Arizona Federal Credit Union ripoff customers with overdraft fees Phoenix Arizona
I have been banking with AZFCU since I was 16. And never had problems like I have had know. I made a check deposit to my account for $360. Well the next day I checked my account online and the balance was -$118.
They had placed a hold on the check and didn't tell me. They had charged me $160 in overdraft fees even though I made the deposit and was never informed that a hold was being made to the check.
I called and their account protection department told me that I should have verified whether or not the check was going to have a hold placed on it. So I was the one at fault. I thought that according to FDIC the bank had to notify me that a hold was being placed on the check. I guess live and learn but it would have been nice to use the $360.
Sara
Saint Johns, Arizona
U.S.A.
1 Updates & Rebuttals
Ken
Randolph,Massachusetts,
U.S.A.
FDIC and Sarah
#2Consumer Suggestion
Wed, August 31, 2005
Sarah, you haven't given us all the details here. Specifically, what kind of check were you depositing? All banks place holds automatically (well, almost all) on deposited checks. The banks are obliged to post their hold policies publically. Typically, you will see placards at the teller line, or in the lobby outlining their hold policy.
Banks also have the right to place an exceptional hold on an item. For instance, a third-party personal check. When they do this, they must provide you with a paper document explaining why the hold was placed, and when it will release.
If your deposit was just an ordinary check, then like always, and as it says on your receipt, the deposit is subject to collection. You wrote checks on funds you didn't have, and if the overdraft showd up the next day, you wrote checks before you even deposited. That's a felony in some states, you should be happy that all you did was overdraw.