darkhorse and other bank gurus...

Discussion in 'The Loafing Shed' started by TwistedWire, Jan 23, 2009.

  1. TwistedWire

    TwistedWire Guest

    I check my accounts online every few days just to 'see' what has come through, been paid, etc.

    Today I see that yesterday a debit was made via the telephone, and I Did. Not. Do that. I called my husband, who said he didn't transfer any money, either. When I called the bank, I find that the money was transfered into his checking account that he uses for the cattle.

    I called him back to tell him to figure out why, and he said he didn't authorize this.

    His account was overdrafted and he claims he made a payment, thinking it would have been enough.

    Can banks just take money out of our other accounts like this? What gives?
     
  2. darkhorse

    darkhorse New Member

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    Yes. If you are a signer on an account that is in overdraft status, the bank can take money from another account that you are on. It is their "right to offset." They usually do not come out and tell you this during the account opening process, but it should be in the disclosures they gave you.
     

  3. BUC

    BUC Administrator

    I was actually going to start a thread and ask darkhorse a question today too...I hope you don't mind if I hijack since we have her here already?

    At what percentage point drop would it be worthwhile to refinance? 1/2, 3/4, 1? My BF says it's not worth it unless it's a whole point because of closing costs.
     
  4. lori

    lori New Member

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  5. TwistedWire

    TwistedWire Guest

    So why, in the past, would they never transfer money from my personal savings account to my overdrafted checking accounts, when there was enough money there? But now, they'll do it from my checking account?
     
  6. darkhorse

    darkhorse New Member

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    Probably dependent upon the type of account that is in overdraft status and how long it has been that way.
     
  7. darkhorse

    darkhorse New Member

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    1/2 point is worth it. The closing costs are minimal compared to the long term $'s you will spend. Even if you spent $5,000 in closing costs, in the long term, you would save more than this. With each payment is made, more goes to your principle and less to your interest, so even 1/2 point drop is going to help reduce the interest you pay over the term of the loan big time.

    Actually, I just went and calculated it. As an example...On $100,000 loan over 30 years at 6.00%, if you refinance for 1/2 point less you save about $11,000 over the life of the loan. Seems worth it to me, since your closing costs should be substantially lower than this.
     
  8. BUC

    BUC Administrator

    TY! That is exactly what I have been arguing. Of course I'm not a banker so I don't know anything :) I am hoping by him realizing, you, as in someone not trying to actually take our money and being in the industry, he will listen.
     
  9. darkhorse

    darkhorse New Member

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    I just modified my previous post. See above... It does make a difference.