Bouncing Checks Can Be Painful
To the wallet that is. I do not like checks. They are annoying and useless to me. However, because of an investment in a condominium unit I had no choice but to get a checking account of my own.
My treatment with checking accounts is the same as credit cards: there will always be funds to ensure that I won’t get penalized and to avoid using those funds for non important things.
But I guess we all get bitten by the bouncing check curse. I did not know that when you issue a check date, there should already be funds in one’s checking account within that date. I thought the 3 day clearing process applies that funds need to be available before the 3 day clearing period ends.
Man, was I pissed to know that it does not work that way. I got charged every day. That hurt a lot. I am sure it will hurt anyone who works hard to earn their money and the bank does not incorporate a feature in their system to notify the user if any penalties had been incurred.
Well, BDO just sucks. Emailing clients from within the system is no hard task. It is downright easy. But, well, business is evil so clients always end up suffering. The system could have emailed me on the first day of the penalty itself. That way, I would not have incurred more penalties the next day.
But nooooo, no email came. Hence I was surprised to learn after the clearing period ended that the check bounced when I transferred the funds the day after the person I gave my check to deposited it.
Sigh. I hope BDO will waive the penalty. I did not know about this. Besides, what is the point of their “We Find Ways ….”? That will be put to the test if it is clearly just a ploy to fool more clients or they are really sincere with that phrase being plastered everywhere there is a BDO presence.
This entry was posted on Monday, April 21st, 2014 at 4:01 am and is filed under finance, life. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.
