I'll be the first to admit I am not wealthy, and I live paycheck to paycheck. I understand that fees are a necessary part of the banking industry. But I just have no clue how 5/3 comes up with their banking practices.
Here is an example of what has happened a few times recently (dollar amounts are for example purposes only):
Say I have $200 in my checking account on a Thursday, which is the 30th. I have an automatic withdrawal scheduled for Friday the 1st, for $300 for my car payment. Friday the 1st is also my payday, with direct deposit. So let's say my check was $1500. On that same Friday I went to the bank and took out $400 cash. If no other transactions occur, then on Monday the 4th I should technically have $1000 in my account, right?
WRONG. After checking my online statement (two days later, because it's not realtime) I have discovered that there is a NSF/Overdraft fee on my account, as well as a negative balance fee. I called up a local branch and talked to a woman, who said that technically, my car payment came through before my direct deposit. And since I only had $200 on there originally, then it didn't go through.
Scratching my head, I say, "Ok. But the withdrawal wasn't scheduled until Friday the 1st." And she replied, "Yes... It occured on Friday the 1st."
So then I try not to talk to her like a parent to a child, but I calmly say, "But I also got paid on Friday the 1st. And there was plenty of money to cover that."
You know what she says to me?"Well, technically your paycheck is in there, but it didn't actually POST until midnight that night, which was technically Saturday. That's why the NSF occured."
Still confused, I said, "But my payday was Friday. And I actually took out money on Friday from the ATM. So I know it was deposited then."
But she replied, "I know. I said the money was there. And you did have access to it. But it didn't actually POST until after your car payment went through."
So what on earth is that??? Anyone??? I have paid about $1000 in fees to 5/3 over the past couple of months, and I have been juggling money back and forth, and even resorting to loans because I have spent so much money on their damn fees. I know how to balance a checking account. But it's just impossible to do so at this bank.
I have never had this kind of problem before, because I always had plenty of money in my accounts to cover things. But now since money is so tight and things are down to the penny, I am getting screwed and floundering in the process. Recently they froze my Check Card, and I am in the negative.
My plan is to pay this off this week and close the account. I'm going to look into credit unions. But has anyone had the same experience???
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