Overdraft fees withdrawn from account that showed positive balance online. A total of $125.00 in overdraft fees should be credited to my account.
I have called the bank several times regarding this matter and each time was told that, although my account showed a positive balance to me online, the account was in a negative balance when the first overdraft fee was withdrawn. I have had this account for many years, check it every morning, and am well aware of the fact that I am to check the "available" balance, which I do. My account did not show a negative balance when the overdraft charges first appeared. The customer service representatives have been less than helpful and insist that the account was in a negative state. My account is currently overdrawn and the legitimate charges for that overdraft I have no issues with paying. However, being a loyal customer for more than 10 years, I am not about to pay for illegal overdraft charges. This is outrageous. I have tried to explain that I never saw a negative balance on my account which I checked it online, but all I've been told is that they do not know what I saw online, but that the account was clearly in a negative state.
I am seeking a $125.00 credit to my checking account for illegal overdraft fees that were charged to the account beginning on 07/03/14, according to the online account. If the $125.00 credit is made to my account, it will still be in the negative but as stated earlier, I have no problem paying what I actually owe. I will also be opting out of the overdraft protection program that I am currently in to prevent any type of errors from occurring again.
Thank you for your correspondence dated July 8, 2014, and for sharing your concerns specific to the manner in which Redstone Federal Credit Union imposes overdraft fees. We take our members concerns very seriously, and would like to apologize for the way that we made you feel during your interaction with our representative.
Because of your concern, we have thoroughly investigated the transactions in question. We found that there were five pending transactions during time frame you mentioned: four transactions in the amount of $99.95, and one in the amount of $49.95. All were from a company by the name of Lilvo LTD, and each incurred a $1.00 international transaction fee. These Point of Sale (POS) transactions always have a "pending" period associated with them that can last between 24 to 48 hours (or longer) depending on how, when, and where the purchase was made. This means that upon making the purchase, the transaction shows in your account as pending, but the funds have not yet been debited. Because of this, we encourage our members to treat these pending purchases as fully completed transactions - thereby avoiding overdrafting their account in error when other transactions or debits take place concurrently, resulting in an overdraft to your account when the pending items clear.
Because our mission here at Redstone is "Striving to Enrich the Member Experience," and we hold all of our members in the highest regard, I have refunded $63.00 in overdraft fees as a courtesy. Please rest assured that Redstone Federal Credit Union is operating fully within the legal limits of the laws, rules, and regulations impose by our Federal Regulatory Agencies, especially as they pertain to overdraft fees.
In your email, you stated that you would like to opt-out of the Overdraft Protection Program. I have provided my contact information below so that we may discuss other options specific to your needs that might serve you better for overdraft protection and eliminate this undue stress.
Ms. *********, thank you again for your feedback and comments specific to the business practices of Redstone Federal Credit Union. We take each and every member comment seriously and we use them as learning opportunities. Thank you also for your valuable membership and continued support of Redstone Federal Credit Union.
Redstone has credited my checking account with a courtesy overdraft refund of $63.00, which is fine, but is not the total amount of overdraft fees that were illegally taken from my account. That amount is the $125.00 that I initially requested by credited to my account. If Redstone is willing to credit my account the additional monies due of $62.00 (totaling $125.00), then this matter will be resolved. Thank you.
Final Business Response
Thank you for your follow on correspondence dated July 14, 2014 and for sharing your continued concerns regarding the overdraft fees imposed on your account. As noted in our correspondence to you dated July 11, 2014, we thoroughly investigated the transactions you have questioned and found no error on behalf of the Credit Union. These transactions consisted of five pending items, and as explained in our last letter, Redstone has no control over the time period any item remains in "pending" status. This is the reason we encourage our members to treat all pending purchases as fully completed transactions.
Ms. *********, we have left several messages at the contact number we have on file for you and have received no response. As well, we have provided you with $63.00 in courtesy overdraft refunds, and have tried on numerous occasions to speak with you to discuss other options specific to your needs. At this time, we cannot provide any further overdraft refunds. If you would like to speak with us further on this matter, please contact me through one of the below channels and I would be glad to help you.
We thank you again for your continued feedback and comments specific to the business practices of Redstone Federal Credit Union. We want to assure you that we are taking your concerns very seriously and feel that we have addressed this issue fully. Again, should you wish to speak with me, or another one of our staff, please don't hesitate to call.
Final Consumer Response
***** **** from Redstone called and left a message for me to return his call, which I have no intention of doing. I have discussed this matter with more than one person already at Redstone. I am still owed $62.00 to my checking account in order to cover the $125.00 in overdraft fees that were illegally taken from my account.