IBC - International Bank Of Commerce Overdrawn fee with no reasonable explanation McAllen Texas
I checked my account over the web page and found out that I was charged 4 overdraft fees of $25 each. Three of the fees are reasonable because I ended up with a negative balance, but one of them has no reason because I had a positive balance after the deduction. I talked to a representative from the bank and he told me that there was a pending transaction of $15.01 that was deducted; therefore, in their system I had a negative $10 balance which does not appear on the balance that I have in the web. Apparently, all the overdraft fees were from October 27, but the pending transaction of $15.01 was not paid until October 30.
I don't understand why is it that they had to deduct the amount of $15.01 way before the bank had made the payment to them. I have a copy of the account activity from the web, which shows that I had a balance of $4.53 after the $30.00 item for which I was charged $25. I even told the representative that why they did not deducted the amount on that day for me to see a negative balance, but he told me that because the bank did not paid that amount until the 30th. Please tell me what I can do, to get a more valid answer about this problem. Thank you.
Alma
La Joya, Texas
U.S.A.
1 Updates & Rebuttals
Robert
Wallingford,Connecticut,
U.S.A.
By pending transaction do you mean a check card transaction?
#2Consumer Comment
Wed, November 01, 2006
If so, those funds are placed on hold, meaning they can not be used to pay any other debits that may post for processing against your account for a certain period of time (I think it is 3 days but am not certain). The bank does not actually pay out those funds until it receives a conformation from the merchant for the purchase. That can take anywhere from a day to weeks depending upon when the merchant process their transactions.
After a certain number of days, the bank may release the hold if they have not received a confirmation for the transaction and the funds can be used for other debits. However, when the bank finally receives the confirmation, if the funds are not in your account to pay the transaction you would also end up paying a NSF fee.
Read through your account terms and conditions. There should be a detailed explanation of the banks policies for check card transactions.
As a suggestion, don't rely on your online account information for an accurate balance. Keep you own account register. You will know exactly what your balance is.