Here is a good one. When I had a checking account, there was one time that I had about 350.00 in my account and had written one check for 25.00, another for 30.00 and still another for 86.00. That is a total of 141.00.
That left 209.00 still in the account. I went to an ATM and withdrew 200.00 and with ATM fee it was $201.95. The bank charges 2.00 which left me with $5.05 until my nextpayroll direct deposit which comes in weekly.
Well low and behold, When I got my next paycheck, I called to check my balance on their 800 number and I was so much in the negative that I dashed down to the bank to see what the heck happened.
They explained that when I withdrew from the ATM, it had held 2 transactions . They said that bank that services that ATM held $400.00 and once it cleared it released the other which by that time the other checks had gone through and I was in the negative before those checks came in. Therefore, I was charged 33.00 for each check and for the ATM transaction. Total of all was 673.00 including overdraft charges minus my 350.00 left me in the negative-323.00.
I think banks work together to get us whichever way they can. I have lost so much of my hard earned money with this institution.
Remember, that we are supposed to trust in them, but yet we are always to blame for being careless. I do not believe that I was careless in any way.
They also explained to me that when you right several checks and if you miscalculate in your bookkeeping by only cents and one check is returned for insuffcient funds, they immediately take the 33.00 out which will make all other checks insufficient so they can collect 33.00 on each.
They also explained that the receipts that you receive from your ATM machines are not accurate. It can show you in the positive but in reality it is only holding that amount and they will post it at their convenience. By the way, I wonder if that is how they got their name! Again causing 33.00 charges.
I say to avoid all of the headaches and scamming is to keep your cash and spend it as you have it. Maybe if we keep from having banks HOLD our money we won't have to complain on the scamming that they do. If everyone was to close their accounts they might change the way their computers are set up. They know exactly what I am talking about.
God forbid, if you write checks and one is written knowing you do not have money in the account. You could have enough money to cover 2,3, or 4 of the smallest checks, but NO, they take the largest amount so it will take up what you have so thay can again charge the 33.00 for those that don't get paid. I could give you an example but it takes too long.
I do hope that some lawyer or The Federal Bureau of Banking or even the Better Business Bureau decides to finally intervene to stop the ridiculous overdraft charging that has been going on.