"A New Jersey man is suing PNC Bank, accusing it of violating the state's consumer fraud act by using abusive overdraft policies."
This should be interesting for all of us being as most if not all of us have bank accounts. The man is claiming in his suit that the company (PNC Bank) manipulates the order of the deposits and withdrawls or purchases on the statement in order to charge fees to the consumer. The lawsuit claims instead of posting transactions chronologically, PNC deducts them in a highest to lowest dollar amount in order to trigger these overdraft fees.
I feel most people should know wether they have enough money to use their debit card or checks, however banks should not allow the ability for a card to purchase over the balance you have. My friends over draw their accounts all the time and not by small amounts. My bank just last week now also allows you to ovewr draw your account. I agree people should be able to keep track of their spending but i also think its a scam and the bank is taking advantage of peoples mistakes by allowing them to take money they do not have. It doesnt hurt the bank for your card to decline if you dont have the money in your account so why do they allow us to over draw...i honestly feel its unethical and a scam to do this.
http://www.washingtonpost.com/wp-dyn/content/article/2009/10/09/AR2009100903592.html
Subscribe to:
Post Comments (Atom)
And this is one of the reasons why we are in a recession because of banks like PNC.
ReplyDeleteBanks<-- if you don't keep up with our changes then you get charged
ReplyDeleteThis should be interesting. If this man wins and this case becomes precendence, this may very well change the way that many banks conduct business.
ReplyDeletethis is a very interesting topic for me being as i work at a bank and see situations like this everyday. Its hard for me to determine what side of the story im on because i can see both points of views. In my eyes, if you have a bank account and spend money using your debit card that you should have the common knowledge to keep track of how much your spending. its called a check register. as long as you keep track then you wont have to worry about withdrawling your account. Thats how banks make their money.. by charging fees. but also i do think it is wrong to have the system as this victim above states rigged in order to scam innocent customers out of overdraft fees, now that is something i can't agree with.
ReplyDeleteThis is silly, but also understandable. Banks have been charging overdraft fees for years. They make more money that way by making fees that seem to always apply even if there is money in the account or a late payment on a loan even if the payment gets there on the due date. Personally I know one time I only had like 50 dollars in my checking account and my deposit didn't go through that day, I didn't buy anything and was charged an overdraft fee.
ReplyDeleteAhhhh, this tells me why what happened to me was so easy to fix. The bank never connected my savings to my checking with overdraft and I went to taco bell and was in negative $14.00. By the end of that day I had put money into the account, but the overdraft fees came to $208! I called them and they fixed it right away with no question. I'm glad I read this! I think I might change banks, but which one's are good anymore? This is the only problem I ever had with them so maybe changing would just be a gamble.
ReplyDelete