- Report: #296368
Complaint Review: Comerica - Rochester Hills Michigan
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Comerica
www.comerica.com Rochester Hills, Michigan, U.S.A.
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Comerica Business Day gives way to Business Second to garner more fees Rochester Hills Michigan
I have been a serial overdrafter for years. I have finally gotten myself under control and track my account religiously each day.
However, I, like many of Americas citizens, live check to check, and frequently use my Visa Check Card in the afternoon with the knowledge that the money to cover the purchases will arrive the next morning or, at worst, be deposited before that business day is completed. This is absolutely not abnormal behavior for the check-tocheck society in which we live nor is it dishonest. All of these transactions are taking place during the same business day.
Well... the business day is no more. Comerica now will charge an overdraft fee based on the status of your balance at the instant of the transaction. I found this out $228 in fees later. At no point did my account show a negative balance yet I was still hit with these fees.
Now, while this is outrageous enough, there is something else that I feel is even more upsetting, hedging on criminal.
This new fee system, this new process is instantaneous. So we are talking about situations where the customer is standing at a counter, attmepting to make a purchase. No product has exhanged hands as of yet in most cases. Why, if this system is as instantaneous as the new overdraft policies would indicate, are these purchases being allowed? If the money isn't there then the card should be denied.
That the purchases are being allowed indicates a long standing and tacit agreement of trust between the bank and the customer that the money will be in by the end of the business day. If this trust is broken, then the longstanding result has been the issuance of a well earned overdraft fee.
I can understand the bank's decision to treat our accounts as a continuously changing second to second balance but to then ALLOW overdrafts anyway is to admit that the bank is simply hungry for a new way to garner more and more income via fees.
Comerica needs to make up it's mind. Either give us a full business day to keep our accounts in order or not. And if not, then do not allow purchases for which there are no available funds.
Commonsns1
Rochester Hills, Michigan
U.S.A.
However, I, like many of Americas citizens, live check to check, and frequently use my Visa Check Card in the afternoon with the knowledge that the money to cover the purchases will arrive the next morning or, at worst, be deposited before that business day is completed. This is absolutely not abnormal behavior for the check-tocheck society in which we live nor is it dishonest. All of these transactions are taking place during the same business day.
Well... the business day is no more. Comerica now will charge an overdraft fee based on the status of your balance at the instant of the transaction. I found this out $228 in fees later. At no point did my account show a negative balance yet I was still hit with these fees.
Now, while this is outrageous enough, there is something else that I feel is even more upsetting, hedging on criminal.
This new fee system, this new process is instantaneous. So we are talking about situations where the customer is standing at a counter, attmepting to make a purchase. No product has exhanged hands as of yet in most cases. Why, if this system is as instantaneous as the new overdraft policies would indicate, are these purchases being allowed? If the money isn't there then the card should be denied.
That the purchases are being allowed indicates a long standing and tacit agreement of trust between the bank and the customer that the money will be in by the end of the business day. If this trust is broken, then the longstanding result has been the issuance of a well earned overdraft fee.
I can understand the bank's decision to treat our accounts as a continuously changing second to second balance but to then ALLOW overdrafts anyway is to admit that the bank is simply hungry for a new way to garner more and more income via fees.
Comerica needs to make up it's mind. Either give us a full business day to keep our accounts in order or not. And if not, then do not allow purchases for which there are no available funds.
Commonsns1
Rochester Hills, Michigan
U.S.A.
1 Updates & Rebuttals
Jim
Anaheim,California,
U.S.A.
This is an Industry Wide Practice
#2Consumer Comment
Wed, January 02, 2008
What you're experiencing is the reason why people should get rid of their debit cards. If you are planning to operate in an environment of living paycheck to paycheck, having a check card will only insure the bank will keep more of your money than you would like. Accordingly, it would be in your best interests to get rid of the debit card and either (1) write checks, or (2) use cash. If you still intend on overdrawing your account, at least you won't run into the situation you're currently in. Best of luck to you.
