WSFS Bank Wilmington Savings Fun Society Manufactured Overdraft = Manufactured Overdraft fees Wilmington Delaware
On 9/7/2016 when I checked my account balence online I saw that 2 debits for insurance were "In Process" and that I needed to make a deposit in order to avoid an overdraft. I immedately wrote a check and made a "Snapshot Deposit" which appeared about an hour later as "In Process" item along with the aforementioned insurance debits, resultng in a net positive balance 0f $17.95, "In Process". The next day, my account showed all posted, deposit first, then insurance debits and the same balance. No overdraft was ever displayed on 9/8/2016 as of 9/7/2016 after all items posted. on9/8/2016 I discovered that I was charged $ 70.00 for the two insurance debits, and $ 5.00 as of 9/16/2016 on 9/17/2016.
When I complained about the first two charges, I was told that a "Snapshot Deposit" was not available, and that to secure immediate credit of $ 100.00 the deposit must be made at the bank, over the counter. I would like to know where that has been disclosed. Since I live in Florida making an in-person deposit is only possible when I visit Delaware. Also i discovered that the check that I deposited was deducted from my Credit Union Account on 9/8/2016, te next day.
Any other bank grants immediate credit of $100.00 for deposited checks. WSFS has not only manufactured an overdraft ,they also "posted" $218.54 first theoretically creating a larger "overdraft" instead of posting the $34.12 item first which would have been against a positive balance. My deposit was only $85.00, therefore i should have been granted immediate credit.
Banks have lost class action lawsuits for these practices. Bottom Line, I want my $75.00 back.
This is also going to the CFPB
3 Updates & Rebuttals
Robert
Irvine,California,
USA
Banking 101
#4Consumer Comment
Sun, September 18, 2016
Rule number 1 - You can't beat money back to the bank.
Rule number 2 - If you attempt to spend more money than you have available they will hit you with fees
The fact is that you failed to properly maintain your account and had 2 debits come in that put you into an overdraft situation. You "thought" you could fix it by deposting a check(more on this in a minute). Where in reality it was already too late. The time to have made the deposit was BEFORE the debits came in.
As the account holder YOU are responsible for YOUR account and YOU should have been fully aware of what debits are going to hit your account and when. YOU are then the one who is responsible to make sure there are enough funds available for these debits. If you are going to try and create a story where you knew about the debit but the company put them through "early"...then your issue is with the Insurance company not the bank, and you need to go after the Insurance company for the fees they caused.
FYI there has not been one court decision or lawsuit that has made these fees or the order that transactions are posted illegal. The only thing that has ever been involved is discolsures, oh and as members of the "class" the top award was a maximum of 2 overdraft fees refunded. But I can guarantee you that you will find all of their policies in the Terms and Conditions of the account..Yes that 10 page document that you said you read when you signed your name on the agreement to open the account.
Also, don't count on the $100 available immediatly. Many banks don't make it available until the next business day and dependng on when you made the deposit you could have been past the cut-off time for deposits. Which will delay any funds availability by additional days.
But let's get to this check you deposited. Where did you deposit it from? I always find it very interesting how so many people "overdraft" claim to have multiple accounts. Not only do they claim to have multiple accounts but they give every indication that it is only one of their accounts they have issues with, they never seem to have issues with the other bank...Ummmm..
So one has to ask. If they have so much trouble in one account and together they would have enough funds to cover everything. Why don't they just combine the accounts into one(at the "good" bank)? Or even put all of their funds in the bank with the overdraft fees. As if they combine them and give every indication they have enough money..OD fees would be a non-issue.
Jim
Florida,USA
Oh Yes...The Typical "It's all THEIR Fault" wail!
#4Consumer Comment
Sat, September 17, 2016
You come here and very freely and very completely admit and describe you do not know how to manage your own checking account but in typical ENTITLEMENT fashion, it's all their fault, isn't it? You don't keep written records with an on going running balance and you don't even keep enough in the account to cover debits because you freely admit to needing to hurry get in a deposit to cover existing debits. Of course, you haven't a clue about the funds availability policy and when your debits bounce all over town, it's all the fault of the big, bad bank which can't wait to get you! Make an appointment with the branch manager so they can show you how to manage a simple checking account and you will never, ever have an overdraft fee.
Now you banks who are eavesdropping here, this is another example as to why you need to increase those NSF charges to $100 per item! Just think of the affect on your bottom line! This just goes on and on with one wailer after another who can't or are too lazy to manage a simple checking account! Cash in on this!
Tyg
Pahrump,Nevada,
USA
Bottom line...
#4General Comment
Sat, September 17, 2016
The bottom line is that YOU are NOT going to get that money back!! It ALWAYS amazes me that people like YOU will ALWAYS play the victim when YOU have screwed yourself over. The PAYMENTS were already in process BEFORE you tried your quick fix idea. This means that no matter what those payments were going to hit FIRST!!! BEFORE your deposit. These things happen but its NOT the banks fault that YOU overdrafted. No ripoff here just the USUAL American self entitlment. YOU ASSUMED that your deposit was going to keep you from overdrafting. The REALITY is that YOU needed to make the deposit BEFORE the payments were in process. So tell us all again HOW YOU were ripped off? Just because YOUR assumption didnt pan out doesnt make what happend to YOU a ripoff. YOU OVERDRAFTED ALL ON YOUR OWN!!!!