5/3 Bank decided to rape customers for more fees by changing their policy for handling transactions.
They’re now counting pending debit card transactions against the ledger balance. Following up on a reader complaint, here’s what Doug Grieme, 5/3 customer service rep, told us how the new “system” works:
- “Start with the Account balance from the previous day. Minus Pending debit card transactions made before 7pm. Minus the posted transactions from the Statement activity from the day of overdraft.“
5/3 recommends signing up for overdraft protection in the form of a savings account that autotransfers funds, for a $9 fee, or use a credit card. Another option is to simply take this new system into account before making purchases. The first two options are typical among banks.
However, it may take customers learning the hard way, because as far as we know, 5/3 is unique in treating pending transactions as fully processed…
A reader surprised by the fees says, “I have no issue paying overdraft fees for things that come through when an account is genuinely overdrawn, but it seems like the bank is predating funds before they clear to generate additional overdraft fees, since those items had actual money available in the account that day.”
Grieme says the policy is a result of “recent system upgrades,” and “reflects balances more accurately, and in a more timely fashion.” Indeed it does. — BEN POPKEN
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I recently had a problem with Bank Of America with this. They charged me overdraft fees on pending charges because they were ‘overdrafted’ at the end of the business day. Had I known this, I would’ve rushed to deposit the extra $21 dollars that I put in the next day. But then it kept compounding and I was charged an overdraft because my account was overdrafted from overdraft fees, and charged an extended overdraft fee because my paycheck was not deposited in cash on Saturday.
Easy to say, I’m finding another bank, if not a credit union.
This bank is nothing more than a leagal rip off artist. after the acount was closed these “people” took a directdeposit that was plcased there by my employerer and was not my check just a error on their part and than when the employere tried to take it back this wast of time bank did not give them the money back and now i am stuck paying it off thanks to these croocks