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Forty percent of banks income last year came from fees. Many bank customers are being charged for unnecessary fees. Why does this happen? It seems that banks tend to manipulate amounts that are posted to your account in an order that creates the most fees for them. For example if you had $5.00 in your bank and wrote a checks for $2.00, $1.00, and $4.00 in that order. The bank would post the $4.00 one first. This way they can charge you for two fees instead of one. Instead of owing one $35.00 fee you end up owing $70 plus the amount you are over draft for. These are not isolated incidents this is happening all over the country.

Free checking is really not free checking when banks know that sooner or later almost every customer will write an overdraft. Whether it was intended on purpose or as an oversight. The way banks handle transactions its almost like they are robbing the customer. Banks also have ways of explaining the posting process that legally puts you at fault. Plus when you open an account with a bank they give you a agreements whether you read them or not. You are at their mercy no matter what the reason for your error. You are responsible for all errors that you make. If the bank makes an error they will correct it, but it doesn't happen often.

We know that banks maneuver the posting of debits and credits in their favor. However, proving they are manipulating your money is very difficult to prove. So, banks continue to do business as usual. The real unfortunate part of it the friendly neighborhood banks are gone and conglomerates remain. Until consumers somehow file class action suits banks will continue to operate to make profits at our expense.

Learn more about this author, Timothy Scheiman.
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