I have proof that Charter One Bank is definitely practicing unfair/unlawful banking practices. I check my account regularly and was in the positive on Friday 4/18 through Monday 4/21/08.
On Friday morning several transactions had cleared my account and I knew I had a check that would be posting soon. One transaction, in particular, from my student loans was unexpected and I knew it would have brought my account to a negative. I deposited additional funds after realizing that the transactions that cleared would bring my account to a negative if the check came through. I even have confirmation from several agencies (U.S. Dept of Education, Orchard Bank) that they received my payments on 4/18. I made a $500 deposit on 4/21 to cover the access for the check (which would have been $200).
Upon opening my account this morning 4/22, I found that the check was forced through, and four transactions that had posted on Friday 4/18 had been reversed and are now being assessed overdraft fees.
I immediate called customer service, who tried to tell me that none of those transactions had posted and that they were all in a pending state on Monday. Their policy is to clear any checks first then debit card transactions second, and that my deposit had not hit the account (although it was visible in their system) and would not be accredited until mid day. In essence, someone in customer service saw an opportunity to try to make extra money.
So, instead of processing or leaving the 4 transactions and keeping my account in the positive which would mean that there would just be one fee ($39) for the check, they forced the check through so that they could have 4 fees to charge to the account ($156).
When I explained to customer service that I had my printed confirmations that my payments were received on 4/18 before this check came through. I was told to call back once the charges have been fully posted to the account, then they could be reversed. I will be closing my account with Charter One today and advise everyone, NOT TO DO BUSINESS WITH CHARTER ONE BANK.