ED Magedson – Founder
53 Bank FIFTH THIRD BANKwww.53.com indianapolis, Indiana United States of America
Dont let anyone fool you for a second that banks sort your transactions from largest to smallest because they want to make sure that your most important transactions go through. They have designed this feature on purpose to maximize overdraft fees plain and simple.
Here is a classic example of why this should be illegal.
Business account Monday morning account balance enough to where no issues for handling transactions.
Handling multiple USPS shipments on their website. approximately 20+ shipments paid for for flat rate box shipping at about 4.50 each box.
Around 2:00pm one purchase for 1200.00 made for office supplies. This transaction caused the account to go negative by around 95.00. Completely our fault no denying the fact. We thought we had all the money in there and didn't.
A couple days later we get 20 overdraft fees at 25 dollars each for a total of around $500.00 .......plus told there would be fees every day until the account is positive.
I know I am going to get some stupid banker coming in here or someone pretending not to be one and come up with the same lame excuse why this happened........but I knew when I made all those 20 transactions that I had funds in my account because I do my bookkeeping just like everyone else in order of when the charge was made in my ledger book. WHO SORTS THEIR DAILY TRANSACTIONS BY LARGEST TO SMALLEST? NOBODY DOES EXCEPT THE BANK NOW WHY IS THAT.......?
Anyway back to the story......Now in reality I overdrafted one transaction and I would have expected to pay 25 dollars. Right? NOPE NOT ACCORDING TO 53. They "decided" that the larger the transaction the more "important" it is so they process those first. That is the biggest pile of bull crap shoveled by banks.
53 Bank PROCESSES THE TRANSACTIONS NOT IN ORDER OF WHEN RECEIVED LIKE THEY SHOULD DO BUT IN ORDER OF LARGEST TO SMALLEST. I DONT CARE HOW 53 DOES THEIR ACCOUNTING BUT I KNOW I ONLY OVERDRAFTED ONE TRANSACTION. THEY KNOW EXACTLY DOWN TO THE MINUTE WHEN ALL THOSE TRANSACTIONS TOOK PLACE AND THEY ALL DONT HAPPEN AT THE SAME TIME IN THE MORNING THE NEXT DAY so why do they do this? IT IS A COMPLETE RIP-OFF! THE WHOLE ACCONTING SYSTEM WAS CREATED TO MAXIMIZE OVERDRAFT FEES AND IT SHOULD BE ILLEGAL TO DO THIS AND HOPEFULLY SOMEONE WILL WAKE UP AND PUT A STOP TO THIS RIP-OFF!
I have read some other businesses complaining about this and have read the responses from the fat pocket bankers sitting laughing about how they make money off of us.......I know after looking into this that they don't sort items by what is the most important such as picking out mortgages and electric bills like the crap they feed us when they respond to these comments........they just are trained at the bank training they go through to say this is done to help us........and I actually think some of them (the more stupid ones) actually believe it. BULL CRAP! they are ripping us off!
This report was posted on Ripoff Report on 08/19/2009 12:56 PM and is a permanent record located here: http://www.ripoffreport.com/reports/53-bank-fifth-third-bank/indianapolis-indiana-/53-bank-fifth-third-bank-fifth-third-bank-53-bank-53com-transaction-sorting-order-d-482429. 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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