ONLY ONE ATM CARD to one account. Do NOT have 2 or more atm cards for one bank account. Having 'his and hers' ATM cards attached to the same account is the same as in the old days when some folks would have 2 checkbooks for writing checks. It was an invitation to disaster then, and it is today. 6. Verify that deposits to the account have actually cleared. Deposits can take anywhere between 1 and 5 BUSINESS days to clear depending on the type and/or source of the deposit. Deposits over $5000 can take even LONGER before they are posted to the account. The Federal Reserve publishes a Consumer Compliance Handbook which gives detailed information about what banks can and cannot do with deposits, holds, and funds availability. You can download this handbook at http://www.federalreserve.gov/boarddocs/supmanual/cch/200711/cch200711.pdf Follow ALL of these suggestions and you will NEVER pay an OD/NSF fee again unless it is a LEGITIMATE bank error or caused by a merchant. If it is caused by a bank error the bank will rectify the situation and credit any fees generated as well as contact payees and cover any fees the payees assess to you. If the fee is caused by a merchant error, you will need to hold the merchant accountable for the fees, although in many cases the bank may reverse the fees as a courtesy if the merchant confirms that the merchant made an error. This is a tried and true method to avoid these fees. It works EVERY TIME it's tried.
Robert
Irvine,#3Consumer Comment
Thu, July 30, 2009
First why are you reposting the same thing again, posting multiple times does not make your report any more believeable. http://www.ripoffreport.com/reports/0/474/ripoff0474456.htm As to your actual report there is a lot of "fluff" that appears as if you are trying to take away from the real issue. It is nice that you didn't have to give up your parking spot, it is nice that it was your birthday, it is nice that you were moving, and it is nice that you slept soundly. But none of these things have ANYTHING to do with the issue you are trying to talk about. But in all of this "fluff" you seem to contradict yourself. On Friday you called all of the institutions because you would not be near a computer. In being as busy as you were and not expecting the funds to be available you still found the time to call PNC on Saturday? Then on top of that even though you would have no access to a computer(which is why you called on Friday), you got on-line and found the time to do all of your banking. Something does not seem quite right about this entire list of events. In the end the bank did exactly what they should have done. That is investigate the issue, and once it was found to be what they said was a bank error refund the fees. While you thought it took too long to solve, Tuesday after 5:30pm(from when you reported the erorr) to Wed(when they made the adjustment) seems quite reasonable. However, I agree with the other posters and I believe that if they told you it was a "bank error", it was probably your error. From your inital report it seems as if you made the deposit after the cut-off time so it would not have been processed until Monday. Whether or not it really was an error from them or how you heard your available balance is hard to say. Just that in the future you need to be aware of cut-off times so that this "error" can not happen again. This goes for any bank.
Ashley
Springfield,#4Consumer Comment
Thu, July 30, 2009
Determining Availability of a Deposit We determine availability by counting the number of business days from the business day of your deposit. Every day except Saturday, Sunday and a federal holiday is a business day. If you make a deposit through one of our branch tellers, ATM or by mail before our cut-off time, we will consider that day to be the day of your deposit. However, if you make a deposit after our cut-off time or on a day that is not a business day, we will consider the deposit as being made on the next business day that we are open. Our cut-off time for branches will not be earlier than 2:00 p.m., but may vary by branch. The cut-off time for PNC Bank ATMs will be no earlier than 12:00 Noon, but may vary by location. The cut-off time for non-PNC Bank ATMs is 3:00 p.m. Deposits made through our night depository after 6:00 a.m. may be processed on the next business day. Availability varies depending on the type of deposit and is explained below. Checks drawn on banks located outside of the United States are not subject to this availability Policy. Please inquire regarding availability at the time you make such deposits. Initial $100 of Your Deposit The initial $100 of any deposit will be available on the evening of your deposit to pay checks you have written that are presented to us that evening for posting. The balance of the $100, if any, will be available on the first business day after the business day of your deposit for all purposes. The remaining balance of your total deposit will be available according to the availability provisions for such deposits as otherwise stated in this Policy. Initial $100 of Your Deposit The initial $100 of any deposit will be available on the evening of your deposit to pay checks you have written that are presented to us that evening for posting. The balance of the $100, if any, will be available on the first business day after the business day of your deposit for all purposes. This is all from their account disclosures.
Ashley
Springfield,#5Consumer Comment
Thu, July 30, 2009
Sounds like they are refunding you as a coutesy. if you will note, the bank has a cutoff time for deposits. You say you deposited both checks after 5pm on a friday. There is no bank that I know of in the country that will clear those checks until monday. Its all in your agreement. You spent money over the weekend on checks that has not cleared yet. Yes, they will show on your available balance, but only the amount your bank releases can be spent before the check clears. The bank did nothing wrong, this is all you not following the bank's procedures with deposits. Additionally, this will happen to you again if you use the automated line for your balance, the only way to be sure what your account balance is to use your check register. The bank INFORMED you of their check posting policy, in your account agreement, in black and white. This bank did not rip you off, you ripped off yourself for not understanding how banks work.