I have had My business account at Astoria since 2001. In 2008, I was hit with $5000.00 in overdraft fees. I use my ATM/credit card for POS for my vendors. I have an online business that has a shopping cart for credit card purchases. ACH deposits are made to the account every day. Qne instance in 2008 I was hit for $1500.00 in overdraft fees. On that day, 7 checks were received by the bank. The money was there to cover these checks and a deposit from credit card processing was posted. On that day at least 15 POS's were applied for. Instead of paying the checks first, They allowed all of the POS's to be applied, then payed the checks. One check was for over $2000.00. The applied that check first and bounced the others that totaled approximately $900.00 and then charged me overdraft fees for all of the POS's. After this, they posted the incoming ACHs of $2200.00. Yes, They subtract all of the debits first, then add the deposits. This is right?
o solve this problem, I opened another business account with a different bank and had my Amex sales deposited there. I stopped writing checks on the Astoria account and just used it for POS. Yesterday, as I do everyday I checked My balance. I was hit with 9 overdraft fees even though there was not a negative balance before or after the POS. I went to the bank and they're reasoning this time is they paid the POSs but even though they paid, there was still a hold on the POS. This means they doubled the POS amounts that were received, but I still did not have a negative balance. I checked My account online and it has 3 catergories: Opening balance, Current balance and available balance. The available balance was over $600.00. I questioned them about the available balance. They said this balance was not accurate because they don't know what transactions were made up until that point. They said that even though it says available, it may not be. This makes sense? I told them If I do not receive the overdraft fees back, I would close My account. The bank manager said "Do what you have to do". Real good customer relations!!! I am closing my account and will open a second account with My other bank
Huntington Station, New York