ED Magedson – Founder
First Tennessee Bankwww.firsttennessee.com Internet United States of America
On August 2 2009 i initiated an online transfer between my account at First TN and another account at US Bank. I mistakenly didn't update the account number for the account at US Bank that i had closed recently. This was simply an oversight. I was dealing with multiple accounts and just didn't think about it. So anyway, the transfer proceeds as any normal one would. THis system gives daily updates as to what stage the transfer is in and it progressed normally. One would think an electronic transfer wouldn't take 4 days but these do. So finally the funds end up in my account, i go to the bank and make a withdrawal and all seems well. But No. Not 24 hours later the funds are debited back out of my account because the account at US Bank was the closed one as i had described above. So how after 4 days does this system still give me $850 when the account was closed? We aren't talking about a check clearing or anything like that. This is all electronic. To top it off my account goes negative after this and they hit me with ISF charges!!! How do they get money out of a closed account that has no money in it? Seems like the system should make sure the account is actually open and then see if it has money. THis was inexcusable. I have attached the actual detail from the transfer below.
|U652761||08/02/2009||U.S. BANK NATIONAL ASSOCIATION |
CHK - XXXX4310
|FIRST TENNESSEE BANK |
CHECKING - XXXX6765
This report was posted on Ripoff Report on 09/16/2009 02:24 PM and is a permanent record located here: http://www.ripoffreport.com/r/First-Tennessee-Bank/internet/First-Tennessee-Bank-Electronic-Account-to-Account-Transfer-system-has-flaws-and-i-pay-th-495886. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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