QUESTION
Is it legal for a bank to order transactions from greatest to least in such a way as to drive up OD fees?
Asked on Aug 31st, 2012 on Business Law - Colorado
More details to this question:
They have historically informed me of problems, which were rare, but in the last two years have structured their fees so as to create maximum financial harm and did not inform me when the sitution was occuring in a timely manner.
1 ANSWER
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There has been a great deal of litigation over this subject. In general, if the bank's depositor agreement (the agreement you signed when you first opened your account) contained a disclosure that the bank would present your items in this fashion, you are cooked. You should review that agreement, possibly with the assistance of an attorney.
Answered on Sep 03rd, 2012 at 8:08 AM