Today I Learn… I make a point of learning something new everyday. This is what I learn each day

1, Jun 20, 2012

Consumers got to be careful…

Filed under: Consumer — admin @ 12:52 am

After I came back from China on 6/18/2012, I went through the mails that arrived during my absence. One of them is from the Great Western Bank. The letter notifies me of an insufficient fund and the fee of $33. Before I left for China, I wrote a check of $4030 to a summer program. This check was bounced back.

I was a bit shocked as I remembered clearly that I redeemed $4,000 from Edward Jones 529 fund and deposited them into my bank account in mid May. On further check, I found out that the bank by mistake deposited $40 into my account instead of $4,000.

Yesterday I went to the bank with all the evidence of my deposit. Luckily the bank keeps an image of all the paper transactions. It’s been nearly a month since my deposit. I am very much puzzled why the bank did not discover this mistake sooner. What would happen if I had not discovered this and had not
brought it to their attention?

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