Yesterday I noticed that there were 2 checks written from my checking account on Friday that I didn’t write. That was a problem for me. Enough of a problem, in fact, that I overdrew on my account. Because the bank was closed on Monday, I couldn’t start the process of correcting the situation until Tuesday morning. However, when I started the process, I found out that the system is actually a pre-failure system. Here’s what I mean by that…
When an account is overdrawn, it is frozen from any use or change. You can’t make any changes to a card or to past activity until the account is brought up to a positive status. To deposit money into an account in the fastest way(4 days), you have to wire money. That costs $18 per transaction from my bank, and whatever amount the business charges that you’re wiring money from. From the moment you start the process of claiming fraudulent activity, you have 10 days to finalize it before you are automatically held responsible to pay for the fraudulent activity yourself. Part of the process of filing a fraud dispute is requesting and looking over copies of the fraudulent checks or receipts or purchase orders, making sure you didn’t just “forget” about a purchase you made. Requesting the old checks or receipts is a 3 day process. The bank bills you $5 per copy, takes 2 days to find, and another day to email to you. By that point, you’re dangerously close to the default “you’re screwed” timeline, and are held liable… along with being charged at least an extra $25 per overdraft/transfer, any charges due to insufficient funds, and any “returned check” fees they may give… at will.
All of this to say this… I hope whoever took cash from my account needed it. And if I find you, we have a few things to talk about. Namely, who your dentist is, because you’re going to need to call him.