BB&T has been systematically ripping off its customers by posting debits first, then posting credits or deposit.
This is in stark contradiction to the policies banks, in general, have had in regard to this situation.
Traditionally, banks would post deposits and credits first, usually at 12:00 midnight, then, they would post any debits or withdrawals, summarily preventing unnecessary overdraft charges.
However, in an effort, it seems, to pad their profit margin, they are posting debits first, then posting credits. This new policy, in essence, increases the amount of fees that they collect, as, a lot, if not most people in the lower and middle class have a lower balance when it gets close to payday, or, when we get a winfall and our checking account balance is low, we expect that our deposit will hit the account before any debits.
Also, my wife has her check direct deposited. She is a school teacher. The checks go into the accounts on Thursday. They do not post until after 6:00 A.M. on Friday, again, allowing for fees to be assessed for any debits posted at 12:00 midnight.
It's clear that the banks have instituted this policy to glean more fees from the working class, while leaving the upper class and the well-heeled, virtually untouched.
This practice is an outrage, and if the federal government and state banking regulators won't do anything about it, we the the people, should start taking grass roots measures to rectify this problem.
I too have just had a very bad experience with bbandt. I balanced my checking on Saturday and had 600.00 in the account. I did my weekend errands which were more than covered by the money I had in the bank. Our government stimulus check came in Monday's mail. I had my husband go ahead and take it to the bank and deposit it. So we went that evening to purchase the TV I had promised him from some of the money. I get up Tuesday morning and have a $455 overdraft charged to my account. I called the person I had delt with for 4 years at my local branch and they refused to correct it. So they have taken 1/3 of the money that I deposited. Someone get a class action going. I am ready.
Maybe its time for a class action lawsuit against BB&T. Today I found out that overnight they advanced $600 from my overdraft account 3 business days in advance of the payments being posted despite the fact that a deposit that more than covered the payments posted this morning. To add insult to injury, I asked the BB&T employee I spoke to what would have happened had I not had an overdraft account, and she said that the payments would have been rescheduled. I asked if there is a fee associated with rescheduling payments, and she said no. WHAT??? So those of us who have overdraft accounts get screwed. Its time for a law suit.
In addition to the credits being held issue that I learned first had 2 weeks ago that they did nothing about, Here's an additional story to add:
Bobby Blakley This e-mail address is being protected from spam bots, you need JavaScript enabled to view it is the regional president and AC McGraw This e-mail address is being protected from spam bots, you need JavaScript enabled to view it is the BB&T media contact.
> Greetings Mr. Blakley,
>
> I am very disappointed to have to reach out to you so soon after trying
> BB&T out by opening a small personal expense and savings account.
>
> Last Wednesday evening I made an ATM deposit of $150 cash to cover a check
> I wrote from my BB&T account on behalf of a friend who is disabled at the
> moment. The following day it was debited out of my account through a
> “deposit correction”. Upon calling the 800#, they could not provide any
> answer to the “deposit correction” and suggested for me to call the branch
> directly. Only by luck was this a branch that I have learned the
> employees and frequented often making transactions for a corporate account
> I work on. I spoke with Ada Rodriguez whom I’ve been assisted by before
> and is always pleasant. She promptly looked into and researched the
> situation as to what happened. By 1pm she called me with what she had
> discovered to that point. Apparently one of the tellers had taken my cash
> out of the deposit envelope and placed it in their drawer. I have a hard
> time believing this to be legal. Ada called me later that afternoon to
> let me know that the funds had been returned to my account and to let her
> know if there’s any problems as I was concerned for overdraft fees due to
> another recent episode with this same account. Being that I was already
> away for the holiday weekend in an area where wireless service isn’t
> stable, I confirmed this through the texting system with my cell phone.
>
> I check my available balance this way everyday when out and about using my
> debit card to ensure it won’t be declined. Sometimes multiple times a
> day, so I should never incur overages, overdrafts, etc. As recent as
> yesterday, I confirmed that I had $131 available in this account with no
> checks outstanding and $74 or $77 available after a trip to Wal-mart.
>
> This morning I received the automated text with a balance that didn’t seem
> right. Upon logging onto my account, I saw that there is a $280 overdraft
> fee that was posted yesterday which is in error. I would not have been
> able to use my check card over the last few days if there were no funds
> available. Needless to say, I am not happy at all. I have NEVER
> experienced anything like this and quite frankly I feel as if money is
> being stolen from me. Having had brain surgery less than a year ago, this
> is an unneeded stress that shouldn’t happen in the first place. There has
> clearly and admittedly has been more than one bank error in this latest
> fiasco. I had another issue just two weeks ago and when I inquired with
> another representative at the same branch and tried to bring, what was in
> my opinion a clear system error, I was laughed at and told that I didn’t
> see what I saw.
>
> Is this how BB&T treats its clientele?
>
> I have no idea what has happened in this latest case and due to the issue
> from two weeks ago, cannot trust BB&T’s explanation. My only thought was
> that the $150 was possibly credited back to my account twice and the
> corrected. If that be the case, I of course have no issue with the
> additional credit of $150 being removed, but I do require for the
> overdraft fees be returned since it was yet another error by BB&T. I
> attempted to call Ada this morning and was told she is out today. I tried
> to get transferred to her voice mail to leave her a message and was
> disconnected twice. However, I did speak with her in person upon my visit
> to the branch today where she did agree that my account had been, for lack
> of better terminology “messed up”, but the system would not allow her to
> credit back any of the fees. She saw record of the counter deposit and an
> additional credit (as I suspected) that was removed prior to posting. It
> is my belief that the additional credit was made available to me via my
> available balance given through the text messaging system, thus leading me
> to believe that I had those funds to use via my debit card over this past
> weekend.
>
> These small personals account were BB&T’s audition to earn my trust to
> move over my other personal, business and travel accounts. With the
> experience and service I’ve received, would you trust BB&T? If this
> situation cannot be corrected and resolved by close of business Friday,
> May 30, I will be left with no choice but to close the accounts and NEVER
> use BB&T again. Please be aware that I am also a journalist a consumer
> column and will advise my readers of my experience as well.
5. Written by suwaneebusiness, on 16-04-2008 08:50
BB&T knowingly holds our credits & deposits to deliberately overdraw our business accounts. This has been done numerous times even though we know that the money is physically in BB&Ts hands & the statements show that the deposits/ credits came in on the same day. The "manager" of the Suwanee Town Center branch claimed that it's because the checks came thru before the moneys were credited. This is utter bullshit since we make our deposits early in the morning & may not write the checks until later in the day. She only took 2 of the overdraft fees off & said that she couldn't do more. So much for customer service
This is not a new policy. It has been well known from within with very little done to draw attention to it.
Perhaps investors and stock holders will realize this is all part of the house of cards and artificial accounting that has been the rule of order for this bank and business.
Crooks belong behind bars...when will BB&T open their books to have a non-criminal 3rd party accounting firm validate the numbers?
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