ST Alpha - "correct me if I am wrong, isn't there something about how banks have to process insufficient funds penalties?" (Reading a Post)

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correct me if I am wrong, isn't there something about how banks have to process insufficient funds penalties?

Posted by groiny (aka groiny) Jan 2 '14, 08:20

my bank processed my mortgage payment, and a couple debit card purchases on the same day, I got 3 NSF fees, if they did the mortgage payment last, I would have gotten one.

Responses:

only thing I can find is a white paper by the CFPB from earlier this year -- (link) - znufrii Jan 2, 08:50 3
- so from yesterday? -- nm - zork Jan 2, 08:52
- yeah, it sucks to get charged 40 bucks for a 9 dollar debit. nm -- nm - groiny Jan 2, 08:52 1
  - yeah, I've been there. - znufrii Jan 2, 08:53
that is some bullshit -- nm - pippy bells Jan 2, 08:34 14
- I have to call my bank to post my payment every month because of the Bankruptcy - groiny Jan 2, 08:35 13
  - that blows. I had an nsf a couple of months ago and my bank charged $40 or $45 and the (car) insurance company charged $50. -- nm - zork Jan 2, 08:42
  - sorry dude -- nm - pippy bells Jan 2, 08:40 11
    - why, it is not your fault! -- nm - groiny Jan 2, 08:42 10
      - if there is not a rule to process it for the least amount of NSF charges then there should be - pippy bells Jan 2, 08:53 1
        
        I understand one one hand, they have to front the lower amounts, instead of the higher. - groiny Jan 2, 08:55
      - OK, then we are *not* sorry! -- nm - Spawn Jan 2, 08:44 7
        
        not really looking for sorry, just thought someone else would have recalled what I thought. - groiny Jan 2, 08:45 6
        
        There is a limit of 6 nsfs per calendar day. You also could have opted out of the bank's nsf policy so that it refuses payment rather than pays it - Qale Jan 2, 08:49 4
        
        yeah I would like that don't process payment if no money in there -- nm - pippy bells Jan 2, 08:55 2
        
        And then you have to deal with the *other* side of it, though. No thanks. -- nm - Spawn Jan 2, 09:02 1
        
        for sure, I prefer not getting the fees from both parties. nm -- nm - groiny Jan 2, 09:03
        
        thanks. nm -- nm - groiny Jan 2, 08:50
        
        It *seems* like I remember 5/3 changing their policy on it but 1.) not sure and b.) thought it was just a 5/3 thing. - Spawn Jan 2, 08:47
That is how they do it. Largest first. It totally sucks. -- nm - Spawn Jan 2, 08:20 2
- I swear I thought at one point, there was a different mandate how they are required to process them. nm -- nm - groiny Jan 2, 08:22 1
  - Not sure but it happened to me a couple years ago, same exact thing. - Spawn Jan 2, 08:31

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correct me if I am wrong, isn't there something about how banks have to process insufficient funds penalties?

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