Revenue from overdraft fee is why banks notoriously refuse to inform customers of the "opt out" option when opening a new account for a new customer! When a customer opens a new account, the customer can "opt out" of the automatic payment of debit transactions when the account is insufficient to cover the charge. Failure to "opt out" will allow the bank to pay for the charge and charge an overdraft fee. I am disputing $335.00 in overdraft fees that resulted from several "debit card" transactions. My account went in the negative when the rental car company placed an additional $100.00 hold (on my account) because I entered an extra day when I returned the rented vehicle a day late. I was not aware that the rental car company had placed an additional hold on the rental. After 10 days of using my debit card, I reviewed my account and then realized that all of my debit transactions were overdrafts. Even though I was making deposits to cover the charges, the account remained in the negative because the deposits were only enough to cover the amount of the (small) charges. After three (3) months of challenging the ($335.00) overdraft fees, talking to several individuals from (Jeremy) the person who opened the account, to the Asst. Branch Manger (Cathy Hopkins), and to the collections department, I was finally told on 01/07/10, by Mr. Pittman, Branch Manager for Regions Bank, that the bank will only refund $66.00. BECAUSE I KNOW MY DAILY ROUTINE AND BANKING HABITS/PRACTICES, I WOULD HAVE UNQUESTIONABLY "OPT'D OUT, " AND THE OVERDRAFT FEES THAT I'M DISPUTING WOULD NOT HAVE OCCURRED! I'm arguing that it was a "banking error" NOT to inform me that the bank WILL PAY debit transactions even when the account is insufficient, unless I "opt out." Previously, before facing this situation, it has always been my understanding that a "debit" transaction is different from a "check" and a "credit" transaction. If the funds are not available, then the debit transaction will be "DECLINED." If my debit card had been declined, this would have prompted me to investigate my account earlier. Thank you for this service
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