Crumpled
Friday, January 06, 2006
evil bank policy to be aware of
lets say you have 3 dollars in the bank, just as an example.
First you make an electronic purchase for 50 cents,
then the same day you make a purchase for 1.50,
then you make a purchase for 2.99.
oops.
that last transaction is going to have an over draft fee.
wrong. the first two transactions are going to have the fee.
two fees for one overdraft. This is because the bank (all banks) have a policy of clearing the largest transactions first regardless of when they actually occured within the space of a day a weekend or a holiday weekend. so you might have one overdraft multiply into 3 or 4 fees. so in the above example, what your checkbook ledger (which you must have located after the mentioned purchaces) would read:
3.00
2.50
1.00
(1.99)oops
the bank writes it in as:
3.00
0.01
(1.49)ha!
(1.99)haha!
(31.99)yeah!
(61.99)sucker!
the end
First you make an electronic purchase for 50 cents,
then the same day you make a purchase for 1.50,
then you make a purchase for 2.99.
oops.
that last transaction is going to have an over draft fee.
wrong. the first two transactions are going to have the fee.
two fees for one overdraft. This is because the bank (all banks) have a policy of clearing the largest transactions first regardless of when they actually occured within the space of a day a weekend or a holiday weekend. so you might have one overdraft multiply into 3 or 4 fees. so in the above example, what your checkbook ledger (which you must have located after the mentioned purchaces) would read:
3.00
2.50
1.00
(1.99)oops
the bank writes it in as:
3.00
0.01
(1.49)ha!
(1.99)haha!
(31.99)yeah!
(61.99)sucker!
the end
posted by Elex # 4:51 PM 
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