1

I notice that my car payment hasn’t been taken out and, and saw that someone or something took out $33 from my savings. This meant I didn’t have the funds to pay my car payment anymore.

Then saw that Ally Financial tried to take out the car payment, but was $0 due to insufficient funds. Went on to Ally to make the payment manually so I wouldn’t be late, which then realized my payment for this month is completed and is pending for next month.

How is that when the money is sitting in my account still? (About the $33, I’m suspecting fraud as it’s a savings account which I don’t have a debit card to and no one else has access expect for ally to automatically take out payment.)

  • Did you ask Ally? – RonJohn Mar 5 at 9:44
  • I have not as I’m at work at the moment, and don’t have time to call until I get home. Just wanted to kinda get an idea if anyone knew what it might mean. – Stacey Mar 5 at 10:00
  • 4
    As a side note, if only $33 is enough to leave you with insufficient funds in your account, then you really should be keeping more money in that account as a buffer. – David K Mar 5 at 13:27
  • 2
    $33 sounds like a fee that your credit union charged you for having insufficient funds in your account to cover the payment to Ally. That's why your credit union account shows a zero withdrawal by Ally -- your credit union didn't pay Ally at all -- while Ally's site still shows that payment as having been made; Ally's computers still haven't updated their information to record that in fact the payment was denied by your credit union. – Dilip Sarwate Mar 5 at 15:13
  • Your account doesn't say who the $33 went to? – Acccumulation Mar 5 at 16:09
4

I have experienced a new kind of float when having one financial institution pull money from my bank account to pay a bill on a schedule.

The place that is going to pull the money lets me pick a date to pay the bill, I generally pick the date that the bill is due. On the specified date I see that I am credited with having paid the bill. But when checking at my credit union I see that it takes 1 to 3 more business days before the payment is deducted.

I have seen this with utility bills, credit card bills, IRA deposits, and loans. The only time both sides of the transaction took place on the same day was when the lender is the credit union.

Then saw that Ally Financial tried to take out the car payment, but was $0 due to insufficient funds. Went on to Ally to make the payment manually so I wouldn’t be late, which then realized my payment for this month is completed and is pending for next month.

You may be in this period of float. On day X the payment was due, and the lender credited your account, on day X+3 the the bank denied the transfer. At some point the lender will realize the money didn't arrive. You will then face whatever penalties are in your contract.

You need to make sure you have plenty of money in the bank account. The lender may have some other requirements to make the late payment.

Double check the account information you gave the lender, just to make sure there isn't a typo. That happened to my son, a person transposed the digits of a bank account, and a car payment was pulled from his account even though he didn't have a loan.

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.