5/3 Bank has an interesting way to process overdraft fees. First... this is a MAJOR revenue stream so keep that in mind.
Most banks, Citi, Chase, Credit Unions, ETC all process daily transactions as it pertains to the specific business day. Saturday, Friday (after 5pm), Sunday are all 'Monday's buisness date.
Their issue falls where they process all debits before any deposits. Most banks will process all credits for any given day and THEN process any following debits.
They also 'hold transactions' under the guise of processing lag time to wait until you 'can go negative.'
All banks will take the money 'in order of importance' or rather,.. the largest dollar amount first, resulting in large or more fees.
go to chase,... i hate them, but at least they're honest.
I used to be a banker so i'm very aware of their process. Stay away from them
1 Updates & Rebuttals
MJH1215
United States of AmericaIt gets even better...
#2Consumer Comment
Thu, March 18, 2010
Thank you to he poster above for detailing some of the deceptive practices used by fifth third. Here's another you may want to be aware of- Fifth third will process auto draft payments on your account - i/e automatic monthly bill payments - which will overdraw your account should you not have enough money to cover them.
Here's where it gets good- they will process the draft payment pushing your account negative then process any other transactions you had that day and charge you a overdraft fee on each item. But the very next day they will kick the auto draft payment out (return unpaid). In other words they will charge you overdraft fees then not pay them item that caused you to overdraft.