that American Express was set up with an automatic $5 withdrawal every
month. I had the money to cover it placed in the account ($20 actually)
right after their first try. So we had the first try, bounce and then -$30
set to the account. The $20 added didn't cover it so the next $5 attempt
added another $30 and again and again.
The bank gave me the runaround by saying I had to file a grievance with
American Express and have American Express pay the $120. Riiiiiight. As
expected, it was rejected. We had to go in, pay the full amount, including a
banking fee for the month AFTER all of these charges as they canceled the
account after doing the monthly charge and then added us to the chex system.
We talked to another branch which was more sympathetic but could do nothing.
No one could do anything because it was all 'automatic'.
Even with paying the money to the bank and having the debt removed from chex
system, our name is still listed with them (though with a paid debt).
Problem is, even a paid debt in chex system is a red flag. I'm praying that
this does not get linked to my personal account. If it does, it's even
worse. As of now, it's only on the HoF business account. Still not good, but
not a killer.
> I'm not sure a $120 charge is as serious as, say defaulting on a loan,
> bankruptcy or summary judgments as far as severity of damage to your
> credit record, but your bank is obviously extorting money from you. If
> it is a $30 overdraft charge x 4, it's a serious issue. You should
> contact them and learn what steps to take to file a claim with their
> grievance department and also, learn independently what steps you should
> take to file a grievance with appropriate federal regulators. It'll
> only cost you a phone call or two, some web time and a couple of
> stamps. It might be able to be resolved once you raise enough of a fuss.
>
> Before then, though, I wouldn't do anything that scans your credit
> rating. Red flags will trigger other red flags, and if the initial ding
> is removed or downgraded (which it can be), those consequential denials
> would still be in effect.
>
> - JIim
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