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The banks will ON PURPOSE withhold multiple small transactions for a big transaction just so they can time it right to process their multiple overdraft fees.
Its brillant. But really does suck for the tight consumers. And should be outlawed.
Im shocked it has been allowed to go on for so long. The systems really are designed to withold transactions and time them just right to go through to process so you get charged more overdraft fees!
Example:
300.00 balance to start day
- 10am 30.00 purchase
- 11am 30.00 purchase
- noon 12.00 purchase
- 1pm 30.00 purchase
- Next day 200.00 purchase
In theory you should only get one overdraft.
But the system is set up that they will process that large 200.00 transaction FIRST. and hve the 4 small transactions "pending" only to process them at the perfect time so you get FIVE OVER DRAFTS.
This is how the system works.
For going just 2.00 over the limit you can incur up to 30.00 X 5 = 150.00 in fines.
All because the system is setup to process things in this order.
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