We must file a class action suit and change banking laws. People are losing their home and jobs and the banks are pushing them all the way there. I am a small business woman trying to survive during uncertain times. I have personally lost 1000's of dollars due to predatory overdraft fees.
They love me because I make electronic deposits 7 nights a week so they always get their money! My receipts show that the deposits posted but the bank doesn't honor them until the next day. Meanwhile if checks are coming in they conveniently post the debits before the credits. That's illegal and unethical. They also will take your largest check, out of order, to insure their NSF fees! Then they reverse the check and redeposit it and since your negative now they get to repeat this process all over again!
This week it cost me over 600 in fees because of that. Grant it, in this case, I made the mistake of post dating a check and they mistakingly deposited the check early. Fine, I'll accept the responsibility and pay a fee, ONCE. They fair and ethical way for the bank to do business in these cases after the 35.00 fee should be:
1. The check must be cleared
2. The check can not be smaller than the fee
3. There should be a daily limit
4. They must not deposit the largest checks first unless you sign a waiver that authorizes them to do so, ie: loan payment etc.
5. They may not charge you twice for the same check
6. They must post credits before debits
7. They may not hold checks or deposits once they have accepted them. (technology guarantees these checks now a days)
8. Assign a department to oversee and keep them straight
9. They must notify you PRIOR to charging you these fees
Somebody please help!
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