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Home >> Checks/Money Orders >> Checks You Wrote
Charged for a "Theoretical" Overdraft
Is there a regulation regarding when an overdraft fee can be charged? My financial institution has charged me $64 in overdraft fees, even though when the item actually posted, the required funds were in the account. I feel like I'm being charged for a theoretical overdraft, because when the bank actually had to pay out the money, there were sufficient funds in my account to cover the charge.
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 In most cases your deposit agreement will tell you what an overdraft is. When a check is presented against insufficient funds, a fee may be charged. If you made a deposit after the check was presented, but before it was returned, the bank may still charge a fee. If there is a hold pending because you used a debit card and a check would have paid except for that hold, and possibly a pending charge exists that makes your balance less than the check, the bank may charge a fee.
The question really doesn't contain enough facts to answer this question which, at its root is, "when is a check insufficient?" If the common disputes above do not meet your circumstances, ask for a senior operations officer at the bank and ask how they define this and why you were charged. If the answer isn't satisfactory and you believe you were charged in error, ask for the bank's regulator and contact that agency's consumer complaint office.
Published on BankingQuestions.com 6/19/08
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