Heather
Columbia,#2Consumer Comment
Thu, February 26, 2004
Do you not know how the banking industry works? If someone writes you a check and it bounces, the bank will go back and withdraw those funds that were deposited: because the check was bad and that money doesn't exist! That money doesn't belong to you. You probably spent the money before the check came back. They have every right to take that money. Second, if your friend doesn't pay you back the money they borrowed, it isn't the bank's fault. You have a responsibility to keep your account in the clear. You knew what the penalties were when you opened the account. I assume that you read the information packet about your checking account? Yes, this is all legal. If it weren't, their charter would be revoked. It's how the industry works: take care of your business and you wouldn't have this problem.