Bogleheads

[richard]

I just looked at the web site for one of my bank accounts and saw a charge for "Account analysis past due settlement" for a few hundred dollars. Not having any idea what this could, I called the bank.

After the usual nonsense, I got a supervisor who said they'd research it, but it was probably someone I'd done business with who I owed money, so they took the money from the account. I'm quite sure I don't owe anyone this amount. Or it could be the bank decided I owe it money, and just take it.

I asked whether the bank or anyone else could just take money from my account for any reason with giving me any notice and the bank would just pay it or take it. She said "yes."

With luck their research will clear this up in a few days, but in the meanwhile, any suggestions?

[RochMN]

I'm a personal banker at a large regional bank. Whenever I get calls about bank statement charges the only time "Account Analysis" comes up is with business account bank fees. So my first guess would be that it was a bank fee. If it wasn't, you probably should have seen a merchant name in the ACH description.

And as for charges, banks provide so many services that have fees, especially on the business side, that it is totally believable to me that the person didn't know what it was right off. We/they just don't see some of them very often and the description we see aren't any better what you see online or on statements.

It really shouldn't take them that long to figure it out though. It is just a matter of getting the answer from the Analysis department and getting back to you.

If it is a merchant charge, the bank will be able to figure out who it is from. If it is not legit, you should give the merchant a call and ask for the money put back. If you just get some fly-by-night 800 number or they won't explain the charge, let the bank know that you tried to contact the merchant and you want to dispute the charge. They'll file a claim, send you some paperwork or possibly need a notarized signature.

[stratton]

If the bank can't get you a satisfactory explanation you'll get their attention if you file a police report and maybe another complaint with the FDIC or NCUA and your state Attorney General or whomever handles banking at the state level.

Paul

[empb]

Was there a payment you received late at any point that you asked the bank to credit to you on the correct (earlier) date? This happens sometimes at work when wires are held up and we try to claim x day's interest on the bank that had the funds.

[Steelersfan]

Is this a business account or a personal account? Another poster hinted at that but that can make a real difference.

I wouldn't expect to see a charge like that on a personal account.

[richard]

It's a personal account

No late payments which we asked to credit earlier.

The supervisor was not very clear (or articulate), but one possibility he mentioned was that the bank decided we owed them money for something in the past, perhaps a long time ago. If that's the case, I suppose it would explain the lack of a merchant name in the ACH description.

Would the best course be to give them their two days, then if there is still a problem escalate within the bank, and if that doesn't work raise it with the bank's regulators?

[dm200]

One of the puzzling and annoying things about bank charges is that the system where such charges are set seems to be different from the system where your account records are kept. Such charges are often posted in the next cycle (or even later) without much explanation.

"Account analysis" sounds like some catch all terminology for a bank charge for something.

[Later edit] Just after I posted, it occurred to me that this could be some sort of charge for paying checks before the full clearing time, something like interest due. Look for some large amounts where you wrote checks based on deposits made, but the bank paid the checks before the full settlement time for such checks.

[Steelersfan]

"Account Analysis" as far as I know only applies to business accounts, and is the process where the bank calculates the value of the deposits at the bank for an account and offsets that with services rendered, such as cashing payroll checks, accepting large quantities of deposited checks, dealing with large volumes of coins, that sort of stuff. If the value of the account (turned into monetary terms like we get interest on individual accounts), is not enough to cover the cost of the services rendered, then there is a charge (debit) made to the account.

Were there any unusual services provided by the bank for this account?

BTW - I'd try to get this sorted out within the bank if possible, and not go so fast to the police or a government regulator.

[livesoft]

The guy you talked to might be the guy that is embezzling from your account.

[ViperAttacks]

Try searching Google for the exact charge name in quotes that appeared on your account. You might find out it's some type of fraud that other people are experiencing too.

[socca]

[richard]

Got a call from the bank yesterday.

Bank: Gee, that's a strange charge. It doesn't make any sense. I can't explain it. We'll have to do more research.

Me: Then you should reverse it

Bank: No, but we'll get back to you.

[RochMN]

Do you have any other accounts with the bank that are on the business side, specifically are you a sole proprietor on another account that uses the same tax id number?

The reason I ask is that if that account had some sort of overdraft protection line or some monthly charge that wasn't paid they may take it from your personal account.

Another thought is that someone in the bank was combining business accounts for analysis and got your number mixed in.

(Businesses with more than one account bundle them together for credit/discounts on fees.)

This is weird. If you called me and asked me your question and that was all I had to go on I admit that I wouldn't know right off either. That said, this would really only take me ten minutes to call analysis and get back to you. Granted we have specialists in analysis but they really should have somebody who has better than a 1 week turnaround.

Are you calling the local branch or do they have a national 800 number? The business operator at the 800 number may just know right off what it is or could see more in depth than the local branch. If you haven't called I'd give it a shot.

[sommerfeld]

[richard]

We don't have, and never had, any business accounts with the bank. All we have is checking and money market.

Today, a new charge showed up as ACCOUNT ANALYSIS SETTLEMENT CHARGE, compared to the older ACCOUNT ANALYSIS PAST DUE SETTLEMENT. Today's supervisor had nothing useful to say other than that he'd try to speak to research. He had no explanation for the charges or how to prevent them in the future. He also said a branch would not have any more information (the earlier supervisor said the same). I'm calling the 800 number.

The bank is Chase, if that matters.

Any further suggestions? This is moving beyond annoying.

[bearwolf]

[richard]

[tfb]

[arthurb999]

Go into a branch...

[richard]

The phone supervisors explicitly said that the branches won't have any more information. My local branch says the same. They need to get results from the elusive research department.

[arthurb999]

I'd sit in with the branch manager while he called them... wouldn't take no for an answer and wouldn't leave until it was done... period.

[billern]

[RochMN]

This is a bit of an end-around, but if you don't get an answer soon I've got another idea.

Call the 800 number and ask to dispute the charges like you would if there were fraud or a merchant error on the account. I would try to treat it like an inquiry or they may want to put blocks on the account which you probably don't want.

That would put a definite clock on their actions. They would be required to let you know what they find in a certain specified amount of time. Granted this could be 90 days and they may just tell you that it is a bank charge but it would get you somewhere. The operator would go over the specifics of what that time frame is but at least you would know that it couldn't go on forever.

It may not work because it seems to be a bank fee but if it does, you have something with some teeth in it.

[mikep]

Does your local news station have some kind of consumer problem solvers department? The news would love to run a report on something like this since everyone hates the big banks right now. They would interview you on TV and contact Chase for an answer as to what the problem is. It seems like you've already given them reasonable time (more than a week since your first post), while they earn interest off this money missing from your account. That WOULD get it fixed FAST.

[superthan34]

I would go with trying to dispute the charge as well. According to federal regs they have to at least get you provisional credit within 10 business days. If this is an actual bank charge it will be cleared up before that 10 days comes up.

[dm200]

If you have not done so already, I would put the complaint/inquiry in writing (a letter) with specifics about the charge you are disputing.

Whuile many types of simple questions and disputes can be handled successfully by phone, since this seems to be dragging on, I would now put everything in writing.

[richard]

[RochMN]

http://ecfr.gpoaccess.gov/cgi/....ain_02.tpl

or

http://www.federalreserve.gov/....ting.htm#E

it is regulation e


http://ecfr.gpoaccess.gov/cgi/....mp;idno=12
talks about provisional credit

You can just do this over the phone at their 800 number or go to a branch. Say you want to dispute some charges on your account. They'll have you sign a form and it will go to their fraud/dispute department. If you do it over the phone, they'll mail you a form to sign and send back. It may need to be notarized.

[azap]

Sue 'em!

(Azap has probably been listening too much to Bill Handel on the radio while painting his new house.)

[Steelersfan]

[tetractys]

I've been watching this post for a few days now and wondering when you would get around to simply disputing the charges. It's a simple thing to do. Whenever I've disputed a charge the money was replaced into my account immediately. I presume the bank also was paid back eventually, but never heard anything and didn't expect to. When I thought some kind of fraud was involved I also notified the local fraud squad.

Why waste time, just dispute the charge and get it over with. -- Tet
_________________
"Near panic conditions prevail in financial markets. People want to know what lies ahead. I cannot tell them because I do not know." -- George Soros

[richard]

We did dispute the charge by phone and were told there were no other formalities beyond the call. We were also told that there were no regs requiring them to credit the account while the matter is being investigated, as there would be with a credit card. If this is incorrect, I'd love to see the relevant regs.

Today's supervisor said the account was mistakenly flagged a commercial account (hence the charges which many of you associated with a business account), that it is their fault and that they will fix the problem. We shall see.

[Steelersfan]