Comments on: How Five Banks Post Your Deposits and Withdrawals: Do They Trap You Into Overdraft Fees?

By: carol

carol — Sat, 11 Feb 2012 21:08:15 +0000

Everybody already knows banks are like politicians, out for only them selves, greedy. Thats why so many people hide their money at home. Am i right? YES!

By: Josephine Chrestman

Josephine Chrestman — Wed, 18 Jan 2012 19:25:57 +0000

I deposited a check with Cadence Bank. I asked them after 7 days if it had gone through because I didn’t trust my ex’s check. They said That it had not been returned I could expect it would not come back. I had 13 overdraft fees( $507.00) when that came back 2 days later. How does a bank hold a check 9 days before returning it. Banks don’t use U.S. mail to transfer from bank to bank. That was ridiculous.

By: Nancy

Nancy — Mon, 16 Jan 2012 12:22:19 +0000

I had a whole page of things BOA has done in the past and now my computer is acting up and erased the whole thing. Therefore, I will cut to the punch line and hope my computer allows it. It is my firm belief that we should all revert to burying our money in a Mason jar under the mattress or in a coffee can – if we don’t have a back yard. Face it~we are not making any money off our bank accounts. The banks are making a small fortune on one branch alone. It might even be a good idea to go back to the barter system so we don’t have to worry about checks, etc. Since that is not likely to happen, maybe our bosses should have the bank accounts and take out cash to pay their employees. Then, for those who need to mail off a payment (and who doesn’t?) we can go to the local grocery store’s customer service or the local 7-11 and BUY A MONEY ORDER WITH THE CASH WE HAVE ON HAND. The banks can then do what we do every day of our lives and wonder where the money went! And OMG! how am I going to survive? If they aren’t all too busy scrambling to find another job, maybe it will hit their pea-brain that KARMA just made a delicious withdrawal/deposit for us all. Maybe they will be at the next food bank we go to. Ah-h-h the possibilities are endless.

By: Suzanne Adams

Suzanne Adams — Thu, 12 Jan 2012 15:36:36 +0000

After making a deposit of a large cashier check into my bank of america checking account, I waited 4 days to see that it was clear. On the forth day I saw that it was showing that it was clear in my statement online…so thinking it showed up a cleared I spent some of the money…by the end of the day they had taken the amount back out of the account saying the check was no good…well why did they lead me to believe it was good and cleared. I’ll tell you why, so they could get the overdraft of $35 on every withdrawal….I am a low income person…struggling to put food on my table and pay my bills. Now this…I am over draft $950 with no way to recover…what do i do now?

By: Jimbo

Jimbo — Wed, 30 Nov 2011 17:12:17 +0000

The better question is why did you spend $125 when you only had $60.

By: Jimbo

Jimbo — Wed, 30 Nov 2011 16:43:55 +0000

I currently bank at a credit union and this is how they process things:
-First ACH deposits and withdrawals received on Monday are posted overnight for Tuesday morning credit.
-Then throughout the day debit card transactions are posted in real time order throughout the day, meaning that if I select the debit option and use my pin# at 8:15 am for coffee, 12:30 pm for lunch, 5:30 pm for gas and 8:00 pm for groceries, they post in that order. This includes ATM withdrawals.
-Deposits made in the branch are posted at the time the deposit is made with certain exceptions. They do have the option to post local checks within 2 days and non-local checks within 5 days.
-Debit card charges using the credit option where you sign the receipt are temporarily posted as pending immediately, but the amount may change. Such as purchases at a gas pump temporarily post for $1 and restaurant charges post with an assumed 20% tip on the amount charged. The corrected amount posts, along with all other credit type transactions post permanently when the merchant and their credit card processor posts the final amounts. Usually this occurs within a day or two, but this is controlled by the merchant’s processor, not the credit union.
-Finally checks that my bank received on Tuesday are posted to my account on Tuesday evening around 7 pm. I am not sure if they post high to low or low to high, but all checks post at the same time with a credit date of Tuesday.

By: Larry

Larry — Wed, 30 Nov 2011 10:09:00 +0000

Ended up with TD Bank by default after my community bank failed. My pension is due and payable on the last day of the month and was always credited that way with the community bank. Not with TD. It does not post until the first. They are literally sitting on billions of free dollars for a day. It’s criminal and by the time the end of the month rolls around, I’m flat broke!

By: JSullivan

JSullivan — Fri, 18 Nov 2011 05:14:35 +0000

I would not trust any commercial bank. Remember, investment banks are the only banks that work your money–Commercial banks only work you.

By: Pamela Lopez

Pamela Lopez — Mon, 07 Nov 2011 13:00:06 +0000

I also have been a victim of BOA’s policy to manipulate the order by which checks are processed. When I spoke to them I stated that I had been a cusotmer for over 30 years (show a little mercy, and beginning with Barnett Bank in 1978) The response? “Well if I have been a bank customer for over 30 years I should have known better” So I am happy that they will answer for their arrogance. Also, I have a young friend who worked for Wachovia, she had a postion that allowed her to grow in the company and had to attend classes. She told me that “This is how banks make their money by manipulating the order by which checks are processed.” She learned that this is their practice. It’s disqusting! Bank officials get their astonomical bonuses and it’s at the expense of the working class who live from paycheck to paycheck.

By: Ruth Hollis

Ruth Hollis — Fri, 07 Oct 2011 17:49:37 +0000

I just finished an interesting conversation with BBVA Compass regarding a $38 nsf fee charged on an nonreturned check that was presented to them on Monday, Oct.3. An elctronic deposit for retirement funds from the state of Texas, payable the 1st(Saturday) was received and posted on the 3rd, resulting in a positive bank balance at the time the check was processed. The check that cleared was dated and mailed on Saturday(1st), obviously received on Oct. 3, and presented the 3rd. The explanation,of this transaction being nsf was that by dating the check on the first, I was KITING funds since the wire had not been deposited and even though the check was not presented for payment. The explanation was that the bank always relies on the check date to see if funds were sufficient at the time it was written. The moral of the story is (1) do not write and hold unditributed checks and (2) find a more honest bank.

By: Gayle

Gayle — Tue, 27 Sep 2011 06:48:05 +0000

While banking at Wells Fargo, inside a safeway store without a drive up window, I nearly went crazy. When I opened the account, they said that to get overrdraft protection, I’d have to open a savings account, with which I could call them anytime to have the funds transfered to checking. Well, I called one day to have them transfer the $ and they said they could no longer do that by phone. I would have to either come in or do it on my computer. I am disabled and on O2 24/7. There is always a long line without seating. So I went online and thought I had done the transfer. The next things that happened was my rent check was returned. I called the bank and they said they could tell I tried to make a transfer but it didn’t go through. How could they tell I tried if it didn’t go through? On my online statement it showed that they had paid the rent check first, and the next day returned it, in order to pay 2 amall checks, charging me $35.00 for each and charged me $5.00 to transfer my money and then another $35.00 for the returned check. The exact amount I ended up overdrawn, was the exact amount of all the charges added up. I don’t bank there now and refuse to pay the fees. I filed a disability complaint that Wells Fargo was made to send me by the Feds. Hip Hip Hooray!

By: Gayle

Gayle — Tue, 27 Sep 2011 06:35:55 +0000

I went to the drive up window at US Bank to cash a government check drawn on their bank and branch. They said I’d have to come inside. I told her I was without my portable oxygen unit and I didn’t have the strength to come in. She told me it would be a $5.00 fee for a $61.00 check. Then she got a manager. She said that if I came in, they would be happy to put the $5.00 in a new account for me. Isn’t that blackmail? Either sign up with us or lose the money? I asked her where the money went. She ignored me, it probably goes to their retirement plans. Must have gotten the idea from the government.

By: Jessica

Jessica — Thu, 22 Sep 2011 15:32:42 +0000

A few cents? while I understand that the deposit disappearing just long enough to charge you is annoying, that sounds way better than what I’ve experienced with WF! I will have to look into this..

By: Scooch

Scooch — Thu, 15 Sep 2011 20:44:36 +0000

US BANK. Handed the teller cash. Wasn’t counted until the morning after a charge came through. $30. Considered buckling, and depositing cash to cover an upcoming charge. Problem? They’
ll just do it again. And again. And the tellers admit it! There is no apology. There is no refund. There’s not even any shame. US BANK Class actions anyone?

By: Todd

Todd — Thu, 15 Sep 2011 09:33:24 +0000

I’m pretty sure Chase’s answer is completely false. It seems that they post checks/withdraws from highest to lowest before processing deposits, ACH or otherwise.

By: Just a Nobody

Just a Nobody — Thu, 25 Aug 2011 14:26:21 +0000

It should be noted that CASH transactions are to be processed immediately on the same business day the transaction is done and be part of your available balance as per Federal Depository Regulations (Regulation CC…)

The following types of deposits must be made available on the first business day following the banking day of deposit (“next-day availability”):

1. Cash deposited in person to one of your employees.

2. Electronic payments received by your institution for deposit in an account — An electronic payment is considered received (deposited) when your institution has received both payment in collected funds and information on the account and the amount to be credited. (Under other rules, funds for most electronic deposits are made available on the day of deposit.)

3. U.S. Treasury checks deposited in an account held by a payee of the check — Unlike deposit types listed in 4 through 8 below, which pertain to deposits made in person, Treasury checks deposited at an ATM owned by your institution (a “proprietary” ATM) must be accorded next-day availability.

4. U.S. Postal Service money orders deposited in person to one of your employees and into an account held by a payee of the check.

5. Federal Reserve Bank and Federal Home Loan Bank checks deposited in person to one of your employees and into an account held by a payee of the check.

6. State or local government checks deposited in person to one of your employees and into an account held by a payee of the check, if your institution is in the same state as the payor of the check. (Note: If the customer desires next-day availability of funds from these checks, you may require use of a special deposit slip.)

7. Cashier’s, certified, or teller’s checks deposited in person to one of your employees and into an account held by a payee of the check. (Note: If the customer desires next-day availability of funds from these checks, you may require use of a special deposit slip.)

8. Checks drawn on an account held by your institution (“on-us checks”) deposited in person to one of your employees or at on-premises ATMs or night depositories, if the branch or branches involved are in the same state or check-processing region.

9. Deposits that include some checks of types not listed above — The first $100 (or the total amount of the deposit if it is less than $100) of non-“next-day” checks must be made available the next day.

Exceptions: When deposits of types 1, 4, 5, 6, and 7 are not made in person (for example, when they are made at one of your ATMs), the funds must be made available by the second business day. Deposits, cash or check, made at an ATM that you do not own (a “nonproprietary” ATM) must be made available by the fifth business day.

They’ve modified this a bit and if the ATM can ascertain that it’s a cash transaction (Those nifty new envelopeless and formless ATMs…), it’s supposed to be processed the moment they receive the money in the ATM as if it were a teller transaction because the system knows it just got processable cash. Wells Fargo’s ATMs all do this now (and are treated this way)- and there’s other banks working towards this. Any of the above mentioned deposits are supposed to be treated basically as a cash transaction and are to be made available for use the following day if not sooner and they’re supposed to be “processed” first. PERIOD. If you get zapped by “processing” operations like this article discusses- you should be able to read them the riot act from Regulation CC and get them to undo it all. The main reason they do this sort of crap is because while it’s illegal, most people don’t know their rights and won’t call the banks on the carpet over it.

By: Susan

Susan — Fri, 19 Aug 2011 15:52:02 +0000

this JUST happened to me…I have a compass account and noticed an overdraft fee..however my statement never reflected I was overdrawn. Was told by the customer service agent that it was their policy to debit first then credit…so, the can line their pockets with $38 per overdraft. There should be some standardization to bank policy. I’m still shocked…

By: Tina Nguyen

Tina Nguyen — Wed, 10 Aug 2011 23:05:52 +0000

Banks are all over the place in regards to how and when funds are debited and credited. I have deposited many Chase written checks to my Chase account. Obviously Chase immediately knows if the check is good and can make all funds available immediately. Sometimes they do and sometimes they dont’!

A few times Chase did the switch-a-roo and did not make funds available till the next day. I asked a Chase manager and he said “he’s heard about that, and sometimes it’s kind of hit and miss”.

With the new legistlation with credit card companies, the banks will continue to find creative ways to screw the customer. Of course one can alway have plenty of money in the bank and never have this problem. My issue is that they have rules that their own branch managers cannot clearly define. I showed receipts to the branch manager and all he could say was “hmmmm. that’s weird”.

The banks have ran many models to see which scenario will generate the most revenue. They change accordingly. Yes, it’s business, but it’s also very deceptive.

Example: I have $1000 in the bank.
9:00am I buy breakfast $10
12:00PM, I buy lunch $20
6:00PM, I buy dinner $30
8:00PM, I buy a new TV $995
*My account by the time I buy the TV should be overdrawn. I will get a $30 overdraft fee.
However, many banks will debit the TV first even though it was the last transaction, then my breakfast, lunch, and dinner so each will overdraft for total of $90.

By: Catrina

Catrina — Mon, 01 Aug 2011 08:33:31 +0000

I’ve been screwed by ING several times. I’ve checked my account online and the money I’m waiting for has been deposited. So, I go to the ATM and make a withdrawal. When I come back, miraculously, the deposit that was there when I checked has suddenly disappeared, only to reappear a few minutes AFTER I made the withdrawal, thus allowing ING to charge me an overdraft fee. It’s only a few cents, but it pisses me off. They’re making millions of dollars a year by doing this with other customers.

I used to love ING but now rarely use them as they’ve become just as scammy as most other banks.

By: Beverly

Beverly — Sun, 24 Jul 2011 16:37:20 +0000

I have an account with Compass (a relative of Wachovia), which I have had for many years. They post debits first, then credits. I was just charged 2 $38 fees on the same day when this happened. I asked for an explanation or remedy. They did not respond. I asked again a few weeks later, again – no response.

I just cancelled the direct deposit and auto student loan payment from that account. I’m firing Compass. I noticed that Capital One is offering totally free checking – no minimums – that pays 1% interest.

By: MYRA GARDNER

MYRA GARDNER — Wed, 20 Jul 2011 00:36:49 +0000

Thank you, thank you. I’ve been trying to find “Standard Banking Practices” regarding deposits and withdrawals. Apparently there are no standards. I’ve been doing battle with Alture Credit Union over just this matter. If you deposit cash at an ATM ” DO NOT” use your ATM card until they decide to empty the terminal. When they find out you really did deposit cash, well it’s just to bad for the client because you just racked up about $ 300.00 in overdraft fees.
Thanks so very much for the info.
Myra

By: Andrew

Andrew — Tue, 19 Jul 2011 22:38:35 +0000

You should have recieved a notice to be part of the class for the BOA thing. I got mine in the mail last week. Unfortunatley the customers who were taken advantage of will get a few bucks (likely less than the cost of one OD fee) and the lawyers representing the class will reap many many millions of dollars.

By: Maria del Rosario Ortiz

Maria del Rosario Ortiz — Tue, 19 Jul 2011 19:40:25 +0000

If, I paid overdraft fees to Bank of America

By: Andrew

Andrew — Sun, 17 Jul 2011 18:58:58 +0000

I work at a bank. Cash deposits should always be made in a branch with a teller. They are available immediatley. If your bank holds cash deposits made in person at a branch, find a new bank. Never spends more than you have in your account and you will never become overdrawn. Opt OUT of your banks standard overdraft practices. This will save you lots of time and money. Also, maybe make one large withdrawl and spend cash for small purchases so they will NEVER overdraft your account due to posting order…

By: micah smith

micah smith — Sat, 02 Jul 2011 07:52:35 +0000

Banks make money by keeping you confused. The fees are getting more creative, like charging for paper statements, using a teller for an “online” checking account, ect ect…

THE BEST NEW SCREWJOB IS THIS: Charging you to use YOUR MONEY in your LINKED SAVINGS to AVOID the “overdraft fees” …. so wait a minute, whats the interest rate on auto withdrawing 5 bucks out of MY SAVINGS CASH… to cover a $4.98 purchase… and then charging me a $5.00 for the privlage of using my own money to cover the fee… if I was standing at the bank and withdrew, and then deposited the money their would be no fee, so they argue it is “convienance” fee… In actuality, they are LENDING YOU YOUR OWN MONEY for 1 day amd charging 100% simple interest for the “right to access” your own damn money…. Bank of America, Wells … avoid….

Honestly, platforms like Serve(American Express) and paypal are the last great hope. All the bank regulation will ensure FEES WILL CREATIVELY STAY AHEAD of Legislative Law, and keep your poor “stupid” self confused. You are “stupid” because you cannot read, and comprehensively apply and adopt a 50 page legal disclosure written in a mix of latin, english, and accepted legal jargon that by it’s very nature uses a DIFFERENT DICTIONARY than an english dictionary, so the good corporate lawyers, can easily intentionally appear to be saying one thing to a “stupid commener”, but really are legally saying something quite different. That is why they make <800k a year. They can legally lie through word manipulation, and have a firm legal basis only another lawyer would be able to infer.

Three rules to live by:

1) never keep all you money in one place
2) the world makes money by taking your money
3) money is paper, and is only worth what someone is willing to give you for it… the FED can put all of the non elite in the poor house by flipping a switch (and have by adding a 1.2 trillion dollar printing session to avoid American default on money the Government bowwrowed using tax dollars not collected as leverage).

ING bank – awesome – they don't even do overdrafts, it is a "lending fee" that comes out to under a dollar per transaction… Cap One just bought them out so KEEP YOUR ACCOUNT AGREEMENT! – RESPOND WITH A CERTFIED REFUSAL LETTER when they try to change the terms.

Ally – 8 dollar overdraft fee, only 1 per day

Schwab – will pull from a linked brokerage cash balance for free

other than that, I would look for an honest local credit union.

By: chantel

chantel — Wed, 01 Jun 2011 20:03:50 +0000

i want to add about chase bank… you can deposit a check anytime, but they process debits as late as 11pm. your check isnt avail. to you.. but they have no problem chargingyou that overdraft fee when they allow funds transferred out at 11pm.. they know they are in the wrong because i was able to recover $120 in fees due to this shady practice.

Best thing to do is load money for online bills to a prepaid card, pay in cash when you can, and deal w/ the bank only for savings that you want to earn interest on.

By: KH

KH — Wed, 01 Jun 2011 19:06:16 +0000

Yeah, you can’t balance your checkbook or manage your own finances so therefore we need a revolution… good luck with that.

By: Nicole

Nicole — Wed, 01 Jun 2011 07:08:36 +0000

AMEN – we truly need to organize this. Maybe facebook? Not sure most ppl would have the guts to follow through. We’ve all been whipped into submission so much by banks that we’re all freaking scared to let our balance drop below $100 in case the bank decides to post a bill on the very day our account is nearly empty. I’m sick of the rich a-holes who pay no taxes and contribute next to nothing to our society gouging every penny they can out of ppl in poverty. It’s sickening – TIME FOR A REVOLUTION!!!

By: Nicole

Nicole — Wed, 01 Jun 2011 02:46:55 +0000

My husband makes $30000 a year – which considering he is mildly autistic is excellent. I used to make the bulk of our income but am now totally disabled and still awaiting SS Disability approval. We have two children. The absolute ONLY luxury my husband and I pay for is high-speed (lowest-tier) internet access (which is actually more of a necessity since I have to take care of nearly all correspondence and finances this way because of my disability.) Are you telling me that we are unwise because we don’t have $500 cash sitting around?? We just had two months with unexpected car expenses totaling over $1000 and there went our emergency fund. How the heck are we supposed to have ANY savings when EVERY penny goes to absolute necessities and we STILL end up paying some bills late?? You are an arrogant jerk who evidently thinks everyone in the world should be JUST LIKE YOU. Don’t even try to lecture others about sacrifice!

By: Flexo

Flexo — Fri, 27 May 2011 04:37:46 +0000

I wrote about the Bank of America settlement earlier this year. I added the link in the article above for reference.

By: Tom S.

Tom S. — Fri, 27 May 2011 01:28:36 +0000

Yes, BofA and now Fifth Third have settled their respective Class Action suits… in the plaintiffs’ favor. The Fifth Third settlement announcement is here:
https://www.overdraftsettlement.com/
There used to be a link on the 53.com website, but it’s aged off, apparently. In any event, I have an email from 5/3 stating that effective 3/25/11, they have revamped how they process credit and debit transactions. Basically, in chronological order, if the timestamp exists, and deposits before debits. Otherwise, in the order received, except for ACH transactions (VISA/MasterCard), which will continue to be in value order. I gather that ACH processing looses all time and date references, so they don’t have any way of knowing which came first. Solution, of course, is to use the card as a debit card whenever possible – at least whenever the possibility of causing an overdraft exists…
5/3 also has an OD “insurance” program, if you can qualify (credit line, basically)
BTW – the actual text of the settlement is available if you Google “Fifth Third Settlement”

By: Dan

Dan — Thu, 26 May 2011 22:07:20 +0000

Apparently Bank of America has settled its class action?
http://www.fool.com/investing/general/2011/05/26/shame-on-you-bank-of-america.aspx

By: A.N.

A.N. — Wed, 25 May 2011 14:41:36 +0000

GET THIS ONE…. KEY BANK
I HAD A PENDING TRANSACTION ON MY ACCOUNT- NOT YET POSTED, SHOWING A TEMPORARY NEGATIVE BALANCE. I RUN TO THE BANK TO MAKE A $CASH MONEY DEPOSIT TO MORE THAN COVER IT; I GET THERE EARLY AFTERNOON, THE BANK IS CLOSED. ITS NOT A BANK HOLIDAY, IM AT THE DRIVE THRU AND HAVE NO CLUE WHATS GOING ON, ALONG WITH A HANDFUL OF OTHER CUSTOMERS CIRCLING THE BANK TRYING TO FIGURE THIS OUT.
I FINALLY GET A HOLD OF A FRIEND WHO SAID THEY SAW KEY BANK PEOPLE OUTSIDE DOING STUFF. FINALLY TODAY, CALL THE BANK, THEY HAD A “HELP THE COMMUNITY DAY” OR SOMETHING LIKE THAT, AND CLOSED THE BANK FOR THE DAY!
SO, MY CASH DEPOSIT WAS DEEMED NOT RECEIVED UNTIL THE NEXT DAY EVEN THOUGH I OPTED TO AT LEAST DEPOSIT IT THRU THE ATM. I CALL THEM, THEY SAY I SHOULD HAVE KNOWN ABOUT THE CLOSING! THAT THEY HAVE A SIGN ON THE DOOR! I DONT GO INTO THE BANK EVER.
THEN THEY SAY, EVEN IF IT DID POST THE DAY I PUT THE MONEY IN, THEY POST DEBITS BEFORE CREDITS SO THAT NO MATTER WHAT, THEY CAN CHARGE YOU OVERDRAFT FEES; WHICH ARE $39 DOLLARS EACH! YES, IM TALKIING ABOUT KEY BANK, KEY BANK. THEY ARE LIKE THE ONLY BANK WHO DOES ANYTHING THIS UNETHICAL. AND TO BOOT, I HAVE SELECTED THE OPTION TO NOT HAVE MY ACCOUNT PAY OUT ON ANY ITEMS FOR WHICH I DO NOT HAVE THE FUNDS. THIS WAY, I WOULD NOT HAVE THE FEES. WELL GUESS WHAT, THEY DID THIS ANYWAY! THERE IS SOME OTHER SMALL TYPE PART TO THIS TOO!
WHAT A RIP OFF! KEY BANK SUCKS!

By: Terri

Terri — Tue, 17 May 2011 23:14:36 +0000

How can this be legal?

By: Scott

Scott — Sat, 07 May 2011 08:32:12 +0000

Has Anyone tried Woodforest National Bank that are located nationally in Walmarts? Ive had them for over a year and the way their system works is that the banking day ends when the bank closes at 6 or 7pm depending which day it is. I have an ACH deposit go through every Thursday night/Friday Morning and it will post to my acct and be available IMMEDIATELY. At my old Wachovia acct it would not post to my acct until MONDAY or TUESDAY. It is a direct deposit for christs sake. I have had very little problems with them, a big problem is that Walmart is usually always mobbed and it is inside walmart. Also, when you first open an acct with them, if you have a huge personal check come in, they will put it on hold for like 7 business days. It drove me nuts, but other than that, Woodforest is worth the little trouble. Another thing they do which is great is send you a daily email with not only an UP TO DATE and trust me..it isnt like Wachovia or Wells Fargo where the information in their “balance alert emails” is a day or two behind. But say in that email (whch is sent at about 5am) it says your in the negative from transactions that posted that previous night. You have until close that day to deposit enough money to cover the balance. Another awesome thing is that they are open on SUNDAYS for like 6 hours and to them, every single day except Christmas and thanksgiving and maybe a couple other holidays, is a BANKING DAY to them. Everything you deposit is available for immediate withdraw and posts to your acct the second you put it in. Hope people research Woodforest and let me know what you think!!! And no, the last place I would want to work is a freaking bank. To me it would be like working for Satan, so it is not like I am promoting the bank bc I work or worked there. Hope the rest of these banks ESPECIALLY Wachovia, get whats coming to them.

By: Stella

Stella — Fri, 06 May 2011 13:51:54 +0000

TD Bank (Commerce Bank – whatever) Shuffles accounts around when your account is down to it’s last dollars. For example. I had $130 in my account on Saturday. I got gas for $30.00, then went to the atm and took $60.00 cash out, went to the grocery store and used my debit card (as a credit) for $30.00 then rented a movie at red box for $1.00. My total in transactions was = $121.00, leaving me with $9.00. On Monday I went to the TELLER and deposited $10.00 cash just in case. My balance read, after the deposit,.83. Frantic, I went online and sure enough my pending gym membership of $49.00 was coming through. My account was then shuffled (most expensive item first, even though pending, came first – my gym membership). Then I was charged $105.00 in overdraft fees ( though it was not clearly stated on my online account as to what this applied to exactly). Upon visitng the bank I found out I was overdrafted for the cash, the grocery, and the movie rental (gas did not come out until Tuesday when acocunt was cleared again). Even though I had money in the account according to the ATM, online banking and the teller – by Monday, the pending $49.00 took precedence, as did the gas pending (only $1.00 really) but they took the whole amount of $30.00 against me. If your confussed so am I, and so was the customer service rep at the bank, and so was the young teller. Shuffling to TD Bank advantage. Shaddy, shaddy practice and it should not be legal! I am switching banks to a local one ( one of the few left). TD Bank is an awful establishment.

By: Janice

Janice — Wed, 04 May 2011 20:01:50 +0000

I feel sorry for anyone who banks at BBamp;T. They steal my money every payday. I live from paycheck to paycheck. I get paid twice a month and by the end of the 2nd week I’m down to pennies. But many times I make a cash deposit the day before a debit is suppose to post and they take out the money before they post the deposit. Just like today. I have $35 in the bank. An ACH withdraw is suppose to come out tomorrow or the next day for $33 plus I have a $20 monthly bank fee. So I ran to the bank at 3 p.m. and put another $25 in the bank. Now tomorrow will come and I’m sure with my luck the $33 charge will come through plus the banks $20 checking fee. My available balance at this time shows $60 so there should be enough to cover it. But I’m sure if both debits come in tomorrow they will charge me a $35 overdraft fee.

By: fromAshes

fromAshes — Tue, 03 May 2011 14:11:05 +0000

Just got done at the bank (BB&T) trying to figure out their practices in posting trnasaction after I recieved $140 overdrawn fee. I tturnes out the way they figure is to take your last daily balance subtract what ever is pending then start subtracting posted payment starting with the most expensive and on. So with this happening and them taking out “PENDING” transactions before they start doing other math my account which should have been $60 after a late night transaction deposit of $80 and debit tranaction of -$20. They have now assesed me $140 with another $70 coming out later….Not even the bank manager could fully explain to me their practice on this. HOWEVER, thirty minutes into our conversation she did state that starting next month (June 2011) banks are being regulated and required to post transactions in order of appearance not however the hell they want so that they can make the most profit

By: Abby

Abby — Wed, 27 Apr 2011 09:52:22 +0000

Hi everyone,
I know this has nothing to do with the subject, but I researching for infomation regarding a system used in banking whereby Cash & Cheque-Withdrawals and Deposits, telex transfers…whereby the Teller services are approved through a POS like machine by swiping your Debit Card and entering your PIN and in case you do not hold a Debit Card, a receipt can be printed for you to sign…does anyone have any idea about such a machine and what’s its techical name.

Thanks

By: Tom S.

Tom S. — Tue, 05 Apr 2011 01:31:50 +0000

By: Tom S.

Tom S. — Tue, 05 Apr 2011 01:26:36 +0000

I’m in Indianapolis, Indiana… and I’m having trouble locating an attorney with both the staff and the time to handle filing a suit similar to the ones previously mentioned against Regions Bank. I found one, but there’s a conflict of interest – their offices are in the Regions Bank Building downtown, so they’d be suing their landlord. Does anyone have a suggestion? The bar association’s referral service has been less than helpful (small one or two person firms) Thanks!

By: Eevie

Eevie — Mon, 04 Apr 2011 18:20:08 +0000

I agree with you wholeheartedly!

By: Eevie

Eevie — Mon, 04 Apr 2011 18:12:29 +0000

Vystar Credit Union (Jacksonville, FL, Gainesville, FL) is definitely one of those financial institutions that calculates debits and credits in such a way as to result in multiple overdrafts in one day. They apply your withdrawals (ACH withdrawls, checks, etc.) first, suck out the NSF fees, then lastly, they apply your deposits (including Direct Deposits). Vystar looking out for Vystar first, customer last. I am seriously thinking about switching financial institutions.

By: zeeze

zeeze — Tue, 29 Mar 2011 18:51:44 +0000

You tell em!!

By: Ritamarie Romero

Ritamarie Romero — Sat, 19 Mar 2011 18:55:19 +0000

you call them wise and we call them crooks.

By: Ritamarie Romero

Ritamarie Romero — Sat, 19 Mar 2011 18:47:03 +0000

our bank accounts are stressed out. there isnt 1000 in most of americas bank accounts

By: Tom S.

Tom S. — Fri, 11 Mar 2011 15:43:15 +0000

Go to 53.com; there’s a link near the bottom of the page pointing to the Class Action Settlement website. File the claim based on what you’ve posted. You should get it all back.

By: Tom S.

Tom S. — Fri, 11 Mar 2011 15:38:26 +0000

Spend $50 at Safeway, and later go to Kroger’s and get $75 worth of groceries (Kroger’s means better meat!). The $75 will post BEFORE the $50. And if you only had $60, then BOTH transactions will generate overdraft fees. At least unless your bank happens to be one of the ones named as defendant in suits brought in Federal court to halt this practice – so far, only BofA and effective 3/25/11, Fifth Third.

By: Matt

Matt — Fri, 11 Mar 2011 15:04:00 +0000

I guess it would be wonderful if everyone had the same living-to-expenses ratio balance. We’d ALL be “WISE.” Right now, I’m working a full-time work day but only classified as part-time. I receive no health insurance, no vacation, no dental, drive an hour to and from work (on my “unwise” dollar) to keep a job and have loans (car and student) that I can’t escape on top of the county/city/state taxes that make “WISE” people WISER and the “UNWISE” more stupid, helpless and dependent on government guardianship.

I can’t afford to buy flour let alone nuke it into some gastrointestinal concrete to trick my digestive system into thinking I’m living WISELY. That just sounds like a means to become constipated.

These financing expenses that I incur weren’t considered frivolous after I graduated from High School, they were encouraged as career living expenses, how the heck else does one get to their part-time jobs without them. It is true one could work without a college degree but they are much more likely to be taken advantage of by WISE companies/employers and public transportation could get you to your office/factory if you happen to be paying an exorbent rent to a WISE landlord to live within the proximity of bus routes. Without a phone for 10-months, you woThe point of the matter is my WISE bank (and yours) is taking liberties with some loopholes regarding account fees and reorganization of transaction types. If a WISE individual reordered and tampered with their expenses to come out on top, they would be in suspect of fraud. How do our WISE banks rationalize this that protects them from proportionate consequences.

A bank certainly should not be at the liberty to claim it is offering free banking if you are required to keep a minimum balance of $1,000. I’ve spent over this in misc. bank charges/overdraft attack. It’s criminal for one to incur $105 of bank fees to cover a $15 transaction that posted half a week late.

By: Tom S.

Tom S. — Mon, 28 Feb 2011 02:49:26 +0000

I haven’t seen that; although again, they do process high-to-low, which is in contravention of recent court cases – Bank of America, and now Fifth Third… and other suits are pending against Chase, and several others. So, we’ll see. Ideally, we should be contacting our Senators and Representatives in DC and getting this procedure made unlawful.