I was looking at my online statement, and noticed a $70 overdraft fee no my account. Today when I checked my balance I had another $140 in overdraft fees because of 4 transactions that posted to my account after I had incurred the $70 in overdraft fees. I went into the Wachovia branch, since my business uses the same bank and I know everyone up there. What I was told was really interesting, and I really wonder if it is even legal.
They told me that I had 2 holds on the account that I did not have the funds to cover, ($35 X2= $70) and that is where the first overdraft fee came from. At that point the two fees had put my account in the negative. I then had 4 transactions post to my account the next day (the total of the 4 came to less than $70) but because I had the overdraft fees my account went deeper into the negative.
It is my understanding that a hold is just that. The merchant has not received the money for the transaction and therefore it is still technically in the account. Not until the transaction actually posts does the money actually leave the account.
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