I opened a checking account for my son, who was then 16. He had used his debit card for several small purchases. He had also made a deposit. The next day, Cascade bank processed the deductions, then 2 hours later processed the deposit. This caused the account to overdraft several hundred dollars. I spoke to the bank, and they initially refused to drop the charges, which were $27 per item, with unlimited per day.
The purchases were between .75 cents and $2.50. Cascade bank then agreed to drop some of the charges. I paid the full amount on time. After 1 1/2 years, Cascade Bank filed a derogatory report on my credit file, claiming a charge off. I contacted the bank several times, and was told it would be removed. After waiting several weeks, I was informed it would not be removed. This has caused my credit score to lose over 100 points. I have been turned down for loans, and credit cards. I own a small business, this has crippled my ability to bid large projects, as I cannot finance payroll.
