BB&T Bank Charging overdraft fees when you have money in your account Byron & Roberta Georgia
My daughter had a business in Byron, GA, for 10 years and used BB&T. She took credit cards from her customers which were "batched" every evening through BB&T. However, BB&T would hold these payments for days so she could not have access to money that showed up in her account. This kept her from being able to pay her vendors.
She and her husband also used BB&T for their personal checking account. The bank was always making mistakes. One time she wrote a check for $30 but the bank debited her account for $300.
Several years ago, her husband was seriously hurt in an auto accident and eventually he had to get Social Security disability. He had automatic electronic deposits but BB&T would hold his government deposit for up to 15 days. When they checked their account, it would show that they had this money in their account but when they wrote a check, it would show insufficient funds and they would be charged an overdraft fee.
They live in a small rural town and do not have many options for banks but they ended up having to close their account.
We quit dealing with banks years ago and use a credit union. I think everyone should pull their money out of these big banks and use credit unions. Most of the big banks have all kinds of ways of getting your money--overdraft fees, ATM fees, writing too many checks a month, charging for going below the minimum balnce in your account, etc.
1 Updates & Rebuttals
Striderq
Columbia,South Carolina,
Two things...
#2General Comment
Fri, October 17, 2014
As far as the $30 check posting as $300, this is actually the fault of the bank the check was deposited into. When whoever the check is made out to deposits the check, their bank puts a MICR line on the bottom of the check that has routing number, account number, check number and amount. When BB&T receives the check and processes it, it is done by automation. Their machines read the MICR line and transfer that amount of money to the bank that sent the check. BB&T would not know it was the wrong amount until the account holder called. It would be researched and should be a same day fix. Basically confirm the check was for $30 and not $300, put $270 back in the account and get that money back from the other bank.
Automatic electronic deposits??? Do you mean direct depsoit??? If so, do you seriously expect anyone to believe that BB&T held a direct deposit, especially one from the government, for "up to 15 days"??? NO WAY. When direct deposits come in they have a pay on date. This is the date that the money will be available and post to that account.(Some banks actually credit it a day early.) So if the disability is going directly from the SSA to BB&T, there is no way it's not in the account on the proper day.