First Tennessee Bank
Electronic Account to Account Transfer system has flaws and i pay the price!
- 09-16-2009
- 49
On August 2 i initiated an online transfer between my account at First TN and another account at US Bank. I mistakenly didn't update the account number for the account at US Bank that i had closed recently. This was simply an oversight. I was dealing with multiple accounts and just didn't think about it. So anyway, the transfer proceeds as any normal one would. THis system gives daily updates as to what stage the transfer is in and it progressed normally. One would think an electronic transfer wouldn't take 4 days but these do. So finally the funds end up in my account, i go to the bank and make a withdrawal and all seems well. But No. Not 24 hours later the funds are debited back out of my account because the account at US Bank was the closed one as i had described above. So how after 4 days does this system still give me $850 when the account was closed? We aren't talking about a check clearing or anything like that. This is all electronic. To top it off my account goes negative after this and they hit me with ISF charges!!! How do they get money out of a closed account that has no money in it? Seems like the system should make sure the account is actually open and then see if it has money. THis was inexcusable. I have attached the actual detail from the transfer below.
U652761
08/02
U.S. Bank national association
chk - xxxx4310
first tennessee bank
checking - xxxx6765
$850.00
failed
Date
Description
08/02
Your request to transfer funds is in progress. Check here for updates.
08/04
Your funds have likely been debited from the funding account.
08/05
Your funds have been sent to the destination account. It will take one business day before these funds are available.
08/06
Funds have been successfully deposited into the destination account.
08/06
Your bank has reversed the Withdrawal transaction for the following reason. [Account Closed (R02)].
08/06
A debit transaction has been initiated to recover funds.
08/07
The debit transaction to recover funds is succesfully completed.
Company: First Tennessee Bank
Country: USA
Site: www.firsttennessee.com