I refinanced my home with Capital One Bank,about a year ago and I had the money for the payment taken out of my savings account. Every thing went fine for a while, then my mortgage was sold to Chase Bank. To have my payment automatically taken from savings account I filled out the paperwork with the help of a Capital One bank employee, and it was mailed to Chase Bank,by Capital One. I confirmed the proper amount was being taken out when I got my bank statement the next month, every thing was fine. February of 2007 things changed. Without my authorization and without my knowledge Chase Bank or Capital One started taking my mortgage note out of Checking account.
I have always maintained a good amount in my checking, so it wasn't real obvious to me. I made sure money was going in the account and thats what was important to me, I'm a working stiff not a trained banking person, I don't scrutinize bank statements the way a professional would, I missed noticing the change. I had been out of work for the previous four months, my funds were drooping,and I was about to go on a trip with friends (1-7Oct'07)so I made sure I had enough money in my checking to cover expenses for the trip. A week after I got back from the trip( 13 Oct 2007 )I received a letter from Capital One saying that every purchase I made on the trip "bounced".
On Monday I went to the bank and put more money in my checking to cover everything. The bank had paid all my purchases and charged me $32.00 for each NSF. What happened was that my mortgage note, $551.73, was taken out of my checking, unknown to me, this action created a snowball effect down the line and fouled everything up. I went to Capital bank to find out what happened. The bank confirmed that the mistake was theirs, but because I did not catch the mistake sooner,the charges would stand.
That's 23 NFSs times $32.00= $736.00 that the bank is charging me because I didn't bring it to their attention, according to their time frame. This whole thing was brought about by one incident that was not my fault, but the banks fault, but I'm being severely penalized for their mistake. And I don't know how to fight them, this is the first time something like this has happened and it will be the last. Now I have to go back through all the wickets to get my mortgage back on track.
I would greatly appreciate any help or advice to get my money back, I can not afford to walk away from this and lose $736.00 to a cold hearted bank.
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