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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