Banking
Personal Debt Issues

Interactive 'Transaction Infraction' demonstrates how banks extract unnecessary overdraft fees

(3/21/2012) - The Pew Charitable Trusts offers an interactive "Transaction Infraction" graphic to reveal how lenders reorder debits and withdrawals in a non-chronological order, in order to maximize over draft fees.

Click "Ms. Gutierez's order "to reveal the chronological order of her transactions.

Click "How Wells Fargo reordered them" to reveal how the bank reordered the transactions to extract additional fees.

Brutal.

According to Pew, the federal district court in Northern California found that Wells Fargo's large-to-small posting order for debit card transactions was an unfair and deceptive practice.

We'll say.

Wells Fargo now posts the most common types of transactions, like debit card transactions, chronologically or low to high for all accounts.

It's about time.

Check with your bank to find out the order in which they post transactions in order to minimize your overdraft fees.

For reals.

 

 

Other Articles:

Consumers still dumping banks

When saving, don't wait to get started

Banks cooking books to collect more debit card fees

Consumers exercise debit card fee options, for better or for worse

Debit card overdraft fee APRs soar higher than 3,000 percent

Misleading, aggressive marketing boosts overdraft opt-in fee collections

Banks winning overdraft fee war, consumers losing billions

 

 

 

 

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