I spoke with a customer representative on 12 July to ensure that the automated draft request I submitted to Crescent Bank by mail had been received. I was informed that it had not been. I made a payment for the July balance via electronic check and was told that the form authorizing monthly automated drafts would be mailed to my home of record.
I did not budget for a second payment on 17 July and the draft on that date has resulted in 20 overdraft charges and 2 pending overdraft charges at $32.00 each. The total cost to me because of Crescent Bank and Trust Companys error is $704.00 in overdraft charges.
My ending balance on 17 July was $489.76. If Crescent bank had not posted the a second payment on that date for $470.44, my account balance would have been $960.20, which was more than sufficient to cover the charges I made or that posted to my account after that date.
Prior to hanging up on me yesterday, Mr. Royce Nelson, Customer Service Representative, informed me that the $769.00 in overdraft fees that resulted form Crescent Bank and Trusts error (which I first notified CB&T in writing on 25 July) was not CB &Ts responsibility, and I would have to address the matter with Capitol One.
As I had mentioned on the 24th when I first spoke with Ms. Avery Jones about this matter, Capitol One informed me on the 24th that it was not their responsibility and since Crescent Bank and Trust made the erroneous draft, and has admitted its error by returning the $464.00 charge made on 16 July to my account, the are legally responsible for paying all overdraft fees that occurred because of their error.
I have faxed another letter once again requesing reimbursement and threatening legal action. I have also filled complaints with the Louisiana Office of Financial Institutions, the FDIC, the Better Business Bureau. I strongly encourage anyone who posted a complaint on this website about CB&T to do the same.
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