SunTrust Banks, Inc. Bank Account Or Service Complaint

SunTrust Banks, Inc. Bank account or service department,

Checking account Account opening, closing, or management Georgia

SunTrust is manipulating the timing of the posting of transactions to customer accounts to profit from excessive overdraft fees. Currently there is no logic to how transactions are posted to accounts, other than to maximize the fees SunTrust is able to charge. A customer could charge a transaction at - - on a Wednesday that is posted and settled to their account prior to a transaction that occurred at - -. on the same day, even though both charges appeared as " processing '' on the account from the moment they were submitted. As a result, SunTrust is processing larger debits before smaller ones, putting accounts into overdraft status unnecessarily early resulting in additional overdraft fees. For example : An account currently has a $100.00 balance. On Wednesday at - -. a debit card transaction is processed for $30.00. On the same Wednesday at - -. another debit card transaction is processed for $30.00. On the same Wednesday at - - another debit card transaction is processed for $30.00. On the same Wednesday at - -. a - debit card transaction is processed for $100.00. All - transactions are settled and posted to the account on Friday, two days after the transactions occurred. - would expect the first - transactions would be processed with enough money in the account to cover them and only the - transaction would be assessed an overdraft fee. However, this is not what is happening. Instead, SunTrust will process the $100.00 transaction first, which overdrafts the account and for which it charges an overdraft fee. It will then charge overdraft fees for the other - transactions since they too are posted as overdrafts. Therefore, rather than charging - overdraft free of $36.00 ( SunTrust 's current rate ) for this set of transactions, they charge - fees of $36.00 each, or $140.00, a difference of $100.00 profit for SunTrust by manipulating the timing of transaction processing.