posted on Oct, 24 2009 @ 05:27 AM
I've been hit with these bull# fees before from my bank. Couple of examples for you:
1) Deposited $2,700 check at lunch time. Later the same nite I wrote a $17 check for some food at a local eatery, small place locally owned, not a big
franchise spot. I figured the withdrawl into my ledger, like you're suppose to. I done the usual, paid bills, gas, various expense etc. and kept
track of everything, like you're suppose to. I go to the bank a few weeks later to make a withdrawl and they tell me that I have a negative balance
in my account. I pull out my ledger and it shows that I should have $300+ in my account, so I ask what their computer shows my balance to be and the
lady tells me -$278.
Major WTF!! moment right? Turns out, the $17 check I wrote was processed through my account before my $2,700 deposit and it bounced, which incurred a
$35 bank fee PLUS a $25 Returned Check Fee from the business. To make matters worse, the $2,700 deposit didn't show up in my account for nearly two
weeks after the date of deposit.
So in that two weeks of not having any money in my account, they attempted to process the $17 check 14 times, which incurred a $35 bank fee each time,
totaling out at $490 in bank fees. After the last attempt to process the check, the restaraunt turned it over to a collection agency. The collection
agency then contacted me and told me that I owed them $119 and threatened me with legal action, including jail time, fines, court cost, and
administration fees to be added.
The bank never gave me a definitive answer on why the $2,700 deposit took 2 weeks to process and why theyscrewed me out of $490. I contacted the
District Attorney's office about the situation and she told me that what they had done was within the law and there was nothing I could do. I closed
the account and I have still never paid the collection agency.
She did give me an invaluable piece of advice when bill collectors contact you about delinquent accounts, so I'll pass it on because it has worked
for me on numerous occasions.
When a collection agency contacts you about a bill that you owe, all you have to tell them is that you will not recognize any attempt to collect on
the bill unless it is from the original creditor and that all communication regarding the matter should be ceased immediately.
By Law, that collection agency can no longer contact you in an attempt to collect for that past due bill. You are not legally bound to pay a 1st party
debt by way of a 2nd party collector or their additional collection fees. Here's what I mean:
For this arguement, we'll say that you have lost your job and can not pay your bills.
- You owe Company A $100 for their service/product.
- Company A makes numerous attempts to get you to pay the debt. But you can't afford to.
- Company A then sells your $100 account to Bill Collector B for $25.
- Bill Collector B then adds their collection fees to the original balance of $100 which brings it up to $175.
- Bill Collector B then contacts you by mail and/or phone and informs you that they are making an attempt to collect a debt for Company A, but now you
owe Bill Collector B $175 for the past due bill. (The same bill that THEY paid $25 for, remember? Of course they're not going to tell you that.)
- You tell them that you will not recognize any attempts to collect on the bill unless it's made from the original creditor.
- Bill Collector B can not contact you again for this particular bill, however, some of them will try to and may even try to bully you or threaten you
into paying the bill. Maybe not so much anymore, but they used to be REAL bad about doing this.
- Bill Collector B will most likely sell your $175 account to Bill Collector C for $75.
- Bill Collector C will then add their collection fees to it, bring it up to $250 and then attempt to contact you, so the process starts over.
Once the debt has been sold two or three times with no success on collection, it is usually dropped.