I have never been one to scoff at technology. I am a firm believer that the advancements we have made are helping us to live easier lives and also helping to reduce, reuse and recycle (obviously). I love that technology has come so far that I can now check my bank account with a few button presses on my high tech cellular telephone rather than taking the time to balance my checkbook with pen and paper (yes, I used to do that).
However, like any great invention there will be downfalls too. The downfall to doing all my banking via internet and not needing to balance on paper? Well let me point out the obvious before going into my rant. The obvious downfall is that I'm not up to par on my insta-math skills so much these days as I maybe once was. It would probably take me longer now to do simple math than in the days when I did it daily. Yes it's sad, but I've never been a fan of math which is why I love the technology that takes math out of my day.
Now for the rant part.
I have the most technologically advanced options for my checking account. My attached debit card makes life so much quicker than the days of formally writing out checks. Now I no longer need to spell out any of the retail names, rather swipe and go. Easy Peesy, Mac n' cheesy. I also have online banking. I can check my account balance any time of the day or night with just a few clicks of my computer mouse or my high tech cellular phone that has internet access on a 24/7 free basis (well not free, but included in my phone bill). Not only can I check my account balance all the time, I have the bank send me emails on a daily basis. The emails are normally just account balance updates. So every morning at about 8 am (however the times have been wonky lately) I will receive an email and check it from my cellular phone. The emails are short and sweet. "You have $22.58. Have a nice day." That kind of thing... but I also have "alerts" turned on as well so when my account gets dangerously low they send me a nice alert warning me that they are going to charge me for over-drafting if I don't do something about it. Sadly, the bank never catches me in time to properly warn me... usually they are a couple of pennies late by the time I get the email. Figures.
As high tech as my life has gotten in terms of my banking, I've been nothing but pleased with how it's working out for me. Until now...
I received my paycheck on Friday. (I've been too lazy and probably a little unsure of providing my work with my banking information in order to set up a direct deposit just yet.) As soon as my check was in hand, I went to the bank. My receipt says I was at the bank teller at 10am. I cashed my check and then deposited the cash. For those of you thinking "that sounds like more of a hassle than anything", you may be somewhat correct however my account is an out of state account at my bank therefore any checks are held for 5 days. Whereas Cash is instantly deposited and available just in case. :) I have been banking with my current bank long enough to know the ins and outs. So I know how to work the system in my favor without it being against the rules. Yay me!
Back to my story. I cashed the check. Keeping out just enough cash to pay my bills and depositing roughly $200 into my account for use on things I would need throughout the next two weeks (such as food and gas). After depositing cash and feeling sure that I now had money, I went to the gas station and immediately filled up my tank. Swipe, pump and drive. So easy and stress free, or so I thought.
On Saturday morning (yes even on the weekends my bank is working for me), I received an email. I thought "oh goody, now I can see if my phone bill payment has come out of my account since I paid it online". I opened up the email and to my shock and surprise it was a nice little "alert" from my bank. It read something like "Warning: Your account is negative and if this issue is not resolved as of 5/6/2010, you will be required to pay an over draft fee for every transaction... blah blah blah". I immediately logged onto my online banking to see that my account was already slammed with not one but THREE separate over draft fees of about $35 a piece.
I studied my online banking page for a good 10 minutes. Reading that my deposit was listed, but listed as "pending" rather than being listed as in my account like it should have been since it was a cash deposit. That alone was the problem at hand. Had the cash posted to my account, nothing would have been negative. Not my phone bill payment, my full tank of gas, my lunch that day, or any other charge that may have come out.
I signed off the computer and went directly to my nearest bank location. Thankfully they are EVERYWHERE. I only drove a block away. At the bank center, I stood talking to a lady who looked as if she really didn't want to deal with my problem, seeing as how it was Saturday and near closing time for her, plus there was a long line of people behind me trying to get things resolved or money for the weekend. She was polite, regardless of the look on her face and she found the problem, I showed her the receipt for my deposit and she agreed with me about how this was incorrect. She called the corporate offices (or a 1-800 number for their company) and discussed my issue and how to resolve it. This conversation took longer than I had thought it would. I stood at the bank for over 10 minutes while she talked to the lady at the 800 number, then was put on hold, then talked some more.
Finally, she hung up the phone. She comes over to me and says "Ok, well here is the deal. This is completely the bank's fault. The lady I just spoke with assured me that they are going to remove the over draft fees just as soon as they can..." She was speaking in a tone that said 'good news and bad news'. So I asked "when is that". Well, with this being the weekend, they cannot do much until Monday. However, they are going to program it in the computer that on Monday these fees are just going to drop off your account. Until then, it'll still show a negative balance but once all the pending items are processed, those fees drop off ... then your account will be correct again. "Really"?
I'm standing there with my mouth hung half open, trying to process all of this, doing the math in the back of my brain about the amount of hours I will be without a dime until the computer error resets itself sometime on Monday. Finally I ask "so this means I won't be able to use my card for the entire weekend"? The lady gives me the sad "sorry your dog just died face" and says "yes, I'm afraid so. There is nothing they can do to fix this any sooner. I asked her numerous times." Uhm... ok!?!
Needless to say, suddenly I'm a little upset at my high tech banking. I keep thinking if only I had just kept the cash back then I wouldn't be so antsy for this problem to work out. And of course, now is the time that the urge to eat pizza or at a Red Robin hits me. I'm unsure what is worse, not having money or having it but not being allowed to use it.
Yes, it is Monday and things should be fixed... but after having checked my account online at 1 pm and things are still "Processing" on my account with fees still waiting as well, I am a mess with what to do. I am trying to remain patient but as my hunger urges are getting worse, my patients is wearing thin.
This entire mess is really making me rethink my position on computers. I am unsure if being so high tech that they can take away every penny I have with a "glitch" is really a good idea now.
Think about it.
