Is what my bank did legal?

Is what my bank did legal?
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1 Answer

Answer :

Banks routinely process the largest transaction first. This means the largest one is covered by your balance. It also means you get dinged for each of the smallest transactions as overdrafts. The delay in processing is because the vendor has not submitted the transaction for processing yet, even though they have told your bank they have a debit heading your way. All of it is legal. Although the processing the largest transaction which maximizes your overdraft charges has been a bone of contention for consumer advocates for a long time. The CFPB has worked on it but not made headway, and with Congress and the Administration gutting the CFPB means it won’t change any time soon.
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