Pioneer Bank of Roswell, NM charged me what appears to be illegal banking fees. Apparently, on July 22 I had only $5.14 in my checking account when I charged $11.13 on my bankcard at my local grocery store. Pioneer overdrafted the additional $6.00 and then charged me a $30.00 courtesy fee. Recently, I recieved a notice in the mail indicating that I now owe them $105.99, since they have been charging me $5.00 a day beginning July 29.
It is my understanding that recent federal legislation mandates that banks cannot charge its' customers more than $25.00 for individual overdrafts. I am happy to pay the $25.00 fee in addition to the negative balance, but feel I should not be liable to pay more.
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