Blatant banking fee ripoff? Please help.

Question

Hello everyone, from Ohio.

I've got a problem with an unnamed bank. I understand they are allowed to reorder debit trasactions and many do so to maximize overdrafts.

In my case though, my statement has shown for a couple days now that I have 1 overdraft resulting in a negative $1.XX balance, and then the next entry is an overdraft notice that charges for three, even though 2 of them show on my statement as leaving a positive balance.

Is this 'legal'? It's driven my account into negative overdrive. Please help!

Answer

This is something you should speak with an attorney about in your area. This is somewhat of a grey-area subject. It's to my understanding that although it's legal for banks to rearrange a person's debit transactions to maximize overdraft fees, many banks have stopped doing this because of pressure from consumer groups and many pending lawsuits.

I would assume it's legal for your bank to do this in Ohio. You may not have any legal recourse here. To be sure, I would certainly speak with a banking attorney near you who understands the laws in Ohio.

This article elaborates more on the banks' practice of rearranging debit transactions: (removed)

This link might also help as well: (removed)

Good luck.

Blatant banking fee ripoff? Please help.

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