Bank error in my favor?

[Merad]

If it doesn't debit within the next week or so you need to call them. Sooner or later they will figure out that a payment wasn't received this month and you will have a royal PITA (especially if you don't have detailed records/proof that the payment was submitted but they didn't process it). Let's say they don't discover it until this time next year. They're likely to drop 12 months worth of late fees on the account. Depending on how shitty the bank is they may also report it to the credit bureaus or even try to foreclose on you.

You could probably get all of that straightened out if it does happen, but wouldn't you rather just make a 10 minute phone call now?

 

[alkemyst]

I love how the above say the bank will figure it out and at the same time say don't tell them.

Dude, call them up. Chances are your checking account yields no interest anyway. Even if high yield, $520 is not going to make much in your pocket for the hassle...all it takes is a minor debit that puts your account balance under handling a $520 charge to hit you with an overdraft and a 'late-fee' from the company.

If you always know you have way more reserves than $520, then let them get around to it. I have had auto-drafts sometimes go 2-3 months, as long as you get a confirmation you are covered. Comcast really is lame with them unless linked to a credit card.

 

[BUTCH1]

If it doesn't debit within the next week or so you need to call them. Sooner or later they will figure out that a payment wasn't received this month and you will have a royal PITA (especially if you don't have detailed records/proof that the payment was submitted but they didn't process it). Let's say they don't discover it until this time next year. They're likely to drop 12 months worth of late fees on the account. Depending on how shitty the bank is they may also report it to the credit bureaus or even try to foreclose on you.

You could probably get all of that straightened out if it does happen, but wouldn't you rather just make a 10 minute phone call now?

They couldn't drop 12 months worth of fees, this only involves one months payment. Foreclosure?, I'm only 10K to the good on house value/loan balance (and that could change), no way this can happen, nor would they want it to.

 

[BoomerD]

They couldn't drop 12 months worth of fees, this only involves one months payment. Foreclosure?, I'm only 10K to the good on house value/loan balance (and that could change), no way this can happen, nor would they want it to.

IF they don't catch this...then you show late for that payment...then after you make the next payment, that applies to the one they missed...and you show late for that payment...and so on and so on.

If you're not gonna live it up on the money...it's in your best interest to call them and see what's going on.

 

[BUTCH1]

I love how the above say the bank will figure it out and at the same time say don't tell them.

Dude, call them up. Chances are your checking account yields no interest anyway. Even if high yield, $520 is not going to make much in your pocket for the hassle...all it takes is a minor debit that puts your account balance under handling a $520 charge to hit you with an overdraft and a 'late-fee' from the company.

If you always know you have way more reserves than $520, then let them get around to it. I have had auto-drafts sometimes go 2-3 months, as long as you get a confirmation you are covered. Comcast really is lame with them unless linked to a credit card.

I get zero interest on checking and yea, I could screw up down the road and accidentally let it dip below but, but, I WANNA NEW TABLET!!!!

 

[ShawnD1]

Dude, call them up.

This. This will come back to screw you if you don't fix it immediately. Assume that they're taking that out of someone else's account. Now assume that other account runs out of money. They start the foreclosure process on your house because of a missed payment coming from someone else's account that happened to run out of funds (or closed). Good luck trying to explain that. "well I uh didn't notice that you guys didn't take any payments in the last 4 months"

 

[Merad]

They couldn't drop 12 months worth of fees, this only involves one months payment. Foreclosure?, I'm only 10K to the good on house value/loan balance (and that could change), no way this can happen, nor would they want it to.

Ohhh yes they can. If this payment isn't made then your Aug payment will apply to July's bill. Sept payment will apply to Aug bill. You will be late every month until its straightened out. Then when you call them up to complain about the fees, they're going to say "send us the bank statement showing the payment debiting your account and we'll fix it all". Too bad you can't do that.

You must not have paid much attention to the news over the last few years. They may not have legal grounds to foreclose on you, but that may not stop them from trying. Odds are they just had some processing issue and the payment will debit in a few days. But if it doesn't, it's pretty stupid to play with fire over 500 bucks.

 

[BUTCH1]

Ohhh yes they can. If this payment isn't made then your Aug payment will apply to July's bill. Sept payment will apply to Aug bill. You will be late every month until its straightened out. Then when you call them up to complain about the fees, they're going to say "send us the bank statement showing the payment debiting your account and we'll fix it all". Too bad you can't do that.

You must not have paid much attention to the news over the last few years. They may not have legal grounds to foreclose on you, but that may not stop them from trying. Odds are they just had some processing issue and the payment will debit in a few days. But if it doesn't, it's pretty stupid to play with fire over 500 bucks.

Dude, news flash, BANKS DO NOT WANT TO FORECLOSE ON PEOPLE..now they have yet another property to try to unload in a still shitty market, they make the $$$ by me paying out a 30yr loan. Now all of you are prolly right, I should call them but, but, but ,I JUST CAN'T DO IT........

 

[dighn]

tablets suck. you don't want a new tablet.

 

[BUTCH1]

This. This will come back to screw you if you don't fix it immediately. Assume that they're taking that out of someone else's account. Now assume that other account runs out of money. They start the foreclosure process on your house because of a missed payment coming from someone else's account that happened to run out of funds (or closed). Good luck trying to explain that. "well I uh didn't notice that you guys didn't take any payments in the last 4 months"

Wow, how in god's green earth would I be responsible for them debiting someone else's account, do I have any control over the computers over there at Chase?..no, did I hack their website and cause this??..no. There was an interesting local story where a bank issued the same acct# twice, some lady opened an account and put 30K in it, 3 days later 2nd person goes to ATM for $20 and his balance reads the 30K so he went inside and closed the account and took the dough, when the lady came back the bank discovered the mistake and the Sheriff wound up arresting him on the spot for grand larceny, he obviously knew the 30K wasn't his (he had like $400 in there at the time) so he got a room at the graybar hotel, meals included!..

 

[BUTCH1]

tablets suck. you don't want a new tablet.

OK then, the old ATOT standard, hookers and blow!..

 

[Perknose]

OK then, the old ATOT standard, hookers and blow!..

Hard core > dual core. And hookers have touch-sensitive interfaces, too!

 

[Merad]

Wow, how in god's green earth would I be responsible for them debiting someone else's account, do I have any control over the computers over there at Chase?..no, did I hack their website and cause this??..no. There was an interesting local story where a bank issued the same acct# twice, some lady opened an account and put 30K in it, 3 days later 2nd person goes to ATM for $20 and his balance reads the 30K so he went inside and closed the account and took the dough, when the lady came back the bank discovered the mistake and the Sheriff wound up arresting him on the spot for grand larceny, he obviously knew the 30K wasn't his (he had like $400 in there at the time) so he got a room at the graybar hotel, meals included!..

Did you read your own post?

You know your mortgage is supposedly being paid... you know that your money isn't paying it... and you're wanting to just enjoy the benefits. Same as the dude in your story.

 

[Red Squirrel]

I would let them know. If they are jerks they could try to sue you for stealing (even though it's them that forget to take the money) or they'll just randomly withdraw it, perhaps at a time when you can't afford that.

So I'd just contact them.

 

[BUTCH1]

Did you read your own post?

You know your mortgage is supposedly being paid... you know that your money isn't paying it... and you're wanting to just enjoy the benefits. Same as the dude in your story.

No, not same, dude knew the 30K was not his and closed the acct., stealing it. So far I've done nothing illegal.

 

[TerryMathews]

No, not same, dude knew the 30K was not his and closed the acct., stealing it. So far I've done nothing illegal.

In your T&C, you agreed to notify the bank if you noticed any errors. You probably did for both the checking and the autopay agreement for the mortgage.

There is no way this turns out well for you. Take it from someone who knows what they're talking about. As long as the bank is acting in Good Faith, they can correct an encoding error regardless of the amout of time that has passed. The important part for them from a regulatory standpoint is that they correct the error in a timely fashion once discovered.

 

[twinrider1]

Or....

 

[rockyct]

I don't know why this guy is arguing with everyone here. If he expects us to support his desire to buy an iPad, that's obviously not going to happen. Well, unless we're just trying to push him into seeing how precisely the bank will screw him over when they catch the mistake.

On second thought: dude, go buy the new iPad. The original sucks hard now and your eyes deserve a retina display.

 

[BUTCH1]

In your T&C, you agreed to notify the bank if you noticed any errors. You probably did for both the checking and the autopay agreement for the mortgage.

There is no way this turns out well for you. Take it from someone who knows what they're talking about. As long as the bank is acting in Good Faith, they can correct an encoding error regardless of the amout of time that has passed. The important part for them from a regulatory standpoint is that they correct the error in a timely fashion once discovered.

Is T&C "terms and conditions"?, sorry, my mortgage was wrote in 1994 (it's been sold 3-4 times) but there was no form of internet payments back then so I doubt any language exists about it in the contract and when a contract gets sold the buyer is obliged (by law) to keep the original terms. Also I don't have autopay, I log on and pay when I want..

 

[TerryMathews]

Is T&C "terms and conditions"?, sorry, my mortgage was wrote in 1994 (it's been sold 3-4 times) but there was no form of internet payments back then so I doubt any language exists about it in the contract and when a contract gets sold the buyer is obliged (by law) to keep the original terms. Also I don't have autopay, I log on and pay when I want..

T&C is terms and conditions. All they need is a clause that you will notify them of errors as you discover them. Doesn't need to spell out specific methods and I assure you it doesn't. By violating that, they demonstrate you are acting in Bad Faith.

You know your mortgage has several clauses that call the full note to be payable immediately right? Fing around with either bank over a payment you legitimately owe them is beyond stupid.

Also, if your mortgage is from 94 then on top of everything else you're paying too much in interest.

 

[BUTCH1]

T&C is terms and conditions. All they need is a clause that you will notify them of errors as you discover them. Doesn't need to spell out specific methods and I assure you it doesn't. By violating that, they demonstrate you are acting in Bad Faith.

You know your mortgage has several clauses that call the full note to be payable immediately right? Fing around with either bank over a payment you legitimately owe them is beyond stupid.

Also, if your mortgage is from 94 then on top of everything else you're paying too much in interest.

It was re-fi'ed in 2005, from 7.2 to 5.1%. I'm sure that the bank would include clauses to protect themselves but your (and others) notions that they would be dying to do so makes no sense, obviously I can't pay the balance in full and FL is chock full of abandoned houses from foreclosures already, the LAST thing a bank would want is yet another property to deal with. I could be facing fee's as punishment though but again, I did my part and authorized a payment, for some reason or other it wasn't debited. I guess it is kinda dumb on my part but I've got company here in that, "they may debit someone else and arrest you", yea, I think anyone would see $520 missing from a checking acct!, acting like I put another persons account and attempted fraud which I did not..

 

[SNC]

I find it interesting there are people that have to ask these types of questions.

 

[TerryMathews]

It was re-fi'ed in 2005, from 7.2 to 5.1%. I'm sure that the bank would include clauses to protect themselves but your (and others) notions that they would be dying to do so makes no sense, obviously I can't pay the balance in full and FL is chock full of abandoned houses from foreclosures already, the LAST thing a bank would want is yet another property to deal with. I could be facing fee's as punishment though but again, I did my part and authorized a payment, for some reason or other it wasn't debited. I guess it is kinda dumb on my part but I've got company here in that, "they may debit someone else and arrest you", yea, I think anyone would see $520 missing from a checking acct!, acting like I put another persons account and attempted fraud which I did not..

So then your T&C would be from 2005, certainly new enough to account for internet payments.

The bottom line is you're liable for this payment. When the bank catches it, and they will, they have three legal right to collect it immediately.

You're spending money that is already spent if you buy that iPad, no different than if you error checks for everything.

Your checking account and loan are at different financial institutions. If you spend that money and the payment overdraws your account, what will you do if the FI for your checking returns the payment unpaid?

 

[BUTCH1]

So then your T&C would be from 2005, certainly new enough to account for internet payments.

The bottom line is you're liable for this payment. When the bank catches it, and they will, they have three legal right to collect it immediately.

You're spending money that is already spent if you buy that iPad, no different than if you error checks for everything.

Your checking account and loan are at different financial institutions. If you spend that money and the payment overdraws your account, what will you do if the FI for your checking returns the payment unpaid?

File my taxes for this year, STAT!, I've got $1500 coming back but I always delay filing until late in the year, if it's not in my hands I cant spend it!...

 

[GoPackGo]

You should just call them now. I am sure like most businesses they do an internal audit around tax time. But I would definitely complain that their system is creating an inconvenience for you...and since it's been just 30+ days and you left the money in your account, you can probably honestly say you were waiting for the money to just come out but noticed it hadn't.