I've been charged over $2,000.00 in OD fees by Cap One the past three months because they are paying debits before processing credits. My online bank statement indicates I have/had a positive balance but yet I keep getting charged the fees.
This only started happening after I upgraded to the Treasury Optimizer service. In the past, if an automated debit hit the account it would say "pending". If I forgot about it, I could go to the bank and either deposit check from a client, cash or transfer money from another account and NEVER was charged $35.00. Now, I'm still doing the same thing as in years past but I'm getting hit $35.00 at a time for these "pending" transactions.
Very clearly, they are paying the automated drafts, debit card purchases and lastly, giving me credit for my deposits to maximize the fees that were charged.
It appears that several banks have been sued for millions of dollars for this practice. Hopefully Cap One will be next to get clipped for this practice.
Product or Service Mentioned: Capital One Checking Account.