Bank Error -- What can i do?

[dineshgk]

MI and CT.

Hello,

My Bank charterone bank has been taken over by Citizens Bank. Citizens bank is converting all the accounts by region. Due to this, my personal account in MI state still remains CharterOne whereas my business account opened in CT has now become Citizens Bank.

Even the Bank were not sure if my account would be converted. But somehow my account was changed and they removed the Over-Draft protection on my account without notifying me. I deposited a check from Business Account (now citizens) to my personal account (charterone). The money was credited when i saw on Monday. I then proceeded with 10 online transactions on tuesday. On wednesday when i logged onto the system, i saw that charterone had taken the money back from my account. I contacted the bank managers of both banks and even they were not sure what went wrong. But somehow my check was bounced maybe due to their error or insufficient funds and my new Citizens bank was not converted for overdraft protection as my old account setup with CharterOne.

I have gone thru a lot of torture due to this. Out of 10 transactions, 5 bounced and i also have lost a lot of amount in currency conversion. Both the banks have charged me NSF charges and other monthly chages caused due to this probem. My tansactions have been delayed by 7 days causing my plans to be further delayed by 20 days. I had to call everyone from all departments to figure out what needs to be done.

The banks have reversed the charges they had put. But what about the other losses i have incurred due to this? Will this come on my credit as NSF (Non Sufficient Funds) check bounces. Not to mention the torture i have been thru these two weeks.

Please advice if i can do anything to recover all my losses.

Thanks,
Dinesh

[Ladynred]

If the bank reversed the charges then you should be ok, but talking on the phone just doesn't cut it for something like this. Go park your butt in some VP's chair at a local branch and don't leave until you get this resolved !

NSF checks don't go on your credit reports unless they go to collections. They DO go on ChexSystems if they stay unpaid, but if your bank reversed the charges, then they should not report to ChexSystems either.

[dineshgk]

Hello Ladynred,

I have been in contant touch with the local branch out here. And it seems they have decided to split the cost between MI and CT branches. I am not worried about local office, the branch manager in MI does not seem that supportive.

My main concern is, are they liable for the losses i have incurred due to their mistake i.e. loses other than the bank charges.

ThankYou,
Dinesh