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Wells Fargo and Bank of America actively use "Transaction Sorting" to rip-off their customers. I watched a segment on 20/20 about this predatory banking tactic. I reviewed my statements and found they had "re-sorted" the dates on my bank card usage and my deposits to look as if I was overdrafted when in fact I had put thousands of dollars in the account. The big banks are the worst and they made several billions of dollars last year alone use this system. I estimate they have stolen over $4000 from me in five years.

Kelley Welsh Wrote:"With the new credit card laws about to go into effect, banks are scrambling to replace the usurious income they used to be able to generate through late fees and sudden high interest rates. Overdraft fees on checking accounts are now being referred to in the banking industry as the "motherlode". The method for maximizing these fees is called "transaction sorting", a process where banks can clear charges in any order they choose to generate the maximum number of overdrafts." Thanks Kelley

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Anonymous
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I work for Wells Fargo and I can assure you that we don't use "transaction sorting".

When you deposit a check, it is not available until midnight of that day. At 4pm, we ship out our days checks and they are processed by a back office. This means that if you made a deposit after 4pm, it is on the next business day, and will not be available until the following night at midnight. There are a few exceptions to these hardset rules. 1. Cash deposits - if you deposit cash, it is available IMMEDIATELY, and will show on your account at the time of deposit. 2. Holds - If you are a fairly new customer or you are not in good standing with the bank, the system will sometimes require a hold to be placed. If a hold is placed, you will be informed at the time of transaction and the details will be on the bottom of the receipt.

Hopefully this has cleared up any confusion about Credits to the account.

As for debits, they are put into our system when the store you made a purchase at sends them. We wouldn't get a debit on March 15th and claim it was March 13th.

I hope that this clears up your confusion.

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