ED Magedson – Founder
Prosperity Bank Prosperity Bank reorders transactions in order to collect more overdraft fees Florida
Prosperity Bank (Florida) does not record charges and purchases on ATM or debit cards in the order that you charged your account. Instead,they reorder the transactions so that the largest charge is the first one paid by the bank.
This means the smaller charges, no matter if they were made before the biggest charge will not be covered by the bank even though the account had sufficient funds at the time of the smaller transactions. $35 dollars per overdraft item is a lot of money nowadays especially for those who are living from paycheck to paycheck. This practice leads to multiple overdraft fees which greatly impacts a lot of lower income people.
If JP Morgan Chase, Bank of America, Well Fargo, TD Bank and Citizens Bank did not get away with this ridiculous policy, why should Prosperity Bank?
Why should Prosperity get away with a policy that has already been deemed unlawful by the courts from the example of the other banks mentioned?
This report was posted on Ripoff Report on 10/25/2013 02:54 PM and is a permanent record located here: http://www.ripoffreport.com/r/Prosperity-Bank/Florida/Prosperity-Bank-Prosperity-Bank-reorders-transactions-in-order-to-collect-more-overdraft-1094641. 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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