Sunday, December 6, 2009

Oops....

Peanut and I discovered, much to our chagrin, that we overdrafted our joint account last week. This is the first time either of us have ever overdrafted anything, and we're embarrassed and frustrated.

Basically, it was a perfect storm of unfortunate events. We paid all our bills and did all our money transfers on the 28th, which is pretty standard for us. Since it was a Saturday, the transfers didn't start until Monday, and our joint account bank is RIDICULOUS about how long it takes for transfers to process. But I put the rent in the mail on the 1st, as usual, and weirdly, they must have received it the same day because it cleared the bank on the 2nd, one day before Peanut's giant deposit cleared (my deposits appear automatically throughout the month). So the rent overdrafted, and then a credit card payment overdrafted, and then the deposit hit, and we were charged $70 in fees for the two overdrafts. I guess it's better that the rent and credit card payment cleared, because the fees for those bouncing would have been much higher and non-negotiable, but still. We discussed calling the bank and pleading mercy, but really, this was our fault. I should have held onto the rent check until I knew the deposit had cleared, even though they rarely cash the check until the 6th.

We're both a little sick about it, but I think this is a stupid tax that will make us pay better attention in the future.

4 comments:

  1. My checking account was overdrafted for the first time in my entire life this summer and I was also terribly embarrased. Especially because it was a gift check for my little cousin's high school graduation. I was 10 dollars short in my account because I was in the process of mirgrating to a new bank and completely forgot to take into account that the gift check had not yet been cashed.

    It was so clearly my fault, but this had been my hometown bank since I was nine so I just wrote them a message asking for first-time forgiveness. Even though I was clearly in the wrong, the credited my account, no questions asked. Banks are usually lenient for first-time offenders. Never hurts to ask! Do't be too hard on yourselves, everyone slips up every once in a while.

    (The $230 parking ticket I recieved in NYC this weekend however, I'm just going to have to suck up and pay... I am definitely kicking myself for that :-/ )

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  2. Honestly, if it's your first time, just call the bank. That's what I'd do. And lesson learned?

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  3. Yeah, you should still call the bank. If it is the first time, just plead for mercy. Explain the story just as you have it here. $70 is steep!

    Do you have Bank of America? If you do, you know you can opt-out of the Overdraft Option? I'm not sure how beneficial that is considering you have rent checks to be paid, but you will never have an overdraft fee again.

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  4. I hate overdrafting! I say call the bank--the worst thing they can say is "no."

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