D
Doug_61
Guest
- Jurisdiction
- Utah
I have 2 checking accounts at my bank. One is a personal checking, the other a business checking. The business checking account was overdrawn by about $1800 in overdraft. I did not have the money to pay the overdue balance, having fallen on some very hard times financially and trying not to lose my home, etc.
Anyway, I finally got some work recently and deposited about $1,000 into my personal checking account. They were business checks made out to my business name. I am a DBA. They were not made out to my name, but the DBA business name.
Anyway, I am driving home from work the other day- grateful that I had some work, have some funds to pay gas, my utilities, health insurance, life insurance and so on when I stopped for gas and my debit card was denied.
Found out that my bank had taken all of the funds from my personal checking account and applied it to my overdrawn business account. I was completely shocked, as the bank gave absolutely no warning. I was lucky to have barely enough gas to get home, and had to use my lawnmower gas to get to work the following day. Yeah- it's that bad.
When I called the bank, I spoke to two different reps. The one who actually took the funds said she had every right to do what she did, saying the overdraft was not a loan and was due in full. I asked if she would please consider returning the funds and taking a partial payment towards the balance owed on the other account. She flatly refused.
The other rep from the bank I spoke to said that it was illegal to deposit business checks into a personal checking account, and they shouldn't have done that even though I am a DBA because the checks were made out to the DBA business name and not my name. She also said that I did NOT have something called "Sweep" on my account, which authorizes the bank to transfer funds between accounts without asking my permission.
Is what they did legal??? Do I have any recourse? I understand that I owe them the money, and have every intention of paying what I owe. It was just a very discouraging blow at a time when I thought things were starting to look up. Any advice would be appreciated. Thanks!
Anyway, I finally got some work recently and deposited about $1,000 into my personal checking account. They were business checks made out to my business name. I am a DBA. They were not made out to my name, but the DBA business name.
Anyway, I am driving home from work the other day- grateful that I had some work, have some funds to pay gas, my utilities, health insurance, life insurance and so on when I stopped for gas and my debit card was denied.
Found out that my bank had taken all of the funds from my personal checking account and applied it to my overdrawn business account. I was completely shocked, as the bank gave absolutely no warning. I was lucky to have barely enough gas to get home, and had to use my lawnmower gas to get to work the following day. Yeah- it's that bad.
When I called the bank, I spoke to two different reps. The one who actually took the funds said she had every right to do what she did, saying the overdraft was not a loan and was due in full. I asked if she would please consider returning the funds and taking a partial payment towards the balance owed on the other account. She flatly refused.
The other rep from the bank I spoke to said that it was illegal to deposit business checks into a personal checking account, and they shouldn't have done that even though I am a DBA because the checks were made out to the DBA business name and not my name. She also said that I did NOT have something called "Sweep" on my account, which authorizes the bank to transfer funds between accounts without asking my permission.
Is what they did legal??? Do I have any recourse? I understand that I owe them the money, and have every intention of paying what I owe. It was just a very discouraging blow at a time when I thought things were starting to look up. Any advice would be appreciated. Thanks!
