How banks post transactions
This is a revealing look at how banks process transactions. One good thing is that some banks (like Wells Fargo, who I use) have stopped using the automatic overdraft system and will simply not process a transaction that puts you in the red.
(source: Denver Post)
"A chemist with a bachelor's degree in microbiology, Lynn Egan is pretty savvy when it comes to numbers.
Like many, though, she's been treated unkindly by the economy, and she battles to stretch her dollar, keeping track of every dime.
That's why the Loveland mother of three "lost it," as she says, when she figured out how Wells Fargo Bank dinged her for seven overdraft fees instead of just one."