Fnma Stock Message Board

This message board is now live! Join the thousands upon thousands of Motley Fool investors who gain insight, knowledge, and a competitive edge through their discussion. Helping them find value in companies that matter to them using unbiased analysis and real-time comments from experienced members in this community.

Questions/Comments

Join Our Live Chat Function or Access Your Account Information Now-- Click HERE for Questions

OK, so I take it my broker (no idea what the name of my firm was) made me sick today...I worked 30 hours this week and another 6.5 last week. My paycheck bounced so badly I felt like I had just come off a trip to England rather than be bailing my ass out of work.

My paypal account was $1290 but when I withdrew funds there were about 23 dollars left and several times over in overdraft fees. I went and checked the amount with my eyes closed before writing it, in fact.

Anyways I called the bank/broker yesterday morning after seeing my account went negative because they do not refund when you get zero for 3 days in overdraft time/age..only if your balance dips below 0.. So even though "it cleared" it took 6 hours to make "realistic" withdrawals due to these fees which make it seem like their total loss(s)...but hey at least it cleared, right? After all weren't we told that ATM machines don't reverse deposits?

Well no..what actually happens in this case is the bank uses the $3000.00 when it refunds that is almost an hour ago before your first withdrawl comes thru, keeps some of it on a rollercoaster system to collect later while being careful not to destroy any more cash prior to clearing..withdrawn money is credited back after 1 day if overdraft free or 24 hrs IF positive. Oh yeah I forgot here's how they "keep" track and calculate credits..if an activity goes backwards 2 time than add to redcards total "within reason" as per the debitor instructions..duh

[edit] I have been banking for over 20 years maybe this explains it fairly and concisely better than someone w/ no business experience ;))

...