PNC bank, among others, uses the predatory practice of clearing checks 'highest to lowest' first. This creates a huge profit capitalizing on small customer errors.
Account balance on any given day is $500. Yesterday, you used your bank card for $20 and say $30 and didn't enter the items in your checking account register (an error which I agree you should pay for, after all it is your mistake which will cause the following but it is PNC's greed which will exponentially raise the cost of your error).
At the same time those two debits are clearing a check which you wrote comes through your bank for $475. PNC now employs the predatory practice of what is called 'highest to lowest'. Here's how it works. By disregarding the order in which the debits are presented PNC formats their internal program to clear the highest presented item first and continue in that order until everything is cleared.
If by random chance the other items comes through first, here is what will happen to your account. Balance $500. Deduction $30 (cleared). New balance $470. Deduction $20 (cleared). New balance $450. Check in the amount of $475 (overdrafted) balance negative $25. Total NSF charges $36.
Here, instead the predatory way PNC calculates the withdrawals, disregarding the order in which they are actually presented but instead re-ordering them in the way most harmful to you and most beneficial to them. Balance $500. Deduction $475. New balance $25. Deduction $30 (overdrafted). New Balance -$5. Deduction $20. New Balance -$25.
So, because of their greedy, anti-customer predatory practices PNC has now manipulated your withdrawals to double the fees you were charged for your error. If you ask PNC why they did this, they will give you the continued repeated lie every bank involved in this process gives you. We take these out highest to lowest because the highest might be a mortgage and we don't want to ruin your credit or cause you any embarrassment.
The fact is, if your account is presented with a check for $475 which overdrafts your account $25 there is NO bank in the country which is going to return that check and cause you 'embarrassment' or 'ruin your credit'. NONE!
What makes this deceiving practice all the more detestable is this above stock lie they give you. Banks, wake up! You may be able to continue to lie to each other because you're all out of the same ilk (which is probably why none of you will lend any money to each other and we, the american people, have to go into our pockets to bail out your greedy ignorance) but don't underestimate the intelligence of the average american.
There are those of us that know exactly how you operate and this post is intended to inform even more.