This was an annoying situation, totally preventable had my boyfriend and I communicated better. My boyfriend has 2 banks: his main bank is USAA. His secondary bank is TCF that he has kept back from his high school days. There was a snafu with his direct deposit so his paycheck was mailed to his mom's. She deposited it into TCF.
This is where the miscommunication set in: Out of that check I paid off his USAA credit card, which was apx $600. I paid it from TCF using USAA web bill pay. I then told SO that we should move the remainder into his USAA. He thought I had not paid the credit card. I (at the time) did not have access to his TCF account. So when I asked him how much to transfer he told me $1600 (which included what I had already paid to the credit card).
When we realized the error panic set in. I checked TCF's overdraft policy. We were understanding that due to our error there would be fees. I was expecting about $35 or so. But no... TCF has a daily overdraft charge.
We held out hope TCF would reject the transfer since the funds were not there... bastards paid it, so his account went negative. He was charged $28 a day. As soon as we saw they paid it we transferred $800 back to TCF. It was a 4 day process, he was smacked with $112 for the overdraft fee.
Even though I understand this was entirely our fault it still left a bad taste in my mouth. He's now wanting to close the account. Anyway, there is no TCF where he currently lives, so there is no point in keeping them around.
His mom and I both bank with BofA so we're not going that route. I'm getting ready to pull my stuff out with them. His dad is with Fifth Third. It makes more sense for him to open an account with Fifth Third since they have branches where he lives and my SO often helps his father with money.
So, can anyone tell me any experiences with Fifth Third? Is it a fairly good bank, or another B of A? We're looking for totally free checking which I am not sure they have.
This is where the miscommunication set in: Out of that check I paid off his USAA credit card, which was apx $600. I paid it from TCF using USAA web bill pay. I then told SO that we should move the remainder into his USAA. He thought I had not paid the credit card. I (at the time) did not have access to his TCF account. So when I asked him how much to transfer he told me $1600 (which included what I had already paid to the credit card).
When we realized the error panic set in. I checked TCF's overdraft policy. We were understanding that due to our error there would be fees. I was expecting about $35 or so. But no... TCF has a daily overdraft charge.
We held out hope TCF would reject the transfer since the funds were not there... bastards paid it, so his account went negative. He was charged $28 a day. As soon as we saw they paid it we transferred $800 back to TCF. It was a 4 day process, he was smacked with $112 for the overdraft fee.
Even though I understand this was entirely our fault it still left a bad taste in my mouth. He's now wanting to close the account. Anyway, there is no TCF where he currently lives, so there is no point in keeping them around.
His mom and I both bank with BofA so we're not going that route. I'm getting ready to pull my stuff out with them. His dad is with Fifth Third. It makes more sense for him to open an account with Fifth Third since they have branches where he lives and my SO often helps his father with money.
So, can anyone tell me any experiences with Fifth Third? Is it a fairly good bank, or another B of A? We're looking for totally free checking which I am not sure they have.
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