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PNC Complaint

Overdraft Fee Ripoff - Checking Account

Posted By: jacobk on 3/11/2009

How often has this happened to you? It is mid month and we were a little low on our checking account. We deposited a 893.00 check into our checking account Saturday morning. This amount showed as posted and available on our online banking account so we went about our merry way. Paid a few small bills online and even withdrew $360.00 in AVAILABLE cash Tuesday morning after everything we used the card for had cleared leaving something like 48.00 in the account.

Got up this morning (Wednesday) and see that we are overdrawn almost $380.00!!! We called the bank and the excuse given by them was that the check we deposited on Saturday "technically" wasn't available until noon today. I asked then why were we able to withdraw cash and why were the debits paid on Monday and yesterday then all of the sudden get hit retroactively with over $360.00 in NSF fees?

They didn't answer and I am demanding the money returned to our account. Anyone know of a good class action lawyer.

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    User Discussion - Add your 3 cents!

    Robf (03/11/2009)      
    "How often has this happened to you?" Never.

    I am familiar with my bank's funds availability policies and never rely on the online account information.

    CrazyRedHead (03/11/2009)      
    It's never happened to me. I read the book that came when I opened up my account and learned the deposit process. The only thing I learned that would be available immediately when deposited is direct deposit, but then, not many direct deposits happen over the weekend.

    Ghost of Doc J (03/11/2009)      
    No need for a class action lawyer. The manipulation of deposits by banks will eventually result in prohibition of the tactic, AFTER the banks have gleaned their fill of contrived NSF fees. The prohibition will come sooner if you write your congress-critter a check for $5000. Oh, you don't have $5000 in your account because Wells Fargo sucked you dry? It sucks not to be a banker.

    justbcuz (03/11/2009)      
    It doesn't make sense that the OP was allowed to withdraw cash if the funds weren't technically available.

    I can understand the ATM deposit not being avaialble until 1-2 business days later, but to allow a customer to make a cash withdrawl and then say it wasn't available cannot be explained away by saying they should read their terms and conditions.

    KenPopcorn (03/11/2009)      
    It makes sense if the bank has an overdraft protection program. Most banks today will allow you to overdraw up to a certain dollar amount. The assumption is that since you know your balance and are doing the transaction anyway, that you are willing to accept the overdraft fees.

    There is a peverse logic to this. For instance, if I didn't have enough money in my account to make my credit card payment this month, I would be better off to overdraw the account and make the payment anyway. The overdraft fee is less than the late charge, and the late payment will cause my rate to skyrocket.

    When you use an ATM and an overdraft is involved, ... more >>

    ticia232 (03/12/2009)      
    Thank you Ken. I myself do not have the policy and if the funds are not available then they are not not available. I opted out just in case I forgot my mind. (AKA my ledger. :) )


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