Legal Question in Banking Law in Virginia
overdraft charges
My bank charges $33 per over charge made on our account. Is it legal for them to order the debits on the account so that they bounce as many checks as possible? Example: Overdrafted account by $30. Checks presented $37, $13, 10, $3, $5. They pay the $37 check and bounce four checks. Thanks for the advice.
Asked on 9/25/06, 7:40 pm
1 Answer from Attorneys
Michael Stone
Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE
Re: overdraft charges
Actually, yes. The Office of the Comptroller of the Currency, the lapdog regulator of national banks, has specifically approved this unethical and oppressive practice (if you were to drill down through the occ.gov website you could find it). Be sure and vote the bums out of office this November.
Answered on 9/25/06, 9:40 pm
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