I only use my debit card. I do not use checks. I studiously try to not overdraw my account and I maintain a budget. During each pay period I note what has entered my account and what I have used my debit card for. What I see happening is this: $500 is deposited into my account. I may have 4 transactions for 100 each which would leave a balance of $100 in my account. My 5th transaction is for $110. Now the bank provides "overdraft" protection so that charge does go through. However, If all five of the transactions are sitting in "pending" I will be charged a $33 overdraft fee for all five transactions because of the overdraft due to the last transaction.
I have called the bank and they provide some long explanation which does not make sense to me about when they post transactions are when the merchant claims the funds. However, math is a absolute science and 500-400 is 100. If my last charge was $110 it would seem to me that is the charge I should be charged an overdraft fee for; not all five transactions.
I currently have a overdrawn balance of $202. $165 of that is overdraft charges. To add insult to injury the bank charges $2/day until the overdrawn balance is covered. That tells me that my last debit card transaction overdrew my account by $37. So how did I end up with $165 in overdraft charges?
I feel these charges are excessive. If I were writing checks, I would have been charged $33 for the check that overdrew my account. I have heard similar complaints from other people also.
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