Associated Bank, Associated Bank's new Overdraft Fee Scheme St McFarland Wisconsin

Associated decided to rape customers for more fees by changing their policy for handling transactions. They're now counting pending debit card transactions against the ledger balance.

"Start with the Account balance from the previous day. Minus Pending debit card transactions made before 7pm. Minus the posted transactions from the Statement activity from the day of overdraft."

However, it may take customers learning the hard way, because as far as we know, Associated is unique in treating pending transactions as fully processed...

A reader surprised by the fees says, "I have no issue paying overdraft fees for things that come through when an account is genuinely overdrawn, but it seems like the bank is predating funds before they clear to generate additional overdraft fees, since those items had actual money available in the account that day."

A spokeperson says the policy is a result of "recent system upgrades," and "reflects balances more accurately, and in a more timely fashion." Indeed it does.

Eflteacher
Madison, Wisconsin
U.S.A.