- Report: #232393
Report - Rebuttal - Arbitrate
Complaint Review: Banking Industry
Banking IndustryAuburn Washington Auburn, Washington U.S.A.
Sound Credit Union,and The Rest Of The Banking Industry ,Charged me courtesy pay fees because funds were "on hold" to clear the transactions? Auburn Washington
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Through the week I had made a number of small purchases ($4,$5,$10,$33,ect.) After I made a $100 deposit, I saw that it only brought my account to -$270. I called the call center and they explained that when I made my purchases, they put a hold on that amount of money, so everytime I bought something, that much more was unavailable, but the money was still there.
When Monday came around, and everything went through, I had no "available" funds because they were on hold for the purchases I had made, but the original $279 was still there. That part I understand, but when the purchases went to clear my account, they charged me a $25 courtesy pay fee for every one of those purchases.
If the money was only not available to me because it was on hold to clear my purchases, then why was I charged $225 in fees to clear them. I had to call the bank on three of my breaks at work to try to reason with them that this was not right and didn't make sense.
I got lucky and the manager reversed my fees for me, but said he was making note to not ever do this for me again. And if I wanted to take on anyone about this procedure, I would need to take on " the whole banking industry". I just don't get how this practice is legal. If I make a $10 purchase, and that $10 is put on hold to clear, then it should clear.
This report was posted on Ripoff Report on 01/24/2007 09:38 AM and is a permanent record located here: http://www.ripoffreport.com/r/Banking-Industry/Auburn-Washington-98001/Sound-Credit-Unionand-The-Rest-Of-The-Banking-Industry-Charged-me-courtesy-pay-fees-beca-232393. 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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