About a month or so ago, i opened a checking account with Fifth & Third Bank. Upon opening the account, i emphasised to the account rep i do NOT want overdraft protection "matrix" as they called it. I never write paper checks, i always use my debit/bank card for purchases. I know that with overdraft protection, that is the way banks make money, outrageous fees..
I like my debit card to work so that if i go to a store, and i dont have the money in my account, it will not process. Im horrible with numbers and keeping track of things so i know with overdraft, it will taly up fees fast for me..
Well, as with every morning, i signed on to my account and see that it is $33.28 in the hole and still a purchase for $8.10 pending. I know how online banking works, and with other banking accounts i had, i always went by the "available balance" meaing, that was funds that i have available for imediate use. Usually, under the "pending transactions"" those pending fees have allready been deducted from the available balance even though they havent posted yet, so again, i always go by the available balance to let me know what i have to spend..
Well, i called the customer service, the lady told me i DID IN FACT have over draft protection, i explained to her i told them in the begining i didnt want that on my account. She said there is nothing she can do. There are basically two purchases, small, that went through and i will get $25.00 per over draft in fees (total $50.00) and another pending transaction of $8.10 that will post tonite, another $25.00 fee, PLUS $8.00 per day the account stays in the negative.
She told me she can "request" to have overdraft taken off my account, my its not permanent, usually over time the bank will put that protection back on your account. WHAT? I have never heard of this, how can a bank, at there own descretion, put something on my account i do not want without my permision, she explained, "they can do that if they chose"..
None of this would have happened if, in the begining, they would have honored my wishes and NOT put that protection on my account. As well, i know very well, that your "available balance", is what you have available now. There practices are very deseptive. I will be closing my account just as SOON as i get this taken care of.
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