I am writing in hopes of getting your opinions on a situation that I have experienced recently with Bank X. It concerns me and I feel that there are more Bank X customers experiencing the same.
What concerns me is this. I recently purchased gas at a X gas station in Hasbrouck Heights New Jersey in the amount of $40 with my Bank X debit card. I was close to a zero balance so I checked my account with Bank X online that night after the purchase and it showed trhe gas purchase as a $1 pending transaction. The following day that pending transaction disappeared completely and my account showed only cleared transactions with a balance of $59.16. I should say that I did check the details of the cleared transactions and the X gas purchase was not one of them. However in the past I have made purchases based on cleared transactions with a remaining balance. On numerous occasions this has lead to overdraft fees as a result. When I contacted Bank X 2 days later the rep acknowledged that merchants do take 2-3 days to submit their transactions to the bank and what showed up on my account that night was what they call a "swipe" transaction. She also indicated that she could see the $40 pending transaction on her computer even though I couldn't see it on mine at the same time I was talking to her. I believe that "pending swipe transactions" should remain on the account until it has cleared and it should not "disappear". I firmly believe that this practice is misleading and consumers will continue to make purchases based on cleared balances on their account. It is those consumers with balances close to zero that will be unfairly assessed overdraft fees because of such practices. If they can post a "swipe" for a $1 transaction, then I believe they can post the pending transaction for the full amount and keep it there until it has cleared so that consumers can better manage their accounts, make responsible purchases, and therefore avoid unfairly assessed overdraft fees as a result. Ultimately what I would like to do is force not just Bank X but all banks with such practices to change what I see as an "administrative flaw" in their policies and help all consumers "better manage their accounts"
Any suggestions on how I can achieve this would be greatly appreciated because I feel that those people such as myself, should not have to pay unnecessarily because of a banks poor administrative practice.
In closing I should mention that Bank X did credit my account in the amount of $56 for my concerns over this practice. This in and of itself indicates to me that they are well aware of what is going on and I fear that these fees are netting the Bank millions of dollars in an unjust manner.
Side note:
Series of Events
Even though the transaction took place on Thursday 4/24 for $40. That same night it showed as a $1 pending "swipe". Friday 4/25 the pending "swipe" transaction disappeared showing a "cleared balance" of $59.16. When I contacted the Bank on Saturday 4/26 I still could not see any transactions for the gas purchase on my end on the internet. The rep from Bank X did however indicate that she could see the pending $40 on her computer. My point… why withhold information from your customers when this information can ultimately be used by them to make purchases based on their "actual" available balance therefore avoiding any possibilities of incurring overdraft fees.
What concerns me is this. I recently purchased gas at a X gas station in Hasbrouck Heights New Jersey in the amount of $40 with my Bank X debit card. I was close to a zero balance so I checked my account with Bank X online that night after the purchase and it showed trhe gas purchase as a $1 pending transaction. The following day that pending transaction disappeared completely and my account showed only cleared transactions with a balance of $59.16. I should say that I did check the details of the cleared transactions and the X gas purchase was not one of them. However in the past I have made purchases based on cleared transactions with a remaining balance. On numerous occasions this has lead to overdraft fees as a result. When I contacted Bank X 2 days later the rep acknowledged that merchants do take 2-3 days to submit their transactions to the bank and what showed up on my account that night was what they call a "swipe" transaction. She also indicated that she could see the $40 pending transaction on her computer even though I couldn't see it on mine at the same time I was talking to her. I believe that "pending swipe transactions" should remain on the account until it has cleared and it should not "disappear". I firmly believe that this practice is misleading and consumers will continue to make purchases based on cleared balances on their account. It is those consumers with balances close to zero that will be unfairly assessed overdraft fees because of such practices. If they can post a "swipe" for a $1 transaction, then I believe they can post the pending transaction for the full amount and keep it there until it has cleared so that consumers can better manage their accounts, make responsible purchases, and therefore avoid unfairly assessed overdraft fees as a result. Ultimately what I would like to do is force not just Bank X but all banks with such practices to change what I see as an "administrative flaw" in their policies and help all consumers "better manage their accounts"
Any suggestions on how I can achieve this would be greatly appreciated because I feel that those people such as myself, should not have to pay unnecessarily because of a banks poor administrative practice.
In closing I should mention that Bank X did credit my account in the amount of $56 for my concerns over this practice. This in and of itself indicates to me that they are well aware of what is going on and I fear that these fees are netting the Bank millions of dollars in an unjust manner.
Side note:
Series of Events
Even though the transaction took place on Thursday 4/24 for $40. That same night it showed as a $1 pending "swipe". Friday 4/25 the pending "swipe" transaction disappeared showing a "cleared balance" of $59.16. When I contacted the Bank on Saturday 4/26 I still could not see any transactions for the gas purchase on my end on the internet. The rep from Bank X did however indicate that she could see the pending $40 on her computer. My point… why withhold information from your customers when this information can ultimately be used by them to make purchases based on their "actual" available balance therefore avoiding any possibilities of incurring overdraft fees.
