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Home >> Accounts >> Checking Accounts
Stop Payments and Overdraft Fees Mingle
About three weeks ago, I applied for a secured credit card, which required the credit company company to take a $500.00 deposit out of my checking account. I was aware of that, and gave my checking information as well as a check number. My deposit wasn't available on the day it was supposed to be taken out, so I put a stop payment on the check number I had given them. A few days later, I was hit with a $30.00 overdraft fee, because the stop payment didn't go through, and the credit card company attempted to take the deposit out. I just noticed on my recent checking statement that I was charged the stop payment fee about two days ago, which is about three weeks later than I requested. Is this normal? Should I call my bank and ask for the overdraft fees to be reversed/taken off?
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 When a bank accepts a stop payment request it is conditioned on the time it takes to place that stop request in relation to the check being presented. That is, people request a stop and the check is presented literally minutes later at another branch. There just isn't much the bank can do with that, but if it took them weeks to apply, that is not reasonable, compounded by the fact that the check had already been presented. Tell them that the stop request was ineffective and that fee should be refunded.
Published on BankingQuestions.com 12/01/10
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