by Beks
A few months ago, in a visit to my bank, the teller encouraged me to sign up for text alerts for low account balances (you know you live your life close to zero when the teller suggests this option). I haven’t bounced a check or incurred an overdraft fee in years but I thought it might be a good idea just in case – despite my ineptitude dealing with technology.
I completely forgot about this service… until this morning.
I received a text that read, ‘Your account balance is $2.14’ and gave directions on how to transfer funds directly from my phone from my savings account. Sometimes I pay bills a little too far in advance and they clear my account before the paycheck they are intended to be paid with. I transferred $100 as per the directions and put my phone back into my purse with a smug smile because I had conquered technology.
60 seconds later, I received another text that read, ‘Your account balance is $8.14’ and repeated the same directions.
“What happened to the $100?!?” I shouted at my phone in a full panic. Assuming someone had stolen my identity and my debit card, I thought they were clearing out my bank account. “Ahhhh!!” I screamed.
I tried to log on to my bank account from my work computer but the bank wouldn’t let me without a special code since I was logging on from a computer other than my home computer. I tried to get my special code but it was connected to an e-mail account I closed a month ago.
I called my husband, “Help! Someone is stealing all our money from the bank account!” I cried as I explained what was happening.
He calmly logged in from his computer and explained that no one was stealing, it was simply two checks for utility bills clearing back to back. It was close, but we had enough in the account to cover it.
‘Oh’ I responded.
Technology is lame, stressful, and… great?
If your bank has this free service, try it out. It might help save a bounced check.
Beks is a full-time government employee who enjoys blogging late into the night after her four kids have gone to sleep. She’s been married to Chris, her college sweetheart, for 15 years. In 2017, after 3 long years working the Dave Ramsey Baby Steps, they paid off more than $70K and became debt free. When she’s not working or blogging, she’s exploring the great outdoors.
That serves as a good lesson, too, to keep your email accounts up to date with your bank.
I think I would have freaked out too! I think there is a point of diminishing returns with all the technology we have. Things are a lot more convenient, like checking your account online, but there’s also so much room for error or misinformation. I kind of miss the days of balancing my checkbook once a month when the statement came in the mail!
Which bank do you use?
Not that I’m going to try and steal anything but my bank has a waiting period for all transactions.
I would love to know a bank that allows me move my money freely when I want…
What a great feature……..from someone who often pays bills a little too far ahead :-).
@Edward – my experience has been that if you are transferring funds from one account to another within the same financial institution, there is no delay. If you are transferring funds from one financial institution to another (or paying bills, etc) there is a delay. My primary financial institutions are two credit unions in the SF Bay Area and I’ve never experienced a delay when transferring from account to account within the same financial institution. I believe this is true for BofA as well (within BofA from one account to another = no delay). I believe the delay occurs when transferring between two different financial institutions.