There seems to be a new rule at 5/3. After 3 unhappy years of banking with them (their bank is right across from my dorm-no need to drive)... They have a new rule that they didn't tell me about. Seems you have a 24 hour hold on a NATIONAL COMPANY payroll check. Like any college student I was down to my last $5... I deposited my payroll check for over $400 from a national retail chain and then proceeded to get gas and groceries. All in all I used my check card a total of 4 times that day-starting 3 hours after my deposit and ending 5 hours after deposit. My total spending for that day was $119.00. Guess what? I got dinged with 3 $21 overdraft fees. Yep that is right. I was told that the 'first 24 hours I only have $100 available to me" and that unless my payroll check is on a 5/3 check the rest is held a full 24 hours. After screaming FOUL they were so kind to take off $21... Too kind really (NOT!)
So why wasn't I informed of this new rule? NO explantation. I think this is unfair banking and would like to know if I am right and who at my State House I can contact. I will be changing banks this week. As this isn't my first run in with what I feel are bogus charges. I can understand this deposit hold if it were a mom and pop business or a LARGE check... But please a National Corporation and under $500?!
0 comments