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