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BB&T / fraudulent activity

1 United States Review updated:
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I have been banking with BB&T ever since they have taken over my original bank which was First Virginia. I have never had issues concerning deposits and overdrafts until I started banking with BB&T.

Over the years I have paid around a couple of thousand in overdraft fees. The first time I figure it was due to my own irresponsibility. But then it happened again, and again, and again. And in one instance I was slammed with 10 overdrafts in one day.

It was around this time I started to pay closer attention to my banking practices and chalked it up to my own irresponsibility. I was told that deposits gets credited to accounts first and then withdrawals. But I'm on direct deposit with my job and have been for years. That's when I realized they were processing my direct deposit after withdrawals forcing my account into overdraft.

There was one instance where BB&T charged overdrafts to my account because of insufficient funds. In that case I had checked my bank statement prior to using my debit card and saw I had sufficient funds and went to make a purchase. I came home checked my statement and saw I was in overdraft. I was extremely perplexed. BB&T has 2 categories when explaining the funs in your account: 'Current' and 'Available'.

'Available' is supposed to be what you have available to make purchases minus any holds that may be in place in your 'Current' balance. The representative explained to me that the reason why my account went into overdraft was because I didn't have sufficient funds in my 'Current' even though my 'Available' showed that I did because of a recent deposit. So they charged me overdrafts based off my 'Current' balance instead of my 'Available' which is completely backwards from how it should be.

Fast forward to today and I have been noticing that money has been disappearing from my account. I would call the customer service and they would spin me around in circles doing all of this math I can't see and saying that the balance is correct. And here recently I've noticed entries into my online banking that reads 'Balance adjustment' where it would add or subtract funds from my account with no explanation as to what this 'Balance adjustment is'. Lately, I've been noticing these 'Balance adjustments' has been taking more money out of my account without explanation. And when I go back to look at it an hour later that entry and the amount is gone, but the amount it said I was adjusted is removed from my account without explanation.

I am done with BB&T as I am convinced they intentionally try to force customer accounts into overdraft because it's a lucrative business for them. And I also believe that they are stealing minuscule amounts of money through the form of 'Balance Adjustments' without offering explanation as to why they're taking money out of customer accounts. I am contemplating a lawsuit.

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  7th of Jul, 2009
0 Votes

Anyone interested in participating in a class action suit against BB&T please contact me.

David Benson

  11th of May, 2010
0 Votes

I just noticed these "Balance Adjustments" too. And the person who said they credit your account before debiting it lied to you. Here's the way it actually works:
**And by the way Bank Of America charges earns double the (bogus) fees per dollar deposited of any other bank in America. BBT isn't the worst. In fact they rank among the better**

Banks debit transactions FROM LARGEST TO SMALLEST.
Their official reason for this is "Because the larger ones are probably more important to you." As if paying them a few milliseconds earlier around midnight really matters.
The real reason is Larger transactions first are more likely to get you into overdraft so the smaller ones can all get an overdraft fee for them.

They then credit small deposits. They hold larger deposits a couple days extra before crediting them to you.
Their reason: To make sure the money goes through.
Two real reasons for this one
Reason 1: This allows them to hold the money and not pay interest on it (little bits add up to millions.)
Reason 2: Obviously you're more likely to go into overdraft because unless you pay attention closely, it can take up to 7 days to have your deposit show.

Bottom line, most banks are very predatory toward people without enough money to start lawsuits. It's just smarter (unethical) business to target a group of people who are unable to defend themselves.

  4th of Jan, 2012
0 Votes

I'm interested in a class action suit. I have to pay my mortgage and there is a balance adjustment of almost $500.00!!! WTF!?!?!? Now what? I'm taking care of my 73 y/o mom who recently moved in. Gas is crazy and so is food and I'm falling behind fast and I can't catch up because BBT keeps overdrafting for .25 cent charges and such. Can't get a break.

  27th of Oct, 2013
+1 Votes

Ihad Bank atlantic for years with no issues. Since BB and T took over I have had major fraudulent activity coming through my checking account. They blame it on someone has my information but it is weird how bank atlantic always called me or did not let through anything that was suspicious.

BB and T security is horrible.

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