• Report: #430410

Complaint Review: BB&T

  • Submitted: Tue, March 03, 2009
  • Updated: Wed, March 04, 2009

  • Reported By:arlington Virginia
BB&T
BRANCH - CRYSTAL PLAZA, Arlington, Virginia U.S.A.
  • Phone: 800-2265228
  • Web:
  • Category: Banks

BB&T BB&T predatory and unfounded overdraft and other fees Arlington Virginia

*Consumer Suggestion: Here's what happened...

*Consumer Comment: This is Responsible Capitalism

*Consumer Comment: This is Responsible Capitalism

*Consumer Comment: This is Responsible Capitalism

*Consumer Comment: This is Responsible Capitalism

*Consumer Comment: That deposit

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I switched to BB&T as my prior bank began to implement some of the same practices,, but in a far less sinister way.

Over the past few months, I noticed overdraft fees piling up, where I was certain - but was never sure, they should not be. Then I began to pay closer attention.

This is what I was TOLD by their customer service peopletolday "We post large dollar withdrawals first - because customers want us to pay their most important bills first'. Which would mean that they do not post in the order the transactionsa are received. However that IS what they claim they do. It is also clear they post withdrawals to the account before they post deposits - which is not something even my old bank did.

I racked up 350 dollars in charges over the weekend for the following charges. Beginning balance AM Friday Feb 27 was $600. I made several misc atm transactions till 4 pm Friday Feb 27: totaling $300. This should have left a balance of $300 (rounded for ease). I deposted my tax refund check at 4:pm Friday Feb 27th. Not a personal check but one from the State Treasury in the amount of $2200. Got a receipt with date and time stamped. Later in the weekend I made several other ATM transactiojns totaling aprox $1000 in payments, the first was a payment to my mortgage holder in the amount of $700.00 I used my debit card for that knowing my deposit would cover it.

Guess what, the $700 payment posted before any of the other transactions I made earlier in the day on Feb 27. This triggered a stream of $35 overdraft fees (each) for all the piddly little debit card charges I had made averaging $20 to $5, All the other transactions also showed as being posted AFTER my deposit.

Is this a scheme our regulators should be looking at? I resent the government bailing out these robber barons with my tax money,, they should compensate US the victims of these crooked operators, instead of helping them helpthemselves to our tax dollars. I remember the days when banks would - as a matter of practice, count deposts before withdrawals, and went in chronological order when posting withdrawals. - with technology as it is, they have the ability to do so, and only told I was told by a bank employee that they have the ability to do so, but those reports are not displayed to the customers on their online systems. Clearly they want to hide their misappropriation of our funds. Who gave BB&T to decide what gets posted first. I spend with a knowledge of what I can spend during a period of time, and can pace myself - if the bank does not interrupt the process and skim off the top. This is predatory banking at its worst. Needless to say this will be my LAST direct deposit going to this crooked bank.

I hate to editorialize here, but it is just this kind of out of control capitalism in the name of free market enterprise, that resulted in the backlash of the early twentieth century resulting in the rise of Socialism and communism in Europe. Let us put a brake on this runaway greed and get responsible capitalism in the driver seat before we get run over by anarchists who are waiting for the system to fail.

All this because of overdraft fees you ask? Its just a symptom of a greater problem my friends. Lets not minimize the impact of a windstorm of little grains of sand, it can be pretty devastating.

Kb w
arlington, Virginia
U.S.A.

This report was posted on Ripoff Report on 03/03/2009 03:01 PM and is a permanent record located here: http://www.ripoffreport.com/r/BBT/Arlington-Virginia-22202/BBT-BBT-predatory-and-unfounded-overdraft-and-other-fees-Arlington-Virginia-430410. 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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REBUTTALS & REPLIES:
0Author 6Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

Here's what happened...

AUTHOR: D K - (U.S.A.)

You spent money before it was in your account.

Fri Feb 27th $600.00 balance
Debits Feb 27th - $300.00 $300.00 balance
Debits over weekend - $1000 -$700.00 balance (Plus NSF fees)
Mon Mar 2nd $2200 check posted $1500.00 balance (minus NSF fees)

Most banks have a 2pm cut off time for deposits to post the same day. Checks can actually take an extra day too. So the check that you deposited at 4pm on Fri Feb 27th would not post to your account until Mon March 2nd at the earliest.

You went wrong by spending the money over the weekend before it was posted to your account.

You need to educate yourself with your banks policies about deposits. Had you already done that, you would not be in the situation you are in now.

Best of Luck.
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#2 Consumer Comment

This is Responsible Capitalism

AUTHOR: Jim - (U.S.A.)

The banks generally practice responsible capitalism until the government gets in the way - but never mind that. The OD fees you were incurring at your last bank don't indicate a problem with the last bank (which BTW was obvious). It was with your money management skills. The agreement at this and every other bank works exactly the same way, so switching banks when you haven't changed your money skills won't change anything. If you overdrafted there, you'll overdraft everywhere.

BTW - even the courts got into the posting issue and the courts found the practices to be legal, so long as it was properly disclosed.

Here's what you should do:

1. Stop using your debit card for anything less than $25
2. Keep a written check register of all your account transactions
3. Never check online for your available balance.

Best of luck to you.
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#3 Consumer Comment

This is Responsible Capitalism

AUTHOR: Jim - (U.S.A.)

The banks generally practice responsible capitalism until the government gets in the way - but never mind that. The OD fees you were incurring at your last bank don't indicate a problem with the last bank (which BTW was obvious). It was with your money management skills. The agreement at this and every other bank works exactly the same way, so switching banks when you haven't changed your money skills won't change anything. If you overdrafted there, you'll overdraft everywhere.

BTW - even the courts got into the posting issue and the courts found the practices to be legal, so long as it was properly disclosed.

Here's what you should do:

1. Stop using your debit card for anything less than $25
2. Keep a written check register of all your account transactions
3. Never check online for your available balance.

Best of luck to you.
Respond to this report!
What's this?

#4 Consumer Comment

This is Responsible Capitalism

AUTHOR: Jim - (U.S.A.)

The banks generally practice responsible capitalism until the government gets in the way - but never mind that. The OD fees you were incurring at your last bank don't indicate a problem with the last bank (which BTW was obvious). It was with your money management skills. The agreement at this and every other bank works exactly the same way, so switching banks when you haven't changed your money skills won't change anything. If you overdrafted there, you'll overdraft everywhere.

BTW - even the courts got into the posting issue and the courts found the practices to be legal, so long as it was properly disclosed.

Here's what you should do:

1. Stop using your debit card for anything less than $25
2. Keep a written check register of all your account transactions
3. Never check online for your available balance.

Best of luck to you.
Respond to this report!
What's this?

#5 Consumer Comment

This is Responsible Capitalism

AUTHOR: Jim - (U.S.A.)

The banks generally practice responsible capitalism until the government gets in the way - but never mind that. The OD fees you were incurring at your last bank don't indicate a problem with the last bank (which BTW was obvious). It was with your money management skills. The agreement at this and every other bank works exactly the same way, so switching banks when you haven't changed your money skills won't change anything. If you overdrafted there, you'll overdraft everywhere.

BTW - even the courts got into the posting issue and the courts found the practices to be legal, so long as it was properly disclosed.

Here's what you should do:

1. Stop using your debit card for anything less than $25
2. Keep a written check register of all your account transactions
3. Never check online for your available balance.

Best of luck to you.
Respond to this report!
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#6 Consumer Comment

That deposit

AUTHOR: Ken - (U.S.A.)

I don't have any personal knowledge of BB&T, but I'd be willing to bet that the deposit at 4pm on Friday was part on Monday's work. Most commercial banks will have cut over to the next business date by that time of day.

In the event, however, that the deposit was part of Friday's work; by law government checks are supposed to get immediate credit. The catch-22 may be that immediat ecredit means next business day.
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