However, it was also stupid policy on the banks part. Charter One and other banks are being bought out by credit card companies who are changing policies without notifying clients. Many people will be fine, but poor people and middle class who have always planned bill payment around their deposit getting in on certain days will now be compltly ed over.
How is it stupid policy? You are telling me the check was deposited and the funds weren't available for 2 days? Sounds reasonable to me. Checks do need to clear you know, they aren't cash. If you needed the money available ASAP and you know the check will clear...there may be loopholes...with Huntington - if you deposit a check at the ATM the first 400$ is cleared and available that very second....
I call false on the changing of policy without notifying clients. Banking is one of the most heavily regulated industries and you better believe no bank is going to risk that. It is more likely that the notification was discarded and unread. Charter One was bought by Citizens in late 2004 and the new policy was effective March 18, 2005. They send you a nice little booklet each year AFAIK regarding the current regulations.
As far as this being anti poor and middle class...bullshit. I'm a poor college student and I manage to pay bills just fine. Automatic bill pay ISNT FOR THE POOR. If you are living paycheck to paycheck, like me, you SHOULDNT do that. You should only do that if you have sufficient funds to pay regardless of what else happens during that month. You should pay your bills by hand, I do all mine online, when you KNOW the money is there. I repeat AUTOBILLPAY isnt for those living paycheck to paycheck. Also, there are phone lines for nearly every bank 24/7 to cancel a scheduled billpay.
Also, what some people have had a hard time coping with is the shortened clearing time with personal checks due to check 21...IE: you used to be able to mail a bill and you knew it wouldn't clear until delivery time + a few days. This may be more what you are referring to with those planning bill payments, as those checks now clear in a day or two. This is called float. The float on checks has shortened. That is a good thing. Adjust to it and move on. You can't complain that the check you deposit at the bank takes too long to clear, yet want the check you mail for your bills to take longer.
I know I sound like an ass, but you came out firing down charter one and really you (or whoever) need to take the responsibility. That isn't to say you can't find a better bank. Like I said, Huntington deals with overdrafts a lot better than the way you describe but still, if you overdraw it is your fault...no one elses.
My GF had overdrafts last year and she was all up in arms blaming everybody and their mother...and I was just as straight up with her. I said: you have online banking, you need to know how much $$ you have before you try to spend it. That said, her situation was kind of like the one you describe: she had one overdraft and the fee they charged triggered another, and so on. I don't really agree with that compounding of fees and penalties. I talked to the bank and told them that I wanted at least the fees triggered by the initial overdraft taken off and they ended up taking them all off for her. Now she watches more carefully.
So, I agree that if Charter wouldn't let you slide this once then screw them and find a better bank. But if this isn't the first overdraft (I believe Huntingtons (unwritten) policy is to forgive one overdraft situation every year or two) then hey...you need to learn. In the end, it is your fault.
ed over.
