2

When online banking and payment systems first came out, I remember they used to have a lot of issues with giving indicators (visual/email payment confirmation) that a payment was 'locked in', but then due to delays/misreading etc. would end up forcing an insufficient funds fee (NSF) on the client, which we would then have to correct.

There was idle speculation that some of this may have been due to intentional software design, and I'm wondering if anyone has researched or knows anything about whether that is still a thing (NSF by design)?

keshlam
  • 52,634
  • 6
  • 87
  • 177
Tipan777
  • 39
  • 1

1 Answers1

1

In 2014, the Washington Post reported that some US banks reordered transactions to maximize overdraft fees. This was perfectly legal, though underhanded. I do not know what the current state of affairs is. This is the type of issue the Consumer Financial Protection Bureau was created to address.

mattm
  • 2,136
  • 15
  • 17