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Did they actually confirm that you were a "month ahead" in payments? I did that once, with a car payment, but was told that just because I made a double payment it didn't mean I was "ahead" and still needed to make ALL my payments on time. I couldn't miss one, or pay it late, because I was "ahead" on payments.
Yes they confirmed I called before I sent and after making it clear how I wanted it applied and they confirmed and have again months later. As far as the car payment I find that interesting because if you sent the double payment at the same time they probably credited the excess as paying more on the balance to pay it off sooner. If you did it that way you probably needed to pay them a week or to apart and call prior to sending so they knew how to apply. It can be hard to get ahead with some because of how they bill and in some cases the trap they want you in. You have to be real careful with zero percent financing deals as they really want you to pay late.
When one flirts with fire (like timing deposits, payments, etc.) it is easy to get burned by someone/something in the "system" not doing their job.
Like a sign that says:
"All deposits after 2pm will be credited the next business day".
Does this mean if I make my deposit at 1:59pm on a business day that it will get credited that day?
The real answer is that we here at the bank are all tired, long weekend coming up so we want out of work ASAP, some had to much to drink the night before, we are training a new teller and they are slow, I am PMSing, I have to pee now, several people called in sick, my printer ran out of ink so I cannot print anything until I change the cartridge and align it, my computer crashed, etc.
Add to that that you made a deposit of someones personal check written on a bank we have no record of, located in a country we never even heard of (like Canada....LOL) and you expect that money in your account within a few days...lots of luck on that one.
That 1:59 deposit (that you rushed like hell to make) will not get credited today. Like it or not, real life folks.
PS
I am upset at my own bank (BB&T) for holding some deposits for as long as they do, so I am not justifying how banks operate but I think many are demaning unreasonable/non-financially secure things.
Show up wanting to buy something from me and the only way you will walk away with it now is cash....LOL
Any other payment method will take time thus you will not walk away with it until I am comfortable I will get paid.
No ticky...no shirty.......
I have found out and you can confirm about your bank that not all customers are treated the same and the better customer you are the better you get serviced and money credit to and from your account. This probably factors in to when the money gets debited from your account. I always carry a minimum balance and if I will slip under it at the end of the month I will transfer money over. The bank needs to protect themselves from having paid a bill and then the funds not being there when it is time to deduct it. I learned a lesson a few years ago when trying to do a bank wire to my son for a considerable amount of money ( wedding).
We ended up with Wells Fargo when they bought out Norwest.
It takes up to five days for a check to clear, even one drawn on a Wells Fargo bank.
We had an automatic deduction set up for a credit union home improvement loan. Earlier this year we sold the house and paid off the credit union loan. The credit union continued to withdraw the monthly payment. Each time, we contacted the credit union who apologized profusely but declined to put the payment back in our Wells Fargo account. Insisted they had to send a check. It took several days for us to get the check in the mail and then once we deposited it, five days to clear.
We contacted Wells Fargo saying that we wanted to stop the automatic deduction. Wells Fargo refused to cancel this automatic withdrawal. Told us that we would have to straighten it out with the credit union. I pointed out that it was our money and how we handled any payments we owed was our decision, not Wells Fargo's. They apologized professionally but stated that they would not cancel our authorization for the automatic withdrawal.
By continuing to ask for supervisors on up the line at the credit union, I found someone who was able to cancel the automatic withdrawal. I never found anyone at Wells Fargo who would do so.
We have since switched our banking to USAA. But we have learned our lesson with automatic bill pay. Now all our bills are paid by going on-line and authorizing them individually.
Word to the wise.
Just so you know all banks have to honor automatic withdrawals from other companies and the bank can not just stop them. That has always been the case. It is up to the company who you authorized to stop making the withdrawals.
Just so you know all banks have to honor automatic withdrawals from other companies and the bank can not just stop them. That has always been the case. It is up to the company who you authorized to stop making the withdrawals.
That is the real danger or authorizing auto withdrawals and I won't do it. With the recession and customers paying late companies really want you to do it.
Check your Wachovia or Wells Fargo checking accounts. Starting November 14th, you have to have the following: a $1,500 minimum daily balance AND either several linked items (e.g. checking, savings, credit card, debit card), a $500 or more Direct Deposit each month...or some kind of mortgage or loan with Wachovia or Wells Fargo. The penalty for failing to do this? A $10 monthly fee.
Check your Wachovia or Wells Fargo checking accounts. Starting November 14th, you have to have the following: a $1,500 minimum daily balance AND either several linked items (e.g. checking, savings, credit card, debit card), a $500 or more Direct Deposit each month...or some kind of mortgage or loan with Wachovia or Wells Fargo. The penalty for failing to do this? A $10 monthly fee.
In some ways you already need to informally have many of these to be a preferred customer. Folks may not know that they differentiate customers but they do. I had an invitational meeting with a banker from Wachovia about the transition and it was very informative.
Get away from these big banks, they will bleed you dry with their games, and greed. Sounds like a scheme to cause you to overdraw, or have overdraft fees kick in.
Find a Credit Union you can join. They offer all the features of the big banks, often at a much lower cost to you.
I pay all my bills using billpay service. When I set the date the payment is to be received it also shows the date the funds will be drawn from my account. Most of my payees receive payments electronically, so it is only a 1 or 2 day difference. Some don't so the CU mails a check, which they do 5 days prior to the date I scheduled payment.
My total banking costs is $12 per year, and I have credit and debit cards, online banking, billpay service, scan and deposit for checks I receive, free ATM use, free notary service, and a whole lot of services I don't need or use.
Just so you know all banks have to honor automatic withdrawals from other companies and the bank can not just stop them. That has always been the case. It is up to the company who you authorized to stop making the withdrawals.
So once I authorize an automatic withdrawal, I am stuck for life, there is no way for me to end this authorization?
So once I authorize an automatic withdrawal, I am stuck for life, there is no way for me to end this authorization?
No that's not the case, it mostly depends on the type of company you are dealing with. Most companies have proceedures you follow to cancel the automatic withdrawals and if you have done so according to their stipulations in the contract, they are to stop the deductions accordingly. If the company doesn't honor contract, you should be able to have your bank stop paying as long as you can show the contract and that you are in accordance with it. Then again, that might depend on your banks fraud policy.
No that's not the case, it mostly depends on the type of company you are dealing with. Most companies have proceedures you follow to cancel the automatic withdrawals and if you have done so according to their stipulations in the contract, they are to stop the deductions accordingly. If the company doesn't honor contract, you should be able to have your bank stop paying as long as you can show the contract and that you are in accordance with it. Then again, that might depend on your banks fraud policy.
Just spoke with a banker at Wachovia/Wells Fargo. She said that the only way to stop an electronic automatic withdrawal is to close the account.
Color me stunned.
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