My daughter is 17 and learning how to maintain a checking account... the hard way. I've noticed that our bank collects transactions received by them daily. The actual occurance of the transactions can range in date from 1-5 days. Instead of posting them in order according to the date they were transacted, the bank posts them in order from largest amount to smallest. What this does for the bank is give them more opportunities to apply overdraft fees, if there are to be any. What this does to the consumer is charge them more overdraft fees than should be. The bank is rearranging the timing of withdrawals and charges to their advantage, subjecting the consumer to much higher fees than one would or should expect. Is this legal?
2006-07-11
04:47:47
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5 answers
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asked by
CMaC
1
in
Personal Finance