My bank is instructed from headquarters that holds are to be implemented at all levels that the computer prompts. My bank had been over-riding the computers prompt of holds for well over two years. As of last week, no more over-rides by tellers. Of course, we have a good record within the bank eventhough the Bank would like to classify us as negatively as possible so that they can exploit us. We were given no notice of this process, thus our operation continues to operate as normal.
Well, we notice that monies seem to be in limbo somewhere. We ask what is going on and then they tell us that they have gotten a company wide directive to follow the computer prompts for holds no matter whom the customer is. Our daily balance averages approx. $4,000 and now they are holding approx. $5,000 of various checks for varying days. As we all know, checks are clearing the other parties accounts within 1-2 days max when the banks submit them to the clearing house. Yet they hold our money for 4-10 days.
To finish this story, we can't adjust quick enough to their new policy thus yesterday they charge me 13 NSF fees at $35 each ($488) eventhough I have money in my account. Today I have an additional $350 in charges yet I have an available balance of $345 afterwards. What they are doing is borrowing my money for: their Sweep accounts, hoping to create problems thus money for themselves, holding debit charges in suspense for their determined timeframe thus hoping to maximize their NSF fees with good timing, paying larger to smaller amounts thus again maximizing NSF fees for themselves, and any holds that are in place do not get released until all checks/debits have tried and cleared first that night. Normally, deposits are credited first that night, but with bank holds it appears that they have set it up to be released afterwards thus maximizing their THIEVERY. We should not be ashamed, They should be. I have complained to Obama's Comment web-site this morning. This has to stop doesn't it?
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