Now, Sharx, you know Jo stands for a female, and not Joanne, just Jo, for the sake of argument (which I know you love). You do deserve a good paddling for being so mean to some of the other "boys", but "potty talk" doesn't upset me particularly. It's the spirit behind it that makes it nasty :D
} I know it is easy for me to say this, as I haven't experienced anything } like that. But, you must have gotten a statement saying $275.55 was due. } With that, I'd called the bank and told them the withdrawal was fraudulent, } and they were accessories to the fraud.
It is always fun to see folks playing lawyer on usenet, so I'll try too. First off, the withdrawal would almost certainly not be fraud [a simple error does not imply fraud. And as for accessory, I believe that if you did all the authorizations for your bank to transfer money to them, then it really isn't their problem. As a legal matter, I'd guess your only cause of action is against the merchant. Unlike with credit card transactions, where the law requires the card service to act as an intermediary [and the law provides explicit dispute resolution guidelines], AFAIK bank transactions are just that, transactions, and so the bank just does what you tell it to... if there is an error, I don't think the bank has a legal duty either to represent your interests to the merchant or otherwise act on your behalf. NOTE: I know that many banks _do_ have a policy of interceding in cases like this and will often act to "make you whole" in sort of an imitation of what credit card issuers are required to do with CC disputes, but realize that that's just mostly a customer-service/public relations matter which may or may not actually get your problem fixed [in contrast to having a dispute with Visa where they are *required* by law to get it fixed [and quickly]]
} ... I would have also immediately } called the payee and told them they were responsible for fixing their } mistake as of yesterday.
Now you're talking about the right thing to do..:o)
An interesting question is who is liable for secondary problems/costs due to their error. What if their mis-charge nearly bottomed your account and as a result your mortgage payment bounced. Or you got a letter from Blue Cross that your medical insurance is suspended because of the missed payment. Or you start getting $25 "refused payment" fees.... [not to mention tracking down any damage to your credit score if some of this got reported to the credit reporting agencies].
} ... This is unconscionable and the perpetrators of } the error are responsible.
You ought to look up the definition of 'unconscionable' --- it is more than a little hyperbolic in this instance. But you're right: the folks who made the error are responsible, and those folks are the merchant, *NOT* your bank.
/Bernie\
} Right, keep $25K where you can get a whopping .5% return. It would be } smarter to invest the $25K elsewhre and pay the Quicken fees.
I wonder about that. What can you get these days for simple investments, about 3%/4%? At 4% your 25K earns about $1000, so if they give you a generous [ahem] $125 in their account, you're out about $875 in lost interest or nearly $75/month. As you said: you're *way* better off to pay the $10/month in quicken fees and just put the money elsewhere...
/Bernie\
Where can you get 4% in a form that's easy to turn into cash?
Bernie Cosell wrote: :: snipped-for-privacy@nada.com wrote: :: :: } Right, keep $25K where you can get a whopping .5% return. It would :: be } smarter to invest the $25K elsewhre and pay the Quicken fees. :: :: I wonder about that. What can you get these days for simple :: investments, about 3%/4%? At 4% your 25K earns about $1000, so if :: they give you a generous [ahem] $125 in their account, you're out :: about $875 in lost interest or nearly $75/month. As you said: :: you're *way* better off to pay the $10/month in quicken fees and :: just put the money elsewhere... :: :: /Bernie\ :: -- :: Bernie Cosell Fantasy Farm Fibers :: snipped-for-privacy@fantasyfarm.com Pearisburg, VA :: --> Too many people, too few sheep
Nowhere I know of these days, but getting 1% is easy. The Quicken fees are about $120 a year so you can cover it with $12K at 1%, far less tied up than the WF $25K requirement.
snipped-for-privacy@nada.com has written on 7/23/2011 11:50 AM:
I have been assured by my local W-F service that, as a previous holder of a Crown Classic account, I will no longer be expected to pay for using Quicken in my new W-F account. And I do not have $25K in my W-F account.
We've been through all this before. Is there some pressing need to bring it up again? You like how you do it. that great.
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