Overdraft Fees Charged By Banks

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Just the other day, I made an online transfer at 10pm from one of my checking accounts to another checking account after I realized that my "pay bill" account was short by $50. Today I logged on to make some online bill payments and saw that my account balance was less than what it should be. Turns out that two of my checks paid on the same day I made the transfer causing my account to overdrew AND I got two overdraft fees, $35 for each check that paid. My $500 transfer didn't post to the account the same night I made the transfer. If it did, my account would not have overdrawn. Furious, I called customer service and the explanation given was that there was a cutoff time for transfers and the cutoff time varies from state to state. So for me, since I live in California, the cutoff time is 9:30pm. What kind of policy is that, I asked. It was my money from one account to another account from the same bank. How could the money not be immediately available? The reply, "it's bank policy". Ok, then I asked where is this policy displayed online for customers to see, and I was given instructions to scroll down, click this section, another scroll down, click on this and that, and there it was, the disclosure. Alright, I told the customer rep that I wasn't trying to be rude or give him a hard time because I know he was doing his job, but seriously, this "policy" ought to be displayed somewhere where customers can readily see, hmmm.., maybe right on the account transfer screen? He agreed and asked if he could place me on hold and get a supervisor approval to do a courtesy overdraft reversal. He returned apologizing that because it was not a bank error, he could not reverse my fees. Wells folks, from my misfortune, I hope to pass this info to all of you, make sure you know what your bank cutoff time and policy is for transfers and deposits to save yourself from any unnecessary fees and stress.

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