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Any modern bank will process deposits before withdrawal, or process them in order of entry. With the introduction of ATMs, the order of operations during the d
by chiph 14y ago
Any modern bank will process deposits before withdrawal, or process them in order of entry. With the introduction of ATMs, the order of operations during the day by the customer could have been:
Opening Balance: 100
Withdraw 50 --> 50
Deposit 200 --> 250
Withdraw 150 --> 100
At no time were they overdrawn. Evil Bank® would have done as you suggested, with the reconciliation at the end of the day being the old paper-based approach of:
Opening Balance: 100
Subtract sum of Withdrawals: 200 --> -100
Subtract penalties: 50 --> -150
Add sum of Deposits: 200 --> 50
- FireBeyond 14y agoKeyBank assessed me $360 of overdraft fees for a single day for a similar thing, where a check/cash was deposited (and it wasn't related to check deposit policy, that much was multiply verified in the arguments with various managers), and I went shopping with my partner for Christmas afterwards. I'm no longer a KeyBank customer (in between that and them cancelling my card for a $1 Roku pre-auth charge as 'suspicious' - but not notifying me, calling, etc, just popping a letter in the mail which arrived three days after I discovered for myself it was cancelled), unsurprisingly, as they refused to budge on waiving the fees (except for one - "you get one courtesy fee waiver per calendar year". The mind boggles).