Friday, July 24, 2009

Reasons Why I Hate Sun Trust

#1. They reorder your purchases to cause you to bounce more transactions.

For example, let's say I have $100 in my account.

On Monday, I buy something that costs $5, and something that costs $10.

On Tuesday, I buy something that costs $5, and something that costs $15.

On Weds, I buy something that costs $20, and something that costs $70.

If these go through in the right order, it would look something like this:

$ Paid Account balance


$5 $95

$10 $85

$5 $80

$15 $65

$20 $45

$70 $-25

So oops, that last $70 thing puts me in the red, and I get charged an overdraft fee. Right? Not with SunTrust!

They leave things pending for days, and then reorder them from highest to lowest. So it will go like this:

$ Paid Account Balance


$70 $30

$20 $10

$15 $-5

$10 $-15

$5 $-20

$5 $-25

Delightful, huh? They've done this to me several times now, and I keep vowing to change banks, but keep putting it off. There was even a news story recently about banks doing this, and Sun Trust was listed as "organizing charges in whichever order they choose". Gotta love companies with "ethics"!

So Thanks to the above system, when I messed up and paid another bill after forgetting that I'd already paid my electric bill (it didn't post to my account for over a week), I should have gotten one overdraft fee on Thursday when the second bill went through. Nope, I got 5. The McFlurries ($2.37 each) that I bought on Monday and Tuesday (according to Sun Trust, those somehow come AFTER Thursday?) each cost me a $36 overdraft fee. There were a total of 5 of those fees. And then this week, ANOTHER $36 "extended overdraft" fee, because my account had been negative for several days. I only get paid once a week, of course it is going to stay negative until Thurs rolls around again!

So what was left of my check this week? $25.

Reason #2.

If your account goes negative, they will deactivate your debit card.

Without telling you.

This leads to your sick, exhausted, tired self, who has not been able to buy food all week standing in line for half an hour at Wal-Mart at 10pm on a Thursday night, only to have your card declined, and no way to pay for your stuff.

This may make you cry, because damn, if there was ever a week when you needed that Cherry Garcia, this is it. You may go home and rant to your friendly next door Ashlee about the injustices of the world, and she will probably give you some cat food, so that your cats will not eat your nose while you sleep.

(This will not happen, though, because you will not sleep. Yay for being sick for like a month straight!)

3. Just in case the above is not enough fun, they will also occasionally send you NEW debit cards in the mail, without warning, because of "security issues." This means your card will not work. You will find this out by standing in line at Wal-Mart with a cart full of groceries again, because seriously, who has time to check their mail more often than once a week, if lucky?

So, I'm shopping for a new bank, friends! Any suggestions?


Anonymous said...

maybe you should balance a check book so you don't have these issues. The banks have reasons for paying the larger transaction first. Lets say your mortgage and a check you wrote for something else came in on the same night. Wouldn't you want your mortgage payed first??

Crystal said...

But there is a difference between things that come in at the same time, and things that are three days apart being reordered.

Anonymous said...

That depends... banks don't process transactions between 3-4pm on friday and 8-9am monday (or tuesday on a 3 day weekend). Vendors may only transmit debit card purchases or checks once a week. Most of them at least wait until their location has closed for the day which is usually after the 3-4pm cutoff.

So its quite possible for 4 or 5 days worth of transactions to process all at once. Bummer that it hit you that way. we pay things that look like loan payments first then try to minimize customer expenses.

You might want to consider an overdraft line of credit... most banks offer a 250-500 buffer hat just costs you some interest instead of huge fees.

Anonymous said...

Suntrust will state that they deduct highest to lowest. I have made transactions at the same place different days and them come out in a fishy way all to get them more $$. Some of us that live paycheck to paycheck it isnt always as easy as "balancing the check book". And even if I did balance mine I might only be neg one transaction where Suntrust will say I have 7 things over bc of how they take it all out of my account. Now they are even charging overdrafts on things that are still pending. WTF?!?! And I'm sorry but if you are someone that does occasionally go over its prob bc you arent made of money, so how is it ok to charge someone $36 for going over even if its just by $1. Let's not talk about when the screw up is actually their fault. Do you think they pay me a fee when they screw up...NO! I hate Suntrust!!

Robert Ballard said...

In response to the first comment, " Wouldn't you want your mortgage payed first??" I would have to say no! Not if there are several other smaller transactions that could be cleared. That is spoken like a true Sun trust employee. You can always take cash to go pay your mortgage a couple days later. Most have a 15 day grace period now. You CAN'T pay your mortgage the next month if the mess creates $500 worth of service charges because they held a weeks worth of ATM charges until the precise moment when the account gets overdrawn then when you call them they say "Wouldn't you want your mortgage payed first??". Yes it happened to me. I use my debit card a lot for food, lunch, gas, etc and whenever I used it I always check my balance beforehand. That does not matter with suntrust, no they will not clear that charge that night like most other banks will. Of course we all should try to keep perfect records but their policy's are NOT there for the customers benefit. Only for the Bank's and there is no convincing otherwise.