This seems to be a trend that I was not aware of but became painfully aware of just before Christmas.in the month of December I had two check that should have not be honored and returned as insufficient. Rather than do that, RBC paid them first and all of the previously approved debits that were in the Que waiting to be paid, were posted as insufficient and I was charged a $35.00 nsf fee and a $6.00 overdraft/re-entry fee for each of these debits.
The total amout of Service Charges, Fees and Adjustments charged to me account was in excess of $800.00. What should have been charged was $70 for nsf charges and $12 for re-entry fees per my agreement with the bank. When asked about these charges, I was told that the bank always processes the largest check/debit first. The rational was that the largest amount is uaually a house payment and " I would not want to bounce my house payment now would I".
My position is that 20 or more debits, some of them very small amounts, were approved by the bank prior to the larger amount being presented for payment. Those should have been processed in the order they came onto the system. My research tells me that this is a multi billion dollare profit center for the banks that employ these deceptive business practices.
I have no issue with being chareged for over drafts, nor would I have a problem in being charged an increased annual fee for the use of the Check/Debit card I use because I love to have the convenience of having them available.
I have a major problem with the bank charging me hugge nsf charges when there was money in the bank to cover the checks/debits when they were made and approved by the system because the bank changed the order of processing to increase their fees.
To their credit, the local bank manager did give me about 1/2 of those fees back as a credit after making we wait almost two weeks until he returned from vacation, and making me feel like a deadbeat because I has so many bad checks.
From what I'm reading on this site, there are a lot of other people being cheated in the same way many far worse than I was treated. Someone needs to step up to the late and call these bank to account for what I feel are predatory business practices targeting the consumers most in need of relief.
To have taken such a large amount of money just before Christmas from a coutmer who is retired and living off Social Security and retirement income, is beneath comtempt.
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