Prosperity Bank Prosperity Bank reorders transactions in order to collect more overdraft fees Florida

As you've stated, when opening an account make sure you ask questions such asposting order and whether deposit credit before or after debits.

The term "Overdraft Protection" has been misused a couple of times. This protection is to try to help you from getting overdrafts. If you have a savings account or credit card, you can set it up as protection for your checking account. If a transaction is presented for payment and the checking account doesn't have enough availale balance, the bank will transfer the money into checking to pay the item with no OD fee. There is a transfer fee.

From your posts, you mentioned the fees were caused by a check you forgot. Question: Was the check written before or after the debit card transactions that "the account had sufficient funds at the time of the smaller transactions"? If the check was written before the smaller card transactions, then technically each card transaction was made into the negative. You must consider the money spent as soon as you authorize payment. So as soon as you wrote the check and presented it to the person/company, that money was effectively out of your account. Your online banking however, wouldn't reflect the check until it posted. So any card transactions made in ral time after the check was written was made into a negative status.

You concluded your last post with the advice "Don't believe everything you think!". Make sure you take your own advice.

Robert- Are you joking? My original post had nothing to do with why, how, or if people over drafting is irresponsible or if one overdraft was one too many! It's about Prosperity Bank working the system to turn a small mistake or miscalculation into a huge deal!  The underlined statements from my previous posts are directly from Wells Fargo's site! If you click the link I posted, it is all right there! They post in real time! They limit overdrafts. I don't care about your opinion as to how you FEEL about my banking practices. Your posts have served no purpose except to spread negativity and I actually feel less intelligent having read all of your fodder. My purpose when posting to this and other sites was to warn people about Prosperity Bank and their unfair practices or fair practices in your opinion! Either way people have the right to know, especially the low income and younger consumers, which according to the Washington Post, New York Times, CNN Money and even the Consumer Finance Protection Bureau these practices effect! Here is a link, being you are able to argue, not knowing what you are talking about but are unable to look up anything for yourself! http://www.consumerfinance.gov/newsroom/consumer-financial-protection-bureau-launches-inquiry-into-overdraft-practices/

JODA wrote, “This is why I stopped using banks… There were a few times I miscalculated the funds… bounce several of the little transactions”

You stopped using banks due to your inability to properly maintain a check register. Your comments support my (and other commenters) claim that a properly maintained check register is an essential element to proper (and mature) banking.

“Get a walmart card like me. Its perfect.”

It’s perfect if you like routine visits to Wal-Mart just to reload the card. I rarely visit the bank due to my employer’s EFT deposits. I purchase underwear at Wal-Mart but I don’t bank there. 

“President Obama outlawed this practice… The CFPB (Consumer FInancial Protection Bureau) made this ILLEGAL.”

On June 11, 2013, the CFPB released a report addressing bank overdraft policies. That report included concerns that the order banks process transactions can result in additional overdraft fees. Where in that or any other CFPB regulation(s) does it state that changing the order of transactions is unlawful? Please post a link to any federal website that clearly states that the process of changing the order of transactions is unlawful. I eagerly await your response that includes proof to support your claim.

 Actually the only thing that the people are "arguing" is that even ONE overdraft fee is too much.  In reality I could care less how a bank posts their transactions.  They could post them Even and Odds on the 2nd day after the first Full Moon that falls on a Tuesday and I wouldn't care.  The point is that your "basis" for your claims is that you think that on-line banking is 100% accurate and as long as you follow that you are find and will never overdraft.  But if you would actually take your head out of a certain area and ask the bank(ANY bank) they will tell you that that is 100% WRONG.  The ONLY way to just about guarantee NO(get it NONE..NADA..ZIP..ZILCH) overdraft fees is to take responsibility over your money and keep a register. 

I really don't know how(or really care) where you are getting these statistics, but unless you can show us some hard proof of what you are saying you really are just pulling them out of thin air.

Robert, I saw that you posted that Wells Fargo posts from Highest to Lowest and I posted that they don't, because they don't. They have changed their policies to real time, which is what I was told before I
agreed to open an account and the links I posted speak to that affect

- First you did NOT Post any links that stated how they post transactions.  The only link you posted was basically a 1 Paragraph about how much the OD Protection costs you and that they may not authorize transactions if it puts you into Overdraft.  You have NOT posted any links to the posting order.  However, the link I posted is the CURRENT terms that anyone can see.  Well they are current unless you are going to claim that WF now has a "secret" set of Terms that only you have access to. 

Also I noticed you just said that this is what you were "TOLD" when you opened the account.  What is in WRITTING, short of posting the link what was the name of the document you were given and what page/section are these terms you claim you posted the link to.  Believe me, if you have a link to some contradicting terms I would probably be one of the first people who would be interested in it.  But again..it still doesn't take away that ONE fee is ONE fee too many.

 Don't listen to the rest of these fools on here attack you. They probably own the bank or have signifigant interest in it. Lots of businesses pay people to monitor web activity so that they can respond to complaints. However, you are telling the truth. This is a practice that has long been employed at banks. I use to bank at this very small bank in Atlanta, GA and I would buy a few very small items such as a burger here and there or a soda and then I would pay my mortgage. There were a few times I miscalculated the funds in the bank and the bank would pull the mortgage first and then bounce several of the little transactions (even though I made them FIRST) charging me almost $30.00 each transaction. This added up to MILLIONS in overdraft charges for the bank.

President Obama outlawed this practice. When the banks were called out on this they said "well, we pull the largest transaction first because usually that's the most important" which may be true but they also had a HUGE financial incentive to do so as well.

The CFPB (Consumer FInancial Protection Bureau) made this ILLEGAL.

I suggest you get an account without ANY overdraft protection. It's just a way for banks to really hammer you. Get a walmart card like me. Its perfect.

I'm puzzled as to why someone that claims to be "very financially secure" and "have owned several very successful businesses" would not have enough funds to cover the checks and/or debits that they have authorized against their checking account.

I have a checking account at Wells Fargo. I have no idea what order they process the transactions and I don't care. One thing for sure, my checking account will continue to be free as long as other customers (such as YOU) continue to foot my bill by way of their overdraft fees. Please continue your sloppy bookkeeping with your new account at Wells Fargo and let me say in advance, thanks for the free checking.

(Coast and Florida Native) I pulled the statistic out of thin air or based it on my business? Did I say that? And look it up or either look around! Clean up my act? What do you know about my act? I'm a self made, well educated, very well traveled, very financially secure, have owned several very successful businesses, have a successful marriage, a beautiful home, my car is paid for, I have a minuscule amount of revolving debt and my children are brighter than the sun! And I'M NOT EVEN 30! Not a dime from anyone! I would say my act is more together than people twice my age! How could one tell that someone's act isn't together by them being hospitalized and overdraft ing a transaction? Have you never had a speeding ticket? You should really get your act together! I just know it!

"that's why we rely on online banking"

Online banking is not accurate because it does not reflect outstanding transactions. Outstanding transactions are transactions that have not yet been presented to the bank. If a check is written against an account, the bank has no knowledge of that transaction until it is presented for payment. If a debit card is used in a restaurant, the final amount of the bill may be for a greater amount because the customer will probably add a gratuity/tip to the bill. That greater amount will not be requested from the bank until after the restaurant batches out the daily charges. Some gas stations will put a temporary hold on a transaction because they have no idea how much gas will be purchased until after they determine a preset amount of funds are available. You need to keep a buffer in your checking account to cover those temporary holds. Failing to maintain a check register can lead to overdrafts and overdraft fees.

You claim that only 10 out of 750 people (based on a 5-day business week) request a receipt. That is only 1.3%. Those are bogus numbers based on total fabrication.

"My direct deposit comes in that morning and Prosperity already taken out their 420.00."

That's more than I've paid in checking account fees in my entire life. Don't be such a fool. You really need to cleanup your act or prepare yourself for a lifetime of poor credit and high penalties.

 It is just amazing how some people are so blinded by what they THINK is going on and how everyone else is wrong that they fail to even see what they are saying is totally inaccurate and would do better in the land of make believe.  It is also very amazing how I just happen to pick the one bank you just recently decided to go to..I guess I have ESP going on.

Nowadays we use debit cards and EFTs for everything and some of us have at the very least 5-10 transactions per day that's why we rely on online banking.

- Oh really?  Go ask Wells Fargo is you should be relying on On-Line banking.  I can guarantee you that they will say NO..you must keep a register.

You originally stated....

Why should Prosperity get away with a policy that has already been deemed  unlawful

You claimed several times that their posting order was illegal.  Yet the part of the terms I posted stated that they can still post highest to lowest.  But it doesn't stop there..so did the section YOU posted.  Yet you still don't seem to get it.

Well I am glad you own a business and I am glad that you have survived so long without overdrafts.  But unless you realize what you are actually doing to yourself...you will be back here posting on how evil Wells Fargo is.  It may not be today, tommorow or even this month..but it WILL happen...remember I have ESP :-).

Anyways have a nice life wallowing in denial..remember it's not just a river in Africa.

-

Sounds like you pulled that 70% right out of thin air. Just because you own a business where 70% of the people don't record the transaction right in front of you doesn't mean they don't record the transaction fifteen minutes later when they get back to their car/office/home.

Adults manage their money effectively. We have registers to log each and every expense and record each and every deposit. It is the only way to know the actual balance in your account accurately. No one can keep a running balance in their head without having a record. You aren't a child - why do you expect the bank to know what you have spent before the transaction hits your account? It's not possible for the bank to anticipate your transactions. If you are too lazy to keep track of your funds, then create a system that works for you and doesn't cost you $400+ when you screw up. Takes about five minutes a day to log your transactions - no one is too busy to keep proper records.

No, I don't work for a bank. I also keep a register and I don't pay overdraft fees because I don't overdraft my account. One day you will get tired of paying high fees and take the five minutes to keep a register.

The standard "I don't like what you are saying so I am going to accuse you of working for the company".  Well sorry to burst your bubble I am not an employee of this or any other bank.  And if you actually look around this site you would realize how dumb a comment like that makes you look. 

But regardless of that..you are still wrong. 

Because reordering transactions is WRONG and while I do take responsibility for overdrawing my account and I’m sure many others do as well, the punishment doesn’t fit the crime

- No you do not accept responsibility, because accepting responsibility means also acccepting the consequences. 

The well over ONE BILLION DOLLARS the courts ordered the above mentioned banks to pay back to their customers speaks volumes

- Okay show us a specific case where the court stated that the posting order was actually illegal.  Oh and do you know what the banks had to pay back.  The average amount they refunded to the customers was around $70 each regardless of how many fees they were charged..,.oh but the lawers got several million dollars. 

and yes ALL of these banks have changed their policies regarding overdraft practices.

- Well unlike you not being able to show a specific case, I will show you how you are incorrect.  Here is a link to WF account terms, and you can read about their posting policy starting on Page 24.

https://www.wellsfargo.com/downloads/pdf/online_disclosures/CAA/CAA-EN.pdf

If for some reason the link above is redacted. You can go to

https : // www dot wellsfargo dot com / downloads / pdf / online_disclosures / CAA / CAA-EN dot pdf

(just remove the spaces and change the word dot to a ".")

But just a few sections for you(The underlines were added as areas that may be of particular interest).

 When the bank overdrafted your account what did you check register state your balance was?? OH I bet you do not keep a check register, balance your monthly statement or even take responsibility for your money.  Grow up!! It is not the bank's fault it is YOURS.  Stop relying on ATM, Phone and Online balances.  Keep an accurate register and you will not overdraft period.

Ignorance is bliss - overdrafting an account does not impact low income people.  Failing to take responsibility for your actions is your own fault.  I have little income but I do not overdraft my account.  I know how to balance a check register, monthly statement and I make sure money is in my account to avoid overdrafts. NO I don't bank here or work at this bank either.  I have learned to accept responsibility for my actions so you need to do so as well.

There's NO manipulation.  YOU fail to keep written records and YOU fail to keep a running balance.  When YOU use YOUR card, YOU chose to do so without having the slightest clue as to what YOUR balance is.  When YOU don't have the money in YOUR account to cover the debit...YOU give yourself an overdraft fee.  Its one damned sorry state of affairs when someone has a checking account with their own money, yet doesn't have even the slightest idea how much money is in THEIR OWN account!  No, I don't work for them.

 - Overdraft fees do not impact lower income people.  They impact people who FAIL to manange their account.  In fact people who live "paycheck to paycheck" should be even more dilligent in managing their account to avoid this.

Everyone at some point in their lives FAILS to properly manage their account(s), no matter their financial situation, If you have a HIGHER INCOME and a bank reorganizes your transactions from GREATEST to LEAST causing you to accumulate TWELVE overdraft charges at 35.00 a pop (420.00) instead of the ONE you would have been charged had they not manipulated your account, this will not effect you like it would a lower income person.

• No court has deemed the policy of posting order "unlawful", and most of these banks still have the same policies up to today.  The only issue the courts have had an "issue" with is disclosure.  But as long as the posting order is disclosed the banks can post any way they want.  Oh and yes if you read the terms of your account you will find that it is listed.

The well over ONE BILLION DOLLARS the courts ordered the above mentioned banks to pay back to their customers speaks volumes and yes ALL of these banks have changed their policies regarding overdraft practices. Prosperity bank is looking to change theirs in a few months also. You know why? Because reordering transactions is WRONG and while I do take responsibility for overdrawing my account and I’m sure many others do as well, the punishment doesn’t fit the crime.Banks need people to overdraw their accounts! Overdraft fees make up over one quarter of their income, but they are abusing it. Everything in moderation!

I overdrew my account by one check that I slipped my mind due to being in the hospital, looked at my account that day thinking all of my transactions from the weekend had gone through and if something else cleared, I had overdraft PROTECTION so I would pay my 35.00 fee and my direct deposit would go through in the morning and up the difference. I look at my account the next day and the check went through that night, Prosperity reorganized my transactions so the check was the first on the list and all of the small 10.00 - 12.00 transactions were deducted afterwards charging me 35.00 each! My direct deposit comes in that morning and Prosperity already taken out their 420.00.

Of course if you know you are overdrafting your account and are just mad about the re-ordering, well then the only RipOff is the one you are doing to yourself.  Because the bank has certain terms you agreed to, and not one of those delt with them providing any sort of cash advance or loan

I ripped myself off for 35.00, Prosperity Bank manipulated my account to really rip me and come to find out a lot of other people. I did not sign up for overdraft and was told it was mandatory with the kind of account I have and further more there is nothing in any kind of Overdraft Disclosure Statement stating that Prosperity Bank reorganizes transactions from greatest to least. I’m sure this post was written by a Prosperity employee or relative of an employee. No normal individual of sound mind (not brainwashed by the bank) would write something this preposterous! The only people benefiting from this overdraft PROTECTION are the banks. They say well we want to be sure your mortgage is covered first. How do they know which check is my mortgage? and if the overdraft PROTECTION covers all of my transactions then what does it matter which way my transactions clear unless someone stands to make a hefty profit.

 This practice leads to multiple overdraft fees which greatly impacts a lot of lower income people

- Overdraft fees do not impact lower income people.  They impact people who FAIL to manange their account.  In fact people who live "paycheck to paycheck" should be even more dilligent in managing their account to avoid this.

Why should Prosperity get away with a policy that has already been deemed  unlawful by the courts from the example of the other banks mentioned?

- No court has deemed the policy of posting order "unlawful", and most of these banks still have the same policies up to today.  The only issue the courts have had an "issue" with is disclosure.  But as long as the posting order is disclosed the banks can post any way they want.  Oh and yes if you read the terms of your account you will find that it is listed.

Of course you are also failing to see the "big picture".   If you properly manage your account you can avoid ALL overdraft fees, because while I don't know about you but to me even one is one too many.

What does this mean?  Well first it means that you have to take responsibility over your account and you can do this by keeping a written register.  But you say "Well there is on-line banking".  Well here is a shock for you..on line banking was never meant to replace the register, it is just one more tool in your arsenal.  Because of many factors(some even outside of the banks control) your on-line banking may or may not be accurate.  But if you write down every single transaction when you make it, and NEVER attempt to spend more than you have AVAILABLE the chances of you overdrafting is just about zero.  If you don't know how to use a register you can find many sites on-line, or even go into a branch.  I can just about guarantee you that they will be more than willing to show you how to use one.

Of course if you know you are overdrafting your account and are just mad about the re-ordering, well then the only RipOff is the one you are doing to yourself.  Because the bank has certain terms you agreed to, and not one of those delt with them providing any sort of cash advance or loan.

 Do you have proof of this action? You do realize that not EVERY transaction is IMMEDIATLY sent out. Some businesses send thier debit requests out on a 24/36/72 hour basis. So to the leyman it would look like your bank is reordering your purchases when in reality its when the purchases themselves were ACTUALLY sent in. I would make sure that this isnt the case before I would go posting negativly online. If your just looking at your statement and drawing assumptions from it then your making a rather large mistake. The internet is considered a media outlet. As such, whatever you write can be used against you in civil proceedings. Make sure youre correct in your assumption FIRST, then blast them. Otherwise you just put yourself at risk for a lawsuit.

Did you go down to the bank and ask or are you just making this up as you go along?