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Home >> Checks/Money Orders >> Checks You Wrote
Four Overdraft Fees at Once: Legal?
I recently got charged four overdraft fees because apparently the retailers all processed their transactions at the same time. I knew I had enough money in my checking account to cover three of the four transactions, and I knew that the last transaction would give me a negative balance of $4.00, meaning I would only be charged one fee. However, my credit union charged me four overdraft fees because they said everyone wanted his money at the same time, and since I did not have sufficient money to cover all transactions at the same time, they charged me for each one. Is this legal?
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 You need to ask for more clarification from your credit union. They can't pay each of the items at the exact moment in time. Perhaps the largest item was paid first and that, plus any fee, caused the others to not pay?
You can ask if they pay your items in the order in which they are received, largest first, smallest first, in numerical order, etc., and ask them to show you how your items were paid against your balance and to explain the fees. Without the amounts we can't do the math and this is best handled between you and them anyway.
Published on BankingQuestions.com 10/13/10
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