M&T Bank Informative - Policy Change? - Overdraft coverage
When I opened my account last year, the way things were explained to me, and the way it appears in the papers that came with my account is that if I accidentally over draw my account by less than $10 I won't be charged a fee. However I accidentally over drew my account by $3.80 because 2 checks I had written months ago and forgotten about finally came out of my account.
But the checks were for $15 each. that's what over drew my account by $3.80.
Then I saw the Overdraft Fee of $37.
So I called to ask why that was applied and see what they could do about it. I don't have a problem paying a fee for ODing my account, but $37 on $3.80 seems a bit extreme and it was a mistake and I admit that. Hell I offered because of how my paper work is to pay half of the fee for my mistake, even though my paper work makes it seem like I have a $10 grace.
It's now been explained to me that no, that's not how it is. If the purchase that over drew your account was less than $10 you won't be charged. (again, this is NOT what is in my paperwork. It can't even be twisted that way in the paperwork I have from when I opened my account) So as long as you have $.01 in your account you can still make a $9.99 purchase and be fine. How is that fair?
Anyway, I thought that everyone else that banks with M&T and has a "My Choice" Checking account should know this.
It was a nasty surprise for me and yes, I know, I made a mistake and I know this is how they make their money. But I'd be so much better if they'd only charge a fee of whatever you overdrew your account by. Because $37 on $3.80 means I'm going to go without grocery shopping for 2weeks until I get paid again.