America's Out-Of-Control Overdraft Fees - If You Don't Know, Now You Know | The Daily Show

In the 90's, consultants pitched the idea of overdraft fees and they've been causing Americans problems ever since. Here's a look at the history of these fees and how they continue to screw people over in another edition of If You Don't Know, Now You Know. #DailyShow #Comedy #IYDKNYK #TrevorNoah
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[@Kalyandra]

I left Bank of America years ago when an agent literally told me with a straight face that the reason they do not run charges in chronological order is because they want to push through the biggest transaction first because it is clearly "the most important" and therefore must be paid. This of course was bs. They do this because the biggest charge is the one most likely to overdraft, which causes all the smaller charges to have the $35 overdraft fee.

[@jdavis1214]

Yep that's how they do

[@kimwooten9155]

Wells Fargo does the same.

[@danielacervantes5487]

I wonder of they still do that, I thought that practice was banned

[@pakdiva21]

😮

[@jamesstone102]

when the human citizens do this they're called "loan sharks". when the non-human citizens do this they're called "financial institutions".

[@highcontrasthughes1923]

Advice from a former bank employee - do not sign up for overdraft protection! This means the bank will approve any charges even if you don't have enough money to cover the charge. It will destroy you. You WANT the bank to decline your charge if you can't cover it. Tell them you DO NOT WANT IT and if you have it, go to your bank NOW and tell them you do not want it and that they need to remove it. The sequence thing is correct- they'll put the biggest charge first but telling you the reason they do this is because they "assume large purchases are more important and you wouldn't want your check for your mortgage to bounce" - they are repriortizing your priorities to their advantage.

[@patriciahenkleman6241]

Thank you. I bank at a credit union and have that protection. Now I know why they changed me 5 fees for being shot about five dollars. This whole thing ended up not being my fault but they only reduced it to two fees to the time of 37 $

[@chillsillego9599]

THANK YOU For The INFO!!!!!!

[@CoTheme303]

Overdraft Protection allows the transaction/charges to be approve because they coming from a seperate checking/savings accounts were the funds are available. This keeps account A from being "overdrawn" since the funds are coming from account B

[@nightstrider15]

Overdraft protection simply links a second account to be billed like a savings account rather than being overdrafted in your account, however if the balance in the backup account is insufficient to cover the transaction or there is no secondary account to link, you WILL be subject to overdraft charges. People don’t understand this and think that the charges are for the overdraft protection when in actuality, they didn’t meet the requirements for overdraft protection to actually kick in.

[@highcontrasthughes1923]

@@nightstrider15 this is incorrect - when I had ODP, I never had a savings account nor a credit card.

[@snarfkat1]

I was JUST ARGUING this today with my branch manager! I opted out of using my debit card for overdrafts. Recently they've been allowing businesses that already have my debit card info to overdraw my account. He said that's always been the policy. He stands by it today but agreed to give back a handful of fees. I'm closing my account with them after 25 years tomorrow!

[@danielacervantes5487]

Oof those pre-authorized transactions are a real bear

[@patriciatoledo7900]

I had a music student once who’d bounce checks often. My bank would try to cash the check once, get an NSF, her bank would charge her, then my bank would try again and again within a 24 hour period causing the student’s single parent to receive multiple NSF fees from her bank. Also my bank would charge me for each time they attempted to cash the check which the student would eventually reimburse. I found this so awful because clearly this single parent was trying the best she could, working full time, getting her kid music lessons (the kid eventually went into music education). When I figured out what was going on, I went to my bank and said you need to stop causing economic harm on this family and preying on their circumstances. The in-house banker didn’t know that I could request they stop resubmitting bounced checks for payment. Fortunately, I had called the bank’s central office to find out how to do it then coached the banker on how to do that. The banker was floored that anyone would go out of their way to make sure that another’s account wouldn’t be charged all these fees. We have to look out for one another and find ways to be compassionate. (And yes, before someone troll-dumps on me, I did give them some free lessons and forgave a fee or two.)

[@JonDraeger]

What would the world be without teachers like yourself? I dare not even think ...!

[@renaiis]

The world would be a much better place if we have more people like you

[@pony7752]

This world needs more people like you 💜

[@robinschaugg9047]

Why doesn't America have laws against such practises? I think in almost all countries in Europe such behaviour by the bank would be illegal. You get a fee of some Euros for a declined payment but then they can't just try over and over again and charge you each time, that's ridiculous...

[@jdrancho1864]

I read all those replies. I am surprised nobody suggested you only accept cash. Continuing to accept checks knowing they might bounce is just playing by the bank's rules.

[@Sarados1980]

Fun Fact: In Germany most bank accounts are setup in a way that you can't even overdraft. If you want to have an option to overdraft, you have to talk to your bank and they will put a overdraft limit based on your money income of the last months.

[@bighugenews]

Years ago I declined overdraft protection when signing up. They still over drafted me months later. When I called to complain they said there was nothing they could do. When I mentioned I declined their overdrafts when signing up they apologized and immediately refunded me.

[@LMLewis]

I love how Trevor Noah appears to really enjoy his work. That surely is key to his success.

[@Leah-yz4rj]

And he's still out doing stand-up. He'll be at my State Fair on Friday!

[@kallen868]

😍

[@soapa4279]

He just seems like a really all around genuine dude. Not sure if he contributes to some of the writing, but the way he balances between jokes and being real about serious topics is master class.

[@ThaMobstarr]

@@soapa4279 Yep his way of delivering the gags is just outstanding. He is truly a master at his craft.

[@maricr84]

I worked for a bank in the U.S. that had the option for customers to opt-out of overdrafting their debit cards, but customers didn't know and we weren't allowed to inform them about it. I felt horrible... In my country we cannot overdraw a debit card, you only spend what you have. If you want otherwise, you get a credit card.

[@four1878]

US bank has been in trouble for other things.

[@heijxje]

At my bank you either chose a preset "overdraft limit" of say 1000€ or you don't. If you do, you know in advance that you are paying the going debet interest over the negative balance, but that's it. Not 35€ per time you withdraw, just an amount of a few € at the end of the month being debet interest. I do suspect them of holding incoming funds before actually adding them to my account, making them interest and potentially causing me being overdrafted, but they do not modify the order of payments. However, with todays credit interest rates of 0,0001% it is not much of a deal anyway.

[@bsing2u]

USA here... I opt out all the time. My motto, If I ain't got the cash i can't buy it.

[@fer04i81]

It just blows my mind how these corporations commit literal, premeditated theft and not one person in that company it held accountable, let alone sent to prison.

[@johnnymo4000]

Going into overdraft is essentially theft itself. You are spending money you don't have.

[@alejandraguillenmandujano96]

@@johnnymo4000 It blew my mind that you can do that in the USA... In my country (and, as far as I know, every other country in the world) it is impossible to "overdraft", not only form your debit card but also from you credit card: you have a well-established limit of credit and it's impossible to spend more than that!!

[@eddieme2]

They always invest in something called politicians

[@hobbified]

That's because you literally do not know what the word literal means.

[@Recreatorify]

I had a bank do worse than just reorder my purchases a few years back - they charged an overdraft on everything, even though only one could have possibly overdrafted no matter how it was ordered because it was only a couple dollars over. When I asked why I got multiple overdrafts when it wasn't possible for more than one to have gone over - they told me it was because they processed ALL of them at the same time. I had to argue with them over the phone for a while and they eventually told me they'd drop it to just one 'as a courtesy'. Like it's a courtesy to not literally steal my money by charging me illegal fees.

[@swizzarmygrizz]

Citizens Bank did that exact reordering scheme when I used that bank when I was younger. I finally told them to close the account when it was negative and told them to consider it even. My credit was in the dumps anyway so I didn’t care. Two years later I got a large check in the mail because they had, unbeknownst to me, lost a class action suit and been ordered to repay all of the over drafts fees. I received three checks over a period of about 18 months that totaled all of my years of overdraft fees. Fortunately I learned from this and handle money much better now, but it was cool to see the big bank lose just once.

[@leonnorris3080]

Must be nice! Bank of America lost a lawsuit not to long ago and they gave me a whopping $2

[@DrVenture45]

Bank of America was (and probably still is) notorious for rearranging purchase history in order to rip customers off with overdraft fees. They did it to my wife several times!

[@Ellocoyyopodcast]

And they still do i see it wan i buy something. Always the largest amount is at the top when i know that i got it after

[@Dogen70]

Call the SEC. I did and they gave all the money back bc they were previously sued

[@marih3286]

I haven't banked there for 40 years but they used to charge a monthly fee to have a checking account, then an additional fee for each check I wrote! I'm thankful someone explained the difference between "Banks" and "Credit Unions" to me...

[@jadedjene8786]

Oh my goodness! I was told it was because some process longer than others. 🤬🤬🤬

[@rebeccaainslie4637]

Also Wells Fargo!

[@misplacedidentity1036]

Back in 2011 when I first opened a bank account on my own, I asked the banker to explain me on layman terms. Once he explained I said, if there is no money, decline the transaction that's the protection I need.

[@xzonia1]

When they do that, it's called a non-sufficient funds fee, and they charge you $35 for having to reject a transaction you don't have the money to pay. So either you pay $35 for overdraft, or $35 for not having it.

[@AsanaxSquish]

Telling my bank I'd rather have my card decline was the best thing I've ever done for myself.

[@NYSignfield]

He left out instances where you have multiple accounts including a savings account with plenty of money. They will charge you the same overdraft fee to transfer money from your own savings to checking account. Also applying the highest charge to the lowest charge and it’s not even THEIR money or money you don’t have in this instance.

[@soapa4279]

Very true. I used to oddly feel guilty about having auto transfer of $20 from my checking to savings to avoid paying the checking account fee. Now knowing the amount of fees they have for other things, why the F would I feel any guilt over a rich corporate bank racking in millions off people who are already struggling.

[@Dumledaj]

I know, that this is probably an unpopular opinion, but isn't it technically your own responsibility to make sure that the funds are available and on the correct account, when you use your card?

[@soapa4279]

@@Dumledaj Absolutely. But this video highlights how banks would move things around to maximize their fees. It also gets really hard for some people who think they have X amount of money, but really don't because sometimes transactions are still pending. And this largely affects the people who tend to have very little money to begin with, which USUALLY means they aren't financially literate (and I don't mean that in a demeaning way, just the truth.)

[@MrChopsticktech]

@@soapa4279 I am below the poverty level myself, but if I wasn't 'financially literate', I would get someone who was to help. As people who work/worked in banks, when you open the account you must sign where you accept the terms and agreements. Here are excerpts from the website's 'AGREEMENTS AND DISCLOSURES': Your signature on Your application for membership informs the Credit Union that You would like to join the Credit Union and that You agree to conform to the Credit Union's Bylaws and Amendments. ACCOUNT AGREEMENT YOU AGREE AND ACKNOWLEDGE THAT THIS AGREEMENT CONTROLS YOUR ACCOUNT(S) WITH PENN EAST FEDERAL CREDIT UNION, TOGETHER WITH ANY OTHER RELATED DOCUMENT SUCH AS OUR FUNDS AVAILABILITY POLICY AND ELECTRONIC SERVICES AGREEMENT AND/OR AGREEMENTS AND DISCLOSURES, ALL OF WHICH, TO THE EXTENT APPLICABLE, ARE INCORPORATED INTO THIS AGREEMENT BY REFERENCE MINIMUM BALANCE REQUIREMENTS, FEES AND SERVICE CHARGES. You agree to pay Us any applicable fees or charges, and are responsible for any minimum balance requirements and deposit requirements called for in Our Agreements and Disclosures provided to You when You opened Your Account. In any case and with proper notice to You, fees, charges, balance requirements and deposit requirements may be changed by Us from time to time. For the purpose of determining whether an overdraft has occurred, We use Your available balance. First, We add all of the settled credit transactions to the beginning actual balance. Then, We subtract all of the debit transactions that settled that day. We also subtract all of the pending debit transactions. This determines the available balance for overdraft purposes. Each debit transaction that We process when Your Account has a negative available balance is an overdraft, subject to an overdraft charge. There is 17 pages, so even if i didn't understand them when I opened it, I can get someone else to read it and explain it to me.

[@soapa4279]

@@MrChopsticktech Thanks for sharing that as an example. And yes I would consider myself financially illiterate for the longest time too. I didn't have parents to teach me how to save, invest, manage money etc. nor look at contracts or fine prints. Today I work as a Sr. Business Analyst and have dug myself out. With hard work, better decision making, above all sacrificing of course. So yeah you're right, sometimes it helps to just go somewhere to get help.

[@Korandon]

There was a small bank in my home town that not only rearranged the order of withdrawal, they also prioritized withdrawals over deposits. So you could not shop on payday but had to wait until the next day when the bank finally processed the deposit. Of course they never mentioned this to anyone and a whole bunch of people got caught out and ended up over drafting. They ended up paying out in a class action and eventually went out of business after almost everyone pulled their money and refused to bank with them anymore.

[@Sorrywerestoned]

I caught Bank of America red handed. After they charged overdraft fees on July 4th

[@AMI12349]

Waiting one day is nothing! When I had a bank account with Citibank in New York City back when I was in my 20s in the 1990s, after getting my paycheck and depositing it, I had to wait 6 BUSINESS DAYS before being able to get any money from that deposit! And the bank offices closed at 3 pm! That was a shock after having moved from Atlanta, where you had to wait only one business day after receiving your check for it to clear and most bank offices were open till 4:30 pm at least and 6 pm on Fridays. In some other banks, it was 3 business days. Debit cards may have made things a bit faster now, but having to wait only one day to get money from a deposit really isn't that bad.

[@KellyTwine]

After realizing I had been charged multiple overdraft fees, I went to the bank to straighten it out. I am now realizing they must have rearranged my purchases for that to have happened. At two different banks I've removed overdraft protection, after bankers at both places have tried to persuade me to keep it, giving me the line that it was to protect me from embarrassment. Trevor is spot on in this segment 👌👌

[@brianhopkins934]

I had $100 “accidentally “ added to my account, then had 2 check overdrafts charged to my account when the mistake was discovered and I was notified after the fact. The two checks were both for utilities at my apartment so that also had late fees and I thought the bank might at least waive off their fees, considering their accidental “clerical” error. Ha! Guess what, banks are in it to make money, not just make your money safe. Look up the Wells Fargo incident, ask, how are they still in business? I guess the mobs had to go somewhere to keep making money!

[@val926able]

lol you think the teller who mistyped your deposit was out to get your overdraft fee? no they probably discovered the mistake at the end of the day and had to correct it or it was on them. wells fargo was messed up though. i would never bank with them

[@BeautyandtheBronx]

THIS RIGHT HERE IS RIGHT ON TIME!!!! I’m about to flip on the bank myself! Ridiculous how they take your money with no concerns. I’ve opted OUT of the overdraft fees and they still do it anyway!!! Claiming “well the purchase you made needs to be paid for.” Really? Well then since I have to wait 2-3 days for you to loan me back MY OWN money, then the company can wait 2-3 days until I deposit again.

[@marih3286]

Considering the fees CHASE bank charges on every little thing, I'm surprised they're too cheap to pay for a security guard. Not valuing your employees safety gives new meaning to "Corporate Greed!"

[@nerfherder4284]

I was 4 days late paying my bill and they didn't even charge me a late fee. I mean I was going to call them and they were probably going to wave it, but it was nice that they saved everyone the effort. I pay my balance off every month.

[@meoff7602]

I have no problems with Chase. Just don't write checks and only use debit. If you don't have it. You can't spend it. It really is that simple and I lost the ability to have an account at any bank for five years. I learned I didn't actually need banks.

[@kelcritcarroll]

Most companies only started to care about employees safety was when it cost them from being sued ect…

[@CashThat4U]

@@meoff7602 easier said WHEN you have the money!

[@MayTheSchwartzBeWithYou]

I've been using Chase for the past 15 years. I've never incurred a single cent of fees. Maybe you should just be more responsible.

[@cryst2hu]

I had this problem years ago, for months we had money problems, got over drafted and kept getting penalties daily, no matter if we put all our money in we couldn't catch up, finally someone at the bank seen we were trying to get a balance to 0 and finally gave us a break and just stop charging us daily, I have never overdrawn since.

[@maryoaks3228]

ABSOLUTELY BELIEVABLE. I worked at that bank that got caught in the 2014 fake bank account con and I saw I t all. When I asked on how the drafts would trigger they would say “it depends on the vendor”. In other words if the store where the client made purchases didn’t collect funds soon enough it would rerelease funds into account and therefore misleading consumer into believing that they had more funds. Yet as soon as the person spent that money it would trigger the avalanche of charges. Interesting enough if you made a charge bank would leave the funds available in your account for as long as possible until you thought it was safe to spend. Almost as a trap.

[@beldaadrovel2990]

Bank of America, Chase, etc officers told me the SAME thing! And yes, fir a FACT these big banks do that and say "Better to be negative for OD fees than to be embarrassed 😳 " I told them EMBARRASS ME! SMH 😠 and yes, I read all the fine print.

[@wenrl1]

I had B of A as a college student. They did the rearrange trick, sometimes holding my debt for gas and a coffee for days until I paid rent, then overdraft if for everything at $35 a pop. I changed banks and closed account. Some subscription service was still connected, so they reopened it and mailed me a bill for over $400 in overdraft fees a couple of months later. I was a student, living on my own, just trying to survive. I went into the branch and they wouldn’t help. I started bawling and the woman said she could cut it in half… I didn’t have $200 for nothing either.

[@marick791]

I had this, closed the account and then the bank paid some money. i went in and told them, no that account is closed so any money or charges is now your problem. Your mistake. After 30 minutes sticking to my guns they had to say it was their mistake and their problem. They just showed me again why I ditched that bank after being a loyal customer for 20 years.

[@kindseyvaughn8667]

Thank you Trevor for bringing this topic up, poor man's tax for sure! I've lived in New Zealand 2006 to 2007, literally was 9nly charged 50cents for overdrafts less than $5 over. Australia was a bit higher but no where near $30.

[@michele6490]

I'm retired 37 yrs from one of the Biggest bank, I never worked in branch a call center center mostly credit cards then debt card & check fraud Yes overdraft fee is too much especially us seniors& low income

[@markcarr1149]

I’ve also observed where charges seem to come in a couple hours before direct deposit allowing overdraft fees to occur

[@lowwastehighmelanin]

It's worth mentioning: Wells Fargo was sued over that rearrangement thing in California, they lost. It's EXTREMELY illegal in some places. I also have overdrafts disabled on my USAA bank account. You CAN and SHOULD opt out so it only processes the exact amount of funds you have.

[@DontCallMeAaron]

Or it shouldn’t exist?

[@michellesumter3640]

It's what society does. Kicking people when they're down then act surprised at suicide rates, further degrade the homeless all the while pushing more ppl to it every day

[@stormwatcher59]

@@DontCallMeAaron - That too

[@gillianespinoza3652]

Can I opt out after I’ve already had my bank account for several years???

[@mikeadey9029]

@@gillianespinoza3652 yes

[@kristinbagani2811]

One of the features that Chase bank has is that the manager can make an allowance to override all the overdraft fees in your payment history and give you back your money. However, they’ll only do this once every 18-months, and they might do this in the case of a financial pinch. Also, you have to ask the manager to do this, they won’t automatically offer it to you.

[@scrappymark]

If they didn’t want to charge you in the first place, they wouldn’t

[@azcookin3177]

What really adds insult to injury is when you have $ in a savings account so the bank transfers your $ from savings to cover an overdraft in your checking account and charges a fee to transfer your money.

[@nerfherder4284]

Yeah it's all just 1s and 0s, so ridiculous!

[@MrChopsticktech]

Did you read the terms and agreements (or whatever it is called) or ask any questions when you opened the account? I am pretty sure all policies would be in it and you couldn't open the account without them. I must keep a minimum of $5 USD in my checking account and understand they will take anything over that to avoid an overdraft, but I don't remember if there was fee, and there hasn't been more than $5 in there every time I overdrafted it in my ten years banking there.

[@laurao3274]

My credit union doesn't charge me for that service. It's despicable that a bank would charge you to use your own money.

[@azcookin3177]

@@laurao3274 I switched to a credit union here and they still charge for that transfer. Not as much as the banks do, but it still grates when they charge a fee for transferring your own $.

[@JuriAmari]

Oh man. My credit union did that for years. It got to the point where I had to get a secondary account just to get the charges to stop. I hate that it costs money just to transfer your own money

[@Zuraneve]

I went through this with BofA in the early 2000s. It's why they aren't my bank anymore. And before someone says I should have managed my money better, I deposited my paycheck with a teller before I went to spend money and then spent less than half of what I had just deposited. They processed the deposit last, so every single purchase I made that day was overdrawn. This was back when they also charged increasing amounts for each overdraft and it took 6 months for the increased rate to go away. At the end of the day, I wound up unknowingly charged about $150 in fees. Then because I wasn't aware I had $150 less than I should have had, I just kept paying bills and kept getting overdrawn. (This was back before online banking was a thing, so I didn't find out about the fees until I got my monthly statement.) If I remember correctly, it took me several months of just ramen for dinner to finally stop being charged fees.

[@antonhooper7448]

3:52 You know what, I'm just fine being embarrassed... I've suffered worse embarrassments than having a card declined at the store; it's not the worst thing in the world! But being hit with 7 overdraft fees for being a couple of cents over DOES rank high up there!

[@eudofia]

So I had to learn this from a comedy show. I used to find it weird that my bank transactions were arranged not in the order that I made them. But now I know, thanks to CC. After being hit with those fees in the past, I called customer service to complain and they told me how to turn off overdraft. So now instead of going into overdraft, the transaction is rejected. Better be embarrassed than pay exorbitant fees. But with mobile banking and phone apps, it is easier to check your balance before making a purchase. I also sign up for alerts when my balance falls below a certain amount. We also have to do our part to avoid these fees.

[@RM-vx1kc]

I knew all that, because i use to work for a big bank customer service, and most of the calls were about overdraft fees. They are so greedy

[@jayczzzya]

As someone who worked at a commercial bank for over 10 years, I agree that overdraft fees as well as, minimum balance fees are the biggest scam on the working poor. It got me sick everytime when I saw someone earning less than minimum wage have over $100 of fees instantly deducted from their direct deposit. Some would be unemployed for months and their first paycheck are nearly wiped out by outstanding fees. How the bank made money was charging a minimum balance fee whenever the customer balance drops below a threshold.(usually set high). Every month they'd charge fees (until the client makes a deposit), but would continue charging the fee after the account is below the fee amount. Now there is insufficient funds, they charge an overdraft fee every time they charge a minimum balance fee . Client depositing for the first time after months think they're getting their full paycheck but would be surprised by all the negative outstanding fees. I'd constantly had to call managers I have those fees reversed. Thankfully, my ex employer changed their policy on minimum balance and overdraft fees.

[@Thomas83KO]

Wow... Woow... Man that is wild! I'm absolutely speechless! And again! How is that even legal? And most likely, the USA is the only country which allows such wilderness of a greedy behavior!

[@saininj]

This is why I stuck with a Credit Union. The interest rate may be nonexistent, but at least I don't get overdraft fees or anything else like that.

[@sinistai.z.3622]

Unfortunately my credit union charges overdraft fees. Only reason I keep my bank is I get paid up to two days early. Otherwise I be gone.

[@pktdbgnzwl]

@Nicholas 💯 Most cu charge no fees or penalties cuz cu are non-profit & owned by the customers. Win win.

[@lizard928]

I left commercial bank years ago, I have been with CU since the 80's, I had an account with my ex because he said why have two bank accounts we'll just use mine and he banked with Bank of America at the time, they charged ridiculous overdraft fees! I'm glad I never closed my CU account and convinced him to close his account and go with CU. Never had any problems after that and till this day I still use CU.

[@MelissaThompson432]

My credit union charges od's but they don't withhold crediting my deposit until after they've od'd me on {five different transactions I waited till after payday to make so that they wouldn't od,} which is something My Last Bank Ever did on a regular basis.

[@MelissaThompson432]

Also, my interest rate is competitive.

[@jokergordon8446]

😡 I've had this happen so many times in the past. At one point I owe $220 in overdraft fees in one month. Then they started allowing you one overdraft fee a year. Now they tell you they'll discount the first one, but you still paying a fee. The fees at this point are $35, and the discount only brings it down to $15. It was a legal way of robbing people. Capitalism at its finest. 🤬

[@dustinhanson5849]

Im glad to hear someone besides just myself yelling at the bank about this

[@me9661]

TD bank did that to me years ago! I got hit with over $300 in overdraft fees because they re arranged the order of transactions. They told me that they figured that the largest ones were the most important! Not sure how that makes sense since they allowed all of them to go through anyway. I was going through such a hardship and the most they offered was to wave one single fee. I don’t know what’s worse, junk debt collects, banks or Comcast!

[@willking9043]

Just caught my bank "double dipping." When I would make a debit charge they would immediately take out the money and put on a "pending." All normal right. Well a week later they would take the money out a second time to "clear the pending charge." Just saying, keep an eye on your accounts, banks have started doing shady stuff again.

[@user-tw6bj4xx1l]

Yep I noticed that with my debit card that over the whole weekend they would allow me to keep using my debit card and when I would notice there would be a bunch of transactions that were pending but it's a debit card it should have taken my money out immediately but then they wait until Monday comes around and then try to process all of it it once causing a negative

[@willking9043]

@@user-tw6bj4xx1l yeah, I hate that one too. But I'm saying they took out the money immediately then waited a week and charged me a second time. I only found out because of the overdraft fee/the second charge sending me almost $40 into the red.

[@peachy6969]

When did they stop?

[@gailruffu6073]

Don't give any of your money to a bank in the first place! There are ways to manage your money without a bank.

[@dr.braxygilkeycruises1460]

Use Credit Unions. I left Big Bank a long time ago and never looked back. The only exceptions are the Internet Banks like INGDirect (which I don't think exists now). And even those, I suggest using them only for savings accounts. Use Credit Unions as your primary banking system and things will be better.

[@NexusFantismo]

I worked in banking for nearly a decade and can confirm they change the sequence of events depending on the transaction. “Debit” transactions tend to clear instantly and “credit” transactions take a few business days. Same for checks, etc. it makes sense to me because I worked there and I was trained to specifically explain why the bank changers you OD fees and why we won’t be refunding it. Arguing over OD fees was literally a fourth of my job as a banker.

[@ravenone3277]

I’ve been saying this for years!!! People kept looking at me like I was crazy. I’ve never worked in banking but I’m not slow.

[@dw3403]

accept on weekends for some reason debits wont show up as paid until monday. For many years now I have had my account set to deny anything that would cause an overdraft. The problem with that is the account can still be overdrafted by online charges. It happened to me on a cell phone auto pay that they dinged me twice on. Spent a day clearing that mess up but didnt pay any fees.

[@drfsupercenter]

When I opened my checking account, the guy at the bank told me to always do credit for everything. He said remember, credit comes before debit in the dictionary. Stores want you to use debit, because the fees are lower. That's why the card readers always ask for your PIN if they detect it's a debit card. But cancelling it to process as credit gives you extra protection through the bank/credit card issuing company (Visa or MasterCard, usually) - or at least that's what they told me. As far as the funds clearing, that's just a technical thing that affects the bank more than it does the user. They show up as pending charges immediately, and the money is already taken out so I can't spend it. I have overdrafts for card transactions turned off, and it doesn't matter if I do it as debit or credit, it'll decline my card if I don't have enough money in the account to cover it. I do notice some "smart" applications though. Like at a gas pump, even though I'm never asked for my PIN, the pump stops when my account runs out basically. It's kinda weird. Not sure how they know.

[@schwamforfreedom]

It's about time this gets a bit more attention. Overdraft fees are theft are the truest words to ever be spoken.

[@Jilliberation]

My Mom passed away in February of this year. She had $58,000 in the bank. Around the end of March, or so I'm told, the IRS notified the bank of her status, and they froze her acct. I was busy arranging for her funeral (in its entirety), by myself, during this time. Since we had set her banking up (years ago) so that ALL of her bills were automatically paid, I figured I had some time for a breather, before I had to start tending to her finances. Mi-April I started getting multiple NSF notices in the mail, and discovered I could no longer log in to her account. I called the bank who claimed they could tell me nothing, unless I showed up with her death certificate, which I did. But I had to show them a WILL too. It took a call in to her lawyer, and $200, but I brought that in. THEN they said it was useless w/o a copy of my Dad's death certificate, which required a 3hr round trip drive to the county courthouse, but I complied and brought ALL of the paperwork into the bank, who then cheerfully informed me that NOW I had to file all that paperwork with the county, and then come back with the proof of the probate filing. I'm the primary trustee of the estate my parents put together in the 80's, to avoid probate, but that didn't matter.... In July, the bank slipped up and told me the current balance in her account..... ZERO A big fat bunch of NOTHING! They froze the account, but collected NSF charges EVERY TIME there was an electronic inquiry. To make it stop, I was expected to contact every one of her creditors individually, to discontinue their automatic payments, BUT I WAS NOT ALLOWED TO KNOW WHO THEY WERE... I'm not even allowed to see how many NSF fees and penalties the bank levied against her acct, because The March statement was the last one they sent to the house. I'm still looking through old mail to piece together remaining creditors, so I can settle. Then I'll have access to her IRA.... THEN I'm getting a lawyer, and file suit against that bank!

[@JMulvy]

One thing I love about Citizen's Bank is that they did away with overdraft fees. Your account will either be denied to complete the transaction or you can have an overdraft protection account where you have a line of credit that is only used for reimbursing transactions that you have over drafted on. I have never seen ODFs that high before. The most I ever got charged was ~$30, nowadays it is just ridiculous!

[@isdeirinnme]

Apparently the reason they don’t have overdraft fees is due to a lawsuit. They reordered how they processed transactions like Trevor explained: from biggest to smallest, not in chronological order, in order to overdraw accounts to maximize collecting fees. The result of the lawsuit is that they weren’t allowed to do that and had to pay back every single overdraft fee. They probably leave that part out of their marketing though.

[@kristenpotter7100]

It blew my mind when I learned that if you have a certain substantial balance in one of your accounts my bank, they not only waive overdraft fees, they refund ATM fees, etc. Soooo… if I have a lot of money, I get to keep it, but if I don’t, you slap me with fees all over the place???

[@dw3403]

yeah, picking on the poor.

[@2Exile0]

It is always more expensive to be poor.

[@kristenpotter7100]

@@2Exile0 100%

[@romxxii]

Yes, because if you have a lot of money, then _they_ have a lot of money. They can then pool all the rich people money they got to play the stock market, or maybe flip real estate. I suspect that they don't get to do that as much with poor people, since people who live paycheck to paycheck won't have a balance to add to the "Other People's Money" pool.

[@tim3172]

The bank makes money on your other account because it leverages it for loans so they waive minor fees. If you don't have money in the bank and you overdraft you cost the bank money so they... charge you. This really isn't difficult.

[@HenryNewcomer]

Additionally, if there are transactions pending, they’ll generally be resorted for processing so that the overdraft is guaranteed to hit as early as it can, thereby accruing several overdraft fees in succession. [edit] I should’ve finished the video before commenting.

[@calonkat]

Dunno if they still do it, but I had a bank that announced all deposits were credited at the end of the day. So at 8am you deposit 1000 cash, well it doesn't count until the next day, but all charges counted that day

[@masaf6640]

kzbin.info/www/bejne/l2OZaYmwmKZ2ncU

[@nathanfife2890]

Varo Bank does this

[@eudofia]

@@calonkat Yeah, that is really sick. I think they still do it. It's all part of the scheme to dupe you into paying overdraft fees. You would have thought with all the computing power we have now combined with, AI, gigabit internet, 5G, etc then all transactions should instantaneous.

[@chuckybang]

You can delete a comment, you don't have to edit it

[@bbirda1287]

In California I guess there's a law that you have to verbally agree to overdraft fees. When I signed up for my account, the teller asked me the most convoluted question ever. I'm not a lawyer, but I read books, I'm reasonably proficient in English, but I had to ask 3 or 4 times to repeat the question. Eventually the teller leaked out "If you don't have money in the account, do you want us to process the charge anyway?" No, if I don't have money, reject it.

[@Dan-np9ri]

Huntington Bank used to do this excessively, a decade or so ago. They even reordered incoming and outgoing transactions to cause overdraft fees when the customer didn't overdraw at all. Eventually they were taken to court for this. Fortunately, after this, they cleaned up their practices and started their "24 Hour Grace" program.

[@michaeldunson2531]

That example of the bank arranging purchases happen to me last month! But in my case they tried to say that I made purchases before I made a deposit but I had made them after I deposited the money! They finally gave me the overdraft fees after I showed them the ATM receipt that showed I had made the deposit before I used my debt card! They still didn't own up to their mistake they told me that this was a one time thing even if I show them the receipt!

[@TheGuindo]

They like to process deposits _after_ they process all the withdrawals for exactly this reason. It's straight up evil.

[@healthyself7941]

Customer can choose "overdraft protection" or choose not to have it. If you want overdraft facility, the most banks should charge is normal rate "interest" for the number of days the account was minus. I've been negative balance just $10, so the interest for 3 or 4 days should be pennies, definitely not some arbitrary fee of $35.

[@Battle_Beard]

My bank does something you didn’t cover. I’m dealing with overdraft fees today. I had Hulu auto renew even though we had cancelled it. It took two further calls to customer service to get them to return the payment. I was actually charged two overdraft fees for this Hulu withdrawal. It was in my account as “pending” for 48hours. I got charged a $30 overdraft when it showed up pending and another $30 when it posted. The banker I dealt with tried to tell me that the account went negative on a gas charge the day before; but backed down when I read several days transcript off of my phone. In the past I also had an issue where I had ordered 8 items from Amazon in the same order, but had a forgotten bill withdraw. The Amazon order hit my account as 5 separate charges even though they were ordered together, yielding 4 overdraft fees for the same order. Almost smells like collusion.

[@luizmaranhao4824]

International ATM fees: another ripoff.

[@robertthomas3367]

I went through all this with bofa,wellsfargo. After the lawsuit I got $ 3.47and $8.47 out of the whole thing. Court fees, for the bank. And all lawyers fees came out first. 62%of the rest of the money was spread over all the victims. Thusly the checks.

[@dw3403]

yeah, those lawsuits are for the lawyers. So ridiculous.

[@Zuraneve]

I didn't even bother with the class action for BofA. I already knew amount I'd get from the suit wouldn't have been nearly the amount they charged me in fees.

[@tanyapearson8319]

Me too for BOA. I refuse to bank with them again. I deposited a BOA check to cover my BOA payments. They held the check for 5 days knowing that my BOA loan payment and BOA credit card payment was going to hit the account. They charged me overdraft and NSF fees BOTH WAYS. all of them being with Bank of America and I got $10 back from the lawsuit. I have never had a check held for 5 days especially not an in-state check. Banks practices are criminal

[@themasterteacher]

I received over $400 back from Wells Fargo after 7 years.

[@Authenticallyathena]

I just realized, my bank definitely does this. I check my account after ever purchase and the smallest ones always come out last even if they are my first purchases. I always thought that was weird and now I know why they do it... Wow

[@dorothymaila773]

Me too I didn't understand because I didn't know but now I know. I realized the order wasn't as per purchase.

[@jasonmcelroy1938]

Same here and I've had my credit union for over 20 years.

[@nickfanzo]

Change banks.

[@jefferyG499]

Why on earth would you check your balance ever? According to the comments you should spend more than you have then complain endlessly.

[@redlolli9651]

I learned this the hard way when I was 18 and barely making money at a video store and had my first account with Wells Fargo or Wachovia at the time. I thought I would only get drafted once because I only made one purchase that overdraft the account but nope! A bunch of my smaller purchases is what overdraft and I was hit with multiple fees. Now I don’t use my bank account for anything other than paying bills and getting my deposit. I make my purchases on credit, get points / rewards and pay it off later. I don’t have to worry about my limit or going over or fees. I also feel more protected using a credit card and usually any issues I’ve had their customer service is more accommodating.

[@lilid3295]

Oh trevor 😢 you are amazing 👏 I love you for this ,my house is about 30 minutes from what that happens but you have to understand trevor we hardly make it with what we make a week,one time my kitty cat was sick she needed her medicine but the bank charged me 65 over draft fee and my kitty cat didn't have her medicine 😢, regions banks are very diabolical, trevor you are absolutely great, I hope they pay one day and yesterday I went to bank of America and they told me that they don't have a free checking, one is 5 per month, one for 15 a month and the Las one for 25 per month, is simply crazy ,they thieves you are absolutely right

[@maskedmarvyl4774]

At 5:53, that is Exactly what happened to me in 2008. I paid $34 in overdraft fees for a $1.58 purchase. I noticed that I had made this tiny purchase a day before a much larger purchase that put me under. When I called the bank to complain because the order of charges looked suspicious, they told me they had no control over the order of charges. They lied. It happened to me over and over again. They made billions off suckers like myself.

[@3arthIsGhetto]

I turned OFF my overdraft,they kept letting my card go thru, wouldn't drop the charges. An overdraft of .27¢ cost me $35 to re-access my account. If it were done to scale I could understand. But that was the last straw. I finally switched banks.

[@nodnarbstreams4984]

I used to work for Bank of America's overdraft department and they fired me after I pointed out they were holding cash deposits (illegal beyond explanation) directly to tellers to create over drafts. Literally the next day I was forced to sign a bunch of warnings for manufactured infractions and the day after that I was terminated for being 1 minute late. They knew exactly what they were doing and they got rid of me for fear I would whistle blow, no doubt about it.

[@fayboedecker2532]

That's true, I discovered that one. In the early 2000. Went to a community bank that actually gave interest at the end of the month as long as you had at least $100. A real life experience 🙂. Now they are gone.

[@AuthorJakeAStrife]

Ive gotten overdrafts over charges as low as .50. Gee thanks BoA. Ive only been a "loyal customer" for over 15 yrs.

[@Kay0Bot]

Boa is pretty bad

[@GiulianoMazzina]

I discovered I could opt out several years ago and they really really didn't want me to do it. Its been heaven ever since.

[@shiro_yasha]

Man, Trevor is amazing! News was never so fun!!

[@michaelsotomayor5001]

Videos like these is what makes me support Trevor Noah for all these years. They stick it to us and Trevor does the same to them lol.

[@R0cket_Rabbit]

When they showed the inside and outside of the Chase branch I thought to myself "that kind of looks familiar" and then I read the location of the branch below the description. Yo! I used to work at that branch in my teller days 😶😆 Edit: Jean, if you're somehow reading this and you're still working there I'm so sorry you had to deal with that.

[@joannajamerson35]

I'm not

[@VTPPGLVR]

5:25 So many times I’ve called my bank and argued because they would be charging me overdraft fees when I logged into my account and stuff had funds. Essentially they would say one amount had dibs on the money, resulting in overdraft fees from three transactions, even though the three transactions all equaled less than the account that supposedly had first dibs. So they can get multiple fees from me instead of just one. I’ve also called and complained because they charged me overdraft in the morning when my paycheck reached my account a few hours later.

[@ikickedakitten]

I've recognized this problem for so long. I'm so glad someone is talking about this issue.

[@nefariousangel8238]

Dealt with the rearranging to maximize overdraft fees 22 years ago at Wells Fargo, calling and disputing it will get them to drop the excess fees. It’s insane that it’s gone on for decades and has been covered numerous times, yet it’s just now possibly starting to be stopped.

[@drbettyschueler3235]

Yep. I had a bank rearrange my checks so that they could charge me $35 for being 50 cents overdrawn. And that was because they had upped their monthly service fee and I'd missed the memo.

[@gracemunich1476]

evil

[@Boomers4Zoomers]

Glad to hear it! Hope they are working on the outrageous credit card interest rates. No one gouging the people more than banks! Except possibly educational institutions!

[@Gary-uy9mr]

Transaction structuring for OD fees is a thing of the past ever since Wells Fargo got sued sometime around 2010. NCUA/FDIC check for this in their yearly audits. If your bank if not posting your transactions in order of time, or first in first out when it hits their system you need to contact the FDIC (NCUA for credit unions) immediately so they can look into it.

[@margoscurry6634]

Yep, and sad i was a programmer for a bank - they have coding that even waives overdrafts for it's elite customers - the more you have they less you pay. They would even do that rearranging stuff to the employees - like a rearranging your purchases after the direct deposit of your payroll check - they have no shame 😔

[@ladygreenlife]

This is excellent material! Great job, team!

[@AbhishekMishra-zd2td]

I am glad Trevor is talking about this issue. Perhaps, he should also talk about other non-sensical fees banks charge like stop payments, incoming wire transfer etc.

[@Lukas4182]

The whole concept of overdraft fees is so weird for me as a german. Here, you just pay interest (maximum 20% per year) on your overdraft. So if it's just for a few days, it's no problem. Also, if it's just small amounts, that's also no problem. Also, it encourages you to get the balance back up to 0 as quickly as possible. But there's no way they charge you for any individual overdraft. That's honestly just theft.

[@k29king1]

I actually learned from a customer service teller of my bank about the ability to opt out of overdraft fees, she helped me out by telling me I could and should opt out and I did. Never gotten an overdraft fee from my bank.

[@tridachia]

Love the new longer hair intro pics!

[@danielargabright5591]

SunTrust did this to me, they cleared my biggest purchase first even though it came at almost the end of the day, I ended up with $600 in overdraft fees because I had made a bunch of small purchases throughout the day not realizing that an auto draft was coming through From a company that I had specifically requested not to do auto draft. I said I don’t understand how I got all these fees the only thing that should’ve took my account negative was that one big auto draft, and that’s when they told me that they let the biggest stuff go through first. my account was closed that day, the bank made a big fuss about me not paying the fees and said they would put it on my credit report and Send it to collections. I told them I would never pay it ever. I don’t care if it hurt my credit for years I would not pay it and I never did. I went to Wells Fargo where I have not had a problem oddly since I’ve been with them.

[@wednesday8397]

Thank you for doing this! We are middle class with husband ironworker and times were hard with 4 kids over the years. We PNC, Fifth Third, and more did that to us; rearranged what cleared first (the expensive things) and charged us thousands in overdrafts over the years. Their excuse was; "we wanted to make sure the IMPORTANT stuff cleared first"

[@marvthedog1972]

funny.. i dont have an over draft fee problem.; never have. it's called declining overdraft "protection". So if my bank account doesnt have the cash, i get declined. simple as that.

[@UlshaRS]

When have major banks made anything simple?

[@snoopygonewilder]

I always thought they should just not let you spend more than you have, that should be punishment enough having to go to the bank to deal with putting extra money, or being late on a bill. At the very least they should stop letting you spend more after you have a negative balance. But no, they'll keep letting your card swipe and keep charging you $35 for spending $1.50 on a soda and another $35 for a $4 sandwich. There should be a limit on how many they can charge you in a row, like they shouldn't be allowed to just keep adding them up. A few years ago I had a friend who overdraft a few times after a yearly fee of like $100 went through she'd forgotten about. She'd spent maybe $30 dollars here and there and was billed $500 of overdraft fees. She almost had a nervous breakdown.

[@joyl3926]

My mom paid over $4000 in overdraft fee in 2021 calendar year. She’s a little old lady on a fixed SS and pension income that pinches every penny she gets but is super ignorant about bank fees and transactions. Her monthly mortgage was withdrawn every month before her pension came in on direct deposit & Bank of America would charge her $30 everytime and additional $30 per transaction before her money was deposited! Super ridiculous!!

[@astrophyz]

Wells Fargos excuse for rearranging payment was that "they allow the most valuable payments through first so they can be paid". Also, credit unions are still allowed overdraft fees since they're not considered "banks".

[@finisher3x]

As someone who has been in a situation when I took out money that I didn't have in the bank, the overdraft flat out saved me at times. And even though I knew I was going to be hit with the $36 overdraft fee, it was worth it to get the money, and just have it paid back once my paycheck came. So I'm not in favor with eliminating the overdraft process, or the fees. What I am against, is what Trevor laid out starting at 5:15. The reordering of the transactions to draw more overdraft fees, is straight up criminal. When I used to overdraft, the trick I did was this. Try to take out as much money as you can, so that you only overdraft ONCE. Like if you know you need $400 before you get paid again, and you only $75 in the bank, go ahead and overdraft and take that $36 hit. Look at it like the bank charging you 9% interest to take out the $400, then it gets paid back once your check hits. But if you took out $100, the bank is charging you 36% interest just to take that $100 out. But to eliminate it altogether, and not let people take out more money than they have in their account, will have a much more negative impact on poor people. That overdraft might be the difference between paying their rent on time, or getting food, or paying their electric bill. Also, if you overdraft, you CANNOT use your bank card under any circumstances. And if you have anything that is auto-withdraw, the bank will take it and hit you with the overdraft fee.

[@drfsupercenter]

I've done something like this, but with PayPal transactions. So basically, I turned off overdrafting for all card transactions (my debit card, whether I run it as credit or debit); if I don't have enough in the account it will simply decline. BUT, I left it on for ACH transfers. So let's say I have $50 in my account but I want to buy something that's $75. I'll send $100 to myself via PayPal (it's totally fine to have two accounts, their terms allows it if both are "personal" ones and not "business"), which hits the other balance instantly - then do the instant deposit feature. Yeah there's a slight fee but it's like 1.75%, so I'm depositing $98.25 of that $100. Now my bank account has $148.25 in it, and I know $100 is going to be taken out the next day. ACH withdrawals are slow. So I can go spend $75, and as long as I put some more cash in before the next day, no overdraft fee! But even if you *do* forget to put more in, you'd only get hit with one fee, and not several for small transactions, since all of those were done the previous day when you had $148.25 in the bank. If there was a totally fee-free way to do this, I totally would, but the PayPal method is the easiest I've found. Bank transfers take time (except maybe Zelle?), so any of the services that use ACH will be 1-2 days delayed. You can use that in your favor.

[@TheGuindo]

A lot of banks will charge you again for every day that you remain overdrawn, though. so you have to be careful using this tactic and make sure you know your bank's fee schedule well.

[@ladyviking]

This happened to me. I didn’t know I was overdrawn - and I was buying COFFEE with my debit card, getting charged $30 for 8 cups of coffee over 4 days, in addition to a couple other purchases. In 4 days I owed the bank $900. I had to use my entire savings account to pay for the overdraft..

[@maliant16]

How come you didn’t check to see if you had money in the account for the card you were using? Sounds like a personal problem

[@ladyviking]

@@maliant16 because I thought I did. I had some bills set up to automatic payment and they hit my account. I only had about $500 in my account at the time.

[@mr.balloffur]

@@ladyviking Check your account every night, they can't make it easier.

[@ladyviking]

@@mr.balloffur This happened 25 years ago when I was 20. Also, I don't need a lecture.

[@coriebarnes8680]

@Lady Viking That's right! Ignore all these people who have no soul or compassion for the wrongs done to their fellow man and woman by the evil greedy banks. 😔

[@marcilk7534]

I never get overdraft fees. I keep a check register and balance it with my statement at least once a month. I check how much money I have before spending it. If I get a personal check from someone who may not have the money, I verify funds or cash it at their bank so the check doesn’t end up returned. For opting in to overdraft fees, the alternative is the charge not being approved. It’s not like you can spend the bank’s money and not pay for it. I did opt in because I also signed up for overdraft protection. I always read what I’m signing before I sign. The ordering from transactions of small items highest to lowest might seem unfair, but if paying that rent or car payment first means it doesn’t get returned, possibly causing eviction or repossession, it seems more reasonable. Because if you opted into overdraft fees, you might not have to worry about it being returned. For those who did not opt in, that’s what will happen. Their most important bills, mortgages, rent, car payments, they will get returned if there is no money in the account to pay it after you bough Starbucks, underwear, and gas. A bank is not capable of ordering transactions one way for some customers and a different way for others. It’s a computer program. Accidents happen, but in most cases, it’s just irresponsibility. If you need to borrow money, apply for a loan. Don’t overdraw your account.

[@nds711D]

Ok Boomer 😂

[@marcilk7534]

@UClvygBgZg13XmFy8Zby0uCQ I have ADHD. Banks aren’t social service organizations. And most local banks will help with fees if it’s a genuine one time mix up.

[@Ryuujinv01]

@@marcilk7534 Yes we get it you're okay with exploitative practices if the motivation is profit.

[@marcilk7534]

@@nds711D I’m Gen X.

[@marcilk7534]

@@Ryuujinv01 I don’t want overdraft fees any more than anyone else. I just take responsibility for my finances and don’t start blaming others. How would you like it if someone you know just starts taking money out of your wallet whenever they get short without asking? That’s basically what happens when people overdraft. With the overdraft agreement, it’s essentially a loan, and I’ve never taken out a loan that doesn’t cost money.

[@DistractedDaisy]

Trevor my dear- in difficult times thank you for your service!

[@gemiveretheshitwidow1416]

I used to have a big problem with overdrafting and I tried to opt out. They made it sound like I successfully opted out but then I overdrafted again when a subscription I forgot overdrew my account. When I went back to the bank to ask about it, they "explained" that online purchases can't be rejected, that opting out of overdraft only applies to atm transactions

[@annethompson4318]

I just had a c.c. charge me overdraft. I called, and they removed it. I also asked that they lower my interest rate. They did, because I told them I have a great way to resolve this, it's called a pair of scissors and I'm going to cut up the card while I'm talking to you on the phone.

[@murraymadness4674]

I had Well Fargo charge me $2000 in overdraft fees! Over a couple days made dozens purchases of like $5 and $10 and discovered every purchase they tacked on $35 fee. I called Wells Fargo irate that my debit card didn't just decline, which I assumed it would. They said well reduce it to $1000. So yeah, being broke is the most expensive thing ever. BTW, I told them I would damaged their branch with $1000 of accidental brick throwing, but I didn't I just closed the account and have never used Wells Fargo since and made sure all my friends and family don't either.

[@Dbb27]

My customer, who didn’t speak English, had a daughter that was stealing from her account. She would get a money order for $5 and deposit in the ATM as $500. Before the machine could figure it out she immediately drew out $400 in cash. This went on for two years without her understanding. She had incurred $1,950 in overdraft fees. BOA told her the only way they would reverse the fees would be for her to have her daughter arrested. I took her to another bank where we opened new accounts her daughter had no access to. BOA never sent her letters nor contacted her. They just let it keep going.

[@AaaaNinja]

The fact that they rearrange the order of transactions was in the news in the 2000s back when there was a class action lawsuit and Wells Fargo was in trouble about its fees. I'm shocked people are surprised by it now. I'm shocked it's actually still happening.

[@trunks38109]

When I first started working my bank took my paycheck 3 weeks in a row because of overdraft fees. My bank used to take their time deducting my transactions so I would think I have more money than I actually had and then suddenly all my week old payments would go through all at the same time.

[@annea5781]

😱

[@mysteryof7]

I wonder if Chase Bank is going to charge that customer who jumped over the counter, or reassess the situation and realize they are the real crooks?

[@veliciaanderson3065]

My bank just did me like this. When I went into overdraft, I immediately put money in the back to cover it. The next day, my purchases where rearranged and instead of it being $7 overdrawn, which I immediately put in after, they charged me a $33 overdraft fee and then $60 some dollars for a purchase that was already covered before the overdraft. 🙄

[@Emily-8914]

I once had an overdraft fee that moved my money from the other account first to make the balance zero, then charged me, triggering another move from my other account, and then another overdraft fee. Ended up draining both accounts for going over by $3

[@jimemcdowell]

Last month, my bank charged me a fee for not having $100 in my account. Since THEIR fee caused my account to go over, they charged me another $35. The bank charged nearly $50 for no reason greater than I didn't have a $100.

[@thehfginc]

I remember one time I purchased something small from Walmart (let's say a shirt) that pushed the account (rarely used) in the negative when they reorganized the transactions. That purchase cleared immediately within 5 minutes resulting overdraft fees. I had PLENTY of funds in my other account so I tried to transfer bc usually they'll push transfer/deposits through before transactions. Naw not this time I called the bank (now within 10 minutes of the purchase) to request the removal of the fee, they saw I had transferred funds into the account but they were unwilling to do so. This purchase resulted in several fees just like it was explained in the video. I literally went back to Walmart and returned the purchase which wiped all the fees (since this was the one that pushed me over) because now they technically didn't pay on my behalf now. I told the rep I've never seen a charge push through immediately, normally there's a pending process when you purchase anything but naw not on this one.

[@MaryAnnNytowl]

And this is why a credit union and their overdraft protection is so very, very much better than a bank. If I accidentally overdraft, they take it out of my savings and I only get charged $5, total. I've never seen them rearrange anything to get another $5 or $10, either. Dump your bank, and find a credit union! Thank you, Trevor and crew, for all you do. ❤️❤️