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NoSoup · 05-18-2009, 07:01 PM

Lindy is right - timestamps have little to do with processing order.

At the end of the day, it's common practice (and I'm sure in the fine print) that banks have the option to allow the credit to attempt to withdraw the funds twice - even if you are only overdrawn once, they still can try again, charging you another NSF fee.

Granted, usually it's done on one day and then the next, but ultimately it's the terms that you agreed to when you opened the accound.

Just so you're aware, I don't necessarily agree with the practice, but keep in mind what it was originally there for - it's to protect the folks that allow you the convinence of using your debit card/checks. It's frustrating for the consumer when the barely overdraw the account and are charged a whopping $35 for it, but that is the set price - if you would have bounced a $2000 mortgage payment the fee would be the same. It's a big fee - and it has to be. If it only cost an extra $1.00 every time you bounced a check, more people would do it more often. Heck, at a fee of $35 people still do it on a pretty consistant basis. It isn't fair to the vending company if you never deposited more funds into your account and basically stole the soda from them, either.

I'm probably a bit biased since I've worked at financial institutions for years, but it ultimately comes down to the customer's responsibility of keeping track of your funds. It can get frustrating (not to mention expensive) but it's a lot better system than keeping your paychecks stashed around your house in cash...

05-18-2009, 07:01 PM	#34 (permalink)
NoSoup Non-Rookie Location: Green Bay, WI	Lindy is right - timestamps have little to do with processing order. At the end of the day, it's common practice (and I'm sure in the fine print) that banks have the option to allow the credit to attempt to withdraw the funds twice - even if you are only overdrawn once, they still can try again, charging you another NSF fee. Granted, usually it's done on one day and then the next, but ultimately it's the terms that you agreed to when you opened the accound. Just so you're aware, I don't necessarily agree with the practice, but keep in mind what it was originally there for - it's to protect the folks that allow you the convinence of using your debit card/checks. It's frustrating for the consumer when the barely overdraw the account and are charged a whopping $35 for it, but that is the set price - if you would have bounced a $2000 mortgage payment the fee would be the same. It's a big fee - and it has to be. If it only cost an extra $1.00 every time you bounced a check, more people would do it more often. Heck, at a fee of $35 people still do it on a pretty consistant basis. It isn't fair to the vending company if you never deposited more funds into your account and basically stole the soda from them, either. I'm probably a bit biased since I've worked at financial institutions for years, but it ultimately comes down to the customer's responsibility of keeping track of your funds. It can get frustrating (not to mention expensive) but it's a lot better system than keeping your paychecks stashed around your house in cash... __________________ I have an aura of reliability and good judgement. Just in case you were wondering...