Tag Fees

Found Money

Michael 4 Comments
Oh you dear people. Everybody wondering “how much be,” then complaining “it’s not enough,” and now wondering “will there be more?” Well not me. I hit the jackpot! Yes I hit it big! I broke the bank! Citibank that is. I got me me a check from them. Me! A big ole check to start the new year. Yes, me! Do you want to know why? An error was made in my favor and they admitted it. In writing. And sent it to me. In a check. They sent me a check for (are you sitting down?) (you should be sitting down) for thirty-five dollars and no cents. Yep, 35 bucks.
 
Schmucks. Thirty-five freaking dollars. That would be 44.55 Canadian. Or if you’d rather — 28.58 Euros, 45.40 Australian Dollars, 26.50 Pound Sterling, 349 Venezuelan Bolivar, 2,588.23 Indian Rupees or 2,600.40 Russian Rubles  Thirty-five freaking dollars. Wanna know more of why? They charged me a late fee on a Home Depot credit card account they should not have. In 2014!!!!!!
 
In July of 2014 they charged me a late fee even though they had credited the payment to my account 3 days before its due date. No explanation why they charged me a late fee when the payment wasn’t late. I saw when it happened six and a half years ago. Actually I saw roughly 30 days after it happened 6-1/2 years ago when I recieved the following month’s statement showing the activity. I brought it to their attention but they couldn’t take my word for it. I referred them to their statement but they wouldn’t take their word for it. I was told they would need the date, amount, and drawing institution of the payment, the confirmation numbers of my on line payment, a copy of the acknowledgement screen or email of that payment, and proof that the payment was actually debited from my bank account and recieved by them. Upon receipt of all that they sent a very nice letter saying they would begin their investigation. And that was the last I heard from them. 
 
That was that was the last I heard from them until January 2, 2021 when slipped into my mailbox was a letter and an attached check for $35.00. A letter that said there was an error. No explanation. No apology. No word that was even the incident provoking this action. Maybe the whole world is getting 35 bucks and I’m not special at all. No mention they would be notifying the credit bureaus they misinformed them of a late payment 6-1/2 years ago and no freaking interest on my $35.00 that you know darn well they would have charged me had I owed them $35 for 79 months. Just $35.00. 
 
Hmm. Well, it’s found money. I should splurge with it. $35.00. I’ll get dinner! Take out dinner. Wait. $35.00. Better make that lunch.
 
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We’re On Vacation, Part 1

Michael 2 Comments

You recall the scene in “City Slickers” where Billy Crystal is being dragged behind a galloping horse holding on to the reins, looking to the camera and shouting, “I’m on vacation!” almost as much to convince himself as to inform the world of his status.  We just got back from ours and although we had a wonderfully restful time, we also occasionally had to convince ourselves that we were indeed on vacation.

We don’t get to take a break often enough and nobody was going to take away from our leisure.  We’ll do a day trip or a weekend, but to take 10 days off for either of us and then to coordinate schedules for both of us is hard.  When we saw we would be able to do it this year we jumped at the chance to do it in a big, relaxing way.  Even so, every now and then we had to voice our mantra, “We’re on vacation.”

Neither of We travels much by plane.  He of We does a business trip every once in a great while; She of We has averaged one roundtrip per year for the last three years.  When it came to packing we were pretty careful to keep our checked bags to one each and thus the checked bag fee equally to one each.  Both of We packed our carry ons quite sparingly.  He of We used his classic pilot case and a smaller shoulder bag with net-book, e-reader, and some snacks. She of We carried a quite attractive leather tote with her reader, a few pieces of jewelry, and a matching purse.  All would easily fit “in the overhead bin or under the seat in front of you” as the gate agents announced several times over.

Unfortunately, not everybody obeyed that travel law.  While we were at the gate we saw many future plane-mates wheeling quite overstuffed, oversized cases that would no more fit into the overhead bins than those wheeling them.  About 5 minutes before boarding began the agents announced to the gate lounge, “We have a full flight today and as the plane fills we will most likely be asking people to check their carry-ons.  If you’d like to save some time you can bring your bag to the podium now and we’ll check it through for you to your final destination at no additional charge.”  Not only were these wheelers with the not so carryable carry ons breaking the carry on law, they were getting paid for it and payment was the equivalent of what it cost us to check our bags when we first walked into the airport.  But that was ok.  “We’re on vacation.” 

When we got to board, which was sometime after the first class passengers, those needing assistance, the gold members, the platinum members, the plutonium members, the friends of the chairmen, the preferred select group, the regular select group, the airline credit card holders, and those travelling with young children, we noticed there were still those with the monster carry ons that wouldn’t fit into the overhead compartments.  We observed one fellow drag his not so mini-suitcase from bin to bin, hoist it to overhead bin level, and attempt to force it into the compartment. Either he didn’t realize that each bin was the same height or he thought his case was losing weight from the jumping jacks it was doing.  “We’re on vacation.”

Eventually the flight attendants gathered up all the oversized carry ons and checked them through to their final destinations (at no additional charge) and we made our way to the runway where we were number three to take off.  Six hours and one airport later we emerged onto a palm treed, sun drenched some 2,000 miles from home.  “We’re on vacation!”

Now, that’s what we think.  Really.  How ‘bout you?

Tax and Fees Extra

Michael Leave a comment

“And of course because this is a foreign check we’ll have to hold it for 5 days.  Which account would you like it held against?”  The question was absolutely serious.  And He of We was absolutely dumbfounded.  “Foreign?  Well yes, it does come all the way from Kentucky.”  And thus he found himself on the receiving end of a lecture, a real honest to gosh lecture, about how the banking industry works to protect our deposits.

She of We got her own lecture two weeks later when her credit union debit card was refused by a merchant because the bank had inactivated it.  It was very good of the bank to do so since it appeared that someone had possibly stolen her card numbers and attempted to buy something out of country.  But nobody told her.  She found out 3 days later.  During that time she attempted two local purchases which were refused and called the credit union.  She spoke with a live operator who suggested she try her card again in an ATM.  After the ATM was no more help than the live telephone version she went to the branch to inquire and was then told that her card had been suspended.

While She of We was waiting at the teller window another patron at the next window was having his own issues with cards and funds.  It seems he stopped at a gas station and “Paid at the Pump” with his debit card.  Forty-five dollars.  But his computer statement told him the account had been debited $70.  Where was the other $25?  And why was it not in his account where it would have stopped a check of his from being returned unpaid for which the institution charged him another fee.

If we remember all the details, a foreign check is one drawn against an account from any bank other than the one to which He of We was attempting to deposit it.  If that check should not clear we will be charged a fee for depositing a check that is not backed by sufficient funds and we’d be charged a fee immediately and thus place our account balance in jeopardy.  So it’s for our safety. 

Purchases against a debit card are transferred to the bank for approval and if it will be paid or not the merchant is apprised of that by electronic message.  Anywhere in the world.  Immediately.  For our safety.

Unspecified cash total purchases, such as a “pre-approval” to buy gasoline sometime in the future (and apparently sometime in the next 30 seconds of the pump reset is “the future”), is transmitted to the gas pump’s mini-computer with a predetermined spending limit.  Eventually, the predetermined already debited amount is re-credited to the account.  Probably for somebody’s safety.

It’s commendable that a bank would want to protect its customers from fraudulent transactions but we have some questions.  What if the debit card number thief had try to make a purchase in Hartford Connecticut rather than Hamburg Germany?  Was somebody ever going to contact She of We that she was walking around with a useless piece of plastic in her wallet?  Why isn’t the card holder made aware of the amount of held funds for pre-approved purchases and for how long they will be held?  And explain again why Kentucky is foreign? 

These are all accepted US banking practices protected by US and individual states’ banking laws.  A bank can hold funds guaranteed by a check for 5, 7, or 10 days until the issuing bank confirms there is money in the account against which the check is written.  That’s only good practice.  Good practice to hold the check until the receiving bank finds out if the issuing bank has the money.  Good practice for it to take 10 days if the receiving bank is planning on sending a representative by stagecoach to the issuing bank to collect the money. 

The rules were written before electronic funds transfers were common, before the average American had 3 phones and 5 e-mail addresses, before people traded in their folding money for a piece of plastic that is easier to carry, and if lost or stolen easier to report, manage and recover.  Why would anybody want to re-write the rules?  They provide the bank with the opportunity to use somebody else’s money for 3, 5, 10 days to collect additional interest for their accounts.  And after all, they protect our accounts.

When the banks can’t get enough by squirrelling away our money for a week or so they charge fees.  ATM fees, teller fees, call center fees, credit card fees, debit card fees, paper statement fees.  We read recently of a bank that tried to establish fees for using their website.  It was a monthly electronic access fee. The banking is free.  The accounts are “service charge free.”  However, if you want to find out how much money you have on deposit you have to pay a fee.

Used to be all banks were worried about was someone holding up the stage coach.  A banks real challenge now is measured by how to creatively phrase the next fee they will charge you and convince you that by paying these small fees translates into large balances later.  If you believe that, we have a bridge we’d like to sell you. 

But you have to pay the closing cost fees.  It’s for your safety.

Now, that’s what we think.  Really.  How ‘bout you?