Does anybody like the Banks' courtesy of "largest transactions first when your account has insufficient funds"

Question

When you incur overdrafts you notice large transactions come first and smaller ones after.. It is said to be a courtesy to make sure your bills and other important things are taken care of.. Do you like this courtesy?

Answer 1

It's not a courtesy, it's robbery, pure and simple, because, they will bounce checks, even though you've got an automatic deposit that is sitting there waiting to be recorded..
Of course, if they did it in proper order, the crooks would lose money.. Heaven Forbid!!!!!!!!!!!!!!

Answer 2

I think it is just an inconvient courtsey. They do it so that say your mortgage payment is due that way it will go through first rather then the 6 dollar check that you wrote to Sonic for lunch. It sucks because you had for a 6 dollar check to bounce but at least they wont be harping on your for insufficient funds AND for having a late mortgage payment.

The bottom line is don't write checks for money you dont have and you won't have a problem. If you can't seem to avoid doing this however, you can go to the library and possibly check out a book on personal finance, I found one that really helped me personally to at least understand banking in general so I don't always feel like im "in the dark" when I am talking to my bank.

Answer 3

No, I don't like it because you can end up with LOTS of bank fees for lots of checks instead of one bank fee for one check. No one really has the right to complain since no one should be writing checks without having the money in their account, but I think the policy sucks.