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Just thought I'd share an experience to act as a reminder to people to check their bank statements.
Last week I was doing some online banking, and noticed a debt memo on my business account for $32,000. Called my account manager and asked for an explanation.
It took them a couple of days to track down the exact transaction from the centralized data center, and admit a mistake had been made, and Monday the money was returned to my account, along with their apologies. Fine.. over and done.
Yesterday, I was back online in my account, and voila, the $32,000 was gone AGAIN, this time noting it was a cheque payment. Called my account manager AGAIN, less patiently this time, demanding an immediate return of my funds, along with a full explanation.
This time it took only an hour to return the money... but I did make it clear if this error were to repeat one more time I'd be moving our accounts to another bank. Seems the banks keep finding more excuses to add new "service charges" while forgetting the service part.
Do have to give thanks to Online banking though!!!!!! If I hadn't had the ability to check my account online, I wouldn't have discovered the error until my next bank statement came.
It is a shame, but so true. Not just business accounts, but any account. I hope most people know that their bank also has a phone number that you can call and access your account balance if needed. It is computerized and private thru your account number. With identity theft so rampant these days, it is prudent to check your balances every few days.
My daughter in Chicago had her account accessed by thieves and this was a large well known banking establishment. Luckily for her she was able to prove she was not in Mexico and buying "souveniers" like crazy. It all turned out well, but a big lesson was learned. It was annoying and scary and a huge nuisance. She found out when she went to an ATM and found the balance was not what it should have been. She could have been wiped out had she waited for her statement. Banks do make mistakes and you need to be aware. Thanks Kuki for the reminder.
That is true too. What is the old saying? Money can't buy you happiness? I could LEARN how to be VERY HAPPY if I could just win the MegaMillions lottery!!! (The chances of that happening are like a snowball in you know where.) .
Everyone have a good day what is left of it. Off to take another exam at school.
My Great Grandmother kept her money in a Mason jar buried in the back yard. When she passed on, it looked like a herd of gophers had invaded her yard, after the siblings finished.
PS Kuki, I'm sorry the check for my last months Bar tab ($32,000.00) bounced...
Kuki..I know where you are coming from..but if I broke my account down to compare it with yours then they would have only misplace $2.75 of my money..and belive you me I would have been down there in the lobby sweeping off a place so I could throw a fit. >VBG<.
Gram checks balances every day. Two reasons :
1) Because she works for the bank and CAN.
2) Because she works for the bank and feels she NEEDS TO.
You take it from there.
I have nothing to take with me!!!! I am happily poor but that is okay, I have enough to get by and take a cruise every now and again What more could I ask for?? I figure if someone tries to steal my identity they DESERVE what they get.
Cruznut2
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Each month I reconcile my check register with my bank statement, as most people do. Lately, I've been noticing that some checks I have written are not being returned. Instead, they are showing up as ACH (Automated Clearing House) debits. That's fine, except that in several cases I haven't previously agreed to payment by ACH. The statements also reflect other ACH debits which I have initiated myself. This posting pertains only to the unauthorized ACH debits.
For example, my Providian and Citgo credit card payments (which I pay by personal check) are now showing up on my statement under the heading of Other Withdrawals/Payments. The checks which I wrote to these companies are not reflected on the photocopies I receive with each statement (my bank no longer returns any original checks). At no time did I ever authorize ACH payment, in writing or otherwise, for either of these accounts.
My statements balance each month, so I'm not concerned. In fact, I haven't even mentioned it to my banker. But I'm curious if this has been happening to any of you CruiseMates.
Jack:
The ACH transactions are becoming more common and the law requires no written approval for this to occur. The ACH must contain the transaction ID and the check number. You will begin seeing this more and more.
I used to write 15 or 20 checks a month for my personal bills. I now write two or three. Online banking is a good thing but it can have its drawbacks. I personally never allow Internet Explorer to remember my passwords for me. I also use a combination of letters and numbers for passwords. It also makes reconciliation of your monthly statements much easier. The biggest problem we have is forgetting to write down and enter ATM withdrawls and debit card purchases.
Take care,
Mike
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The most important point is your last one--that you could nail the problem long before you saw it on a monthly statement. I think that's a real advantage of online banking and bill paying.
Our checking account and credit cards download every morning into Quicken and I usually take a fast look. We've discovered credit card fraud and reported it within 24 hours of posting on a couple occasions (American Express was very impressed). I'm convinced that shutting it down instantly in each case saved additional bogus charges (even though we wouldn't have been responsible). No problems with the bank yet, but there's always a first time.
Pretty much the only paper checks we write any more are for our cleaning service and an occasional oddball expense to a "Mom and Pop" outfit where I don't trust the payee's ability to credit it properly without a paper payment notification.
You've got to watch all your accounts like a hawk these days.
My daughter had her PIN number (not card) stolen almost 2 years ago. Someone used it to drain her account of $1,400. The bank won't believe her, the police cannot prove the culprit did it, even though she told them who he is and where he lives. She no longer has a bank account and can't get one anywhere else, and the collection agency is still trying to collect $1,400. And thanks for the reminder Kuki, I too have found discrepancies on my bank statements (although never for THAT much!)
Kuki, I suppose if it had only been for $10,000, you might not have even noticed?
(For you Americans- $32,000 CDN is about 50 bucks and change.)
OMG!!! Kuki, are you becoming..... (dare I say it)....... a CYNIC?????
This is my first smiley ever in a post :-)
Now this is the REAL Cynic talking:
If it had been a Credit Memo instead, you bet your
sweet a@@ it would have taken them 6.27 seconds to track it down.
.
Post Edited (10-22-04 00:36)
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i check my accounts almost daily. it only takes a moment and it keeps me up to date on where my money is going. i have had several mistakes on accounts over the years, and one incidence of id theft. my most recent error was from the cruise line deducting my deposit amount twice....i notified them......they returned all of the money instead of half..........i notified them..........they did the same thing two more times before they got it right. took three weeks to finally get it right.
Thanks, Kuki! I had a similar situation, but not with that much money.
Last month I wrote a check for $60 for my Besy Buy credit card and my bank paid them $601. I didn't notice until last Saturday when I received my credit card statement as well as my bank statement. They looked up the check on their computer and agreed with me that my check clearly read $60. Then they told me that I had to wait 7 business days to put the money back into my account. I argued with them that since it was their negligence and mistake that they should put it back immediately. This was last Saturday. Luckily, I called back on Monday and they had already put it back in my account. It had been such a busy week that I hadn't send my payments so none of my checks bounced.
If it hadn't been for the Best Buy statement, I wouldn't have noticed because I never check my statement, I just look at the enclosed checks that have been paid.
Trusting your bank
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