Has anybody had a problem w/ fees being charged on debts (from a debit card) out of order. The bank taking a larger debit and posting it in front of smaller charges thereby making most of the smaller charges over my balance and therefore incurring overdraft feeS. If the bank had done the transactions in order that it was made the larger debit would be the only overcharge charged. This way the bank charged a fee for 5 debits. Has anybody had the same experience. stephenmishka90025@yahoo.com stephenmishka90025 AT YA HOO
That's a common practice. The rationale given by the banks is that they assume that the bigger debts are more important (e.g. house mortgage or rent). They figure that you'd rather keep your house or apartment and pay a few more overdraft fees than be evicted just to save $78 in overdraft fees. I'm not saying I think that's a valid reason or that I would opt for that if I had a choice. I'm just passing along what I've read. Bottom line: Bummer, dude. You need to keep a closer eye on your balance.
I recently switched banks because of this. While I no longer have the conveniences of a large, national bank (ATMs EVERYWHERE, etc), I now do business with a bank that posts my deposits immediately. None of this "deposits made after 1pm may post on the following business day" nonsense; if I walk in at 4:59pm, my deposit posts to my account at 4:59pm. And everything is in the order received. With my old bank, if I had a balance of $0, made a $100 cash deposit in person at 8am, then made a $20 purchase at noon, my account would overdraw and I'd get socked with an obscene $39 overdraft fee + a $35 "assessment fee" (not kidding). They refused to listen when I complained, so I took my money away from them. My piddling checking & savings accounts don't even make a scratch on their bottom line, but at least now I do business with a bank that takes care of their customers.
It's done in an effort to generate income, plain and simple. http://www.nytimes.com/2009/09/09/y...t-cards/09debit.html?_r=1&partner=rss&emc=rss
