is my bank account really closed?

[Moneypenny]

I went into the branch and closed my account months ago. Or that's what they told me. I used to do online banking with BoA, and could not access it after closing the account. I do not receive statements in the mail about my account.

Does this mean it is really closed? What should I do to be sure? If I go back in and ask for written confirmation what might they do?

Just read about some horror stories here and don't know what to think.


Mr. MP

[blessed]

I was told when I closed my accounts that an auto payment or something else COULD open the account back up and charge a ton of overdraft fees. I think the banks let this happen so they can come after you for the fees. Stupid for them when they can't hold poor credit over my head, I'm filing for BK! LOL

Anyway, can you call their 800 number and see if the automated system will say a balance of $0? I'd even talk to a rep on the phone and just tell them, "I want to make sure NO charges went through after I closed this account, can you verify?" If they ask too many questions for your comfort you can hang up. Personally I'd tell them I'm filing so I'm doing them a favor... if they let charges go through all you need to do is include them in the bk and they won't get paid those fees.

[catleg]

Tell them you suspect you were a victim of identity theft if you really want a bank account to be closed and nothing further to be paid out.

When they suddenly think that the bank's money is at risk, rather than, we're going to pound this guy for a bunch of fees, it changes their attitude very abruptly.

[Moneypenny]

that's a great idea about the identity theft. does anyone disagree?

what should i say exactly, how do i know i might be the victim of identity theft?
also, is there any repercussions of my having claimed that on my bk, when its not true?

or i could say, "as far as I know, I may be the victim of identity theft." that is not a lie, technically

[tigergem]

I don't disagree with the identity theft explanation. I am also wondering about two B of A accounts that I had requested them to close. I made the request in writing and sent it to the corporate address because there is no branch of B of A close to me. (Which is one reason I wanted to close the accounts.) But I never got a written confirmation that the accounts were closed, just all of a sudden one day, couldn't see them online. I called and the representative I spoke to said yes, they were closed. Still makes me wonder though.

[Char]

I closed my accounts over the phone and received confirmation numbers and the remaining balances were issued in checks from the bank. They didn't mention my account could be reopened for any reasons, but just wanted to make sure I didn't have anything pending. Perhaps, I should request confirmation in writing too.

[Moneypenny]

yeah, this is making me nervous. but, probably it is nothing.
wow these banks are sharks...

[dscurlock]

I think once an account is closed, then it should be closed forever, unless you got
pending transactions...other then that, anything else should get rejected by the
bank, otherwise, what would the purpose be of closing accounts if banks
continue to let items through...people close accounts for a reason...

I closed an account in AL years ago on AmSouth with $0 balance.
years later I start getting letters saying that I owe this for
overdrafts or what-not...I am still getting these collection
letters for $200 from the bank..I do not play these games..
I closed the account with $0 balance...if the bank was responsible,
and they knew the account was closed, they should have rejected
any kind of outstanding checks...Its a money game for the
bank, why would they want to do the right thing, and actually
close the account, when they can make just a few more $$ from
you on any payments that have not actually went through the
bank yet...

BANKS: CLOSED MEANS EXACTLY THAT...CLOSED!

These days they call it convenince..."well, we did this on your behalf so
your checks would not be rejected" This is total BS, banks did this on
their behalf so when they passed an overdraft through, then they
get more money...if I wanted convenince, then i would have signed
a statement giving banks permission to do this...they all to well
help them to the convenince of your money, and call it justice, and
act as if they did you a favor...

in my personal strong opinion...I do not think overdraft should exist..meaning if
there are no funds in the bank, then nothing is passed through, it gets rejected
by the system, unless, you have some of reserve overdraft...it serves no purpose
if you miscount your money...you just found out you have $0 left in your account,
and $500 in checks still out...opps..now if the banks processes it all, not only
are you in the hole for a negative $500, maybe another $300-500 in fees (depending
on the actual number of checks there are..) people do make mistakes...but
hey, the bank says its a convenince...it alright, we will be happy to charge
you hundreds in fees, even though we know you are broke as a donkey...

[WhatMoney]

in my personal strong opinion...I do not think overdraft should exist..meaning if
there are no funds in the bank, then nothing is passed through, it gets rejected
by the system, unless, you have some of reserve overdraft...it serves no purpose
if you miscount your money...you just found out you have $0 left in your account,
and $500 in checks still out...opps..now if the banks processes it all, not only
are you in the hole for a negative $500, maybe another $300-500 in fees (depending
on the actual number of checks there are..) people do make mistakes...but
hey, the bank says its a convenince...it alright, we will be happy to charge
you hundreds in fees, even though we know you are broke as a donkey...

The overdraft policy of any bank was clearly stated in the agreement you signed when you opened the account. If you did not want overdraft protection you should have opted out of it. In that case the banks would return the rubber checks you wrote unpaid and just charge you for overdraft fees. There has never been a requirement to accept overdraft protection when opening a checking account.

Also, a bank will not close your account if you still have outstanding checks on the account. I guess you think you can write checks with no balance, close the account, and avoid both bank fees and covering the bad checks. Both the check payee and the bank gets screwed that way. Sorry - doesn't work like that in the real world.

[tigergem]

The overdraft policy of any bank was clearly stated in the agreement you signed when you opened the account. If you did not want overdraft protection you should have opted out of it. In that case the banks would return the rubber checks you wrote unpaid and just charge you for overdraft fees. There has never been a requirement to accept overdraft protection when opening a checking account.

Yes and no. I have come to find out that my bank's fee policy changes when the wind blows, and they don't bother to notify you. So it doesn't matter one bit what I knew or understood when I opened the account. A month later they will change it, or in practice, do something completely different than the written policy. I'm not talking about just OD fees, though. Every fee.

I've never had this bank return a payment unpaid though. They just pay it and charge you, and I have specifically told them NO to overdraft protection, because I don't "usually" have that problem anyway.

[WhatMoney]

Yes and no. I have come to find out that my bank's fee policy changes when the wind blows, and they don't bother to notify you. So it doesn't matter one bit what I knew or understood when I opened the account. A month later they will change it, or in practice, do something completely different than the written policy. I'm not talking about just OD fees, though. Every fee.

I've never had this bank return a payment unpaid though. They just pay it and charge you, and I have specifically told them NO to overdraft protection, because I don't "usually" have that problem anyway.

Yes, most banks always opt you in for their overdraft protection. You really have to insist on a written agreement they will not pay an overdraft check. Some banks have a specific overdraft limit they allow. Others are just random, but they usually will pay a check if the amount is not too large.

Their account terms usually say they can do either at their discretion. This is a pain if you really want your checks to always bounce if your account is overdrawn. Usually the penalty for bouncing a check with a creditor is more than the bank overdraft fee, and the bank still charges overdraft fees whether they honor the check or not.

Debit cards are another story. Starting July 1, 2010, banks cannot opt you into overdraft protection with debit cards. You must request it. Too late for most I know. And this new opt-out default regulation still does not apply to checks or auto payments. I really can't understand why you would want a check to bounce, instead of covering it after the bank pays it. It sounds unethical to me, especially if your next trick is to include it in your bankruptcy. It can't help your ChexSystem report either.

Here's the new Fed rules, fyi:
http://www.federalreserve.gov/consum..._overdraft.htm
.

[tigergem]

Personally, I think banking is a privilege that carries with it a certain amount of responsibility. If you can't handle a bank account properly, then you just shouldn't have one, and I am not saying that to be mean, but how many people can really afford to drop an extra $35 because they stopped at the store to pick up a $5.00 item? C'mon. Have a little more respect for yourself than that! And you can't really blame the banks. The fees might be crazy high, but it is your own behavior that caused it. I used to go absolutely ballistic when my ex would incur overdrafts on our joint account. Made me absolutely livid. Because when he did that, it was never just one. It was usually 5 or 6. And he would say "but I checked the balance before I went", yeah DUH, but we had outstanding bills pending, moron. I swear, I will never ever in my entire life have a joint checking account with anyone ever again.