This one is good. The bank deducts pending transactions from my balance to create a virtual overdraft situation.
I had $744.33 in my business account. I made two transactions totaling $499.06 via debit card as a credit card purchase by signing for the transaction at a local merchant rather then using my pin. I also made a deposit fpr $159.57 before the bank closed.
So at that point I had $933.90 in my account. They said that when they deduct the "pending" charges from my balance there was not enough to cover "posting" transactions and resulted in two overdraft fees totaling $66.00. And the next day there is still money in my account because the "pending" charges still have not "posted".in fact I deposted $1895.00 at noon the next day and they still will not reverse the fees.
What ever happened to deposit funds to cover this virtual overdraft they created? They created there own vitual overdraft to bilk me out of the fees. Since when did "pending" really mean "posted"? What a shameful scam and a preditory practice.
They said they mailed this "new" policey to their customers by inserting it with a bank statement prior to July 2. I balance online so I never seen the letter of this intended imoral business practice that I fell victim to. Here is the fuzzy math they use to steal money from their customers:
Your beginning balance on December 11: $774.33
Deposits/Credits added to your balance: $159.57
Pending Amount deducted from your balance: -$499.06
Withdrawals/Debits deducted from your balance: -$473.99
Your ending balance on December 11: $ (39.15)
Using pending transactions to drop your available balnce into a overdraft condition. Talk about creative income. Lools like they bilk people in other ways
other then sub prime lending. The banking industry will bring this country down with the greed the use to call themselves full service banks.
Wow...
We need to get this loansharking dealt with the people in Washington. Now if we only could get the bank lobbyist out of Congress's pockets.
They good news is that I will pass these costs on to my clients. They happen to be the very banks that hold all these foreclosed propertys and practice these unethical business practices.
Payback is a bXXXX...
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