How are they getting away with this?
This has been happening to me since I first opened my account.
They will hold funds for an authorization and then say the funds were not available at the time of the purchase due to a purchase at a later date. IE on 4/2 I buy $30 worth of gas and there is $34 in my account. It stays as an authorization for 3 days. On 4/4 I purchase $5 via cc for some h2o soda etc at another gas station. Now there is negative $1 avail. $30 is still pending and clears on 4/5 they charge me $31 saying there were not enough funds avail for the purchase due to the charge of $5 on 4/4. Then on 4/8 the $5 charge clears and they charge me another $31 for that even if I make a deposit on 4/7 for $10. According to their staff there was not enough money at the time of the authorization.
I have been charged well over $600 in fees by this bank. Their banking practices are nothing short of a rip off and the kind of thing that is known as predatory lending. You cannot hold funds in my account twice. Either they are going for one purchase or another.
Make no mistake about it. If I truly make a purchase and go overdraft I have no problem paying for it. That is my fault. But not twice and not when the rules are not clearly written. I have talked to several customer service employees and they cannot even define what their policy is.
Here's my one question: When does the transaction actually take place? When the card is authorized and the bank holds the funds? Or when the transaction actually posts to the account and funds are removed? It cannot be both. If you are going to do that then why not just charge a $72 overdraft fee? Obviously there is something wrong with them doing that or they would just do it and have clear guidelines.
Does anyone know who the governing authority is? I absolutely cannot stand that they are doing this to us and I know there has to many others who have no idea about it. All while the CEO and his Executives drive expensive cars, take expensive trips and the average person in America is just trying to make it through this tough time. This is what got us here in the first place and we need to do something about it. I would like to call for an audit or take them to court and set new laws about how a bank can charge overdraft fees so this never happens again.
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