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One tactic that banks are accused of using to increase their profits from overdraft fees is reordering transactions on accounts.
That means that regardless of what order transactions occurred in on a single day, some banks process the largest transactions first.
Either way, the account will likely still 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.
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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.
Authorization holds occur between the time a bank card purchase is made and the time the merchant settles the transaction.
Overdraft fees are charged when customers attempt to conduct a transaction from their bank account that they do not have the financial means to cover.
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That can lead to a lot in extra fees for a person to pay.
For example, say a man spends , , and 0 (in that order) in four transactions on one day, having 0 in his account.