Friday, November 16, 2012 - 4:17 PM
Checking Account IssuesNew York Community Bank
I have had a checking account with Ohio Savings for over 25 years. I have never had an issue until the last 2 years. First issue: about 2 years ago, a check for $400 deposited to my account bounced. They removed the $400, but I noticed that my "available balance" was missing an additional $400. When I inquired, I was informed that "that is just a policy". When I asked why they were holding $400 of MY OWN money (after charging me a $36 fee), they could not give me an answer. They did ask "did you need the funds?" By unusual circumstance, the missing $400 luckily did not cause any of my checks to bounce. When I asked to speak to a supervisor, one was not available and I was told I would be contacted, but I never heard from anyone.
8 days ago, I deposited a personal check for $8000. A paycheck also was auto-deposited, and a few items were debited, leaving me an average of $8800. 5 business days later I transferred $4500 to another account. No problem. At 6 business days, I transferred $1000 to a credit card. The next day, I charged $970 on my debit card to the car dealer. The next day, my card was denied, and I looked up my account, and it said "available balance - $0". I inquire. The person says, "I'm thinking what happened is sometimes a business will request double the amount to be held in the account. It looks like maybe that happened with the $970." I said, "What, I've never heard of that". the response was, "Oh, yes, sometimes vendors will do that. It should come off in a couple days". The next day, I look at my account, and the $1000 has been returned and $36 charged. I inquire. I'm then told that deposits over $5000 take 7 days to clear, and it will be available at midnight tonight. Under that it's only 3 days. I say, "o.k., let's count. 7 days would have been yesterday. Why did the $970 clear, but the $1000 did not? And how am I to know of this difference in policy?" I was told I should have been able to tell by the amount available. But the amount available was different each time, sometimes $3000 of that 8 was available. And why was I told that story about the double holding when I was asking yesterday? And why was I able to transfer $4500 of that money right away?
I told them I was extremely upset over this. I asked why was my $500 overdraft not enacted? I was told because it wasn't really an overdraft (but apparently STILL warranted a RETURN FEE). I asked if it could be refunded as a courtesy, and was told no, since THE SAME THING HAD HAPPENED ONCE BEFORE AND I WAS AFFORDED THAT COURTESY BEFORE. Yes, this was the second incident of them witholding a payment transfer and then charging me for it. So I'm done. I will be looking for another bank.
1 posts since
Nov 16, 2012
Rep Points: 3
1. Friday, November 16, 2012 - 5:22 PM
Did it show that the available balance was more than $1000 when you transferred it to a credit card? A 7-day hold is reasonable for an $8K deposit. One needs to make sure that the available balance (not the anticipated balance assuming no hold for deposit) covers the withdrawal.
1,034 posts since
Jan 16, 2010
Rep Points: 4,736