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Have you ever had a Check bounce – that shouldn’t have?

Have you ever been frustrated because you knew you had the money to cover the check when it bounced?

What can you do, when the Bank that you trust and depend on unfairly burdens you with a bundle of debt?  Feel free to keep reading today to find out.

Also feel free to subscribe  to the DEBT WARRIORS!™ Updates (via Rss Feed or email .

In the summer  of 2000, I moved my family from Michigan to Florida. I took the advice of a friend and opened a Bank Account through Bank Of America (BOfA).  Fast forward to the Fall of 2000, when my youngest daughter was just starting the 5th Grade. She needed lunch money (of course she told me last minute .

So, I made the mistake of writing a $15 check to cover her lunch money for 2 weeks. When I wrote the check, more than enough money had been deposited into my Account, so I wasn’t at all worried about it.

In Michigan, I had never Bounced a Check. But  I moved to Florida and booing…! You’d think my check was rubber when I wrote it. Of course, this was not true! The Bank made a mistake and here’s what I did to make the Bank correct their mistake.

1. Take Action and Question What Can’t Be Right”!

About two weeks later, I received an interesting piece of mail from Bank Of America. It came in a small square envelope. In the envelope, was a note stating that I had Bounced that $15 check – twice, costing $60 in Bounce Fee’s. I was shocked, when I realized that my Bank was scamming me for $60 in bounced check fees!

I said “What? This can’t be right!” I knew I had the money in the account to cover that check. I knew it was the Banks error. So, I took action and called the Bank.

2. C.Y.A. ‘Cover Your Assets!’

So, I call BOfA to inquire why the Check Bounced. I instantly learned the most important rule of doing business with Banks and Financial Institutions, “C.Y.A. -  Cover Your Assets“.

The Customer Service Person gave me what sounded like a scripted statement. She said, ” Mr. Ford, it seems as there were insufficient funds in your account to cover your transaction.” I grilled her, “why is that? I had more than $250 in that account, for the last 2 weeks!… way more than enough money to cover the check.”  She asked me to hold while she ‘checked into the matter in detail’.

After about a 20 minute hold, the  BOfA Rep returned and said, “I’m sorry Mr. Ford, but there was a check that was returned for Insufficient Funds”… I rebutted her delicately (at first). I said,  “Ms. I wrote a $15 Check two weeks ago on a Monday. At the time I had $250 in savings and at least $50 in Checking”. I told her it wasn’t fair because the money was in the Account for two weeks, but they failed to process the transaction – when the money was there.

The BOfA Rep, insulted my intelligence and blaimed the School for not processing the check on their end. I laughed and told her, it wasn’t flattering to her (or her Bank ) that she would throw the School under the bus, to cover the Banks’ Assets.

3. Don’t Fall for the “Floating Check Bank Scam”

The Bank floated my check and made a quick $60 bucks from a mistake they made! Now, when I followed up, they tried to create  scripted doubt (part of the scam). They wanted me to think that maybe it wasn’t their fault. I wan’t going to tolerate it. I refused to be the ‘Mark’!  I hung up and immediately typed a dispute letter. The next day, I called in late to work, and I drove over to BOfA to file a Formal Dispute.

4. Beware of Bundled B.S. from Your Bank

At the Bank,  I  received a stinky Bundle of B.S.  First they told me that I needed to wait to  speak to Arnold my ‘Personal Account Manager’. They said it would be about an hour until he was able to speak to me. I guessed they’d assumed that I was ignorant to stall tactics.  Plus, my so called Account Manager had never contacted me and didn’t know me from Adam.

5. Take Charge And Prove Your Point

So I called the BOfAs’ bluff and waited in their open-air Lobby. I was going to correct their error.  I was armed with Patience,  my Frankiln Covey Planner (to take names and notes) and Stephen Coveys’ book, “Principle Centered Leadership” (to begin with the end in mind).  So, I was good to go. To my surprise, I only waited about 15 minutes.

Arnold, my ‘Account Manager’ greeted me. I stood up, shook Arnold’s hand – smiled, looked him in the eye,  and handed him my Dispute Letter. Arnold’s Eye-brows squinted inward above his glasses, as he read my Dispute Letter. Next he looked at copies of my on-line Account Statements enclosed with the Dispute Letter. Arnold, the Account Manager said, “Mr. Ford, I’d like to check our records to see where the discrepancy is.”

I agreed and we went to his open-air desk, located 10 feet from the open-air lobby. Arnold agreed with me. The fault was the Banks  and he vowed to correct it. At the time, it seemed hassle free. But I didn’t know that I’d been profiled in ChexSystems.

6. Check with ‘Chex Systems Inc.’ For Errors

If   Chex Systems, Inc. has information about you – you should know about that information. If you have been denied an account from a bank or credit union Chex Systems was most likely used in the decision process.  To learn more about Chex Systems - click here to open their frequently asked questions in new window.

7. Don’t Give Up – Follow Up!

Don’t give your Bank any benefit of the dout. Take action, cover your assets, don’t fall for your Bank floating checks, beware of the B.S. when you catch your Bank, take charge and prove your point, check with Chex Systems and file a dispute if you need to.

Follow these steps and you’ll save yourself a lot of time, fee’s and stress. To save even more or prevent a Banks’ mistakes from threatening to ruin you finanically, subscribe to our updates.