The same thing is being done in Phoenix. I am guessing that my wife and I have paid $5,000.00 in overdraft charges within the last year to Washington Mutual. I really don't want to sit down and tally the total.
We haven't fought it due to the fact that nobody else seemed to have a problem with them. Partly because we both don't have award winning money management skills and I know it is a uphill battle.in my opinion, every bank is a ripoff in some shape or form. But, I see there are several others around the country with the same problem and probably many more who are too embarrassed to say so, and it is everyones duty to speak up. Sounds like a class action is in order.
Here's their primitive but lucrative game.
Example: If you have multiple checks or ATM withdrawals that post on any given day, they will juggle the order in which received so that it will yield the maximum number of NSF, s if your account is on the edge of negativity! Therefore, they maximize their profit from their charges for everything overdrawn. But... They hold it to a maximum of $150.00 per day. Isn't that nice of them!
They clearly state this in their little handbook of rules. Blah! Blah! Blah! The question is if they are breaking the law. They have probably done their homework and are riding the fine line of the law. Bottom line, it is in your best interest to find another bank. Please count me in and/or contact me if others are interested in pursuing these clowns.
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