The other month I paid my credit card balance down to well below zero and I'm waiting in great anticipation for those 18% interest payments to start rolling in month after month.....I'm no fool as I'm surprised nobody else is onto this backdoor hack.
I don't, I still like having that control that was back in the day before everything went digital.. I don't even use my phone to pay for anything!!!.. Like you can today... The way I look at it there something's you just don't do..
If the banks accidentally put money in ones bank account they automatically take it back the next day but when the bank does it to us customers we have to wait I call it 100% bull
You do know that you just stated that you disagree with them taking the same amount of time 😂🤣😂. As they stated it was returned before the night was over so....
The implied differential rights and responsibilities of user and operator, so to speak, have been allowed to melt to insanity. Before the 2008 crisis, they gave 110% mortgages. NO money down? NO PROBLEM. Here is a house, plus we give YOU an Up Payment that you will never repay, and take the house back. You are being encouraged to steal from your own future, or fall behind and be abandoned. I had mine stolen as the Y2K Bug, and decided not to make a life of it. The first, made last, is now a level above.
I guess you missed the whole story that it was a merchant's third party vendor. That went over y'all head. The bank did nothing that was fraudulent, in this instance. It was the company. Those little details matter. As the guy said, the bank reversed the charges and the COMPANY says they will pay for any fees associated with the over charges.
@@BrandyH-eh9up That’s impossible if those companies don’t have your private bank information, which mine don’t. Also, if companies did have their bank information for some reason, but were not authorized TO do any type of withdrawals, they can get in big trouble and they know it.
The plan was to make us stupid and weak so we don't fight back. Things are about to change. The world is woke now. We have the gold from the corrupt that have enslaved us to pay for their secret plans. The swamp is deep and wide.
Oh we can trust the government a whole lot more than anybody in private industry because corporate executives, like donald trump, clearly have the same moral compass as the mafia,
That's exactly what the financial institution and financially responsible individuals and companies are thinking but not saying. It's not their problem if someone is living paycheck to paycheck or have all of their eggs in one basket so a simple mistake can cause unnecessary stress, anxiety and hassle. I don't have to worry about what my primary checking balance is on a given day because I know what it is. It's not because I don't have auto-pay set up. I know what it is at all times because it's not the autopay account. My advice to those with very little in terms of assets such as this reporter who seems to only have $10,000 to his name is: 1) have a primary checking and savings account at one financial institution 2) have a primary savings account with direct deposit set up 3) have auto-transfers set up between the primary checking and savings (savings into checking) 4) have secondary checking and savings accounts for specific purposes including auto-pay accounts and certificates of deposits, etc at different banks 5) if possible have one or more credit card that all auto-pays are processed through that you pay once a month 6) if this is not possible because you can't have credit cards NEVER give out your primary account numbers or use cards linked to them 7) then set up one or more payment accounts at a different financial institution from your primary accounts 8) auto-transfer (or manually if you really want) between those accounts Most importantly, make sure you are looking at your liquidity or in other words how much money do you have available at any given time that you can instantly use whether it's cash in hand or access to debit cards. Never assume that you will have access to any account at any time. This is very important especially for those who are really poor and living paycheck to paycheck. In fact, this is more important for them then for those with money and assets. Waking up to find your bank account or paycheck garnished or overdrawn by mistake would be devastating to those people. I just wish people had common sense.
@@jakehansen5719 Common sense doesn't exist in a vacuum. If you've never been taught, you can't know what you're missing. This nation's fiscal education system is abysmal.
Do not let anyone access your checking account, and be very cautious and limited about using a bank debit card tied to s checking account. There is basically zero fraud protection. The bank basically tells you good luck, and suggests you get an attorney.
I used to laugh @ my grandparents. They got burned by a bank in 1930 & afterwards kept their money in the basement. Turns out Grandpa knew what he was talkin' about!
I've got about 25k savings I'm thinking about hiding somewhere. They ask me where it went all of a sudden I'll tell them I'm a druggie with a gambling problem. Woops a daisy.
Everything has a risk, including keeping all your assets in your home (fire? flood? burglary?), but it's wise to keep enough backup cash to survive a few weeks or months while larger problems are worked out. Re: 1930 banks, this is why FDIC insurance exists.
@Mac McLovin it’s not free when you can’t get your groceries or pay your other bills. It’s called accountability. The mortgage company gets access to all that cash to use or invest as they please until they can “get it back to you” meanwhile you’ve been hit with not just charges from your bank but from all your other bills that needed to be paid. It’s shady af and suing the company for damages isn’t free money, it’s getting back what was rightfully yours. That money in your account could have been invested by you making YOU money but instead it was stolen.
@Mac McLovin I asked if you were. Clearly reading comprehension is not your strong suit seeing that you never answered the question but just word vomited in the comment section. Some are proud racists, wanted to know if you were of that ilk.
This is the EXACT reason I don’t authorize any company or service to debit or withdraw from my account. This isn’t the first time something like this has happened. Either pay them yourself or use your bank’s bill pay service where the bank actually makes the payment instead of the other way around. Keep all the hands out of your cookie jar.
@@TJSquatchy-QueenoftheSasquatch may not be hard to set it up but alot of people don't know that even exist. Banks are very selective with how they advertise services.
Or they could grow up and act like adults so they are never at risk of stress and anxiety from computer errors. Like, not providing your primary checking and savings account numbers or card numbers associated with them to third parties or entering them into the internet that is a big black hole. Setting our finances on automatic doesn't mean providing a primary savings and checking account to third parties. Most of these people's problems would have been solved if a) they had one or more credit cards that automatically pay their bills and they pay the credit card payments once a month before their due dates, b) had separate financial institutions where they keep their primary checking savings separate from their payment accounts. It is basic financial literacy. No one is responsible for these people having stress or anxiety and it's not something I would report on if someone was able to withdraw $9435.72 from one of my accounts when no third party should have direct access to that sort of money. At minimum he should keep $8,000 of it in a separate bank account at the same financial institution or in a different account at a different financial institution. The only time a third party should ever have auto-pay access to an account is if it is a payment only account.
@@jakehansen5719 My point is, if it were the other way around and for some reason a "computer error" said the money wasn't in their accounts, the company expecting the payment would slap them with fees...I'm tired of seeing these big companies getting away with this type of thing and never being held accountable...I don't have any skin in this game and I also do not use auto-payment...
@@susieq5270 If people don't wait until the last minute to take care of their bills and manage their finances properly there wouldn't be any fees for missed or late payment since they would have time to make sure their payments are processed and if it's not processed to get the money to those they owe money to. Second, since this was a mortgage that's also not true. Without getting into the specifics of individuals mortgages which may vary slightly. An example, a mortgage is generally due on the 1st of the month but penalties won't be imposed until the 16th and it won't be reported to your credit for 30 days. Have a problem with this? What happens after that? How many payments can you miss without risk of foreclosure? This is generally about 4 months since in most cases this is governed by federal law. The point I'm making is that it really is a matter of personal responsibility if you are getting a late fee especially with mortgages which are very lenient already. Renters don't generally have that sort of luxury. That said, back to your main point about late fees or being slapped with fees. People who are on top of their finances are NOT slapped with late fees or missed payment fees since they are NEVER late. It takes an unethical person, as opposed to a company, to be late on your payments to those you owe. Ironically, these are the same people who will most often pay family, friends or themselves while stiffing strangers or companies because they aren't good people. You will buy your child a soda and candy but not pay your mortgage? You will have a cell phone for 2 or more members of your family but not pay your mortgage? Don't pretend to be victims because money isn't that hard to handle. It's just people who refuse to accept responsibility. Like I've pointed out, most bills can easily be placed on a credit card or a payment only checking account and there can always be money in those. There is ZERO reason for you not to be able to pay your bills on time and late fees serve a purpose and they are also imposed on businesses who don't pay other businesses on time either. "I'm tired of seeing these big companies getting away with this type of thing and never being held accountable..." Except it's not the companies doing it and I'm tired of people who are not being held accountable for their own actions. Mistakes happen in life whether it's an individual or a business but the same people who are tired of businesses never being held accountable or getting away with this type of thing are the same people who think Donald Trump shouldn't have been able to declare bankruptcy for his businesses as many times as he did. They shouldn't have to be held accountable for their own financial irresponsibility but companies should? I think not. I have no problem with companies being held accountable but it's not companies that are the problem. It's the individuals involved whether it's an individual like those who don't know how to manage their personal financial or financially irresponsible executives running businesses the way they run their own personal finances which is like shit.
@@jakehansen5719 I have this company and DO NOT have automatic payments and DID NOT authorize the transaction and they did it anyway. I have paid electronically in the past, however you have to authorize each electronic payment. I did not authorize them to debit my account several times.
And every paper bill I receive they beg me to go paperless and let them do auto withdrawals. But soon we'll be forced into it. We won’t even be able to pay with cash. The globalists want a paperless, cashless system.
i think the ALL the banks should be held accountable as well. they make it too easy for merchants and scammers to make unauthorized transactions. I would be calling the banking commision in that state and let them have it.
Just wait till they get rid of cash. Imagine a world where you can't make transaction without a bank account. I'm sure they would never take advantage of that situation.
I just had my local bank Allow an auction merchant to take $5k from my account via credit card number without any authorisation whatever. I’m still fighting to get the money back.
@@robdixson196 I've been saying thus same thing for years. The day all money goes digital is when I take up arms to defend my freedom. We will all be slaves once all currency is digital. There will be no freedoms
Banks should have protective measures in place already so stuff like this doesn't happen. My credit card company calls me if I try to purchase anything over $500 so the banks have no excuse to not have a similar system. They've only been around four thousand years.
WOW! I'm glad we refi our house 1/24/21 thru another mortgage company or we could be one of those people. Mr. Cooper was our previous mortgage company, wow! I feel for those people. Hope those people will be refunded asap. Much love and light to you all.
LMAO! A modern day D.B Cooper. Which is who I thought you were referencing at first. Man.. people should've known better. Reference: en.wikipedia.org/wiki/D._B._Cooper
Apparently having other streams of income other than depending on the government as a means of living is the best thing one can do right now to survive.
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My mom has a mortgage with this company. They use to be called Indy Mac. They’ve changed names multiple times over the years, and each time things have been getting worse and worse with them.
@Marilyn Dillard It's not a bank, this company is just a servicer of the loan and to change companies you have to refinance which sometimes costs money. Not to mention whoever gets your loan can sell it right back to these people to service it.
Can you imagine what would happen if we were to have a real bad stock market crash and this bleeds over into the banking system. There would be utter chaos. Wheww.
yea the government will fine them and the government will be the ones to make money off the mess! Money should go to the epople meaning customers that it happened to! lol our government
I've been laughed at for still writing checks to pay my bills instead of just "letting a smart phone app handle it" or just doing an automatic withdrawal. This is why I do it the old-school way. Write the check, mark it in my ledger, stick it in the mail.
Don’t use a debit card for recurring payments, always use a credit card. You are protected by your credit card company against fraudulent charges. If it’s a debit card you don’t have the same protection.
Credit card is using the bank's money, the debit card is your money. Depending on the time frame from when the transaction posted to you notify the bank, a credit card may hold you liable for up to $50, whereas a debit card has no limit like that.
@@willinmilwaukee if a thief gets ahold of your debit card, they could drain your entire account and you would not be protected. If that happened to your credit card, the charges would be reversed. That’s the difference between a debit and credit card. I also recommend paying off the entire bill every month, so there are no Interest charges. I pay all charges as soon as they show on my account. I also recommend using a card with benefits. I get between 1.5% to 5% cash back for all charges.
Yes and no. I had a CC company flag fraudulent charges, remove two of them, but transfer over to my new account the largest one. When I complained and pointed out that THEY had flagged the transaction as fraudulent, they basically said, _”Whatever, sue us.”_
@@labelledujour5855 yep...hold on to your seats folks. & Remember all the politicians out there probably have tons of food. Make sure to say thank you when you’re done. This will never end until we stand.
Make it ILLEGAL for us to have to give out OUR BANKING INFORMATION in the 1st place!! Automatic withdrawal is the problem!👿👿👿👿It gives them all the control and take ours away!😡😡😡
That’s stupid. People just need to be more MINDFUL of who they allow or authorize to debit their accounts. You can’t just make stuff “illegal” because of the ignorance of people. Make better decisions💯
Automatic withdrawal is a customers choice on how they want to pay their debt. You can write a check to your mortgage vendor or do a push payment through your bank rather than a pull from their institution. Although this sucks in a big way it is also the consumers fault for allowing the company to do this because it is fast and easy. Life lessons that is what these are.
This is just a test run, folks. I have a feeling we will all be hit with massive thefts we have never seen the likes of before. And good luck getting it back!
I do agree... it's never a mistake for the Banks and Utilities...it's only business as usual. There are laws in place that allows them to withdraw from your accounts. I should know since it happened to me over 2 yrs ago.
Funny how you can live stream on social media, videos, pictures, msgs transfer instantly, instant video streaming, but processing through financial institutions still takes time.
This is why I give no company authorizations for automated payment, send me my bills so that i can read my statements and then I pay you, I get me a prepaid card put money on it each month just to pay my bills, you will not get my CC or my DC info, lessons learned.
Exactly!! I'll send THEM money when I AM ready. Never let the companies TAKE your money!!! I know this company and have NOTHING good to say about them!!!
BOA would always bounce by check when I paid my mortgage. I had fees on both sides of the transaction. I had to go into the bank. Write a check to get cash to pay my mortgage so the check couldn't bounce. I finally refinanced and no longer do business with BOA. Maybe I should thank them. I learned my lesson and paid off my debts and now I am debt free.
Our bank sold our mortgage to Mr. Cooper after promising our mortgage would never be sold. Mr. Cooper/Nationstar is a crooked company. I don't trust them as far as I can throw them. Can't wait to get this mortgage paid off and be done with them. And YES!!! I pay manually with a paper check every month. No autopay for this girl
This happened to me in VA. I pay manually once a month. Cooper took out 10 x my normal monthly payment. Luckily I caught it early and was able to reverse it at my bank.
I don't have auto pay set up for any of my bills. I'm only 27, and call me old fashioned, but I like to feel the sting of hitting submit every month for all of them. The only thing I have set to auto is a transfer from my account to my rainy day fund, so it happens without me doing anything
Pay in cash and file your receipts. Ive had landline goofs Cell goofs Electric goofs Car pay goofs Insurance goofs Etc Incompetent idiots are everywhere.
This happened to me and I live in Florida. I freaked out. They had my account fixed by the time I looked at it on Monday. They pulled money from my account on Friday night so I had no cash for the weekend. They need to fire their payment processing vendor.
I always follow my "what would Dad do" mantra, and Dad never, ever had anyone do automatic withdrawals from his account - even if there was a discount. He always had paper bills sent to him because he said, "Without a document, I have no proof". I pay most of my bills online - but not all. And those that I pay online, I only do onetime account withdrawals each month, and I have to approve them every time. That's the best way. I also write the approval codes in my memo section of my checkbook, and I get email confirmations. I like my money, and I'm going to keep it that way! :)
Alway have more than one bank account. I had that happen to me. No access to money for three days before they could correct it. Had to borrow money from family. I used to chuckle at my grandmother and great aunt for having accounts at different banks and credit unions. Listen to your elders-They keep that money under their mattress for a good reason.
money is not actually transferred until the actual sale goes through. Authorizations are held at the bank until the batch is submitted with the sale, therefore, releasing the authorization, and then banks will send the money as they post the charge. This is the reason why you see "processing" "pending" etc as the bank reserves said amount for the vendor and when it is settled you will see the difference in description/date/ etc.
This is why I use a separate account for my auto payments like for my GYM and my car insurance payments. I just keep the minimum amount necessary for a single payment every month so they can't take too much out to affect my money.
Huh? My bank let's the overdraft go through and I'm responsible for all the overdraft fees. How do you keep your bank from clearing amounts when your balance falls to zero?
I took my money out of banks in 2004. Friends and family ridiculed me and by 2017 I lost all of them trying to defend our Constitutional capitalistic republic. “The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.” ~Thomas Jefferson
I woke up one morning and Mr Cooper was my mortgage holder I don't feel comfortable with how they do business but I will continue to write my check lick my stamp and take it to the post office
The only sure fire way to prevent this from happening again is to make this mistake disproportionately costly for them with lawsuits & fines and other overnight headaches that they will take actions to mitigate...
*_PEOPLE IN THE COMMENTS KEEP SAYING "THEY" WHEN REFERRING TO THE BANKS, BUT WHO IS "THEY", SPECIFICALLY?_* *_ARE THEY A CERTAIN CLASS OR GROUP OF PEOPLE? I'M CONFUSED._*
This is why you use a separate Checking Account when having an auto-debit payment set-up. You only leave enough money in the balance to cover the payment each month.
@@nohandleforme.... The purpose of Auto Pay is that you don't forget to Pay and some Companies offer incentives to use the feature. What I do is have a set sum of Money be automatically transferred monthly from one Bank Account to the Account being used for the Auto Pay a day or two before the Auto Pay payment date. It's called a re-occuring transfer which is a free banking feature that can be set Daily, Monthly or by Date. I rather fight my Bank to remove the Over-draft fees than fight the Company to get my Money back if they make multiple errorous withdrawals like in this Video.
Those banks are in charge of the Covid funding loans. They plan on doing the same for those loans. And then mortgage and then utilities and then banks get all those delicious fees.
No. The people who have their mortgages set up for automatic payments allowed this to happen. It’s the only way they’ll even be able to access your account. With YOUR permission. Read the fine print before your click🤨
Omg... I handle my parents bills and their mortgage is through Mr. Cooper. I didn't know this was happening. Until I saw this. Got to get a hold of my parents to see their bank information.
Good luck with that. Parents are lucky because they have you to take care of them. You picture looks Asian. Watch yourself & your parents little sister because you can bet nobody else is.🖖
If a bank didn't alert you or tried to stop a company from withdrawing duplicate payments... Time for a new bank, and they should be held responsible for these transactions.
No. There is no balance information transferred when you cause an auth hold. These accounts went into overpayment, they didn't just stop approving the charges.
Remember when NationStar started using the name "Mr. Cooper" a few years ago? They wanted to be thought of as a *neighbor* - a neighbor that robs you when you're out of town!!!
It takes SECONDS for them to take out the money , but days/weeks for them to sort it out WHY? and they ARE NOT authorized to take MORE than you give them permission for, I think a nice hefty fine is in order for this mortgage company, THEY are responsible for the 3rd party companies they use.
They should also be issuing wires to pay those affected back. That money is transferred instantly if you pay by the cut off time. No waiting 2-3 days for an ACH deposit.
Probably some fine print when people made their payments or set up auto-pay stating they can only be liable for actual overdrawn amount and you can't sue them.
I had an unauthorized withdrawal 18 months ago, still trying to get it back. Never use "automatic bill pay" for large payments like mortgage or car payments
Another reason to always have two accounts. One for bills with just enough to pay and another with your nest. Why you and your significant other should have separate accounts as well. If one gets hacked you have the other to fall on.
@Fred Wills Because the stock market has crashed far too much And even if you put it in Deferred Comp all you are guaranteed is what you put in, in the event of a loss. I work with people who lost over 20k in interest in One week 2019. That's not all that they lost either. These same people were to retire 2020 and didn't. Imagine working 30 years and the last year you lose 30-50k of your growth in less than 3 months. Fortunately they were guaranteed what they put in because if it were just an IRA they would have lost more. Sad
@@willinton06 you feel better? This company took unauthorized money from how many people? Your work for them 😂 It was a joke but don't hurt yourself stepping down from that soapbox.
@@tommyc8638 I use sandals so no chance of slipping, and they gave the money back, it was a simple accident, I just don’t like people saying this is a big deal, sure it’s a scare but accidents happen
That's why I never authorize automatic withdrawals from my bank, only deposits. The pitch to consumers is "so you won't have to worry about making your payment on time". Well, I think it's good to "worry" about my bills if that's what you call it when I make the payments myself. It keeps me constantly aware of what I'm spending.
It happened to me yesterday in Maine, I bought an item, and later found they took out the amount 4 times, I checked this morning and everything is OK now.
Bro. I have a Direct Express card for social security. Suddenly I'm picking up an odd transaction each time I use it for gas. I pick up some odd transaction that probably posted from a previous customer. It never posts. But WTF. Freaks me out.
That’s the Fee-a-Dope racket. They do this to generate legitimate appearing “overdraft fees.” Hit the account for some multiple of the transaction, then collect “overdraft fees” on the next few transactions that come in. Those not keeping accurate records don’t catch it, or just think they made a mistake. Sometimes they just charge an “overdraft fee” at random. No notice, either. The “fee” just shows up on one’s statement, I’ve caught them doing this a few times. Interestingly, the tellers are trained quickly remove the clearly bogus “fee,” before reminding you that they can only do so a couple times a year. I kid you not.
This happens every day and usually nobody cares - including the banks. It happens to a reporter and he’s calling the AG and teasing lawsuits to demand accountability 😂
@@ZombieDudes4TheWin no of course. Something very similar happened to me and the bank didn’t seem to care. The police don’t care to investigate stuff like this either. It was just shocking to me how often identity theft/bank transaction fraud occurs.
THIS IS WHY YOU NEVER ALLOW ANY PERSON OR COMPANY ACCESS TO YOUR BANK ACCOUNTS OR ANY PRIVATE INFO UNLESS THEY CAN GET A WARRANT!!!!!!!!! IF YOU HAVE TO DO SOMETHING LIKE THAT SET UP A "DUMMY" ACCOUNT!!!!!
Dealing with robotic messages is so frustrating..and time consuming. Computers supposed to make life better but for me I need to talk to an English speaking human
This is the reason I closed all of my accounts with bank's. What are they going to do bills are due on the first. All of my bills were paid Monday. But I'm praying for everyone.
We are forced to hold bank accounts. We are forced to pay our bills online. Where is the protection for the people anymore? Corporations have the power, not us. Does anyone think this was an accident??
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Me too! My husband and I can't bank together because we are too stubborn to do it the other person's way. He does automatic everything..I want Bill in mail stamp and send it off. 19 years it had worked for us .
@@nurseratched5537 yes, opposite here. Wife wants everything on the pc and auto-pay. Lately though, I'm having to convert. It's the post office! They keep delivering my bills to my neighbors or losing my mail! Idiots! Was missing my cellphone bill months ago, then a neighbor finally gives it to me. They had it for 4 months! At least I knew it was due and got it paid.
I was told by a friggin BANK that once I authorize auto payment, the payee * can take whatever they want whenever they want * because I 'authorized' it. shocking attitude.
Oh and it's gonna. Seen TOO many cards at various different stores not working. On a Friday. Conspiracy theorists said the banks would be doing test runs like this. It was freaky.
Use your money to stock on supplies like can foods, shelf stable foods, medicine, pet food, medical supplies. It will hit the fan, one way or another. Preppers have been prepping for years. Better get started.
So, grandma wasn’t wrong not trusting the bank after all!
Grandma's are usually right. 😊😊
This grandma is usually right
Amen and Amen!
Aman to grandma she is right about that don't trust the bank 🏦
Granny, knows best 😩
This is why I refused to use "automatic" bill pay that allows access to my account.
this is so wise. i am canceling mine right away. thx
This also keeps your eye on inflows and outflows. I pay bills weekly.
put the rest in savings and only have enough in checking to get the bills paid.
Exactly
It's why I only keep enough in checking to pay my bills at any given time. Take what you can get, but you ain't getting much.
If they accidentally PUT MONEY IN your account and you spend it, it's felony.
The other month I paid my credit card balance down to well below zero and I'm waiting in great anticipation for those 18% interest payments to start rolling in month after month.....I'm no fool as I'm surprised nobody else is onto this backdoor hack.
@@michaelb.8953 can you explain?
@@michaelb.8953 They only have to back interest back after a year.
That's why financial institutes audit themselves every year
Yes a felony plust many years behind bars but banks and crooked real estate company's walk way like nothing happened
But when they do this it's a mistake. Oops!
I worked banking for over 30 years - DO NOT EVER LET ANYBODY AUTO DEBIT YOUR ACCOUNT
You cannot yell that loud enough. I wish I could give you a thousand thumbs up. NEVER WRITE ANYONE A BLANK CHECK; same difference.
I don't, I still like having that control that was back in the day before everything went digital..
I don't even use my phone to pay for anything!!!.. Like you can today... The way I look at it there something's you just don't do..
But it’s so convenient...
@@cutenobi lol, until it's NOT! 😉
Fact
If the banks accidentally put money in ones bank account they automatically take it back the next day but when the bank does it to us customers we have to wait I call it 100% bull
You do know that you just stated that you disagree with them taking the same amount of time 😂🤣😂. As they stated it was returned before the night was over so....
It was the Mortgage company
they make interest off the money
@live for Jesus oh man get another bank! Wells Fargo has so many issues and violations. They are a screwed up bank and have scammed their customers!
Not the back. It was the mortgage company
A bank is a place that will loan you money if you can prove that you don’t need it.
-Bob Hope
AND, when you have overdrawn your checking account, they charge you more of what they know you don't have any of. Gallagher
Take all the money out and just keep in there enough to keep your account open
Samuel Langhorn Clemmens said,"The easiest way to get a bank to loan you money is to prove that you don't need the money. "
@Angelique Collins And you knwo this because?
Where do you keep your money?In a mattress at home?
@Angelique Collins Now I know what to look for when you & I go out.
You steal from a bank and try to give it back, you still go to jail... The bank steals from you and gives it back, it's no problem
Good point. Yes Indeed!!
Spot on!
The implied differential rights and responsibilities of user and operator, so to speak, have been allowed to melt to insanity. Before the 2008 crisis, they gave 110% mortgages. NO money down? NO PROBLEM. Here is a house, plus we give YOU an Up Payment that you will never repay, and take the house back. You are being encouraged to steal from your own future, or fall behind and be abandoned. I had mine stolen as the Y2K Bug, and decided not to make a life of it. The first, made last, is now a level above.
*Start by putting bank people IN JAIL. And, paying damages.*
I guess you missed the whole story that it was a merchant's third party vendor. That went over y'all head. The bank did nothing that was fraudulent, in this instance. It was the company. Those little details matter.
As the guy said, the bank reversed the charges and the COMPANY says they will pay for any fees associated with the over charges.
Ms Sunshine is spot on. NEVER give auto payment authorization, NEVER.
i had no auto pay but it happened to me
Most weren't auto payments.. just had paid at least one time by debit or credit card.
She had to have given them the routing and account numbers, it takes a form. Sounds like a lie to me.
@UCmi7sgoY09l21Lmo0qEIFhw 🤔uhhh you do realize you can make a one time payment with banking info without setting up auto pay.
Never have never will.
I don’t auto pay anything. I need to feel how much it hurts my wallet when I make any monthly bill payments. Keeps me straight.
Good take.
Hahaha Good
😂😂😂😂
Saaaame🤣🤣🤣🤷🏾♀️
Same here .
This is why I make my own payment each month. It keeps ME in control of my private account,not a bank or another person.
I heard that even people who weren’t signed up for automatic withdraw had it taken out
I know people that were not signed up auto withdrawal and it happened to them!
Good idea,no electronic payments!
@@BrandyH-eh9up That’s impossible if those companies don’t have your private bank information, which mine don’t. Also, if companies did have their bank information for some reason, but were not authorized TO do any type of withdrawals, they can get in big trouble and they know it.
@@BrandyH-eh9up This happened in Texas when the power went out
The power company charged outrageous amounts for power not used.
This is exactly why I don’t allow recurring payments. I pay all my own bills manually.
We got hit by this and it wasn't the recurring payment. It just took your last payment and charged it over and over again.
Nice story.
I use a credit card for the recurring payments such as internet BUT ONLY THAT!!!!! That way I have a monthly record of payments!
@@jimmclain3093 UNATHORIZED WITHDRAWALS AKA ROBBERY!!!!!!!!!!!!!
Which is getting harder to do. Everything they want online its so maddening. Everyone does not do business on the internet believe it or not.
Banks charge late fees and over-limit fees, but no one will ever hold them accountable for anything.
That's because the banks have politicians in their pocket
The plan was to make us stupid and weak so we don't fight back. Things are about to change. The world is woke now. We have the gold from the corrupt that have enslaved us to pay for their secret plans. The swamp is deep and wide.
@@maureencarr242 nothing will change.
@@maureencarr242 I hope you're right. We have to fight back. They're taking advantage and laughing at us.
We can trust our banks just like we can trust our government - NOT AT ALL.
TRUTH
At least your government can be bribed by your bank.
omg Before I read this I said the same exact thing we can't trust our banks or our government LOL
Oh we can trust the government a whole lot more than anybody in private industry because corporate executives, like donald trump, clearly have the same moral compass as the mafia,
No 💩👍
“It takes time to process updates” is another way of saying “you’re broke and we don’t really care”
That's exactly what the financial institution and financially responsible individuals and companies are thinking but not saying. It's not their problem if someone is living paycheck to paycheck or have all of their eggs in one basket so a simple mistake can cause unnecessary stress, anxiety and hassle. I don't have to worry about what my primary checking balance is on a given day because I know what it is. It's not because I don't have auto-pay set up. I know what it is at all times because it's not the autopay account. My advice to those with very little in terms of assets such as this reporter who seems to only have $10,000 to his name is:
1) have a primary checking and savings account at one financial institution
2) have a primary savings account with direct deposit set up
3) have auto-transfers set up between the primary checking and savings (savings into checking)
4) have secondary checking and savings accounts for specific purposes including auto-pay accounts and certificates of deposits, etc at different banks
5) if possible have one or more credit card that all auto-pays are processed through that you pay once a month
6) if this is not possible because you can't have credit cards NEVER give out your primary account numbers or use cards linked to them
7) then set up one or more payment accounts at a different financial institution from your primary accounts
8) auto-transfer (or manually if you really want) between those accounts
Most importantly, make sure you are looking at your liquidity or in other words how much money do you have available at any given time that you can instantly use whether it's cash in hand or access to debit cards. Never assume that you will have access to any account at any time. This is very important especially for those who are really poor and living paycheck to paycheck. In fact, this is more important for them then for those with money and assets. Waking up to find your bank account or paycheck garnished or overdrawn by mistake would be devastating to those people. I just wish people had common sense.
Funny how instantly they were able to pull hundreds of thousands of non existent dollars...
@@jakehansen5719 Common sense doesn't exist in a vacuum. If you've never been taught, you can't know what you're missing. This nation's fiscal education system is abysmal.
😂😂😂💸💸💸
Do not let anyone access your checking account, and be very cautious and limited about using a bank debit card tied to s checking account. There is basically zero fraud protection. The bank basically tells you good luck, and suggests you get an attorney.
I used to laugh @ my grandparents. They got burned by a bank in 1930 & afterwards kept their money in the basement. Turns out Grandpa knew what he was talkin' about!
My dad did the same thing.
I've got about 25k savings I'm thinking about hiding somewhere. They ask me where it went all of a sudden I'll tell them I'm a druggie with a gambling problem. Woops a daisy.
Everything has a risk, including keeping all your assets in your home (fire? flood? burglary?), but it's wise to keep enough backup cash to survive a few weeks or months while larger problems are worked out.
Re: 1930 banks, this is why FDIC insurance exists.
They need to sue for all kind of punitive damages, mental distress, and inconvenience fees. Somebody needs to be reprimanded!!!!
@Mac McLovin It's the American way!🤷🏽♀️ #SlaveTrade #FreeLabor #Reparations 🤨
I used to work for this company and there were a lot of unhappy customers
@Mac McLovin it’s not free when you can’t get your groceries or pay your other bills. It’s called accountability. The mortgage company gets access to all that cash to use or invest as they please until they can “get it back to you” meanwhile you’ve been hit with not just charges from your bank but from all your other bills that needed to be paid. It’s shady af and suing the company for damages isn’t free money, it’s getting back what was rightfully yours. That money in your account could have been invested by you making YOU money but instead it was stolen.
@Mac McLovin Are you racist?
@Mac McLovin I asked if you were. Clearly reading comprehension is not your strong suit seeing that you never answered the question but just word vomited in the comment section. Some are proud racists, wanted to know if you were of that ilk.
This is the EXACT reason I don’t authorize any company or service to debit or withdraw from my account. This isn’t the first time something like this has happened. Either pay them yourself or use your bank’s bill pay service where the bank actually makes the payment instead of the other way around. Keep all the hands out of your cookie jar.
@@TJSquatchy-QueenoftheSasquatch may not be hard to set it up but alot of people don't know that even exist. Banks are very selective with how they advertise services.
@@redvivid this. Most banks you have to ask for service, my bank has everything but you need to ask they don’t advertise it
This also highlights problems with American banks. They allow money to be withdrawn even when there is a zero balance.
@Dawn Johnson
Overdrafts Anyone?
The banks in Wal-Mart are good for that and not for alittle bit either 😐
not Capital one 360, you can auto decline it without NSF fees lol.
Thats because of the visa or Mastercard logo, they have to honor the purchase.
The mortgage company must have been jumping through hoops when they saw all this money coming in. It sounds like gross negligence.
Maybe you meant jumping for joy because jumping through hoops is what you do while trying to get a loan.
The only thing they were jumping was airplanes heading south with bags of their purloined money in the overhead compartments.
Gross fraud.
I think anyone affected should receive some type of monetary compensation for the stress, anxiety, and the time spent having to contact the bank...
Or they could grow up and act like adults so they are never at risk of stress and anxiety from computer errors. Like, not providing your primary checking and savings account numbers or card numbers associated with them to third parties or entering them into the internet that is a big black hole. Setting our finances on automatic doesn't mean providing a primary savings and checking account to third parties. Most of these people's problems would have been solved if a) they had one or more credit cards that automatically pay their bills and they pay the credit card payments once a month before their due dates, b) had separate financial institutions where they keep their primary checking savings separate from their payment accounts. It is basic financial literacy. No one is responsible for these people having stress or anxiety and it's not something I would report on if someone was able to withdraw $9435.72 from one of my accounts when no third party should have direct access to that sort of money. At minimum he should keep $8,000 of it in a separate bank account at the same financial institution or in a different account at a different financial institution. The only time a third party should ever have auto-pay access to an account is if it is a payment only account.
@@jakehansen5719 My point is, if it were the other way around and for some reason a "computer error" said the money wasn't in their accounts, the company expecting the payment would slap them with fees...I'm tired of seeing these big companies getting away with this type of thing and never being held accountable...I don't have any skin in this game and I also do not use auto-payment...
@@susieq5270 If people don't wait until the last minute to take care of their bills and manage their finances properly there wouldn't be any fees for missed or late payment since they would have time to make sure their payments are processed and if it's not processed to get the money to those they owe money to. Second, since this was a mortgage that's also not true. Without getting into the specifics of individuals mortgages which may vary slightly. An example, a mortgage is generally due on the 1st of the month but penalties won't be imposed until the 16th and it won't be reported to your credit for 30 days. Have a problem with this? What happens after that? How many payments can you miss without risk of foreclosure? This is generally about 4 months since in most cases this is governed by federal law. The point I'm making is that it really is a matter of personal responsibility if you are getting a late fee especially with mortgages which are very lenient already. Renters don't generally have that sort of luxury.
That said, back to your main point about late fees or being slapped with fees. People who are on top of their finances are NOT slapped with late fees or missed payment fees since they are NEVER late. It takes an unethical person, as opposed to a company, to be late on your payments to those you owe. Ironically, these are the same people who will most often pay family, friends or themselves while stiffing strangers or companies because they aren't good people. You will buy your child a soda and candy but not pay your mortgage? You will have a cell phone for 2 or more members of your family but not pay your mortgage? Don't pretend to be victims because money isn't that hard to handle. It's just people who refuse to accept responsibility. Like I've pointed out, most bills can easily be placed on a credit card or a payment only checking account and there can always be money in those. There is ZERO reason for you not to be able to pay your bills on time and late fees serve a purpose and they are also imposed on businesses who don't pay other businesses on time either.
"I'm tired of seeing these big companies getting away with this type of thing and never being held accountable..."
Except it's not the companies doing it and I'm tired of people who are not being held accountable for their own actions. Mistakes happen in life whether it's an individual or a business but the same people who are tired of businesses never being held accountable or getting away with this type of thing are the same people who think Donald Trump shouldn't have been able to declare bankruptcy for his businesses as many times as he did. They shouldn't have to be held accountable for their own financial irresponsibility but companies should? I think not. I have no problem with companies being held accountable but it's not companies that are the problem. It's the individuals involved whether it's an individual like those who don't know how to manage their personal financial or financially irresponsible executives running businesses the way they run their own personal finances which is like shit.
@@jakehansen5719 I have this company and DO NOT have automatic payments and DID NOT authorize the transaction and they did it anyway. I have paid electronically in the past, however you have to authorize each electronic payment. I did not authorize them to debit my account several times.
Your first mistake was banking with BofA.
Not the only bank involved. The mortgage company had 14,000 clients.
I think Bank of America sucks, and I quit them a long time ago. But in this case, they appear to be doing the right thing.
Everyone says BOA, Chase, Wells Fargo, etc.
BofA is a bad joke. Don't bank with them.
@@swallowedinthesea11 Wells Fargo almost ruined a friend of ours. Luckily, he had good friends.
I still write checks and use stamps. Not sure if anyone still does that.
I'm old school - I do.
Funny thing - if you let someone else control your money; Someone Else will control your money.
Me too!😊
Me too!😊
And every paper bill I receive they beg me to go paperless and let them do auto withdrawals. But soon we'll be forced into it. We won’t even be able to pay with cash. The globalists want a paperless, cashless system.
Yeah I used to until the goddamn postal employees started stealing and dumping our mail in Walmart parking lots.
i think the ALL the banks should be held accountable as well. they make it too easy for merchants and scammers to make unauthorized transactions. I would be calling the banking commision in that state and let them have it.
100% agree it's insane that if no money in bank I can't buy groceries to feed my family but the gym membership gets paid!!! It's a scam
I find it silly to give anyone that access.
Just wait till they get rid of cash. Imagine a world where you can't make transaction without a bank account. I'm sure they would never take advantage of that situation.
I just had my local bank Allow an auction merchant to take $5k from my account via credit card number without any authorisation whatever. I’m still fighting to get the money back.
@@robdixson196 I've been saying thus same thing for years. The day all money goes digital is when I take up arms to defend my freedom. We will all be slaves once all currency is digital. There will be no freedoms
Banks should have protective measures in place already so stuff like this doesn't happen. My credit card company calls me if I try to purchase anything over $500 so the banks have no excuse to not have a similar system. They've only been around four thousand years.
Yeah. Good take. Lemony Snickett's, A Seris of unfortunate events. How many buttons did it take in order for this to happen .
Actually a hundred or so years really if we’re talking about most modern banks
WOW! I'm glad we refi our house 1/24/21 thru another mortgage company or we could be one of those people. Mr. Cooper was our previous mortgage company, wow! I feel for those people. Hope those people will be refunded asap. Much love and light to you all.
I did the same thing you did and refinance in February, Mr Cooper was my previous loan company. God bless.
This is why I stick with my local credit union and avoid these big bank shenanigans.
@C S Yep most are secretly run by banks.
@@greyfox78569 Do you have sources for this claim?
@@Captain_Jack514 How could he give you a source if it's secret? 🤣
*_AMEN. I AM A VALUED MEMBER AT MY CREDIT UNION. EVERY TIME, I WALK IN, IT'S A HOT CUP OF COFFEE AND A BACK RUB._*
*_YOU CAN'T BEAT THAT._*
Its all just clicks of a computer.
You could be bankrupt in 10 minutes and never get your azz straightened out.
Mr. Cooper is currently on his way to Rio with some very large suitcases.
🤣
LMAO! A modern day D.B Cooper. Which is who I thought you were referencing at first. Man.. people should've known better.
Reference: en.wikipedia.org/wiki/D._B._Cooper
More like Epstein Island
@Slim Pickens as soon as I read that I could hear the music playing in my head LOL 😂😂💯
Uh not Rio, Covid is ravaging Brazil
It would be interesting to know if “Mr. Cooper” made any quick stock buys and sales during the time it took to refund all that money🤣😂
If you know, you know. 👁
Hope it was Bitcoin.
And he took a bath.
@@whereswaldo5740 😂
That happens all times with someone else money
Doge and stonks 😂
I don’t know how anyone can sign up with a company called “Mr. Cooper”, though.
It was Nationstar. Their name keeps changing.
Did not sign with them ,they are the servicer, mortgages are assigned to them, another words they are a third party debt collecter
@@alexiswilson3769 Mr Cooper says clearly they are a debt collector/servicer
I did not sign up with it. The supposedly reputable company I signed up with sold it to Nationstar which became Mr Cooper.
Wouldn’t happen to be
DB Copper would it?
Those that know know.
Apparently having other streams of income other than depending on the government as a means of living is the best thing one can do right now to survive.
Those who invested in bitcoin trading are currently smiling so hard. I heard it recently reached $65000 that’s massive
I’ve heard a lot about bitcoin and I’m really interested in investing in it but I’ll need a skilled professional to put me through.
You don’t need anyone to put you though. You can watch videos here on TH-cam and try out what you watch yourself
That’s a bad idea
Bitcoin trading is not as easy as people people tend to think it is. There are so many strategies to be learnt and discovered about bitcoin trading. Get an expert to tutor you
My mom has a mortgage with this company. They use to be called Indy Mac. They’ve changed names multiple times over the years, and each time things have been getting worse and worse with them.
Call your Rep!
@Marilyn Dillard It's not a bank, this company is just a servicer of the loan and to change companies you have to refinance which sometimes costs money. Not to mention whoever gets your loan can sell it right back to these people to service it.
Yes they did change names several times.
I have them and they’re the WORST. I’m so mad they bought out our original company !
Sounds like one day they will go bankrupt. Take the money & run.
If you fuck up they come for you, if they fuck up “ whoops a doops, chill out. Well get to it when we feel like it”.
Money economy, and no matter what people say, they are cash insects. And they are now obedient.
Can you imagine what would happen if we were to have a real bad stock market crash and this bleeds over into the banking system. There would be utter chaos. Wheww.
And the government will fine them a fraction of what they profited by doing it.
yea the government will fine them and the government will be the ones to make money off the mess! Money should go to the epople meaning customers that it happened to! lol our government
Well, banks own the government. The Federal Reserve is in charge. Those idiots in congress are all paid shills.
They own the government. So if they fine them for show to appease the peasants, they gonna write them a check right back.
What profit do they make 🤔. They ended up reversing the error.
I've been laughed at for still writing checks to pay my bills instead of just "letting a smart phone app handle it" or just doing an automatic withdrawal.
This is why I do it the old-school way. Write the check, mark it in my ledger, stick it in the mail.
I do that too
Exactly, my husband does that too. No auto-pay for us.
👍👍👍
It amazes me that people are willing to let companies dip into their bank accounts at will.
I still write checks for a some things but lately I have been worried about the USPS getting the mail to the right place at a decent time.
Don’t use a debit card for recurring payments, always use a credit card. You are protected by your credit card company against fraudulent charges. If it’s a debit card you don’t have the same protection.
Credit card is using the bank's money, the debit card is your money. Depending on the time frame from when the transaction posted to you notify the bank, a credit card may hold you liable for up to $50, whereas a debit card has no limit like that.
@@willinmilwaukee if a thief gets ahold of your debit card, they could drain your entire account and you would not be protected. If that happened to your credit card, the charges would be reversed. That’s the difference between a debit and credit card. I also recommend paying off the entire bill every month, so there are no Interest charges. I pay all charges as soon as they show on my account. I also recommend using a card with benefits. I get between 1.5% to 5% cash back for all charges.
Yes and no. I had a CC company flag fraudulent charges, remove two of them, but transfer over to my new account the largest one. When I complained and pointed out that THEY had flagged the transaction as fraudulent, they basically said, _”Whatever, sue us.”_
That's scary as hell, the next due payment or two ought to be on the house after that BS.
The scam just others 🏦 will fallow
Never gonna happen....but I couldn’t agree more!!
you must be black
@@juanshaftpatel7488 You must be racist.
They corrected it... no harm, stop seeking freebies
I can see a few accounts being an error but 14000 in one state alone, that sounds like a planned ripoff.
Exactly, someone probably trying the system to see what can actually happened, I guarantee you this was not an error, this was a test.
@@labelledujour5855 yep...hold on to your seats folks.
& Remember all the politicians out there probably have tons of food. Make sure to say thank you when you’re done. This will never end until we stand.
Something is fishy.
Yes, that amount of accounts requires a computer hack, obviously, they stole the money from all those accounts in microseconds. This is an outrage.
Ya think?!
Make it ILLEGAL for us to have to give out OUR BANKING INFORMATION in the 1st place!! Automatic withdrawal is the problem!👿👿👿👿It gives them all the control and take ours away!😡😡😡
I thought everyone was too anti government to say something like that!
That’s stupid. People just need to be more MINDFUL of who they allow or authorize to debit their accounts. You can’t just make stuff “illegal” because of the ignorance of people. Make better decisions💯
Convenience isn’t free.
Automatic withdrawal is a customers choice on how they want to pay their debt. You can write a check to your mortgage vendor or do a push payment through your bank rather than a pull from their institution. Although this sucks in a big way it is also the consumers fault for allowing the company to do this because it is fast and easy. Life lessons that is what these are.
Moron
This is just a test run, folks. I have a feeling we will all be hit with massive thefts we have never seen the likes of before. And good luck getting it back!
Like during the Great Depression?
I do agree... it's never a mistake for the Banks and Utilities...it's only business as usual. There are laws in place that allows them to withdraw from your accounts. I should know since it happened to me over 2 yrs ago.
Yeah. Thnx. There is something funny about this. If a black swan should hit us, every bank in the country will shut down.
@@Itsaboutthewaterlife Used credit unions. Better protection than Banks and National credit unions
My thought, as well.
Funny how you can live stream on social media, videos, pictures, msgs transfer instantly, instant video streaming, but processing through financial institutions still takes time.
That state AG should have imposed fines on that mortgage company for this mess.
whya re you acting like a black "person"?
@@juanshaftpatel7488 ;; WTH are you talking about? What does skin color have to do with fining a mortgage company by the AG?
This is why I give no company authorizations for automated payment, send me my bills so that i can read my statements and then I pay you, I get me a prepaid card put money on it each month just to pay my bills, you will not get my CC or my DC info, lessons learned.
Absolutely!
Woah that’s a good idea..
Exactly!! I'll send THEM money when I AM ready. Never let the companies TAKE your money!!!
I know this company and have NOTHING good to say about them!!!
Sounds like what a scammer would do.
I use a prepaid for all my online purchases
BOA would always bounce by check when I paid my mortgage. I had fees on both sides of the transaction. I had to go into the bank. Write a check to get cash to pay my mortgage so the check couldn't bounce. I finally refinanced and no longer do business with BOA. Maybe I should thank them. I learned my lesson and paid off my debts and now I am debt free.
Congratulations! Especially on getting rid of BoA. I just paid off my mortgage with them too.
BOA is a bad bank. Most are ...
you must be black...
@@juanshaftpatel7488 Hardly, but I don't see how your comment has anything to do with the price of eggs in China.
@@chrise.321 What bank do you recommend?
"Mister Cooper?" Who on earth does business with a mortgage servicing company with a name like that?
🤣🤣🤣🤣🤣😂😂😂😂😂😂😂 that's funny..you're 💯 right tho
I have them as my mortgage company because they bought my mortgage from pc bank.im looking for another option
You have no chioce
Right? When I first bought my house it was NationStar, then they changed it to Mr Cooper. I thought it was dumb too
Our bank sold our mortgage to Mr. Cooper after promising our mortgage would never be sold. Mr. Cooper/Nationstar is a crooked company. I don't trust them as far as I can throw them. Can't wait to get this mortgage paid off and be done with them. And YES!!! I pay manually with a paper check every month. No autopay for this girl
This happened to me in VA. I pay manually once a month. Cooper took out 10 x my normal monthly payment. Luckily I caught it early and was able to reverse it at my bank.
I don't have auto pay set up for any of my bills. I'm only 27, and call me old fashioned, but I like to feel the sting of hitting submit every month for all of them. The only thing I have set to auto is a transfer from my account to my rainy day fund, so it happens without me doing anything
Pay in cash and file your receipts.
Ive had landline goofs
Cell goofs
Electric goofs
Car pay goofs
Insurance goofs
Etc
Incompetent idiots are everywhere.
Good thinking. I have automatic transfer to a savings account I call doctors. When I have to see a doctor, the money is there.
Correct!
@@hotrodray6802 :
If payments recipients are in other states you cannot pay in cash. I obtain money orders for Mr. Cooper. I retain the stub.
This happened to me and I live in Florida. I freaked out. They had my account fixed by the time I looked at it on Monday. They pulled money from my account on Friday night so I had no cash for the weekend. They need to fire their payment processing vendor.
Same
I saw fraud issues from Mr. Cooper back when I did insurance. Refi. now.
I always follow my "what would Dad do" mantra, and Dad never, ever had anyone do automatic withdrawals from his account - even if there was a discount. He always had paper bills sent to him because he said, "Without a document, I have no proof". I pay most of my bills online - but not all. And those that I pay online, I only do onetime account withdrawals each month, and I have to approve them every time. That's the best way. I also write the approval codes in my memo section of my checkbook, and I get email confirmations. I like my money, and I'm going to keep it that way! :)
Excellent. I'm just about there. I record those transaction numbers also. This is getting kinda scary.
Alway have more than one bank account. I had that happen to me. No access to money for three days before they could correct it. Had to borrow money from family. I used to chuckle at my grandmother and great aunt for having accounts at different banks and credit unions. Listen to your elders-They keep that money under their mattress for a good reason.
Those leeches knew what they were doing to you all and they made a good addition to their wealth using your money as a short term unauthorized loan 👌🏽
Bingo!
14000 people by an average of 1500 x 4 each person. = $84 million.
money is not actually transferred until the actual sale goes through. Authorizations are held at the bank until the batch is submitted with the sale, therefore, releasing the authorization, and then banks will send the money as they post the charge. This is the reason why you see "processing" "pending" etc as the bank reserves said amount for the vendor and when it is settled you will see the difference in description/date/ etc.
True!!!!
Yup, big earnings reporting in the stock market this week. A lot of money to be made.
🤔 I keep bare minimum in checking account for such an occasion.
💯
You and me both. Only enough for one months expenses and the rest is kept somewhere else. Only keep there what you can afford to have taken.
@@brendaturner7112 one nickel then.
Estoy de acuerdo
Wait until you get hit with an overdraft fee and then you won't be talking
This is why I use a separate account for my auto payments like for my GYM and my car insurance payments. I just keep the minimum amount necessary for a single payment every month so they can't take too much out to affect my money.
Huh? My bank let's the overdraft go through and I'm responsible for all the overdraft fees. How do you keep your bank from clearing amounts when your balance falls to zero?
Exactly!!
@@2bornot2b11 I think I waived the overdraft feature is what happened.
These payments overdrew the accounts in many cases.
They probably just wanted to borrow that money to invest into DOGE Coin since it did have a massive spike up
I took my money out of banks in 2004. Friends and family ridiculed me and by 2017 I lost all of them trying to defend our Constitutional capitalistic republic.
“The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.” ~Thomas Jefferson
They won't ever do it again, but you obtain one dollar they deem "fraudulent" your going to prison
Facts!
I woke up one morning and Mr Cooper was my mortgage holder
I don't feel comfortable with how they do business but I will continue to write my check lick my stamp and take it to the post office
The only sure fire way to prevent this from happening again is to make this mistake disproportionately costly for them with lawsuits & fines and other overnight headaches that they will take actions to mitigate...
*_PEOPLE IN THE COMMENTS KEEP SAYING "THEY" WHEN REFERRING TO THE BANKS, BUT WHO IS "THEY", SPECIFICALLY?_*
*_ARE THEY A CERTAIN CLASS OR GROUP OF PEOPLE? I'M CONFUSED._*
This is why you use a separate Checking Account when having an auto-debit payment set-up. You only leave enough money in the balance to cover the payment each month.
Smarty pants
Then why even use auto pay? Just make your own payments.
@@nohandleforme.... The purpose of Auto Pay is that you don't forget to Pay and some Companies offer incentives to use the feature. What I do is have a set sum of Money be automatically transferred monthly from one Bank Account to the Account being used for the Auto Pay a day or two before the Auto Pay payment date. It's called a re-occuring transfer which is a free banking feature that can be set Daily, Monthly or by Date. I rather fight my Bank to remove the Over-draft fees than fight the Company to get my Money back if they make multiple errorous withdrawals like in this Video.
Go get them, Steve!! I’m in Phoenix not effected but this is horrible. Glad the people have you
I'm in laveen lol
Valley gang
So the bank allowed unauthorized withdrawals It's time for those people to find a better bank.
The problem is that there really aren't better banks.
Time for every one of those BofA people to do some jail time...
Those banks are in charge of the Covid funding loans. They plan on doing the same for those loans. And then mortgage and then utilities and then banks get all those delicious fees.
And the bankers a cell. It would reduce the numbers.
No. The people who have their mortgages set up for automatic payments allowed this to happen. It’s the only way they’ll even be able to access your account. With YOUR permission. Read the fine print before your click🤨
Omg... I handle my parents bills and their mortgage is through Mr. Cooper. I didn't know this was happening. Until I saw this. Got to get a hold of my parents to see their bank information.
omg indeed
Same
Refinance.. worst mortgage company ever. Look up Nationstar a.k.a. Mr. Cooper. I had them for 3 years, not by choice.
Good luck with that. Parents are lucky because they have you to take care of them. You picture looks Asian. Watch yourself & your parents little sister because you can bet nobody else is.🖖
How DARE you take my money to pay bills I owe.
I was saving for a vacation.
This is America, you can't tell me how to spend my money.
If a bank didn't alert you or tried to stop a company from withdrawing duplicate payments... Time for a new bank, and they should be held responsible for these transactions.
They did this on purpose to see how much money their non paying customers have. So when the forbearance ends they know what you might have
Kinda dumb because most folks with money don't have it in cash.
No. There is no balance information transferred when you cause an auth hold. These accounts went into overpayment, they didn't just stop approving the charges.
@@arga400 that you! Cash is trash.
Remember when NationStar started using the name "Mr. Cooper" a few years ago? They wanted to be thought of as a *neighbor* - a neighbor that robs you when you're out of town!!!
Their reputation was so bad they needed a new name.
Robinhood
BWAH! HA! HA! HA! HA! HA!
Remember D.B. Cooper? Now you know where he landed.
It is true
It takes SECONDS for them to take out the money , but days/weeks for them to sort it out WHY? and they ARE NOT authorized to take MORE than you give them permission for, I think a nice hefty fine is in order for this mortgage company, THEY are responsible for the 3rd party companies they use.
They should also be issuing wires to pay those affected back. That money is transferred instantly if you pay by the cut off time. No waiting 2-3 days for an ACH deposit.
Probably some fine print when people made their payments or set up auto-pay stating they can only be liable for actual overdrawn amount and you can't sue them.
Isaiah 55:6 Seek ye the Lord while he may be found, call ye upon him while he is near:
I had an unauthorized withdrawal 18 months ago, still trying to get it back. Never use "automatic bill pay" for large payments like mortgage or car payments
Another reason to always have two accounts. One for bills with just enough to pay and another with your nest. Why you and your significant other should have separate accounts as well. If one gets hacked you have the other to fall on.
@Fred Wills Because the stock market has crashed far too much And even if you put it in Deferred Comp all you are guaranteed is what you put in, in the event of a loss. I work with people who lost over 20k in interest in One week 2019. That's not all that they lost either. These same people were to retire 2020 and didn't. Imagine working 30 years and the last year you lose 30-50k of your growth in less than 3 months. Fortunately they were guaranteed what they put in because if it were just an IRA they would have lost more. Sad
Ok so when they do it it's "unauthorized withdrawals" but when I do it it's "Robbery"
If you prove it was accidental and give it back within a day there will be no consequences, don’t try to make this something it isn’t
@@willinton06 you feel better? This company took unauthorized money from how many people? Your work for them 😂 It was a joke but don't hurt yourself stepping down from that soapbox.
@@tommyc8638 I use sandals so no chance of slipping, and they gave the money back, it was a simple accident, I just don’t like people saying this is a big deal, sure it’s a scare but accidents happen
That's why I never authorize automatic withdrawals from my bank, only deposits. The pitch to consumers is "so you won't have to worry about making your payment on time". Well, I think it's good to "worry" about my bills if that's what you call it when I make the payments myself. It keeps me constantly aware of what I'm spending.
This happened to me too, but I don’t have autopay.
Automatic deposits are able to withdraw to correct "errors". its in the fine print.
@@fredgarvin4482 Then maybe I'd better rethink deposit.
@@FLATBUSHPLAY yeah... rarely ever happens but if you get overpaid they can dip back in.
"Were sorry about that. You should see your money back in your account in 14 to 21 business days"
ALWAYS have cash hid in your home or somewhere that can be easily accessed. This may have been a test by the banks to see public reaction!
Yeah. Something funny about this.
This was actually really well reported. Thanks for sharing the story
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"Anyone can make a mistake, but to really screw up requires a computer."
Mathematically, yes. People didn't allow themselves the right of screwing up casually before technology.
It happened to me yesterday in Maine, I bought an item, and later found they took out the amount 4 times, I checked this morning and everything is OK now.
Bro. I have a Direct Express card for social security. Suddenly I'm picking up an odd transaction each time I use it for gas. I pick up some odd transaction that probably posted from a previous customer. It never posts. But WTF. Freaks me out.
That’s the Fee-a-Dope racket. They do this to generate legitimate appearing “overdraft fees.” Hit the account for some multiple of the transaction, then collect “overdraft fees” on the next few transactions that come in. Those not keeping accurate records don’t catch it, or just think they made a mistake.
Sometimes they just charge an “overdraft fee” at random. No notice, either. The “fee” just shows up on one’s statement, I’ve caught them doing this a few times. Interestingly, the tellers are trained quickly remove the clearly bogus “fee,” before reminding you that they can only do so a couple times a year. I kid you not.
I wish every local station had a consumer investigator
That was a preTrail for bigger plans 🥶
Oh guaranteed!
Exactly 💯
Happing right now in Louisiana.
Oh heck yeah.
For goodness sakes, people take one crumb of their fears and then make the story about what will happen in the future.
takes more time for them to correct their mistake than the few minutes it took to steal peoples $$.
This happens every day and usually nobody cares - including the banks. It happens to a reporter and he’s calling the AG and teasing lawsuits to demand accountability 😂
At least it's getting attention
@@ZombieDudes4TheWin no of course. Something very similar happened to me and the bank didn’t seem to care. The police don’t care to investigate stuff like this either. It was just shocking to me how often identity theft/bank transaction fraud occurs.
But it did involve 1000s of people, not just him...people would care with that many affected even if the reporter was not one of the victims.
Wait he had $9400 in his checking account? I need to get a job like his!
T.V anchors/ reporters do make a nice living. 💁♂️
THIS IS WHY YOU NEVER ALLOW ANY PERSON OR COMPANY ACCESS TO YOUR BANK ACCOUNTS OR ANY PRIVATE INFO UNLESS THEY CAN GET A WARRANT!!!!!!!!! IF YOU HAVE TO DO SOMETHING LIKE THAT SET UP A "DUMMY" ACCOUNT!!!!!
Dealing with robotic messages is so frustrating..and time consuming. Computers supposed to make life better but for me I need to talk to an English speaking human
Credit rating goes to $HIT.! Credit cards dont care
They use it as an excuse to up interest rates.
I wouldn't be surprised if someone pulled off a heist that no one will ever notice.
This is the reason I closed all of my accounts with bank's. What are they going to do bills are due on the first. All of my bills were paid Monday. But I'm praying for everyone.
The cost of technology.
So where do you have your savings at?
We are forced to hold bank accounts. We are forced to pay our bills online. Where is the protection for the people anymore? Corporations have the power, not us. Does anyone think this was an accident??
This happened to my dad! They took 4 mortgage payments and left his account in the red.
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This is why I'm old school. Get the bill in the mail and write a check.
Me too! My husband and I can't bank together because we are too stubborn to do it the other person's way. He does automatic everything..I want Bill in mail stamp and send it off. 19 years it had worked for us
.
Sometimes "older" is definitely BETTER!!!!
@@nurseratched5537 yes, opposite here. Wife wants everything on the pc and auto-pay. Lately though, I'm having to convert. It's the post office! They keep delivering my bills to my neighbors or losing my mail! Idiots! Was missing my cellphone bill months ago, then a neighbor finally gives it to me. They had it for 4 months! At least I knew it was due and got it paid.
And then buy stamps to mail the check! Who buys checks and stamps anymore?😉😉😉
@@marydavis7978 People who wish to.
I was told by a friggin BANK that once I authorize auto payment, the payee * can take whatever they want whenever they want * because I 'authorized' it. shocking attitude.
It's just a practice run for the bank! The real one is yet to come!
People check their bank balance and find they don't have any jack in their accounts. Can't even buy a sandwich and a pop at the grocery store.
I never do automatic payments. And I like having accessible cash just in case. You never know when the sh.. is going to hit the fan.
Oh and it's gonna. Seen TOO many cards at various different stores not working. On a Friday. Conspiracy theorists said the banks would be doing test runs like this. It was freaky.
Use your money to stock on supplies like can foods, shelf stable foods, medicine, pet food, medical supplies. It will hit the fan, one way or another.
Preppers have been prepping for years. Better get started.
"Would you like to set up direct deposit?"
ME: "Ha, good one."
My bank account is always at zero balance 😬🤣
Better start pulling those pants down
No doubts you're married
@@dirtygirl2808 At least you live up to your name.
Same here
@@blackreacher nope, widowed.
This just happened to us Monday & we are in Virginia
Having never heard of the company, it just sounded like a weird name for a supposed reputable finance(?) company.
Agree. Sounds scammy.
It's amazing how they can take funds out of your account instantly, but it takes days or weeks to get it back in.