I checked my account online today and found that I have 4 overdraft fees. I always check my account before I make any purchases and I keep up with all of my checks that are out. I checked my account one day and 3 of these items had posted and cleared. They were not pending. Several days later I made a purchase that I knew would result in overdraft fees. I checked my account today and found that they rearranged all of my transactions high to low so that they would all result in overdraft fees.
Please spare the "don't spend money that's not in your account" comments. First of all, sometimes as the only one working and 5 children to feed, this is a necessity. Not to mention if the bank considers this a courtesy, don't tell me not to take advantage of it. I completely agree that this one transaction should have resulted in an overdraft fee, but it is completely absurd that they would rearrange transactions in this way. I have heard their way of explaining why they do that, but since all of the transactions are paid, how can they justify clearing the larger ones first because of their importance? The smaller ones clear just the same, they just make sure to do it so that they can profit from the fees.
Despite what anyone may say, I was NOT informed of this procedure when I opened the account and I DO read anything that is sent along with my statements and I have NEVER received any type of notice regarding "high to low posting procedures". If that is the procedure why does it only apply to overdraft? Why do all transactions not post this way? Because they can't profit from that so why bother?
When I contacted a CSR, she told me that she completely understands my point, but that she couldn't offer a refund. I actually had a good experience with the CSR as she was very understanding, but it wasn't getting me anywhere. I began to question how they notified customers of this change if it wasn't in place upon opening the account and she really had nothing to say except that "we like our customers to be notified of changes". So I told her that there must be something I could do because it was not stated in my account agreement and I can prove that. And to that she replied that her manager just told her that she could refund 35.00. She also suggested as I'm sure many of you will, that I use my register to record transactions. My reply to that was (and is to anyone who suggests it) what good will it do if things are just going to be rearranged? Had I recorded my transactions would they not be in the order in which I made them? I still would have ended up with the last one as the only one that resulted in an overdraft fee, so how would that have helped? I certainly could not have known that I was going to have to make a purchase resulting in an overdraft fee and go back and rearrange the items myself. A register is useless if they rearrange transactions. And the CSR agreed fully.
No this wouldn't have happened had I not made the last transaction, but come on, as I said before don't tell me bounce protection is a courtesy if you expect me not to use it. (And if you must know, it was for a sick child's medication)
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