Your stupid teen daughter/son who stupidly overdrafted the account might have an excuse after all:
Link
I have not overdrafted since college, and I was with Arvest then, but this is very, very fishy. I know the account holders overspending their accounts have to have some accountability, but those overdraft charges are pricey
This simply sounds like an angry customer who got charged overdraft fees, but didn't read the Bank's Deposit Agreement before signing their name on the dotted line to open the account.
I guarantee you a bank as big as BOK will have all their guidelines printed in their Deposit Agreements and Truth in Savings Disclosures, the both of which Banks are required to provide to all Customers when opening an account.
It's also common practice for bank's to process transactions from largest to smallest regardless of their time in which they took place that day. The logic behind this is that the larger charge items are usually deemed more important, and the customer would much rather they go through than have a a handful of smaller charges go through that you did earlier in the day and then have your car payment that goes through later in the day be returned NSF as a result.
I think the claim that the customer made that they were being charge overdraft fees from overdraft fees is also false. If that really is a fact, then they definitely have a case there. Bank's certainly cannot do that. The fact of the matter is, make sure you know what you are getting into before you sign your name.
BOK should win this one pretty easily.
There is no doubt that depositors shouldn't ever overdraft their accounts and deserve to be penalized.
On the other hand, there is no excuse for banks to lag check clearing deposits and then profit overnight from the free-float. One would think that in this current modern era of technology and ability of rapid transfer of data, that the process would have been sped up, at least slightly.
Chuck's version of Christmas is the Anti-SicEm-
SicEmBaylor
In my view, overdraft charges should be compensation, not profit. But that's not the way the world works.
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At least I'm not Jersey Sooner.
BOK doesn't win every time. I quit banking there forever at least 10 years ago.
I always felt that they felt they were doing me a favor letting me bank there. I decided to do them a favor and let them off the hook.
Now....if you've got $100,000 in there....you probably wouldn't pay any of those fees.
bank of america just lost a suit like this. mid-first has done this to me twice. one of the anchors i work with had to pay BoK almost a grand from them doing this ****.Originally Posted by ouleaf
this is what happens when banks arent regulated.
There's few things in the world that can't be fixed by the liberal application of duct tape.
Those who say winning isn't everything are the people you want to play against.
And Airlines.
in the article, a BOK spokeswoman said that the suit is a copycat of one against a California bank and that it has no merit.
Having not overdrawn during my time at BOK, I do not know how it works. However, when I was a poor college student with Arvest, the overdrafts were usually due to some stuff posting before others... and the paycheck posting never (usually in a week, waaaaay too much time if you're poor) and the online posting just ordering it weirdly or not posting stuff for a few days, enough time to forget until overdraft. uggggh, it got to the point where i would cash the entire paycheck, then deposit cash in my account, because Arvest had some BS policy on holding checks for seven days, even with longstanding accounts, even when the checks were from other Arvest accounts.
So glad to not be a poor college student anymore. I feel everyone's pain who still is.
Had this happen once to me as a college student. Wasn't BOK, was another major bank. The long and short of it was basically, I forgot I had my car insurance coming out automagically on the next monday. Made 3 or 4 very small purchases over the weekend. Anyway, they apply the car insurance payment first, then the 3 or 4 small purchases, which winds up with me having 3 or 4 $30 overdraft fees rather than just the one I would have had if these things had been applied chronologically.
Anyway, I called and complained rather loudly. They told me they couldn't do anything, that this was their policy.
It may be legal, but IMO, it ain't right. And I told em as much when I flipped em the bird and moved my money elsewhere.
i even went to a branch with the receipts from the purchases in question (i keep all receipts just for stuff like this) and showed them the order in which the purchases were made...
they didnt really care. then they told me to pay up or they'd put me in the high risk database that banks use. its basically extortion imo.
There's few things in the world that can't be fixed by the liberal application of duct tape.
Those who say winning isn't everything are the people you want to play against.
I was told by my bank that if i deposit a check into my account it won't be credited til the next day; now what kind of bs is that? They sure as hell take out the checks i write as soon as they get them
Yeah we weren't impressed w/BOK. We had some issues with them and I always got the same impression that you did...almost like I was privileged to be able to bank there. I never understood that.
I am quite okay with the next day. Afterall, the bank won't receive the money until the check clears the issuing bank. I don't think that that can be sped up much faster. However, I am not okay with a rule that says that checks deposited after lunch will be credited into the account on the second business day and many times that's over a weekend. Or, the issuing bank is out of state and then it will take much longer.
At least, internet banking and automatic transfers are superceding that archaic paper system. I don't have a checking account outside of the US. I only keep mine in the US because I want my mom to write checks on my account for my property taxes and property insurance and she feels comfortable with that.
Chuck's version of Christmas is the Anti-SicEm-
SicEmBaylor
WADR if you keep track of the receipts so meticulously why don't you keep track of your transactions in a similar manner?
I mean it's lame that their charging outrageous overdraft fees, but a balanced check register will eliminate most if not all of these grievances.
That goes without saying.
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At least I'm not Jersey Sooner.
Yall dont be writin them Hot checks
Quote
If God wanted Men to look women in the eyes, He wouldnt have gave em Boobs !
Are you serious??? If banks gave you instant credit on a check, do you know how many people would simply just go to another branch and withdraw that money right away.
Most banks will switch over business days sometime in the afternoon, depends on bank to bank, but it usually around 3 or 4pm. It's so Banks can start scanning in that days checks and deposits and send it off to their back offices for balancing and sending that information off to the Federal Reserve for sorting out and sending debit/credit information to the appropriate banks.
Yes, Internet Banking Transfer are automatic. Another simple thing to do is to just simply tie a savings account to your checking account and use that as overdraft protection. Sure, your bank may charge you a transfer fee, but it will be far less than the per item overdraft fees if you are enrolled in a Bank's "Overdraft Protection" plan. And again you won't be spending money you don't have.
Have money in your account, problem solved.
God, how I hate the 21st century.
OleVet Posse - dung slinger
Free Booze and Spam . What else could a Man want?
Ding, ding, ding! It's called kiting and it's a serious problem. I used to be a teller, and the kind of crap that people try to pull is pretty crazy, especially in these economic times.
Nothing is true, everything is permitted...
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