To cover my state and federal taxes for last year and my estimated payments for this year, as well as my IRA contribution, I scheduled a transfer from my ING Direct account to my regular checking account for Monday. I actually had enough in there to cover the taxes, but not the IRA contribution, so I wrote a check for the contribution and mailed it on Monday so I could be pretty confident that the ING transfer would be complete before the check was presented for settlement. Despite the fact that the government was going to be sucking a bunch of money out of my account, I was relieved to have my taxes done and all the payments worked out.
One small problem: I accidentally scheduled the transfer from my checking account to ING instead of the other way around, so on Monday my checking account was emptied resulting in the rejection of three of the tax withdrawals as well as a scheduled credit card payment, generating four NSF fees, and my taxes not being paid on time.
I called ING to schedule the transfer of the mistaken withdrawal as well as the original deposit I meant to make, and my other bank to ask that they honor payments presented in the mean time. I hope that my IRA contribution check clears or I may have to file an ammended tax return without the contribution and pay more taxes plus penalties. What a disaster.
The state is that great fiction by which everyone tries to live at the expense of everyone else. - Frederic Bastiat