I have been "Ripped Off" by BB&T several times also. However, according to the N.C. Commissioner of Banks, BB&T has done nothing wrong. BB&T is allowed "at their discretion" to hold a withdrawal item as long as they want and allowed to charge an "Overdraft" fee for each day they hold the item. The honest way, of course, would be to subtract the item once and if it causes an overdraft, charge one overdraft fee.
Here's an example of what they are allowed to do:
Beginning Balance: $98.00 - Withdraw $8.00 1st day-
BB&T "HOLDS" it 4 days (Why? Don"t know, the money is there!) - Withdraw $36.00 (HOLD again)- Deposited $40.00-Withdraw $80.00 and is "Posted" to be removed from account the following day. Well BB&T now decided to deduct the $8.00 they've been holding 4 days, then they put a "HOLD" on the $36.00 and put a "HOLD" on the $80.00 that was "Posted" for the next day, then charge $35.00 Overdraft. The last thing they do is add the $40.00 deposit. Now you have $98.00-$8.00=$90.00-$36.00 (HOLD)=$54.00-$80.00 (HOLD)= -$26.00-$35.00 (Overdraft) = -$61.00 $40.00 (Deposit) = -$21.
The honest thing would have been $98.00-$8.00=$90.00-$36.00=$54.00 $40.00=$94.00 and the $80.00 should have been removed the next day like the "Posted Date" stated.
Write to the N.C. And S.C. Commisioner of Banks to demand these Banking Rules changed. 1205 Pendleton St., Suite 305, Columbia, S.C. 29201 FAX# (803) 734 and 4309 Mail Service Center Raleigh, N.C. 27699-4309 fax# (919) 733-6918. Banks should not be allowed to hold items when the money is available and they should honor their posting dates.
I'm free of BB&T now, but there are so many young workers just entering the "Banking World" who don't deserve to be "Ripped Off". They work hard for their money and if they want to give it away, let them choose who gets it. BB&T may be known for "Helping their Communities", but we know where their "DONATIONS" come from.
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