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Bank Atlantic / Predatory Overdraft Fees

1 FL, United States Review updated:

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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  • Jk
      21st of Apr, 2010
    0 Votes

    Thank you for posting this. I now have $370 in OD fees from restaurant/fast food transactions. On an unemployment income, that's 90% of my check and I AM PISSED!!! I wish there were some way to form a class action lawsuit against these greedy F---S! I spent $30 on food, knew how much was in my account and now have to pay the bank $340 for eating. WTF?! Whats even more outrageous is my account wasn't even in the negatives when they started charging the FIRST overdraft fees.

  • Rk
      21st of Apr, 2010
    0 Votes

    Class Action Lawsuit in progress

    Request an actual transaction log for the dates in question from Bankatlantic

    18305 Biscayne Blvd., Suite 402
    Aventura, Florida 33160
    Main: (305) 933-9970
    Facsimile: (305) 933-0998

  • Lr
      7th of Nov, 2011
    0 Votes

    I have over $2k of bank ATM charges. Each time I withdraw they took it twice. It is IMPOSSIBLE that it is me since i have a limit and this would not allow me to take it out. I have been 3 months and not resolved it. I am on hold times over 15 calls with up to 30 min of hold before I hang up!

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