Korean Job Discussion Forums

[regicide]

Most banks have started charging overdraft fees on pending transaction (not posted transactions) when you go into the negative in your available balance. This will occur even if transaction(s) fall off and you're really not in the negative.

I think the banks got tired of missing out of yet another fee generating opportunity.

At this point we need to write our congressmen and/or congresswomen and complaint about this.

This isn't a big deal if you are able to control what pending transaction and amount are in your account but we not always able to do that.

It is common practice for restaurants to authorize a higher amount than what your bill actually is and later go back and enters the correct amount; you have no control over this. So if you go elsewhere and spend money and this puts you in the red, you're going to get an overdraft charge.

If a merchant makes a mistake and you get a refund and have to redo the transaction (the refund does not show up until it post) and you go in the neg., you're going to receive an overdraft charge. What I mean is.... you spend $50 and that's wrong, so the merchant refunds you $50 and then the correct amount of $30 is authorized, your available balance will decrease $80 until the refund of $50 post.

Also, have you had a merchant swipe your transaction multiple times because he didn't get an approval number and thought it didn't go through, only to see mulitiple pending charges that USUALLY fell of after a few days? If they didn�t, and the merchant submitted these mulitiple charges that is a different matter, but even if only one was submitted for payment, you would be charged $34 per day per item on the extra swipes even though they dropped off.

This could lead to other charges causing these $34 charges and checks returned and in other words a big, big mess. All because the banks want to get fees for nothing.

Regardless of what falls off, you will receive an overdraft charge. This is unethical, although not illegal.

It is seriously unethical because there is not reason to do this other than to gain fees.

So I urge everyone to write to their congressmen and/or congresswomen to complaint so hopefully we might be able to stop this practice.


You can also file a complaint with the Comptroller of the Currency Administrator of National Banks.

http://helpwithmybank.gov/complaints/index.html

[kprrok]

If you have such a problem with your bank back home, CHANGE YOUR FING BANK!!!! Stop spamming this board with crap just because you don't like your bank's policies.