- Report: #356169
Complaint Review: BB&T BANKS
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| BB&T BANKS
Whiteville, Elizabethtown, Loris, Etc., North Carolina U.S.A. |
|
BB&T BANKS Allowed by law to HOLD withdrawal items as long as they want and charge Overdraft fees for every day they "HOLD" the item. Whiteville, Elizabethtown, Loris, Etc. North Carolina, South Carolina
*General Comment: to the author
*Consumer Comment: Debits before credits
*Consumer Comment: What the Courts have to say
*Consumer Comment: YES, One Overdraft fee is deserved
*Author of original report: THIS IS "HOW" it's not right. READ SLOWER NEXT TIME.
*Consumer Comment: I don't know.....'HOW is this right?'
*Author of original report: UNDERSTAND MERCHANT DETERMINES HOLD...But BB&T subtracts item each day it is held!
*Consumer Comment: Merchants determine when the item actually posts.
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I have been "Ripped Off" by BB&T several times also. However, according to the N.C. Commissioner of Banks, BB&T has done nothing wrong. BB&T is allowed "at their discretion" to hold a withdrawal item as long as they want and allowed to charge an "Overdraft" fee for each day they hold the item. The honest way , of course, would be to subtract the item once and if it causes an overdraft, charge one overdraft fee.
Here's an example of what they are allowed to do:
Beginning Balance: $98.00 - Withdraw $8.00 1st day-
BB&T "HOLDS" it 4 days(Why? Don"t know, the money is there!) - Withdraw $36.00 (HOLD again)- Deposited $40.00-Withdraw $80.00 and is "Posted" to be removed from account the following day. Well BB&T now decided to deduct the $8.00 they've been holding 4 days, then they put a "HOLD" on the $36.00 and put a "HOLD" on the $80.00 that was "Posted" for the next day, then charge $35.00 Overdraft. The last thing they do is add the $40.00 deposit. Now you have $98.00-$8.00=$90.00-$36.00(HOLD)=$54.00-$80.00(HOLD)= -$26.00-$35.00(Overdraft) = -$61.00 + $40.00(Deposit) = -$21.
The honest thing would have been $98.00-$8.00=$90.00-$36.00=$54.00+$40.00=$94.00 and the $80.00 should have been removed the next day like the "Posted Date" stated.
Write to the N.C. and S.C.Commisioner of Banks to demand these Banking Rules changed. 1205 Pendleton St., Suite 305, Columbia, S.C. 29201 FAX#(803)734-2013 and 4309 Mail Service Center Raleigh, N.C. 27699-4309 FAX#(919)733-6918. Banks should not be allowed to hold items when the money is available and they should honor their posting dates.
I'm free of BB&T now, but there are so many young workers just entering the "Banking World" who don't deserve to be "Ripped Off" . They work hard for their money and if they want to give it away, let them choose who gets it. BB&T may be known for "Helping their Communities" , but we know where their "DONATIONS" come from.
Cynthia
Whiteville, North Carolina
U.S.A.
Here's an example of what they are allowed to do:
Beginning Balance: $98.00 - Withdraw $8.00 1st day-
BB&T "HOLDS" it 4 days(Why? Don"t know, the money is there!) - Withdraw $36.00 (HOLD again)- Deposited $40.00-Withdraw $80.00 and is "Posted" to be removed from account the following day. Well BB&T now decided to deduct the $8.00 they've been holding 4 days, then they put a "HOLD" on the $36.00 and put a "HOLD" on the $80.00 that was "Posted" for the next day, then charge $35.00 Overdraft. The last thing they do is add the $40.00 deposit. Now you have $98.00-$8.00=$90.00-$36.00(HOLD)=$54.00-$80.00(HOLD)= -$26.00-$35.00(Overdraft) = -$61.00 + $40.00(Deposit) = -$21.
The honest thing would have been $98.00-$8.00=$90.00-$36.00=$54.00+$40.00=$94.00 and the $80.00 should have been removed the next day like the "Posted Date" stated.
Write to the N.C. and S.C.Commisioner of Banks to demand these Banking Rules changed. 1205 Pendleton St., Suite 305, Columbia, S.C. 29201 FAX#(803)734-2013 and 4309 Mail Service Center Raleigh, N.C. 27699-4309 FAX#(919)733-6918. Banks should not be allowed to hold items when the money is available and they should honor their posting dates.
I'm free of BB&T now, but there are so many young workers just entering the "Banking World" who don't deserve to be "Ripped Off" . They work hard for their money and if they want to give it away, let them choose who gets it. BB&T may be known for "Helping their Communities" , but we know where their "DONATIONS" come from.
Cynthia
Whiteville, North Carolina
U.S.A.
This report was posted on Ripoff Report on 07/27/2008 12:13 PM and is a permanent record located here: http://www.ripoffreport.com/r/BBT-BANKS/Whiteville-Elizabethtown-Loris-Etc-North-Carolina-28472/BBT-BANKS-Allowed-by-law-to-HOLD-withdrawal-items-as-long-as-they-want-and-charge-Overdra-356169. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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it seems to me they held a couple of your withdrawls--then held your deposit--then when you made th 80$ withdraw they did not hold this and posted it at there convience of course-then of course after that they post your other charges that were on hold before they do deposit the money--i do not think you should of been charged 1 overdraft fee--and the example you give has happened to me many times resulting in 4 overdraft fees almost every week for many months cause they kept holding my deposits--and the online statements showed the deposit was posted--then i spent money thinking the deposit there and magically--the money i just spent gets taken out faster--i look online a couple days later to find the deposit actually posted 2 days later and the couple charges i made put me in overdraft as i only had like 5$ at the end of every week---THE ONLINE INFORMATION CHANGES!!!!!!!!!-----
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I received information specifically explaining debits will be posted before credits back when they started doing this. I don't agree with the multiple NSF fees, but I don't understand why you made a $40 deposit in the branch (was it before 2?) them w/d $80 from the Atm???
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What's this? #3 Consumer Comment
What the Courts have to say
AUTHOR: Andy - (U.S.A.)
SUBMITTED: Saturday, April 11, 2009
The courts have recently addressed this issue. The US District Court in Northern Georgia in White v. Wachovia held; "The court cannot find as a matter of law that the Deposit Agreement's statement that Wachovia may post items in any order expressly gives Wachovia the right to manipulate transactions, delay posting indefinitely, and maximize overdraft fees in the ways the Complaint alleges. See Hunting Aircraft, 281 Ga. App. at 452, 636 S.E.2d at 141. (Good faith' and reasonableness' do not comprehend arbitrary or capricious reasons, or considerations based on pecuniary gain, or merely personal preferences; rather, they refer to considerations of fairness and commercial reasonableness.') (citation and internal quotations omitted)". These banks are resequencing debits to artificially create overdrafts. You should contact an attorney.
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What's this? #4 Consumer Comment
YES, One Overdraft fee is deserved
AUTHOR: Cynthia - (U.S.A.)
SUBMITTED: Tuesday, July 29, 2008
Definitely when anyone overdraws they should have to pay an overdraft fee. No one should have to pay 3 overdraft fees on one overdrawn item.
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What's this? #5 Author of original report
THIS IS "HOW" it's not right. READ SLOWER NEXT TIME.
AUTHOR: Cynthia - (U.S.A.)
SUBMITTED: Tuesday, July 29, 2008
A Deposit was made before a withdrawal was made. It was a cash deposit made inside the bank and the ATM withdrawal was late evening. The DEPOSIT was supposed to be counted BEFORE the withdrawal. The money WAS there. The balance was $98.00.
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What's this? #6 Consumer Comment
I don't know.....'HOW is this right?'
AUTHOR: John - (U.S.A.)
SUBMITTED: Tuesday, July 29, 2008
How is it right that you CLEARLY spent more than you have inn your account by your own example yet dare to complain that you are rightfully charged for it.
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What's this? #7 Author of original report
UNDERSTAND MERCHANT DETERMINES HOLD...But BB&T subtracts item each day it is held!
AUTHOR: Cynthia - (U.S.A.)
SUBMITTED: Monday, July 28, 2008
Each day an item is held, it is subtracted from your account, even though it has not actually been removed yet. For example, you have $98.00 in your account, you purchase $8.00 on your Debit card, you purchase $36.00 on your debit card four days later, then you withdraw $80.00 from the ATM with a posting date for the following day. Well the $8.00 posts and is paid, the $36.00 is on hold, and the $80.00 is on hold-therefore you're charged OD fee because you are $26.00 short.
I understand that fee, even though I thought a posted date meant the amount would not be deducted until the posted date arrived.
Anyway, that's not the end of it, the next day the $36.00 is still on hold and the $80.00 is actually deducted from the account. Then you're charged the second overdraft fee.
Last of all, the $36.00 finally posts and you're charged the third overdraft fee.
HOW is this right? I understand an overdraft occurred,and the bank should be paid an overdraft fee. But why is there an overdraft fee for everyday an item is held. There are only three actual withdrawals-yet there was three overdraft charges. The overdraft charges should be applied when an overdraft occurs, not when the debit is on hold and again when it's actually removed. You're paying for the same overdraft over and over and over,etc.
I understand that fee, even though I thought a posted date meant the amount would not be deducted until the posted date arrived.
Anyway, that's not the end of it, the next day the $36.00 is still on hold and the $80.00 is actually deducted from the account. Then you're charged the second overdraft fee.
Last of all, the $36.00 finally posts and you're charged the third overdraft fee.
HOW is this right? I understand an overdraft occurred,and the bank should be paid an overdraft fee. But why is there an overdraft fee for everyday an item is held. There are only three actual withdrawals-yet there was three overdraft charges. The overdraft charges should be applied when an overdraft occurs, not when the debit is on hold and again when it's actually removed. You're paying for the same overdraft over and over and over,etc.
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What's this? #8 Consumer Comment
Merchants determine when the item actually posts.
AUTHOR: Nikki - (U.S.A.)
SUBMITTED: Sunday, July 27, 2008
The banks hold your money until the merchant submits your charge for payment. Then your charge hard posts. Some banks, as a courtesy, will take a hold off after 2-4 days (each bank has a different policy on that, but the merchant can still submit the charge anytime after that.
Many "Mom & Pop" companies submit their charges for payment every night. The faster they submit the charge, the faster they get the money into their account. However, big companies may only submit their charges twice a week, or once a week, after they have balanced all their books. With some big companies, they have to send their paperwork to central accounting who then have to tally everything and that's why it takes longer.
Whenever I go to a big company that has an automated keypad with the amount displayed, I use my pin number. That way the charge actually posts right away and I don't have to worry about holds, or when they submit, or forgetting to write it in my register.
Many "Mom & Pop" companies submit their charges for payment every night. The faster they submit the charge, the faster they get the money into their account. However, big companies may only submit their charges twice a week, or once a week, after they have balanced all their books. With some big companies, they have to send their paperwork to central accounting who then have to tally everything and that's why it takes longer.
Whenever I go to a big company that has an automated keypad with the amount displayed, I use my pin number. That way the charge actually posts right away and I don't have to worry about holds, or when they submit, or forgetting to write it in my register.
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