Complaint Review: ALL FEDERALLY CHARTERED BANKS - Nationwide
- ALL FEDERALLY CHARTERED BANKS WWW.STANDARDFEDERAL.COM Nationwide U.S.A.
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ALL FEDERALLY CHARTERED BANKS MAXIMIZING NSF ACCOUNT CHARGES Any City Nationwide
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All banks engage in a practice to maximize their NSF charges, typically around $25-30 a pop.
Example 1: You have $1,150 in your account, you wrote 6 checks - $600, $500, $30, $20, $10, $10.
They will cover all the checks, but they will charge you 6X$30=$180, even though only the $20 check is over your limit.
Example 2: Now you are $20+$180 (charges)=$200 overdrawn
Even if you manage to get one charge dropped, you have one deposit for $1,150 and $900, $50, $20, $10 and $10 checks, you will be charged for 6 bounced checks again, as they will calculate your new balance as : $1150-$200+$30=$980, then minus $990 in new checks and minus $180 in new charges = -$190.
In 2 weeks/pay periods they will have stolen $360 from your account with them, instead of (at most) $60.
This racket has been going on since forever.
When you complain, the employees are trained to say that "it's the computers that are calculating the charges, and no, we can't refund them"...
This should be subjected to a class action against all banks involved. Where is the Controller of the Banks ?
Martyn
NORTHVILLE, Michigan
U.S.A.
This report was posted on Ripoff Report on 09/27/2004 01:08 PM and is a permanent record located here: https://www.ripoffreport.com/reports/all-federally-chartered-banks/nationwide/all-federally-chartered-banks-maximizing-nsf-account-charges-any-city-nationwide-110369. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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