Do banks have a responsibility to protect their customers from credit problems resulting from their 'error'?
Question Details: I deposited a large check. The hold on the funds was manually taken off at the bank and my funds were immediately available. I went home the same day and paid all of my bills (some online, some checks mailed) and went out of state. The bank had put my deposit back on hold the next day because they had the wrong number to the bank to verify the funds. All of my payments came back returned. One credit card closed my account and one lowered the limit ~$700, others locked me out of online usage. The bank is refusing to offer me a letter to present to my creditors absolving my fault. Help!!!
Bankruptcy Law Answers
Well what happened? Was the check ultimately good? If not, I don't know if the bank would be willing to share the problem. What is their hold policy?
In terms of if the check was good and they simply shouldn't have done what they did, then you need to contact their regulator and ask what you want done. If the bank is state regulated, contact the California Dept of Financial Institutions. If nationally regulated, contact the OCC. The way you know it is nationally regulated is if it says N.A. or National Association at the back of the name. If it is a federal savings bank (Says FSA or FSB at the back of the name), then contact the OTS. Usually, the bank will be forced to refund monies charged you, contact the entities involved and also submit letters to the credit reporting agencies and your various credit card companies.
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