President Donald Trump - J.D. Vance Administration

#18,838
#18,838
hog88 said:
Good, the fed govt shouldn't be telling companies what they can charge their customers.
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I agree with your statement in principle, but disagree with it as it applies specifically to bank overdraft fees and this is why :


^^^ I witnessed this abusive practice firsthand for years, until there was finally a class action lawsuit filed which put a stop to it. I knew this was wrong, and I would refund the $35 overdraft fee for anyone who complained about it. I probably waived over $10K in overdraft fees (that's probably even a lowball figure), just in my time at the First Tennessee Bank (now First Horizon) branch on the corner of Downtown West Blvd and Kingston Pike alone. There are so many ways for banks to screw customers who go overdrawn through debit card credit purchases. It's especially true for banks which pre-authorized gas purchases for $1.00. It can be easy to forget just how much you have pending in gas purchases over the 3 business days that they take to clear. Just checking your available balance on the automated system won't reflect what you have pending in gas charges. You have to keep track of that yourself.
 
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#18,840
#18,840
BowlBrother85 said:
I agree with your statement in principle, but disagree with it as it applies specifically to bank overdraft fees and this is why :


^^^ I witnessed this abusive practice firsthand for years, until there was finally a class action lawsuit filed which put a stop to it. I knew this was wrong, and I would refund the $35 overdraft fee for anyone who complained about it. I probably waived over $10K in overdraft fees (that's probably even a lowball figure), just in my time at the First Tennessee Bank (now First Horizon) branch on the corner of Downtown West Blvd and Kingston Pike alone. There are so many ways for banks to screw customers who go overdrawn through debit card credit purchases.
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They knowingly engaged in a strategy to overdraw their accounts. And then got upset about the order the withdrawals were debited?
 
#18,842
#18,842
85SugarVol said:
They knowingly engaged in a strategy to overdraw their accounts. And then got upset about the order the withdrawals were debited?
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LOL ..... No.

The customers were overcharged for overdraft fees, because First Tennessee bank wasn't processing the charged amounts out in the order in which they were made. First Tennessee Bank was processing the larger amounts first, often times out of sequence, in order to maximize how many times they could ding a customer with the $35 overdraft fee. It was a highly unethical business practice.
 
#18,843
#18,843
BowlBrother85 said:
LOL ..... No.

The customers were overcharged for overdraft fees, because First Tennessee bank wasn't processing the charged amounts out in the order in which they were made. First Tennessee Bank was processing the larger amounts first, often times out of sequence, in order to maximize how many times they could ding a customer with the $35 overdraft fee. It was a highly unethical business practice.
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So then lol…. Yes.

They knowingly engaged in a strategy to overdraw their accounts.
 
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#18,844
#18,844
BowlBrother85 said:
I agree with your statement in principle, but disagree with it as it applies specifically to bank overdraft fees and this is why :


^^^ I witnessed this abusive practice firsthand for years, until there was finally a class action lawsuit filed which put a stop to it. I knew this was wrong, and I would refund the $35 overdraft fee for anyone who complained about it. I probably waived over $10K in overdraft fees (that's probably even a lowball figure), just in my time at the First Tennessee Bank (now First Horizon) branch on the corner of Downtown West Blvd and Kingston Pike alone. There are so many ways for banks to screw customers who go overdrawn through debit card credit purchases. It's especially true for banks which pre-authorized gas purchases for $1.00. It can be easy to forget just how much you have pending in gas purchases over the 3 business days that they take to clear. Just checking your available balance on the automated system won't reflect what you have pending in gas charges. You have to keep track of that yourself.
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That is pretty messed up. Way to **** on your customers.

I’ve noticed my bank posts deposits first before starting to deduct debits. They do this at the end of the day, which I think is pretty generous.
 
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#18,846
#18,846
BowlBrother85 said:
All the more reason for Trump's cabinet members not to include the editor of The Atlantic in a group chat. Jeffrey Goldberg did not hack his way in. He was invited. You can not discredit this story by attacking The Atlantic and/or Jeffrey Goldberg. In fact, attacking Goldberg, only makes it harder to explain why he was invited into their group chat.
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Very odd to even have his number. Something does not add up. Makes me wonder if it was deliberate by someone to embarrass the group.
 
#18,849
#18,849
85SugarVol said:
So then lol…. Yes.

They knowingly engaged in a strategy to overdraw their accounts.
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No .... Let me explain :

Let's say you have $105 in your checking account. Let's say you buy a hat for $10 with your debit card. Let's then say you buy gas. Now, when you charge gas at the pump, First Tennessee would only pre-authorize $1.00. It was up to the customer to keep up with exactly how much gas they bought. Let's say you bought $40 in gas. Let's then say you go shopping and buy a shirt for $70. First Tennessee will let that purchase go through because the gas was pre-authorized for $1.00. Let's then say you buy $20 of food at the grocery store. Once again, First Tennessee will let that go through, because as far as their system is concerned you still had money available. Finally, let's say you bought a candy bar for $3. That also goes through. Now, as far as First Tennessee's automated system is concerned you have only spent $104 ($10 + $1 + $70 + $20 + $3 = $104). However, you have forgotten about that gas purchase of $40 over the 3 business days it takes to process. So, you have actually spent $143 ($10 + $40 + $70 + $20 + 3 = $143).

The ethical way to process your charges would be in the order in which they were made, like this = $10 + $40 + $70 (1st overdraft fee) + $20 (2nd overdraft fee)+ $3 (3rd overdraft fee) .... and you would be hit with only 3 overdraft fees of $35 a piece for a total of $105 in fees.

The way First Tennessee Bank was processing those charges you would be hit with 4 overdraft fees of $35 a piece because they were processing your charges out of sequence, and taking the amounts out from largest to smallest in order to maximize the number of times they could charge you with that $35 overdraft fee. $70 + $40 (1st overdraft fee) + $20 (2nd overdraft fee) + $10 (3rd overdraft fee) + $3 (4th overdraft fee) ..... and you would be hit with 4 overdraft fees for a total of $140.

Does that make sense? I hope so, because that took a long time to type. LOL.
 
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