Citizens Bank regularly takes overdraft fees from its depositors using what the FDIC calls "False Balancing" in a report from 12/08. My account was hit for the third time on 4/13/09. Here is what happened: All weekend activity including checks, electronic transactions, and deposit posted to my account with the date of 4/13/09. All funds read clear/available using online banking the morning of 4/14/09. I made a debit gas purchase the morning of 4/14/09 and received no indication of uncollected funds during the transaction. Around 4:30 pm the same day (4/14), I accessed Citizens online banking to pay bills and saw a negative availability of over $200. I called Citizens Bank customer service and was told they have 24 to 48 hours to decide on deposit availability. The negative availability was a pending debit to my account for 7 overdraft fees, the maximum Citizens Bank can take in a day. Because of an open FDIC complaint I have for this same practice, I asked the customer service rep. No questions. Here is what I already know: 1.) Citizens Bank has crafted language in their user agreement to allow the capturing of excessive fees to the detriment of the depositor. Question: Why not return the one check that would cover the amount they eventually (same business day?!) made uncollected? Answer: Only $39. For Citizens Bank instead of $273.2.) I requested twice in two years that ATM/POS transactions be prevented when funds are unavailable. Employees made the change both times and the changes never worked. Also, in one of my complaints, I was told the only transactions that could be blocked were the non-signature ATM/POS type. Yet, I keep receiving overdraft fees on all transactions. 3.) Citizens will add more OD charges the next day for the activity they allowed before they switched availability-my gasoline purchase for instance. 4.) There is no accountability for any of this. I have written to VPs, Sr. VPs, Exec. VPs, COO, CEO, etc. With no success and the drain on my account continues.
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