IS YOUR BANK CHARGING YOU MULTIPLE OVERDRAFT FEES?
DON’T LET THEM GET AWAY WITH IT.
Running up overdraft fees is against the law but done by many banks because
it is a major source of revenue for them.
The practice of charging multiple overdraft fees to clients is called re-ordering.
Banks process transactions not at the time they occur, but from largest to smallest. Therefore, your account goes into overdraft right away from the large transaction and incurs a fee for each small transaction.
So, for example, if you have $500 in your account and make debit card transactions for $499, $2, $5, and $10, you would incur three overdraft fees (typically $35 each!). If the bank had processed the three small items first, you would have incurred just one fee.
Re-ordering is illegal, and consumers have successfully prosecuted large class action lawsuits against their banks for it.
BANK OF AMERICA RECENTLY SETTLED AN OVERDRAFT FEE CLASS ACTION LAWSUIT FOR $410 MILLION.
The Case Alleged Re-Ordering, Amongst Other Claims.
It’s illegal and banks just depend on their clients’ complacency to do it over and over again. We are not afraid of these big banks and will go after them for their despicable actions.
The fact is that the recent economic “recovery” has done almost nothing for working class Americans and benefits the rich with large amounts of money in the stock market. If you are struggling to keep your accounts above water, the banks are just taking advantage of you with these kinds of fees to keep their own stock prices on the rise and please their investors – shoving you further and further into debt. Don’t let them do it.