- Report: #356169
Report - Rebuttal - Arbitrate
Complaint Review: BB&T BANKS
BB&T BANKSWhiteville, 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.
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.
Whiteville, North Carolina
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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