Used to bank with WAMU, who many now know is the almighty Chase. I use my debit card religiously, never had an issue with WAMU regarding overdrafts, etc.
Try and make this as short as possible, although without leaving out important details, as it's not really all that complicated - Had 6 "pending" transactions on my Chase checking account - several from cheap eateries, i.E., Chic-fil-a, Starbucks, one from Kroger for maybe all of $10. All six totaled under $25. Unfortuantely, and this is my doing and ultimately my fault, I missed a debit charge of $40 approximately a week prior, forgot to log it for my records. A large outstanding check hit the bank at the same time these "pending" transactions were on my acct. Chase opts to run the huge check through first, and bounce all six "pending" transactions. So, do the math, 6 "pending" transactions that all of a sudden, miraculously weren't "pending" anymore once the bank decided to run the huge check through that had JUST hit. 6 times $35, - $210. I do realize that a lot of times, especially with gasoline debits, there will be sometimes a 2 to 3 day hold on the account. The Chic-fil-a "pending" charge sat there for 6 entire business days, used to be 2 with WAMU. The Starbucks, at least 5 days. Kroger, 4! When I banked with WAMU, Kroger debits cleared at the very MINUTE I made the transaction.
Ultimately, I know that I should be charged at least a $35 fee for losing track of a debit a week prior to all of this. But what da&* right does the bank have to HOLD your debits and then clear a check that JUST hit and then bounce all the smaller transactions. I never had this experience with WAMU, ever.
So, I get a manager with Chase on the phone and she says, no lie, VERBATIM, "we are not WAMU, what you have to remember with Chase, from this point forward so you don't run into the same problem again, WE clear debits/checks in the LARGEST AMOUNT FIRST. Not in the order in which the transactions hit your account." i ask... What?! I don't really understand what you're saying here... She states, the reason being, "customers would get very angry when we would run through the smaller amounts and then send back their large checks as being unpaid, since the large checks are typically their mortgage payments, rent, etc." HMMM... Now I don't claim to be a rocket scientist, but obviously this manager woke up on this particular day and decided, today, you know what, I am going to begin speaking out of my A@#.
All of this, to me, seems to border on being ILLEGAL - and if not, it should be! Consumer advocate Clark Howard talks about this very topic almost weekly on his show. Banks make MILLIONS and actually have computer systems that calculate when items should "hit, " what should show as "pending, " for any given amount of time and what finally clears and when - all for their benefit to create ODs on your account and in turn they make money up the ying-yang.
Chase "graciously" credited me for 5 of the 6 overdrafts, as a ONE TIME adjustment. This, unfortunately, did nothing to ease my mind with this monster bank since it was my money to begin with.
"One time credit" - really - I am changing banks as soon as every new "pending" transaction "clears" my account!!!
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