BB&T - Branch Banking & Trust Branch, Banking & Trust Overdraft fees at 177.36% per annum while money was available in account!!! Internet
On 9/24/09, BB&T charged me an overdraft fee of $35 because they said that my account was negative $236.81. That is $177.36% per annum! That is highway robbery; especially since I had $5,113.19 available in my account. After discussing this with 4 relationship managers and sending an account inquiry online, BB&T would NOT refund me the full $35. That is absolutley insane and I'm sure it cost them more than $35 in salary expense after my speaking to all 4 account representatives for at least 20 minutes each not incuding the online representative.
HERE IS MY ONLINE CORRESPONDENCE TO THEM...
I deposited a check of $4,250 on 9/18/09. The teller stated that the funds would be available on 9/24/09. I transferred $1,200 to another bank account using my BB&T check #2946 which posted on 9/24/09. I also made a deposit on 9/24/09 of $1,048. From what I could see online, the total of all my deposits in addition to the funds I already had available in my account should have clearly covered my $1,200 check but I was charged a $35 overdraft fee for my check. I am kindly asking that you return the $35 overdraft fee IN FULL.
Should you not be able to refund the overdraft fee IN FULL, please close my account. I have already removed all funds and stopped all deposits and withdrawals to this account. I have had a long and honest relationship with BB&T. I have been a customer since approximately 1993 when BB&T was First Virginia Bank. I have never overdrafted my account and have steady deposits of $5,000 to $6,000 per month. Feel free to look at my account history.
Should you return the $35 overdraft fee I will be happy to continue my banking relationship.
Thank you in advance for your prompt attention to this matter.
THIS IS THEIR ONLINE RESPONSE...
Thank you for contacting BB&T E-Mail Support concerning the reversal of Overdraft fee on your account ending 1174.
Our records indicate that you called our associate concerning this issue on 09/27/09. An associate assisted you in resolving the problem.
After posting on 09/23/09, your account balance was $5,113.19.
The following item was holding from your account balance:
Deposit Holds:
Ent Date Exp Date Description Amount
09 18 09 09 24 09 Pct2060303 Cbc Nl 05 $4,150.00-
The following items posted to your account:
Date Description Amount Balance
09 24 Image Exchange Check $1,200.00- $236.81-
09 24 Overdraft Item Paid Fee $35.00- $271.81-
Once your account balance became negative, your branch paid the item and charged a $35.00 Overdraft fee.
Your account balance at the close of business on 09/24/09 was negative $271.81. This balance includes any holds or pending transactions.
Based on this information, the Overdraft fee is correct.
You may wish to contact your local branch to request for a full Overdraft fee refund.
If you have additional questions about the Overdraft fee refund, please call our Fredericksburg-Dahlgren Branch at (540)663-2101. A relationship banker will be able to provide you with additional information.
Thank you for banking with BB&T. We appreciate your business!
BB&T E-Mail Support
After this response I called the Frederickburg-Dahlgren Branch as instructed. The new issue was that they could not return my overdraft fee because my account had a $0 balance. (I REALLY DID MOVE ALL OF MY MONEY! I WAS PISSED.) Great way to treat a loyal customer of 16 years who has never had any overdraft fees, EVER, on my account! They should have refunded it just for the princple of things.
So, my thoughts...WHAT THE HECK EVER to BB&T! I WILL TAKE MY MONEY AND MY BUSINESS ELSEWHERE. KEEP THE $35 and loose the opportunity to make hundreds more. You made the choice. What does Senate insurance say..."Kiss My Bumper; Just Kiss It!"
1 Updates & Rebuttals
Ronny g
North hollywood,California,
USA
Unusually long check "holding".....
#2Consumer Comment
Wed, October 14, 2009
Holding check deposits for longer and unpredictable lengths of time is suspect to me..as we read so many reports here on how this causes overdrafts to occur..and hence the fees...right? The banks charged you a fee to cover the check..so it worked out quite well for them..they LOVE FEES...so why would they not want them to occur as much as possible?
You know the banks took in over 38.5 BILLION dollars in these type of fees in 09.
Now some may say checks will always take a long time to clear etc...but after you being with this bank for 16 YEARS..a loyal customer..I think you would know how long it usually took checks to clear...right? And the bank teller also told you..but you don't want to listen to the teller...because the teller was a bank employee.
Now what the bank did to you is WRONG..and a ripoff...but it was not illegal. So you did the right thing in closing your account and leaving...there was really nothing else you could do.
Good Luck and sorry they kept the $35.00...guess they feel they needed that more then to keep you as a customer..what else can we say?
Oh..this is one more thing..you might want to consider to not use checks anymore..I stopped using them altogether. These days..with the seemingly arbitrary and excessively long hold times..they can be lost, stolen, forged...
It's up to you..you seem to make deposits that would not consider you a "low" balance keeper..so perhaps you don't mind the risk involved with using checks these days..which includes but is not limited to...banks using them to encourage an overdraft...so they can cover it and fee you....to wit by your very report.