Complaint / review text:
I have been charged excessive overdraft fees on my Chase Bank checking account. The fees stem from debit card transactions. When the debit card is presented for payment at a retail establishment and sufficient funds are available in the Chase Bank account the transaction is approved. The problem is that the transaction does not settle for several days in the Chase Bank Account. When items do settle each day, Chase rearranges the transactions so that the largest item settles first followed by the next highest (i. E., from largest to smallest). If an item settles on the same day as the transaction described in the first paragraph which is larger (i. E., settles first) which overdraws the account then Chase will assess an NSF fee on the transaction in the first paragraph (that when presented at the retail establishment was approved because funds were available at that time).
I have been hit the hardest after bank holidays and weekends where numerous debit card transactions are approved over the weekend/holiday (i. E., sufficient funds available and therefore transactions are approved) but on a subsequent business day when the transactions settle in my checking account a large draft such as an automatic EFT set up to pay a credit card etc (i. E., EFT is set up to clear on the business day - Not over the weekend or holiday) settles on the same day as the debit card transactions. If the EFT is the largest item it settles first (regardless if all debit card transactions were approved in previous days). If the EFT transaction overdraws the account then Chase charges an NSF fee for every debit card transaction over the weekend or Holiday. Each fee is approx $35 and can add up to several hundred dollars.
My complaint is that if a debit card transaction is approved for payment because sufficient funds are in the bank account at the time the debit card is presented at a retail establishment, etc, then once approved funds in the Chase Bank account should be earmarked or restricted to pay for the approved transaction. For people who live pay check to pay check and bank balances can drop close to zero it is extremely difficult to keep up with the manner transactions settle in a Chase bank account. The funds charged are extremely excessive. If transactions settled lowest to highest, normally there would only be one NSF fee opposed to numerous fees charged. Someone needs to challenge Chase on this. It makes no sense to me that you can use your debit card one day when sufficient funds are available only to get charged a fee for insufficient funds several days later on that transaction.