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My bank issued a credit of $1,000 from my credit card to my checking account. I used a little over the amount, about $343. This would have been no problem paying back the next week as i received checks from work and xmas summing up to $900. A week later the bank reversed the credit w/out my knowledge on the basis of a "bank error". Now left with a debt of $1,343 on my checking account and an approaching departure date for a six month study abroad program the problem could not be handled over the phone (i tried). The bank teller advised me to simply wait until i returned to the states to handle the situation. I opted to leave the checks undeposited. Months later, I lost access to my checking account. As it turns out, any account left in debt longer than 4-5 months gets turned into a collection agency. in preparation for my return home I asked a friend to deposit my checks into my savings account, this way I could use my credit card (newly freed of dues) to pay for natural costs ie. international traveling taxes, food, etc. while still being able to avoid interest or late fees. To my surprise the collecting agency snatched all the money from my savings account before I could even transfer the money required to pay my credit card bill. I returned to the states with $0. The next day I went straight to the bank and ordered they find the so called reciept of "bank error". No one would help so I asked to speak with the bank manger that issued the credit to my account. There was no manager and the manager that issued the credit had been fired! Then I asked to speak with customer service which is apparently different from customer solutions and credit card customer service because I was on 4-way with all of them making them understand the dilema. The horror wasn't that they didn't see the banks error but that they couldn't do anything about it because it was listed as a bank error. Meaning, only the specific bank that issued the error could reverse it. What was I supposed to do, shake the bank tellers until they fixed the problem? Ideally, the bank should have noticed they made a mistake, reversed the $1,000 back to my account reducing my debt to $343 an amount I could have easily paid obvioulsy within 6 months. This would have avoided my account going to a collections agency and would have allowed me to return to the states with the tools necessary to pay the remaining minute amount on my credit card. It's been a year now and because i work as a waitress i make cash. i keep the money in a drawer in my room until the end of the month and make money orders for all my bills. my credit is crap and i refuse to pay the bank any money until they fix the problem. the catch is that they won't, what do i do, sue?
Jess, I do not believe your situation is up to the point that you should sue. On what grounds would you launch legal action? By the sounds of it the level of incompetence at your local bank has hit the roof, but to me it just seems human error is to blame for your misfortunes. If the bank employees and customer service hasn't helped, you have every right to contact higher external authorities to voice this problem. But to have a case it's very important that you have evidence and details of your actions already taken to address the problem, like on what day and time you spoke to who, what they said, anybody they referred you to, receipt numbers of the calls you made...etc. In general the ones who deal with everyday customers in bank branches won't know much, and even if they do they may not be in the position to make any decisions or request reviews of your circumstances. If they can't resolve your problem then take it up with the manager. If the manager can't help you then ask them for the details of someone who can. If they they don't know then ask why they don't know, and get the contact details of their superior. Makes notes of every person you contact, and keep going up the chain until you can be heard and someone takes the initiative to do somethng about it. If after several attempts to resolve this internally fails, there are external bank regulators (they ensure banks do not exploit customers) you may contact. There may be specific regulators for the banks in your state, I couldn't find any mention of the state you live in. Here's a website that may provide you with more information. They have a national toll free number for inquiries and complaints. 1-800-613-6743: Also, if you don't mind I'd be interested to know how this turns out, since I just did a course on the banking system. It's just out of curiosity, so if its New Jersey with you send me an email from my main page on yahoo answers, and let me know how far you had to take it before they did something about it. Good luck.
It's probably too late. Call your local small claims court and ask the advisor.