PD
Columbia,#2Consumer Comment
Fri, February 20, 2004
Unfortunately, most banks have a 2:00 deadline for deposits to be credited that same day. If your deposit goes in after that time, it is not credited until the next business day. Most have signs posted telling you this, or it probably was in your banking agreement when you signed up for your account. It may not seem fair, but that's how it is. FYI: Wachovia now has gone to a 4:00 deposit deadline, if that helps you any. As far as how checks are processed, they always sort them in descending amount order in hopes of racking up the most NSF fees as possible. I know, because I used to work for a bank. I'm not defending the practice. It's a sneaky way of doing business. But that's how they make a lot of their money. So, plan accordingly because there is usually no getting around it.
Lourdes
Valrico,#3Consumer Suggestion
Fri, February 20, 2004
The same thing happened to me with Bank of America. After over 10 years with them, they started charging me "overdraft" fees up to $400-500 a month!!! The have the same policy of paying the debits or checks. They pay the larger ones first and the smaller ones laters. They argument is that "most customers" appreciate have a mortgage or car check paid rather than a smaller amount check. All of this nonsense caused me to close the account after all these years and go to another bank that appreciates me. Always read the "availability of funds" disclosure that they give you when you open you account (but how reads all that stuff, right)so you know their practices.
Dana
Franklin,#4Author of original report
Tue, February 10, 2004
My husband went and met with the Branch Manager (on my behalf) and argued my case. She could not answer his questions, All she would say is, "I am sorry, I can not answer that question." He called her on Monday and she is "putting the funds back into my account" and apologized for what happened. So, for customer service (on my behalf) was not good. I felt she should have done that for me, but instead all she would tell me is no we can not waive the charges!