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That means that regardless of what order transactions occurred in on a single day, some banks process the largest transactions first.That can lead to a lot in extra fees for a person to pay.
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Some of the nation's largest banks, along with some smaller institutions, accounted for 67 percent of the total reported overdraft revenue.
According to the US PIRG report: "The 10 banks that collected the most overdraft revenue through the first three quarters of 2016, in order, were: Chase Bank, Wells Fargo, Bank of America, TD Bank, US Bank, PNC Bank, Suntrust Bank, Regions Bank, Branch Banking and Trust, and Woodforest National Bank." In 2015 the three largest banks collected $5.1 billion in overdraft fees alone.
It can happen quite easily: a bank account has $100 in it, but the customer makes a debit card purchase for $110, pushing the account $10 into overdraft.
Consumer Financial Protection Bureau reported in 2013 that 61 percent of bank profits from consumers come from overdraft and insufficient fund fees.
Excessive bank overdraft fees lawsuits have been filed and/or settled against a variety of banks, including Wells Fargo, Bank of America, M&T Bank, HSBC, UMB Bank and Wachovia.
The lawsuits allege that banks charge excessive overdraft fees when customers' accounts go into overdraft.
But, if the account is debited in the order the purchases occurred, then only the final transaction will result in an overdraft fee of . Some banks have tiered overdraft fees, so that the first overdraft transaction in a certain period costs one amount but any more overdraft transactions cost more.
However, if the transactions are processed from largest to smallest, then only the 0 purchase will be covered, leaving the customer to pay for each of the final three transactions—for a total of 5 in charges. Another practice that banks are alleged to have used to push customers into overdraft is authorization holds.
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The average overdraft fee is dollars, but according to a 2014 report from the Consumer Finance Protection Bureau (CFPB), the majority of debit card overdraft fees are handed out on transactions of or less and are repaid within three days.