It was a beautiful thing. And then I paid in cash. Scan of the 5/3 fee increase notice inside.
When 5/3 Bank acquired another bank, a computer glitch in the records merging splooged incorrect information into thousands of customer accounts, in some cases totally fudging up their credit reports and credit histories. The bank says it’s fixed everything but one customer says that’s not true and lost three loans due to the errors. [Orlando Sentinel via U.S. PIRG Consumer Blog]
How can you overdraft when you’ve deposited more than enough money to pay for the charges? Why, when 5/3 Bank decides to only let the first $100 of the check through.
Used to be with check that you could count on there being at least 3 days between someone cashing your check and the charge being run on your account. The delay is called “float” and writing a check before you have the money but think you’re going to deposit enough is called “gaming the float.”
In followup to our post on how 5/3 Bank racks up overdraft fees by treating pending charges like they’re processed, we asked customer service, “What’s the rationale for counting pending debits against the ledger balance? Isn’t that contrary to the definition of pending, and how banks traditionally handle transactions?”
5/3 Bank decided to rape customers for more fees by changing their policy for handling transactions.