In December, I got a loan. I cashed the check in January, and checked my balance via the ATM and it was in there. So, I ended up buying a few things and paying off large chunks of my credit cards.
The next day, the loan money was no longer in my bank. I called the bank to figure out why, and found out that the loan check was only good for thirty days. It became invalid a few days before I cashed it.
That meant that all the money I used to pay bills and the couple of items I purchased for myself came through and made my checking account go over the amount of money I had in there. My bank has a no bounce policy, so they paid the money on the withdrawals I made, except for the large amounts that were over $500.
In the meantime, all of the withdrawals that had to be made with the bank’s money gave me a $30 penalty. I ended up having around 15 of them, making my overdraw amount over $300.
I talked to a woman who worked for the bank, and I explained the situation to her. I felt that the penalties were not fair, as the bank shouldn’t have shown that the money was in there when the transaction hadn’t been completed. She would only take enough off to get my account back into positive again. And very little in the positive. I only had about $25 in there afterword. I had $25 in my pocket, so I deposited it to give me a little bit more of a buffer incase anything that is paid automatically comes through. She tried to get me to have a loan with them, telling me that I should get the loan so that I wouldn’t once more become stuck in the same situation, and told me that she couldn’t do it if it happened again.
Since I still had about 5 of those penalties there that she wouldn’t take off, and the fact that I had so little in my bank account after she took the penalties off, it really seems that she was setting me up to fail so that I would get the loan. In the end, I didn’t get the loan, and of course, my checking account is in the red again at over $200. I wouldn’t be in this situation without the penalty amounts that are still there, and it does seem like she counted on that.
I’m not getting the loan from the bank, but I am getting a loan from my mom to get me out of the negative. If I can stay in the positive until I get my disability deposit at the beginning of next month, I’ll be OK. As for my bank, I’m not sure if I’m going to be sticking with them. I like their online banking services, but I’m pretty bummed about how they handled this situation.