I did a balance transfer to another card over the phone with the other card company. They told me it would take about 7 days, and the payment showed up on my USBANK card in 6 days. But what I didn't notice was the credit limit remained 0. So my wife used our checking account thinking our overdraft protection would kick in. It didn't. And now I have $400 in overdrafts! The payment to the USBANK Visa was held for another 8 days, even though the sending company (CHASE) said that it was a wire transfer and that it is the same as cash. USBank's customer service just kept telling me it was their policy to hold any deposits $1000 for 7 days, to ensure availability of funds. This seems fraudulent! How can they hold deposits when there is no fund verification needed?
Side Note: They said 7 days, so I called them today (7 days later). They said the 7 days will be up tomorrow. Their system says the posting date was 6/18, even though when I look at it online, it shows 6/17. So to me it has been 8 days, which is 8 days too long!
I've also been caught a few times over the years with some of the other ways banks generate extra overdraft fees (largest checks 1st - which BOA got sued for, processing withdrawals before deposits, charging based on pending authorizations). They are constantly finding new ways to generate NSF charges! I agree with one of the other responders, there needs to be a Class Action suit!
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