There’s a reason we Personal Finance sites have disclaimers. We make mistakes too.
Yesterday, I transferred a large sum of money from my recently opened HSBC Direct account to my Bank of America account in order to then take advantage of Citibank’s promotion. Citibank is offering $100 for opening an online savings (plus checking) account with a minimum of $5,000.
This morning when I logged into my laptop, Gmail Notifier popped up to say I had an email from BOA with a warning that I was overdrawn. My first thought is that someone hacked into my account. Then immediately after I realized that I must have done something really stupid. I did.
When I set up the Bank-to-Bank transfer on HSBC’s website, I accidentally set it to transfer FROM BANK OF AMERICA TO HSBC!
I immediately set up a transfer with HSBC THE CORRECT WAY, but it may take a day or two for the funds to move back into my account. I also canceled any pending online bill-pay transactions. I called HSBC and BOA, but neither could stop the transaction.
Right now, there’s only a hold for that big amount, but everything will commit overnight. I’ll get charged $35 for each overdraft, but I only have 5 transactions pending, counting the big transfer. If the transfer is the last thing to post, then I’ll only get hit for $35…or it could be the first and I get hit for $175. We’ll find out tomorrow.
I did look into cash advances from my BOA credit cards, which would be an immediate deposit and cover my butt, but that would cost me 4% of the transfer, with no cap, plus charge at 25% interest. Also, a balance transfer wouldn’t post in the time that I need. And I don’t have enough in my BOA Savings to cover the overdraft if I linked the accounts, since I moved my funds from BOA to higher yield accounts (I was getting 0.50% APR from BOA).
The moral of this story is to PAY ATTENTION! At least when dealing with thousands of dollars!
Boy, I feel stupid. And yes, I already informed Clever Dudette.