Bank of America had a class action against them because they would reorder transactions to make you overdraft.
For example, when I was relatively poor and near 0 balance in like 2009 era I’d wait for my direct deposit to come so I could grocery shop and pay bills.
When it deposited, the funds would become available to use even though the transaction wasn’t cleared, pretty normal so far.
So say you pay 2 bills and grocery shop, come back on Monday and you’d see that your pending deposit vanished, 3 transactions cleared for 3 overdrafts, then your deposit cleared afterward.
This is just one that I know about because it happened to me. I wonder how many less blatant scams like this exist that most people aren’t even aware of.
For example, when I was relatively poor and near 0 balance in like 2009 era I’d wait for my direct deposit to come so I could grocery shop and pay bills.
When it deposited, the funds would become available to use even though the transaction wasn’t cleared, pretty normal so far.
So say you pay 2 bills and grocery shop, come back on Monday and you’d see that your pending deposit vanished, 3 transactions cleared for 3 overdrafts, then your deposit cleared afterward.
This is just one that I know about because it happened to me. I wonder how many less blatant scams like this exist that most people aren’t even aware of.