Quote:
Originally Posted by Skogen
This is caused by the banks over draft policy. Banks used to pay the biggest check first using availible funds up, and then charge a over draft fee per item for every check after that. They had no limit.
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I know what you're talking about but that's not what happened. I'm talking about one purchase causing that.
She thought she had enough money in her checking account to cover a check but didn't. She had her account set up so that if that happened her savings account would cover it so that way she only would be charged the overdraft fee and avoid the insufficient fund fee. Well after her savings account covered the check it didn't have enough to cover the overdraft fee so it was charged a insufficient fund fee plus two additional overdraft fees because it went below $0, so BoA tried to charge her checking account the 4 fees (up to 3 overdrafts and 1 insufficient). Her checking is already at a $0 so she got slapped with 4 more overdraft fees because now it tried to charge her savings, one for each fee (up to 7 overdrafts and 1 insufficient). Since her savings is at $0 she got slapped with 8 more insufficient fund fees (one for each fee), plus 16 more overdraft fees. At this point it stopped and she wound up with a total of 23 overdrafts, 9 insufficient, plus the 2 fees for her checking and savings accounts going below minimum all from writing one check.