Pew Study Finds Half of Banks Still ‘Reorder’ Checks in Overdrafts.

From CBS News:

Nearly half of banks still "reorder" checking account transactions – a practice that can dramatically increase overdraft fees by processing larger withdrawals first, leaving smaller transactions to pile up the fees – one of a number of findings in a new survey by Pew Charitable Trusts. The survey of 44 major banks looked at their checking account practices, including their efforts to increase transparency and make banking more consumer-friendly. Of the 44 banks only one – Ally Bank – came out with a perfect score. The study also found that an increasing number of banks are imposing new limits on consumer rights when resolving disputes, and, while progress is being made with disclosures, one-third of big banks surveyed have yet to adopt summary disclosure graphics that cut through confusing checking account agreements, which average 44 pages in length, to highlight the key terms.

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Unknown said...

Cheque is an instrument in writing containing an unconditional order, addressed to a banker, sign by the person who has deposited money with the banker, requiring him to pay on demand a certain sum of money only to or to the order of certain person or to the bearer of instrument. Learn More