I get an angry caller:
Caller: “Why have you charged me all these fees!”
Me: “It looks like you had a lot of payments happen on the same day that took your account into overdraft.”
Caller: “And my account has overdraft protection!”
Me: “Yes, madam, that means we will allow a bill or item to be paid, essentially overdrawing you, without the bill being returned or the purchase being denied.”
Caller: “But you charged me fees!”
Me: “Unfortunately, the bank’s policy allows a fee charged per item that overdraws your account.”
Caller: “I want my money back!”
Me: “I’d be happy to waive some of the fees for you.”
Caller: “No! I want all the money back you charged me for!”
Me: “I’m afraid I can’t do that. I can waive the fees for the first two items, but it looks like you had about ten direct debits all come out on the same day.”
Caller: “Well, yeah! I signed up for all of those because I thought the bank would protect me! You promised me protection!”
Me: “As I said, madam, that’s not what overdraft protection means.”
Caller: “Well, what can you do for me?”
Me: “I can remove the overdraft protection so that any items presented to your account that would overdraw you would be returned.”
Caller: “But that means the payments won’t go through!”
Me: “But then you wouldn’t have to pay any bank fees on them either.”
Caller: “I would never have gotten an account with you if I knew I’d have to have money in my account!”