Arizona Federal Credit Union AZFCU Gouging the consumer by policy Nationwide

I am filling this on behalf of the people who bank at Arizona Federal.  I have read most of the posts and I agree, that if you spend too much, or float funds with your bank, you will need to pay the penalty.  I have done the same thing when I know I was going to be short, knowing I would have to pay the cost of my actions.  But, I want to address the policy of Overdraft Protection at AZFCU.  I am aware the US Gov. changed the policy of a federally insured banking institute, and they must give the consumer the opportunity to OPT-OUT of this benefit.  However, in my opinion, this does not, and should not, give the federally Insured institution you are dealing with, the right to excessive penalty, or to gouge the consumer. 

At AZFCU, during there down time (overnight) and (weekends) If you have (10) transaction, and you overdraft number (10) by (1) penny, it is AZFCU’s policy to overdraft all (10) transactions at 35.00 per transaction. 

This (and I am paraphrasing) was explained in depth by AZFCU.  We (AZFCU) add up all the transactions pending for the time period, and if you do not have enough available finds to cover, even by a penny, we overdraft every transaction for the time period.    Of course I gave them my opinion. You cannot justify a (35.00) penalty for (9) transaction that you as a bank have a timestamp, amount, and point of service of when I swiped my card. There are (9) transaction, that clearly by your admission, had enough available funds in the account at the time the transaction was placed.  I agreed that I miscalculated the 10^th transaction by a penny, and I agreed that I should have been charged a 35.00 fee, but that does not justify AZFCU to assess a penalty of $350.00 for all (10) transaction.  AZFCU simply said, well you can opt-out of the overdraft protection if that does not work for you.  Of course, after that statement, I said “If that does not work for me? How can gouging the consumer work for me?”

This policy, by a federally insured Bank, is at minimum excessive penalty to the consumer, and is more in line with consumer gouging.  This is part of the policy which you signed, when you opened the account, therefore it may or may not be fraud.  But, you cannot policy yourself out of gouging, wringing, or extorting the consumer.    Why not do it monthly, it would be the same thing.  Oh, on the last day of the month, you over drafted, so we went back on the months transaction and over drafted all of them.  Just as unacceptable as their current policy.

I would be the first name on a class action suit over this policy, and welcome anyone to justify this policy other that by simply saying “you over spent, you lose” or Its our policy.