Wednesday, July 13, 2011

Should I pay unfair overdraft fees from my bank?

Basically, I forgot that I had made arrangements for a payment to come out of my checking account on a certain date. I had money in my account to cover all the other pending transactions except for the $186 payment I had scheduled. At the time I was unaware of it, but my bank allows transactions to clear in order of highest dollar amount to lowest dollar amount. This caused all the other transactions that cleared that day to be considered overdrafted. Because of this, I incurred $350 in overdraft fees for one day. I am not 100% positive but I'm pretty sure Fifth Third Bank and Bank of America have recently been involved in class action lawsuits over the re-ordering of transactions like this. Should I attempt to contact a lawyer, let my account go to collections, or any other suggestions?

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