Where HAS the Banking Industry Gone?
Can you say FIASCO??? So far this year, my bank account has been a yo-yo unlike anything I've ever experienced. And, it took until this past Saturday to finally figure out what has been happening and why.
We purchase many of our bicycle parts from vendors who have on-line systems. The FIRST time the card is authorized, there is no freight added and the initial authorization is for exactly what the order amount states. THEN, the order is picked, packed, weighed, and FREIGHT is added... only, it isn't a second charge just for freight - THE ENTIRE AMOUNT, THIS TIME INCLUDING FREIGHT, is again debited to the card. So, now the card is tied up for approximately twice the amount of the invoice.
It takes THREE BUSINESS DAYS for the lesser of the two charges to drop off the card and in the case of this past Friday, that amounted was almost $2,000. So, the charges to the card were almost $4,000.00.
None of this would matter if the bank didn't see it as being 'OVERDRAWN" in "available balance." And what does the bank do? Charge overdraft fees AND return other checks or scheduled payments while holding onto a charge that isn't real. The actual balance can be many hundreds, even thousands of dollars - but because the alleged AVAILABLE balance is negative ...
So, FREE CHECKING is really a euphemism for - "we can't get you for the basic checking account, but we make it up in absolutely everything else!"
I think that banking regulations need to be changed - banks are ripping us off in their quest to remain solvent and breaking the backs of small businesses such as mine.
I wonder what I can do about it???