Autodebit payment bounced--what happens?

[mfitz804]

My bank made an error and held a check too long (and actually admitted it was their error!). As a result, my autodebit did not go through as scheduled. Did this ever happen to anyone? Do they try it a second time? Do I need to mail a check?

Any relevant info is appreciated.

 

[*elaine*]

I'd get on the phone with them ASAP. We just sent in our paperwork today, which I actually read carefully, and it said that they will raise your finance interest rate a full percentage point if auto-payment fails for whatever reason. Find out if they will waive the raise in interest if your bank sends a letter. Otherwise, expect your rates to go up...

 

[mfitz804]

The papers actually provide for a 5% late fee. The raise in interest only occurs if the financial institution does not issue payment within ten (10) days of Disney notifying you that the payment was denied.

So it looks like I will pay about a $10 late fee. I will ask the bank to reimburse me.

 

[*elaine*]

The papers actually provide for a 5% late fee. The raise in interest only occurs if the financial institution does not issue payment within ten (10) days of Disney notifying you that the payment was denied.

So it looks like I will pay about a $10 late fee. I will ask the bank to reimburse me.

Good! A $10 late fee is a much better deal!

 

[mfitz804]

Yes, I agree. I'm so embarrassed. I never bounce checks and the bank was acting like I was passing bad checks all over town.

 

[*elaine*]

Once upon a time banks actually seemed to trust their customers. And you would get a call from the bank before they started bouncing checks, so mistakes like this would have been caught.

Now, it seems as if at most institutions (not all) you are presumed "guilty" until you prove that you are innocent - and you aren't informed that there are issues with your account until it has snowballed into something huge.

So sorry that you are struggling with this - what a PITA.

 

[mfitz804]

I appreciate that, thanks. Of course, it had to happen on a Friday so they can not be there until Monday and I can worry about it all weekend.

 

[DebbieP39]

I made a mistake with my checking acct. I called MS today and they said they would take out the payment on the 23rd.

 

[Judique]

The papers actually provide for a 5% late fee. The raise in interest only occurs if the financial institution does not issue payment within ten (10) days of Disney notifying you that the payment was denied.

So it looks like I will pay about a $10 late fee. I will ask the bank to reimburse me.

Glad to hear it was resolved easily.

 

[Doug Wolfe]

Simply call the member services number and select the "member accounting" option.

This happened to me in 2002. I changed banks and was given the wrong routing number on my new checking account.

When I notified member accounting they were very helpful and understanding. The error was corrected that day using a couple of faxes.

 

[MinnieGirl33]

Happened to me once too.

Came home from WDW the day AFTER the fee is supposed to come out of my account.

With all the packing, etc. I completely spaced on transferring money into that account before we left. I called MS ASAP - I don't even think they had been notified by the bank yet - & I paid it over the phone.

Very embarrassing but it was taken care of on the spot.
No problems.

 

[fishermouse]

So it looks like I will pay about a $10 late fee. I will ask the bank to reimburse me.

HA GOOD LUCK!!!