BB&T's practice for calculating the number of overdraft fees leads to charging fees for the same items multiple times.
I fully take responsibility for forgetting to make an intended deposit and causing the overdraft, first, but the timeline of these purchases did not warrant the number of overdraft charges I was assessed with. All transactions below were made with a debit card.
On Friday 3/12, I had 49.58 both as a balance and all available.
-on 3/13, I made charges of 15.31 and 8.95 (leaving me available 25.32)
-on 3/14 I made another charge for 21.03 (leaving me available 4.29)
-on monday 3/15, I charged both 17.39 and 15.00 (here i overdrew an am at-28.10)
-on tuesday 3/16, I charged 15.07 (again, a third overdraft to bring me to -43.17)
I was charged 6 overdraft fees.
Let me recount what the bank showed in it's records in order to count these 3 transactions as 6 overdrafts
On Friday 3/12, I had 49.58 as a balance
-on 3/15, they hard posted 15.31 and 8.95 from 3/13. As we know above, I had holds pending and did have an overdrawn available balance. I was charge 70.00 for two overdrafts. I find this fair I thought. (balance reflects -44.68)
-on 3/16, they hard posted the 21.03 from 3/14 and 17.39 and 15.00 from 3/15. Again from above, I knew two items were over drawn, but as this money was previously held from paying my charges made on sufficient funds and instead used for the fee, I am now charged 105.00 for three overdrafts. (balance reflects -203.10)
-on 3/18, the charge of 15.07 I made on 3/16 hard posts. I was again assessed a 35.00 overdraft fee. (balance now -253.17)
I was told by a customer service representative at the branch that the practice is to charge for all items posting that day if there is an overdrawn balance. While I am not sure that is entirely accurate as a bank policy, one can see where the bank 'reserved' funds to pay these items and then failed to use those funds for the intended purposes but rather towards assessing their fees and inflating the problem artificially.
They told me there was little chance anything could be reimbursed.
The changes they described would take affect due to the legislation would have simply amounted to me using another form of payment at the doctor's office on Monday, 3/15, which would not have been a problem. In fact, if the POS machine has been able to supply an accurate, if vague, message such as approved - contact financial institution, that would have avoided the whole problem as well.
Again, I take responsibility for forgetting to make an intended deposit, but also believe I was unfairly assessed fees of 210.00 for this mistake.