Transaction Infraction

How bank practices increase overdraft fees

Hidden RisksThe Transaction Infraction graphic demonstrates how banks can post debits and withdrawals in non-chronological order – a practice that can greatly impact the number of overdraft fees charged to a customer. Pew is encouraging an end to this practice and for banks to post transactions in a fully disclosed, objective and neutral manner that does not maximize overdraft fees. To interact with this tool, the user should compare the customer's order to how the bank processed them by toggling between the two tabs.

The federal district court in Northern California found that Wells Fargo's large-to-small posting order for debit card transactions was an unfair and deceptive practice. Wells Fargo stated that beginning in May, 2011, it will post the most common types of transactions, like debit card transactions, chronologically or low to high for all accounts. To minimize your overdraft fees, check with your bank to find out the order in which they post transactions.

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