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Received a call while I was at work from my daughter in college (summarized below):
Daddy-o, can you transfer some money into my Wachovia account? That’s never a good introduction. Reason: need to buy some things in preparation for my upcoming spring break (she is going to Louisiana with church group to help repair homes affected by Katrina). Noble cause, I surmise.
I have online access to the account and review it daily, so I interject that I notice that her monthly apt rent has not cleared along with a few other “pending” transactions. (Note: she is one of four sharing an apt. and she collects the money and makes payment each month), so I am told that one of her roommates was late coming up with her portion of the rent resulting in an after hours deposit to the bank which correlates to a hold on the deposit until after x o’clock the next afternoon…blah, blah, blah. I go on to share the likelihood of multiple overdrafts if the rent check goes through before the Wendy’s, Starbucks, Target, Walmart, etc. which are $30 a pop (just for the bank’s fee).
She had her first lesson in “insufficient funds – overdrafts” to the tune of $120 late last year Nov/Dec. The bank was able to “talk Dad off the ledge” by eliminating all but one $30 fee. I did initiate overdraft protection …but not enough to cover apt. rent!
I told her NOT to make any more ATM or debit card transactions until everything clears. To make a long story short….the next morning showed that the transactions came through in the proper order to prevent overdraft fees. Dad (actually daughter) catches a break, the banking gods shined on us.
Daddy-o, can you transfer some money into my Wachovia account? That’s never a good introduction. Reason: need to buy some things in preparation for my upcoming spring break (she is going to Louisiana with church group to help repair homes affected by Katrina). Noble cause, I surmise.
I have online access to the account and review it daily, so I interject that I notice that her monthly apt rent has not cleared along with a few other “pending” transactions. (Note: she is one of four sharing an apt. and she collects the money and makes payment each month), so I am told that one of her roommates was late coming up with her portion of the rent resulting in an after hours deposit to the bank which correlates to a hold on the deposit until after x o’clock the next afternoon…blah, blah, blah. I go on to share the likelihood of multiple overdrafts if the rent check goes through before the Wendy’s, Starbucks, Target, Walmart, etc. which are $30 a pop (just for the bank’s fee).
She had her first lesson in “insufficient funds – overdrafts” to the tune of $120 late last year Nov/Dec. The bank was able to “talk Dad off the ledge” by eliminating all but one $30 fee. I did initiate overdraft protection …but not enough to cover apt. rent!I told her NOT to make any more ATM or debit card transactions until everything clears. To make a long story short….the next morning showed that the transactions came through in the proper order to prevent overdraft fees. Dad (actually daughter) catches a break, the banking gods shined on us.
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