It has been alleged unfair overdraft transaction sorting is causing customers to be charged overdraft fees when there otherwise would have been sufficient funds, had the banks not reordered their transactions. For instance, assume a customer has $35 in their checking account and made three debit card transactions in the amounts of $10, $15 and $75, sequentially ordered. Without regard to the order in which these transactions were made, the bank will allegedly process the largest and last debit - $75 - first, followed by the $10 and $15 transactions, resulting in three overdraft charges. Had the bank not reordered the transactions and processed the $10 and $15 transactions first, the customer would have incurred only one overdraft fee.
If the bank in this situation charged $35 per overdraft, the customer would have incurred $105 worth of fees instead of a single $35 charge against them. Potentially, customers who were subjected to these practices may have legal recourse to seek compensation for these allegedly unfair overdraft charges. To learn more about the investigation into the sorting of transactions among smaller, regional banks, please click here.
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