Problems caused by my funds being low

Chase is the bank named in this complaint, but from the posted deposit and overdraft agreements of other banks, their policies are the same. When you do n’t maintain a certain balance in an account, you do n’t qualify for the fee-free accounts. So already you are paying a monthly fee. But let ‘s say you misjudged the amount of time it would take a check you sent out to post to your account, or had an auto-pay bill post before your deposit goes in ; then Chase will take all your incoming debits and post them in the order of largest to smallest. This means that, even though you have enough money in the account to cover all the transaction but the last one, their posting method guarantees that they can charge as many overdraft fees of {$34.00} as there are transactions after the largest wipes out the balance. In my business account ‘s case, a {$25.00} payment ( here ‘s the irony ), to Chase credit card, was charged a {$34.00} OD fee, because it was posted after a {$150.00} check. So after all transaction posted, the account was overdrawn by {$110.00}, {$68.00} of which were overdraft charges. And that ‘s only on XXXX transactions. Had I had more transactions posting, each and every one of them would have cost {$34.00}. This could become an insurmountable amount. I have a small, struggling business that does n’t always have the best cash flow, and Chase and other banks take full advantage of this by penalizing me XXXX ways. One is by charging a monthly fee for being poor, the other by posting transaction to cause the most amount of damage, and take the most amount of money from the very people who can least afford it. This practice should be stopped, and a federally regulated policy for Overdraft charges should be in place. I am all for paying a monthly fee to use my account, as it is a service I appreciate. But to be outright robbed of precious few dollars I may have, because of greed and morally corrupt corporations, this should not stand. And our regulators need to protect us from these type of widespread corruptive practices.

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