Are the banks manipulating your overdraft fees?

[brahmanknight]

I don't know about CokeSlurpee and chemmie, but I know those of us still in the Struggle like jets and I have had an over drawn bank account once or every other week.

Did anyone ever look at the items you bought in a day, and wonder why it was the most expensive item that set off the overdraft, and not that $1 pack of gum? That's because they may have picked that one.

http://money.cnn.com/2016/09/22/investing/wells-fargo-fake-accounts-banks/

Curry, the head of the Office of Comptroller of the Currency, told a Senate panel this week that the agency is investigating whether other banks have employed high-pressure sales tactics that led to fake accounts.

One former banker at a regional bank told CNNMoney he witnessed the practice at his company.

"The customers wouldn't even know," said the banker, who insisted his name not be used. "Wells Fargo isn't the only one. This is an industry-wide problem."

Another scam this banker witnessed involved employees rearranging debit charges on customer accounts to maximize the size of the overdraft fees they experienced.

"The competition and pressure in the banking industry is unbelievable," he said.

 

[USFSucks]

This is nothing new. When I worked for a banking company 10 years ago we created a program that would sort all transactions each night and post the most expensive first, without regard to when the transaction was completed. We sold this as an add-on to our software and would take a percentage of the extra revenue the bank would earn. Made our executives some nice bonuses

 

[UCFRogerz]

They've always done this and I see it as seriously unethical! I detest banks and overdraft. I turned overdraft off because one time I misjudged my account and instead of declining a transaction because there wasn't enough in there, they attempted to process it 3 or more times and I got nailed for each processing attempt. Absolute horseshit.

 

[UCFWayne]

This is nothing new. When I worked for a banking company 10 years ago we created a program that would sort all transactions each night and post the most expensive first, without regard to when the transaction was completed. We sold this as an add-on to our software and would take a percentage of the extra revenue the bank would earn. Made our executives some nice bonuses

fiserv?

 

[USFSucks]

fiserv?

Metavante, now FIS

 

[CommuterBob]

Chase used to do this until they were sued a few years back and lost, resulting in lots of customer refunds (yes, I got mine). Now they do the opposite. They take the smallest transactions first and in some cases will only charge you one overdraft fee per day (but will cut off access to your card).

 

[UCFWayne]

I remember suntrust used to do that to me all the time pissed me off. I would have to call customer support and normally get it fixed after long periods of hold music.

 

[Good Knight Sweetheart]

I haven't had this happen, so I don't know how it works.

.

 

[Bob the Citronaut]

Chemmie is fake rich juggling credit cards so I'm sure he has this happen all the time. He'll never admit it though. He wouldn't be able to brag about all the mainstream richy rich Kardashian things he does with reward points if he did. Without his fake I'm more cultured than everyone attitude his white guilt would overtake him and he'd end up in therapy eating Xanax like it was blue whale semen frosted Siberian tiger steak.

 

[goodknightfl]

Nothing new. always have done it.

 

[ucflee]

WTF people ... manage your financial situation, just because there are checks left in the checkbook don't mean you have cash left in the account.*