Kh
Na,#2Consumer Suggestion
Tue, January 13, 2009
I have the same problem with Regions Bank so please keep me informed if you make any headway. I think that Regions Bank backdated payments so they would overdraft before a payroll direct deposit was posted that would have covered the payments and I am trying to obtain documentation to support my position.
Robert
Irvine,#3Consumer Comment
Mon, January 12, 2009
First the bank did as you asked. They did not give you "Overdraft Protection". Overdraft protection is actually where you have another account(savings, credit card..) that is tied to the checking account. If you Overdraft the Checking Account they pull from this other account to cover the difference. When you have Overdraft protection you do not get hit with the standard OD fees. But depending on the bank and account you may have a maintence fee or a much smaller fee when they have to transfer the funds. This was probably more of a confusion on your part. You are looking for more of not letting the account go into overdraft at all, which is often possible. But even this can't guarantee that you would never Overdraft. The way Debit Card transactions are processed you could have a Debit Card Transaction approved, then if a check posts before the actual Debit Card transaction was submited by the merchant you can still Overdraft. Now, this was YOUR and your now Ex's account. No where in this report do I see where you feel that it is your responsibilty to keep track of your balances, by using something like a register. You basically wanted to spend money until the bank says that there was none left...Not really good financial management. You say that they "run the most expensive charge first". Well yes all major banks posts transactions HIGHEST to LOWEST and have done so for many years. But guess what..posting order DOES NOT matter if you don't overdraft. If you make 3 transactions for a total of $100 and have $105 available, no matter how they post them you can not overdraft. As for them "reducing" the fees, banks will often do that the first(and some even the second time) a person overdrafts. But after that you are not going to find a bank to be as willing to reduce the fees after multiple Overdrafts. Save your time(and money) trying to pursue "legal counsel". Instead spend that time in understanding your banks policy on posting transactions and keeping track of your own purchases as you make them.