BB&T Branch Banking and Trust Overdraft scam Apex North Carolina
BB&T are con-artists and theives that are just waiting for you to make a mistake with your finances. They charge $36 per overdraft and have recently changed their overdraft rules (or so I have been told).
My wife deposited $750 (two checks from her employer of 7 years) into our checking account that was already overdrawn by $93 (our fault). I came home and checked the account to see if they went in and they were nowhere to be found. I also saw that we had 4 or 5 'pending' charges from an online purchase at the same time. She called the 1-800 number and asked about the checks and the operator couldn't find any info about the deposits that she made.
I looked this morning to see that the checks were put on a 10-day hold and all of the 'pending' charges had been processed - resulting in over $300 in overdrafts and fees. Ridiculous. My wife went into the branch when the opened and talked to a teller. They freed up the money, but would not return the overdrafts.
It has been my understanding since we started banking at BB&T that deposits were processed ahead of pending withdrawals regardless of the origin date. If that was true, the checks would have gone in and we would have been able to keep most of the money that was deposited. I called the branch and spoke with someone (not the manager) and they told me that their rules changed this year such that ALL charges and deposits are processed in the order that they were originally received. I could have deposited cash at the teller (which should have gone in immediately) and I would have still incurred fees for the pending charges since they were technically on the books before my cash deposit. The problem here is two-fold; the overdraft fees are exhorbitant and this idea of a 'pending' transaction is false.
I think that banks like BB&T prey on people like us who live paycheck to paycheck and barely tread water in between paydays. We have paid thousands of dollars in overdrafts this year (most our fault, I'm sure), and we'll be paying thousands more if BB&T continue to find ways to rip off decent people trying to get ahead.
2 Updates & Rebuttals
coast
Florida,Exercise Restraint
#3Consumer Comment
Sat, December 21, 2013
“BB&T are con-artists and theives that are just waiting for you to make a mistake with your finances.”
Excessive overdrafts are not mistakes. You are intentionally drawing against unavailable funds or are attempting to cover debits and checks before they are presented for payment.
“We have paid thousands of dollars in overdrafts this year”
At $36 a pop, it appears that you overdraft at least 1-2 times a week. Do you really think that’s the fault of the bank? Seriously?
“we'll be paying thousands more if BB&T continue to find ways to rip off decent people trying to get ahead”
The harsh reality is that you will never get ahead by authorizing 4 or 5 withdrawals against an account that is in overdraft. You need to get your spending habits under control.
Robert
Irvine,California,
Bring out the violin...
#3Consumer Comment
Fri, December 20, 2013
It has been my understanding since we started banking at BB&T that deposits were processed ahead of pending withdrawals regardless of the origin date
- Your check WAS processed..it just had a hold put on it. The reason it had a hold put on it was most likely because of your excessive overdrafts.
I called the branch and spoke with someone (not the manager) and they told me that their rules changed this year such that ALL charges and deposits are processed in the order that they were originally received. I
could have deposited cash at the teller (which should have gone in immediately) and I would have still incurred fees for the pending charges since they were technically on the books before my cash deposit.
- See banks can't win. For years and years and dozens of lawsuits people kept suing them because they were not posting transactions in the order received. Now amazingly enough when they finally start doing that it is all of the sudden a scam. Well at least there is one thing I thank you for giving me a great laugh.
The problem here is two-fold; the overdraft fees are exhorbitant and this idea of a 'pending' transaction is false.
- Actually the problem is one-fold, and I'll explain that later. So let me help you out on this. In terms of the OD Fees...DON'T Overdraft. As for "PENDING"..WRONG again. Pending means you have attempted to spend the money. So regardless of if it was "pending" or posted right away when you made the purchase, the money is taken out of your account.
I think that banks like BB&T prey on people like us who live paycheck to paycheck and barely tread water in between paydays
- NO. They "pray" on people who do not take personal responsibility and manage their account. I bet that those "on-line" purchases were not a necessity. But you WANTED to buy what ever you bought and did not NEED it. Had you NEEDED it and it was an immediate need you would have gone to the store.
We have paid thousands of dollars in overdrafts this year (most our fault, I'm sure), and we'll be paying thousands more if BB&T continue to find ways to rip off decent people trying to get ahead.
- And here is the violin. Let me ask you this. If you keep doing the same thing every month and get charged all of these fees..wouldn't any person with average intelligence think.."Ummm you know perhaps I need to change something". Not only that but if you think this bank is such a problem why don't you go to another bank. Oh but I think we all know the reason you haven't.
Now as to your responsibility..I can guarantee that you are probably relying on on-line banking. Well on-line banking was NEVER meant to be a method of account management. You MUST keep a written register, that is EVERY transaction you make you write down and subtract it from your available balance. Then you NEVER..EVER..EVER even attempt to spend a penny more than you have available. If you do this you will find these overdraft fees will disapear. Now what about deposits and available balance. Well this is where you can use on-line banking. When it becomes available you can then add it to your registers available balance..but not until then.
Now, if you say that even after you do that you don't have the money but still want to spend it then this is 100% on you. Your account is not a line of credit and as such you will be subject to the fees. Perhaps going over your budget with a fine tooth comb may be in order.
Oh and this bank that you think lives on these fees, if you asked them they would tell you EXACTLY the same thing. In fact if you ask they may even provide you with a check register you can use.
And no I do not now or have I ever worked for any bank.