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Is what my bank did legal?

Asked by Dutchess_III (46848points) June 20th, 2017

I can’t imagine them doing anything illegal, but this is baffling.

We have an over draft privilege (ODP) of $750. Occasionally I lean on it short term for whatever reason. It’s pretty much like getting a $750 loan with an interest of $30, which is the OD charge. However, it has to be covered with the next deposit, of course.

Our bank processing hours run from 4 pm until 4 pm the next day.

I had reason to know I was going to lean on it last Friday. I checked the account on Thursday, before 4, and we were fine. There were 5 transactions pending, dated Thursday the 15th, from when Rick was in Springfield on business. They were covered.
Two of them were to McDonalds, with some ID numbers, and specified that they occurred in Springfield. It showed we had a balance of about $5.00.

On Friday, the 16th, before 4:00 I checked the account again, same thing. Those five SHOULD have processed either on Thursday after 4:00 or on Friday, after 4:00, at the latest.

After 4:00 on Friday I withdrew $300 in cash.

On Saturday I checked the accounts and the 5 little ones still hadn’t processed. I took a screen shot of it, showing the balances to the right of each transactions showing a positive balance. The last item on the list was the $300, showing a balance after it of -$295.

Today I checked the account and there were overdraft charges against all 6 of those transactions! The 5 smaller ones had changed position and showed coming out before the $300 AND the dates all changed to the 19th, which was yesterday, Monday!

I looked carefully, and compared it to the screen print. The amounts were exactly the same, down to the penny. The ID numbers on the McD’s transactions were exactly the same, but the specification that they were in Springfield Mo had disappeared.

They can’t just randomly change dates and order of withdrawals, can they?
And shouldn’t the dates be the date the transactions were made?

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