…s shows the median checking account balance for Americans making less than $25,000 a year is $500 — it takes only one glitch in your income or bills to throw everything off. A delayed paycheck, reduced hours, an unexpectedly prompt deposit of your rent check, or a school …
My mother endured this time and time again. While there were occasions where she was not the most responsible person there were times the bank would create a situation that could have financially harmed her for months. She closed a bank account once, but 6 weeks later Amazon ran a lingering charge for something like a monthly subscription. INSTEAD of denying the charge, since the account and card had been closed for weeks, the bank processed the charge of $10 and immediately hit her with fees and penalties. BOOM! Within a few days my mom is stuck with $350 in accruing fees and charges because the BANK ran a $10 charge through on her card that SHE canceled 6 weeks beforehand. It took 2 months to clear up. Thankfully, she has her kids to lean on in times of financial instability and managed to get SOME of the $ back, but this sort of thing shouldn’t have happened. I thought the entire ordeal was a completely waste of her time and money, and the fact that she had to argue to get only most of it back was complete bullshit.
I’m of the mind that the moment you close the account, no other charges should clear it. The bank has the tech and means to stop anything from processing through an account. They just wanted to juice my elderly retired mom for $.
Do you ever collect up random little checks you get from refunds, rebates, or services like Ebates and maybe roll a little spare change to put in the bank? I used to. Now I’m very cautious about how quickly I deposit a check as the bank can charge you a fee for a check you deposit into your own account from Ebates or At&t if it doesn’t clear properly.
I had one bank try to charge ME a fee for a check (a check written to me, not written by me) that I deposited into my account. It failed to clear because it was more than 30 days old. The check was good, but they didn’t like the age of the check and kicked it back. They considered it a “stale” check. Even though I had more than enough $ in the account to cover it (deposit), $12.90 (seriously), they not only w/d that amount from my balance but also charged me a $25 fee because the check was “stale.” I had been a very good customer of that bank for decades. While they resolved the issue, they were still rather frosty about the ordeal as though it was MY fault the check didn’t clear. I’ve since reconsidered keeping my account there over this bullshit.