Ok - I've read a lot about the overdraft fees of 5/3. And please - don't post giving me some lecture on my irresponsible financial habits.
Two days ago, I checked the 5/3 web-site and to my dismay found that I was $150 overdrawn. I had written a check to someone in JANUARY that he just decided to deposit. My direct deposit pay check was due in on 3/15 (today), so I gathered up every cent I had and went on 3/14 to deposit $315. I deliberately took the deposit before noon and took it to the teller rather than the ATM. I asked the teller if I was going to get charged anything, or if there was more pending, and if this amount would cover it. She said yes, that it would cover it and I was ok. So I left thinking "Wow - dodged a bullet there!"
Then I got up on 3/15 and discovered that $330 had been charged to my account in over draft fees. Panic stricken I called the local 5/3 and after being on hold for 7 MINUTES (without any one checking to see if I was still there and able to hold), the branch manager said "Sorry, I had other customers" and proceeded to ask me what was wrong. I told him all of the above, and reminded him that an $1100 deposit was going to clear today 3/15. He proceeded to lecture me on personal finance and basically told me that I need to suck it up, it's all my fault, etc. He offered to refund a WHOPPING $66 back to my account. When I asked about any additional fees he said "oh yea, there's another $198 that will hit today."
I asked him to waive those in light of the fact that the $1100 was being deposited and he said he would talk to the branch that my account was opened at and see what he could do. I said no thanks, I'll call them. So now I'm on to branch manager #2. Not quite as worthless, but still rude and not helpful.
This branch manager said he could refund $150 back, but couldn't do anything about the pending charges, even though there was supposed to be a direct deposit because he "couldn't see it." But mind you - he could see all the pending transactions, as well as the $198 in pending fees. AMAZING how their computer system has selective sight. Oh, and he so kindly reminded me that 5/3 is for-profit. No kidding!
So - the resolution to this is that he'll refund my $150, but that's it. I'm definitely closing the account - like I should have 4 years ago when this happened to a friend.
To sum up my main complaints - Why in the H*&^ would you clear a debit before a credit? Why would you clear the larger items first, if not to just make money? Why would you allow a credit/debit card to continue working after an account is overdrawn? It all seems like it's just one big ploy to make 5/3 money.
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