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Aimee Worsley, Wachovia follows “standard banking industry practice” by processing customers’ largest checks and other transactions first.
By doing so, she said, the bank ensures the customers’ “most important” items — such as a mortgage, rent payments and car payments — are paid “before their account may go into overdraft.”
Representatives from other banks, including Rappahannock National Bank, The Fauquier Bank, and PNC, said they process checks the same way.
Middleburg Bank did not return phone calls seeking comment.
A.C. McGraw, a spokesman for BB&T also said purchases made with either traditional checks or debit cards are processed from the highest amount to lowest amount for that day. So-called “prior day” purchases post before “current day” purchases, she said.
At BB&T, any deposits made before 2 p.m are posted before any debits.
Even so, problems can arise when customers who do not have some sort of overdraft protection for their accounts write multiple checks for varying amounts.
When the checks for the largest amounts are processed first, those written for lesser amounts can bounce.
Customers are then penalized with overdraft fees or fees for insufficient funds.
E-mail the reporter: abogdanovic@timespapers.com.
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