One day, as a matter of habit, I checked my account online. I noticed that I needed to deposit some money because I had some items on hold and some items that were going to be coming through soon. I made the deposit, and that was it.
When I went to check my account the following day, I was overdrawn 53.00 and had incurred a 210.00 overdraft fee. I could not believe it. I had money deposited to cover every item that was to come out of my account, so how could I be overdrawn? I had just put money in there.
I called customer service to get this issue cleared up and have my money refunded. You would be surprised to hear what the representative told me. Yes, my deposit was made available to me, meaning I could withdraw the money from any ATM or make purchases against it, but it could not be applied to the items coming out of my account because the purchases were made prior to the deposit being made. Let me make this clear. The items were on hold only. They were not hard posted (as they say) to my account. They were laying dormant until the merchant picked them up. Because those items were on hold, I would receive the 32.00 NSF fee for each item regardless of the fact that I deposited 200.00 into the bank in time enough to cover them.
As you would assume by now, I am upset. But I was even madder when I noticed the sequence in which my debits were applied to my account. They took the largest amount out first and then the smaller ones. This caused me to have an NSF fee for five items rather than one.
There is something very suspicious about the way these banks are operating, and they use every loophole to get money from you through fees, etc. This is a really hard time for everyone, and no one can afford to have their money taken from them in such a manner. I could see it if I did not have the money available and they charged me 210.00 in fees, but I had it. I think it is crazy that money that I would be able to take out of the bank right after it is deposited, and that is showing in my available balance at that same instant, cannot be applied to my account in the same manner. The items were just on hold, and that means the merchant has not taken their money yet, so how can you charge me a fee?
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