If you receive your paycheck as direct deposit and you have recurring electronic debits that occur at the same time, your bank (like National City Bank) takes the debits FIRST and then the credits so that you could be potentially overdrawn. Then, they nail you with high overdraft fees, one fee per incident. When asked why I was overdrawn for 2 Bill Pay (electronic bill payments) and knew that my paycheck was electronically deposited before the debits, National City Bank of Indiana advised me that their "system recognizes debits before credits" and therefore you are overdrawn and charged the high fees per incident. This truly bites and I'll bet most of you are not aware of this practice. Needless to say, I have adjusted my recurring Bill Pay to compensate. Please let me know I am not the only one aware of this practice!
2007-03-07
01:01:07
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8 answers
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PG-D
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