because the $20 was less than the $30 penalty charge, the account was
at -$10 for the next attempt.
> So.. you had $20 in your account. AmEx tried to withdrawal $5. It
bounced???
>
> At 10:06 AM 10/30/2003, you wrote:
> >I did contact them. Went in, talked to them, everything. The full story
is
> >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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