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I have a Discover CC and for awhile there was a promotion to open a bank account and get $100 and being the reward junky I am I took advantage of it yet stopped using the bank account after a few months because it was inconvenient to use over my primary checking account. Anyhow, I noticed that whenever I went to make payments on my CC it would immediately default to the unused discover bank account so I always had to manually change it. Unfortunately, a few days ago I wasn't paying attention and I ended up making a payment using the unused Discover bank account rather than my regular checking account. It just posted and now the account is overdrawn by just $9. This means there's potential to not only get an overdraft fee from Discover bank, I may also get a bounced fee on my Discover card and get penalty APR in the process.
Anyone have this happen? Will Discover generally waive these penalties if it was obviously done in error? I have excellent credit and my account and payment history with Discover couldn't be any better. I already called them but they told me I have to wait until the payment is officially returned which can take ten days.
https://www.discover.com/credit-cards/compare/?ICMPGN=PUB_HNAV_CARDS_COMPARE
You should be good on the Disco side. The bank on the other hand is going to gouge you for every cent they can collect most likely.
You're saying that your account was overdrawn and that the payment has posted. That should mean that Discover Bank covered the payment so you should be OK on the cc side. Then Discover Bank will charge you an overdaft fee I guess. Let us know what happened.
@austinguy907 wrote:
You should be good on the Disco side. The bank on the other hand is going to gouge you for every cent they can collect most likely.
Honestly, if Discover penalizes me in any way on either side I'll just close out the CC out of spite and cut off all ties with them. The Discover IT card is no longer unique when it comes to rewards and I couldn't care less about the limit -- the card has been SD'd for a long time now. I also have a very diverse and large CC portfolio so closing one CC will only have a negligible impact on my overall UTIL (not to mention I literally just got a new CC from Barclay with 3x the IT CL).
@SGR wrote:
@austinguy907 wrote:
You should be good on the Disco side. The bank on the other hand is going to gouge you for every cent they can collect most likely.
Honestly, if Discover penalizes me in any way on either side I'll just close out the CC out of spite and cut off all ties with them. The Discover IT card is no longer unique when it comes to rewards and I couldn't care less about the limit -- the card has been SD'd for a long time now. I also have a very diverse and large CC portfolio so closing one CC will only have a negligible impact on my overall UTIL (not to mention I literally just got a new CC from Barclay with 3x the IT CL).
I've been where you are - and not that long ago - so I know how you feel. However don't close your Discover out of 'spite' - trust me, they really don't care.
That being said if the card no longer fits your needs then by all means close it out... but let your reason be because it's not useful, not because you want to get back at them. If the card is useful to you at all that would be cutting off your nose to spite your face.
If you find it useful at all just grit your teeth and let this whole thing be a learning experience (that's what I did). In my case it was a 'wake-up call' that I needed to simplify things a bit, so I was able to make lemonade from the lemons. I admit that I wanted to immediately close the account as well but I'm glad I didn't.
Completely agree with UncleB, take a breath, realize it was your mistake and not earth shattering. One, these banks could care less if we close accounts, and second fees etc are all computerized, so no one is hitting the fee button on you!! If there is a penalty, call them and plead your case before you make a final decision. Just my take, good luck on whatever you decide.
I had three NSF fees refunded from my Discover Bank account. I had the same happen on my Amex, I added them to pay Amex and then stopped using it, one time I accidentally left that as my payment source and bam, back then you could not cancel the payment online once it was submitted, and they attempted the first payment, NSF, as per Amex policy they will attempt three times, so attempted two more and two other NSFs. Talked to Discover on the chat and they happily waived all three and put a stop payment on Amex for free too.
The smart question would be, why didn't you place the funds in immediately after? You know it takes several days for discover to actually pull the payment. Knowing this, I always pay thousands of dollars in advance, even with my bank account not having sufficient funds (they didn't deny the payment yet and if they did, I wouldn't be in any trouble anyway because the payment wasn't approved in the first place). I always go the next couple days and place the funds inside (sometimes late payments from clients). Since the bank didn't apply the fee yet, I would of covered the overdraft and maybe no fee would be charged because I deposited it the same day.
Just thank God that your cc got paid on time I read that return payment on credit cards can cause them to mark your account internally and not give you a CLI for years. So I have read.