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First Market Bank / Overdraft Gouging

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First Market Bank
After overdrawing my account by about $100 (one check), First Market Bank reordered all the checks cleared that day so the largest one caused the overdraft and nine smaller ones showed as overdrafted and they charged $350 in overdraft fees. If they had not re-ordered the checks, or re-ordered them in my favor, it would have cost only $35 !! This should be illegal at most, First Market should change the policy at the least! Do other banks do this? I know, it's all my fault for screwing up in the first place, but don't kick me when I'm down!!


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A  27th of Jul, 2009 by 
Agree Disagree 0 Votes
I completely agree. We have instances such as last week. On thursday (7.23) i go to on-line banking and look at my commercial account and everything is fine, positive balance.

Friday (7.24) i look again (well before 2pm) and our operating account shows a <600.00>, because an $850 dollar check is posting to the account and it shows on 7.24 (NOT 7.23)no problem right?

We deposit over $1400.00 to cover the $600. In addition we deposit an additional $5100 after 2pm which should cover anything else coming in for the weekend or first of this week. All is cool, right?

Wrong, i come in today check on-line the $850 check has been returned. A $35 overdraft has been posted to my account because NOW the on-line statement shows that the check was presented on Thursday 7.23 NOT 7.24 as it did on Friday. Is this not some sort of bait and switch, some type of inapproprite behavior on the part of First Market Bank? Only time will tell. My only hope is that someone somewhere is taking $35 out of their account, presenting inaccurate information, and causing illwill with their one of their good vendors.

Thanks for listening
A  4th of Aug, 2009 by 
Agree Disagree 0 Votes
First Market Bank uses transaction sorting to post high to low items to an account in a attempt to overdraft an account using the least amount of transactions.

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