Confessions of a Laid-off Lawyer

Just Your Average Joe Blogging Away His Debt—In One Year or Less

Archive for September 1st, 2009

What is This, Sarcasm?

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Total Black: $10.99
Total Red: $228,519.06

So that $20 I donated to Coalition for the Homeless?  It’s going to end up costing me $55 once the insufficient funds fee is tacked on.  Best laid plans, eh?  But sometimes you just have to laugh.  It may be the laugh of the absurd, but it beats crying.

One of my student loans is set up on automatic debit each month.  It’s only about $100 a month, so I figured I’d let it continue.  It posts on the first of the month.  Well, I forgot that today is the 1st of September.  Unless that $20 donation and a few other transactions remain pending until tomorrow, sometime after unemployment gets paid, then I’ll be hit with about $130 in insufficient funds fees.  See, Bank of America posts its transactions from highest to lowest.  There’s been a few lawsuits challenging that practice, alleging fraud and misrepresentation.  It only happens with debit cards too because if you go over the limit on your credit card, you’re not charged typically unless you remain over the limit after that month’s statement closes.  But with debit cards, the banks view it as if you wrote a bad check.  And regardless of the timing of your purchases, my bank still posts them highest to lowest.  Here’s how it works. Keep reading . . .