My Bank Stole $1,000 From Me

Banks are making changes, but should we trust them?

Pablo Andreu
3 min readSep 9, 2022
Source: Licensed via Adobe Stock Photo

I should be happy Bank of America announced a 90 percent year-over-year drop in revenue from overdraft fees a few weeks ago. The dramatic shortfall comes seven months after the bank reduced its overdraft charges from $35 to $10. The change in policy is a reprieve for many of BoA’s 35 million checking account customers. I should be happy, but I’m not. I’m suspicious.

Fifteen years ago, I lost almost $1,000 in overdraft fees. One day, I drew money from an ATM machine, expecting to see a couple hundred bucks. Instead, my account was almost 800 dollars in the red. My heart sank. At the time, I was living paycheck to paycheck. Such a reversal was a tough blow.

I went to my local branch to get to the bottom of this jarring discrepancy. I met with a bank representative who explained the situation to me. Apparently, there could be a lag between what was currently available in one’s account and what was reflected on the ATM screen. I had overdrafted several days earlier without knowing it.

That week, I used my debit card many times. Unfortunately, I favored the debit card to avoid racking up credit card debt; since money was tight, I tended to make small purchases, which only increased the number of times I used my card.

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Pablo Andreu
Pablo Andreu

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