I had a checking and savings account with this credit union. I had overdraft protection where they would automatically transfer money from savings to checking to cover any overdrafts in the checking account.
We were out traveling and playing and spending way too much money. So somewhere in there the checking account became overdrawn and apparantely we continued to use the debit card, and apparently got deeper and deeper in the hole. And the overdraft protection wasnt transfering money to fix it.
We never got any calls or had any idea that the account was getting VERY overdrawn. We had money in another bank and available credit cards. So, we come home from a long vacation, paid cash for a new SUV and boat with the money I mentioned before that we had in a different bank.
By the time we sat down to figure out our regular household bills we find the checking account seriously overdrawn, and not much in the savings because we had used the ATM to withdrawl from savings at some point. When all was said and done we were now very overdrawn, they closed the checking account after using the remaining balance in savings to help cover some of the charges.
They have no explanation why the ovedraft protection wasnt working or why the debit card continued to work. I was then sent to collections, I agreed to pay in payments, and now I was just arrested on several counts negotiating bad check. If I would have figured it out in the beginning I could have transfered the funds myself from savings.
And I would not have used all the money we had saved in the other bank on an SUV or boat. I would have fixed my account. So I know it is my fault be cause I am an idiot and didnt keep track, but I assumed the overdraft protection was working, and that if my account was empty my card would stop working. So now that I have been arrested and charged I can only hope my lawyer can get it all straight. But I dont understand why the collection agency is still calling and threatening me when there is now a criminal case also. I must be an idiot but I didnt even know you could get put in jail for overdrafts. I just thought after i had an arrangment with the collection agency that as long as I paid them everything would be fine. Wow, I was very wrong, cuz I could get years in jail for owing the bank money.
0 comments