Checked account online.
Had money, went to sleep.
Woke up, negative $700 and growing.
Called bank.
Found out that if a charge is pending it will be removed from your pending balance after three business days.
Noticed that I had over 20 $35.00 fees for items no larger than $15.00. Asked about that; found out what so many people have found out, but don't really know until it happens to them: the process outstanding payments largest to smallest.
Bank's argument is that this is a service;
"You'd want us to cover your mortgage payment?" Not a valid argument. They paid every item and charged me $35.00 a pop. If they had gone smallest to largest I would have had two $35.00 for the items that were 'disappeared' from my pending balance because of their, I don't know, "disappearing policy." —
I haven't heard the banks justify this one yet, but I'm sure they'll get around to it. The bottom line is the bank is deciding what information they give you when, and then deciding how much money you owe. To me, it seems like a clear case of extortion. Here's the other thing. When you generate an overdraft, the bank considers that a loan. Because it's a loan, each charge will be reported to the credit agencies. This seems like racketeering. I'm willing to bet that the 2 Billion dollars generated annually by Wachovia comes from those in lower income brackets: usury.
I would be interested to know if anyone out there is seriously interested in pursuing a class action lawsuit for this banks, indeed all banks violating RICO as well as creating a defective product. If you use online banking, it will not tell you what you have in your account. Used properly, it causes harm.
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