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Stop banks' predatory overdrafting
This petition was published by Joyce Nelson on Nov 19, 2011
We the working class need to stop banks predatory practices!! Stop the resequencing of your withdrawls. Banks "reserve" the right to deduct withdrawls BEFORE they credit your account with any funds, then they also deduct your withdrawls from highest to lowest under the pretence that they are doing us a favor. Outrageous!!
Sign the petition to change these predatory practices!!When Jeff Ledford overdrew $10 from his checking account, Bank of America charged him five separate overdraft fees totaling $175.
That's a 1750% interest for going over $10. (Jeff is unemployed, by the way.)
Your Bank's Dirty Trick.
Jeff got screwed because his bank dealt with his charges out of order, processing the largest transaction first.
This common practice allows banks to deplete your account faster, thus making it easier for them to charge you unnecessary penalties.
This was not a one-time mistake or the stupid policy of a single bank. This is the industry standard. No wonder banks are set to make a record $38.5 billion in overdraft fees this year. Rod Brown with the California Bankers Association says it's normal practice for banks to process charges from the largest to smallest.
He's quick to point out, there's no law that says they can't. When Kurtis asked him if he could see how the public would think the banking industry is manipulating charges to make the most profit, he said, "No I can't."
Sign the petition to change these predatory practices!!When Jeff Ledford overdrew $10 from his checking account, Bank of America charged him five separate overdraft fees totaling $175.
That's a 1750% interest for going over $10. (Jeff is unemployed, by the way.)
Your Bank's Dirty Trick.
Jeff got screwed because his bank dealt with his charges out of order, processing the largest transaction first.
This common practice allows banks to deplete your account faster, thus making it easier for them to charge you unnecessary penalties.
This was not a one-time mistake or the stupid policy of a single bank. This is the industry standard. No wonder banks are set to make a record $38.5 billion in overdraft fees this year. Rod Brown with the California Bankers Association says it's normal practice for banks to process charges from the largest to smallest.
He's quick to point out, there's no law that says they can't. When Kurtis asked him if he could see how the public would think the banking industry is manipulating charges to make the most profit, he said, "No I can't."
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