Commerce Bank, Piling, Ontario, Canada - charged overdraft fees on multiple checks, but not all checks by themselves would exceed the account available balance

Posted on Thursday, April 3rd, 2003 at 12:00am CST by 083ad437

Company: Commerce Bank, Piling, Ontario, Canada - charged overdraft fees on multiple checks, but not all checks by themselves would exceed the account available balance

Category: Other

Complaints.com received the following on April 1, 2003:

From: Terry Terrell [COMPLAINTS.COM_FORM_MAIL_25745#]

RE: Commerce Bank, Piling, Ontario, Canada - charged overdraft fees on multiple checks, but not all checks by themselves would exceed the account available balance

COMMERCE BANK, NA

PILING ON Commerce Bank has a policy that is very detrimental to it's customers, and I believe that you should be made aware if it. If you are a Commerce Bank checking customer, this policy can directly affect you. The bank will charge an overdraft fee for every check that comes in for payment on any banking day that includes a check presented that exceeds your available balance. Example: Lets suppose that your available balance is $1,000.00 on a given day. If on that day, 10 checks in the amount of $5.00 each was presented for payment.

Then a check for $1,005.00 was also presented. Instead of you receiving a charge for $32.00, reflecting the fee for the check that exceeded your account balance, you will be presented with a fee of $352.00, which the bank will attempt to justify by claiming that the $1005.00 was presented first, which caused your account to be overdrawn, causing an overdraft fee for each seceding check. In this age of computers, even if the $1,005.00 had been presented first, the computer should reject it, and restore your balance prior to the consideration of the following checks. Obviously, the software is not written to protect the customer from run-away charges. If you happen to be a Commerce customer, and have had the same or similar experience, please respond VIA e-mail to the following address COMPLAINTS.COM_FORM_MAIL_66351# Please do not include your account # or physical address. Would like to have your name and e-mail address only, at this time.


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