OverDraft Settlement

[Garhart]

Recall back when BOA (think they all did though) got nailed for screwing us by paying checks out the order in which they were presented.
I know I was real annoyed by it, and I have always been pretty careful. In speaking with others, almost everyone I know was hurt by it in one way, shape or form.
I got my settlement check today. It was so small as to have been worth less than one half of one, of the many fraudulent overdraft fees that they had attempted to charge me for.
All I could do was shake my head as I deposited the damned thing.

 

[Stoner4Life]

I think they were guilty of processing the largest checks first regardless of the order in which they appeared @ the bank.

if you had 12 checks come in, 11 of small amounts first & then one large check coming into the bank last the bank would process the largest check first in hopes that 7, 8, 9 or even 11 of your other checks would bounce, resulting in a bounced check fee ($35?) times 11 potentially. If they processed them in the order received then the 11 small checks would likely clear & the one check for a large amount would bounce, resulting in a single $35 fee for the bank as opposed to 11 fees.

the bullshit excuse they tried to use was this. "we felt that the larger amount checks were probably for important debts such as mortgage or car payments, processing them first would maintain our customers credit better."

I've got a friend who invested in a bank up here, he tells me that most of the banks income comes from incidental fees charged out to customers. go figure.

 

[unregistered190]

Wow, Somehow I missed that news......but do not really care for BOA anyway.

Shameful they would do this

 

[TheCleanGame]

It's almost not worth it to mail it to my bank and have it cashed.

Had the same thought. What a rip. lol

Keep it Clean!

 

[dddaver]

It has probably been 10 years since this happened but I thought it really unfair. My bank used to process debits/credits every other day. So I would make deposits then write a check against that deposit the next day. But they always used to process debits before they processed credits so I got charged overdrafts by them as well as the check receivers once. I complained to no avail. But they now process everything lightening fast, checks that same day sometimes, they must do it all over wire or something. No way they can physically get the checks the same day. And I used to "kite" checks before I deposited funds into those low interest bearing checking accounts. You can't do that anymore either. My checking accounts pay higher interest than my savings accounts now too. This is just nuts. BANKS SUCK!

 

[Mr_Mojo_Risin']

Banks give you .01% interest on your savings and turn around and lend out your money at 6.0%. How is this legal?

 

[messn'n'gommin']

Banks give you .01% interest on your savings and turn around and lend out your money at 6.0%. How is this legal?

Because banks (big oil, insurance companies, etc.) own congress and have them pass or repeal the laws that favor them...piss on the rest of us! Why do you think they laugh at the rest of the 99%

They are the new aristocracy!

 

[mrcreosote]

Banks give you .01% interest on your savings and turn around and lend out your money at 6.0%. How is this legal?

Why not?
If they have suckers lining up to get cheated, why shouldn't they take advantage?

The same principle as selling an over-roasted cup of coffee for $5.00 when the gas station sells the same coffee for $.75.

The real question you should be asking is where the bank got that $200.000 to loan you for a house.

The answer is that it got 'created' by a simple data entry.
Legal counterfeiting that made every previous dollar worth that much less.
Done millions of times a day all over the planet in every currency.

The question should be 'How is THAT legal?

 

[mpd]

I stopped doing business with BOA because of this and will not do business with them again. Blatant thieves.

 

[CannabisTHC]

I remember this but I was with WF, I incurred several thousand dollars due to these shady practices from overdraft fees accumulating interest over time.

You know what is real interesting is that I watched a PBS special on the guy that sold this idea to banks. Which was allowing for your account to be overdrawn causing incurred penalties as if your bank account is a credit card. Well needless to say I wrote his name down.