Key Bank USA Complaint - Keybank is stealing money from you...
SEATTLE, WASHINGTON -- Ok here is the scenario: You have 15.30 in your account. You pay for parking at a meter using your credit card. It costs $1.50 and clears. The previous day, you get a fee charged from your school for $15.00 for setting up a tuition payment plan that you thought was paid when you signed up. This goes in as a pending transaction. When you log in the next day you see that this has happened. The "balance for processing items" is 13.80 after the 1.50 is paid but that pending transaction knocks down your available balance to -$1.20. Ok you made a mistake so you are going to get an overdraft right? Nope. Two.
$15.30 - pending[$15.00] = available[$0.30]
$0.30 - $1.50 = available[-$1.20]
Key bank then overdraws you because the $1.50 was paid and overdrew your account. Ok fine, its a little shady considering that the 15.00 was still pending but whatever, you made an error and you don't mind owning up to it and paying the fee.
so the next day early afternoon, you go into the bank and deposit $700. The day after that you receive ANOTHER overdraft WHAT?? So here is how they STEAL YOUR MONEY:
The next morning your "beginning balance for processing transactions" is: $13.80.
$13.80 - overdraft[$36.50] = -$22.70
Obviously they can't charge you an overdraft for an overdraft fee but then that pending transaction for $15.00 that caused that first overdraft clears...
-$22.70 - $15.00 = -$37.70
Thats right, you are now charged another overdraft because the $15.00 item was paid and overdrew your account. The $700 that you deposited the same day is accounted for afterward and your balance at the end of the day is $662.30.
You get another 36.50 overdraft charge posted the next day which brings your balance to $625.80.
Here is the bottom line:
If you have 15.30 in your bank account and two purchases are made in the amount of 1.50 and 15.00, only one item is being paid that is overdrawing your account. If either item is paid alone with a balance of 15.30, the account will not be overdrawn.
You can't charge someone an overdraft for an item being paid based on a pending transaction unless you are going to consider that pending transaction as being paid. If you do that and then charge them another overdraft merely because that pending transaction posts to the account, you are stealing.
KEYBANK, YOU ARE STEALING MONEY FROM PEOPLE.
If anyone disagrees, I would consider taking a refresher course in arrhythmic.
15.30 - 1.50 = 13.80(OK) - 15.00 = -1.20 (OD)
15.30 - 15.00 = 0.30(OK) - 1.50 = -1.20 (OD)
Only 1 overdraft possible
keybank charged 2 [$73.00]
total balance overdrawn: [$1.20]
KEYBANK IS STEALING YOUR MONEY
I would like to hear your horror stories with this bank and/or any bank. I am building a website that will include all these horror stories and be talking with some lawyers and senators. We have the right as Americans to be protected from theft and reimbursed.
This happens to Americans all the time and has happened to me twice.
Please email me at firstname.lastname@example.org with any stories, questions, comments, etc and lets try and get some power back to the people.