I remember when I opened my BB&T checking account over a year ago, maybe two. The bank was giving away free merchandise to customers opening a new account. So, I went in and opened a new account so I could get my newfangled emergency kit for my car. Thought that was nice. While sitting at the new accounts desk, I asked the lady, "How can you afford to provide free checking?" She kindly replied, "We make all our money on NSF fees." I had no idea what she meant until the fees started rolling in last week.
I must admit, I am guilty of overdrawing my account, but I had no idea they would charge me $35 PER ITEM that was paid while the balance was in the red. Wow, was I surprised! (more like shock). I can't say I have ever, and I mean ever, paid $210 NSF fees at one time (6 items). When I first saw the charge on-line, I thought it was an error so I called the bank. They kindly informed me that it is, indeed, $35 PER ITEM NSF fees. I told her that was a rip-off and that I would not pay the charges. She kindly stated that if I did not they would just send my account to the collection agency. Well, I figured I would just sit on it until I got the letter from the bank, and the next day, Wha-la, another charge for an item that was pending. Sheesh! Now we are up to $245 in NSF fees. Seven (7) days later, I got a notice that they have charged me another $30 for not bringing my balance up to date. Now I am in the hole for $275. After I got dinged for $210 I swore they would not get another dime out of me, but I guess I was wrong. I plan to pay off the balance and close the account. I can't believe they got away with ripping me off for so much; however, I guess I should be glad — from the other reports I have read others have been ripped off for a whole lot more (I feel for you all that have been ripped off).
One thing in particular that I found interesting: the bank processes items from LARGEST to smallest amount no matter when the items came in. For example, let's say on 7/3 debits for $2.45,5.50,10.95,3.95 were made. On 7/4 debits for $50.25,1.95, and 20.01 were made. On 7/5 debits for $75.00 and 35.67 were made. When the items were posted on 7/7 they were posted in the following order: $75.00,50.25,35.67,20.01,10.95,5.50,3.95,2.45,1.95. I figured out that this provides for the greatest number of items paid in the red.
I have been using another bank, which complaint prohibits me from naming, that is on-line only. No branches, and they pay me interest on any balance. If the balance goes in the red, no problem. They charge a mere 9% interest while the balance is in the red. I paid only 23 cents the last time it was in the red for a whole week. They also give an automatic $500 "buffer" or "spending allowance" more than your balance. So, you can actually "borrow" up to $500 and pay no more than 9% on the balance. I am sure that is subject to change, but at this time that is what I paid the last time.
If you are reading this, and you find this all too hard to believe — well, believe it. It is the honest to God's truth. I didn't think it would or could happen to me, but it did. Don't let this happen to you! Get as far away from bb&t as you can before it's too late!
P.S. Check out their website and click on the "2nd Quarter Earnings 2008" link on their home page. You will find that they have "exceeded revenue projections for the quarter given the market conditions" No wonder.
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