Bank Atlantic / Predatory Overdraft Fees
Bank Atlantic counts restaurant transactions TWICE. If the first swipe is for 35.00, then tip is added and the second swipe is for 41.00 (to include the tip), for that day you are charged 76.00. If you had a balance of less than 75.00, you now you have a 35.00 check overdraft fee to pay, which keeps your balance below zero, and any subsequent 3.00 checks each incur 35.00 fees. During that day, if you had other charges (say 2.00, 3.00, 4.00), you still HAVE NOT exceeded your balance, but due to sequencing, the highest is done first. You now have four 35.00 overdraft fees for a total of 140.00! And you never were truly under your limit!!!
Yes, Bank Atlantic sequences your debit transactions from highest to lowest, groups them carefully, first as Authorization and then, at their convenience, and possibly 1 to 2 days later, as Purchase. Interestingly, other offending transactions that were executed a couple of days prior to the restaurant transaction initially as 'authorize' now as 'purchase' to ensure more late fees based on timing of the 'purchase' transactions even though you've never actually gone below zero.
My son (on a teen income) lost of 200.00 when he NEVER WENT UNDER ZERO.
It's a scam to maximize their ability to extract fees from their lower-end customers. The high end customers would not be affected by this as they keep their balances clear of zero.
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