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Wronged Custys: Bad Bank Procedures


GroupdroidsFrom CedarWolf, TalesFromRetail Comments

Bought a necklace online with an account at a major bank, which I had only for online purchases. Necklace cost $0.51 with free shipping, and I had deposited $50 earlier that day.

Well, my $0.51 charge, since it was made at 11:55 PM, was processed before my $50.00 deposit, which had been at 2:14 PM.

So I was charged a $15 fee for overdrafting, and then a $35 fee for not having any money in my account, leaving me with about $0.23 in my account.

I went to the bank to sort it out and/or cancel my account. When they refused to reverse the fees, I tried to cancel my account and the guy was flatly shocked that I would cancel my account over this... And then charged me a $25 cancellation fee.

A few months later, they got bought out by Wells Fargo. Fuck that bank.





I had a bank that would reverse transactions that were already posted then re-post them to get overdraft fees. I started checking my account online daily and printing it out to prove that they were doing this. They also wouldn't post transactions in order, often holding some larger transactions for several days waiting for your balance to get low enough to cause an over draft. Left two banks for that, and both were part of class action suits.

I changed banks last year after my bank took almost two weeks to post a $75 check deposit. They tried to say I didn't qualify for next day posting because I had an overdraft 2 years prior (bank error) and there was a 7 day hold on e-check deposits, then they claimed a holiday and weekends. As soon as that check posted, I pulled it back out and opened an account at another bank, once my direct deposits started, I closed out the other account. Told them I found a bank that did not hold deposits for two weeks on a whim.


Because why would you cancel over this? It's not like it's dumb. */sarcasm*


A whole lot of banks used this method, processing all debits before processing all credits at the end of the day, sometimes they do the debits in real time and the credits only at the end of the day. The US CFPB did a whole investigation on this and found that the banks make a lot of money off the overdraft fees, so they were going out of their way to make more.


After my last bank did that to me, holding onto a deposit for two days but putting debits through immediately and in largest to smallest (If they'd put them through in the order they'd come in, only the last would have been overdrafted, and if they'd put the deposit in when it was supposed to have been, none of them would have). I told them 'intercourse that excrement' and went to a credit union, and haven't had a problem since.


Had that exact same problem with a couple of banks. I think they changed the laws to make that illegal, though I'm not sure. In any case haven't had any problems or issues since leaving my last bank and switching to my current. They will even reverse the occasional legit overdraft fee for me, which is awesome

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