Check resolved

[dvandom]

Well, the bank refunded my overdraft fee and promised me no note had been entered in my credit history, but it turns out that it actually wasn't their fault.

It turns out that, in my credit card statement is a phrase that, when translated from financespeak into English, means that the credit card company doesn't show the bank the original check in any fashion at all. They just ask for the money and then dispose of the check, not even providing a scan of the check to the bank. Lovely. If you see "ACH" on your bank statement after any check, it means "Automatic ClearingHouse", and that means your bank never sees the check.

Comments

[robotech-master.livejournal.com]

I've had to pay at some retail stores by check lately, while waiting on a replacement debit card, and I noticed that both Wal-Mart and Target now use an ACH system themselves, where they scan the check and print out a slip for you to sign, then give the check back to you. (Walmart prints VOID on the check, but Target just gives it back.)

[sweh.livejournal.com]

Yup; electronic checks. Joy! Not even a signature presented to the bank to protect your money.

Maybe I'll put my money into gold and hide it under my bed; it's probably safer there!

[not-croaker.livejournal.com]

Shouldn't that be fucking well ILLEGAL?

[dvandom.livejournal.com]

Apparently not. And it's not their fault if no one reads their entire user agreement. :/