Lawsuit Alleges Bank Of Oklahoma Maxi...

Lawsuit Alleges Bank Of Oklahoma Maximized Overdraft Fees

There are 306 comments on the News on 6 Tulsa story from Aug 24, 2010, titled Lawsuit Alleges Bank Of Oklahoma Maximized Overdraft Fees. In it, News on 6 Tulsa reports that:

TULSA, OKLAHOMA The Bank of Oklahoma is being accused of intentionally ripping off its customers.

Join the discussion below, or Read more at News on 6 Tulsa.

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Angi

Tulsa, OK

#1 Aug 24, 2010
I have this same problem with BOK.. I had more then enough $$ to cover then all the sudden I was in the hole when I know I shouldn't have been. I went up to the bank and asked them about it and the lady just walked around it.. So I just blew it off. Its about time it is being brought up. What should we do about this?
commonsense

Pauls Valley, OK

#2 Aug 24, 2010
Another fine example of bullying!
Tom Williamson

Hartshorne, OK

#3 Aug 24, 2010
I am glad to see that this BOK policy is being addressed by lawsuit. As a customer of BOK I too have been the victim of their "largest amount debited first " policy. This would happen even when my debit card had been used on the smaller purchases prior to the larger debits. When I questioned the policy, I was told that the bank assumed the larger debits were more important to the customer and hence the policy. It doesn't take a rocket scientist to know exactly what the bank was doing and maximizing their overdraft fees. It is just wrong. Good luck on the lawsuit and I hope that BOK is held accountable for this blantant abuse of their ability to manipulate fees.
ladybug

Tulsa, OK

#4 Aug 24, 2010
they do this to me too.. i have called and was told the largest goes through first then the smaller because they want to make sure their customers gets the big ones like rent paid first.. this is bull, i get charged so man overdraft fees and BOK also will charge you a 5$ a day overdraft extended fee everyday you are overdrawn after 5 days.. they aare just getting richer and we are getting poorer.
Kevin

Owasso, OK

#5 Aug 24, 2010
They need to get sued over this one
Sam

Oklahoma City, OK

#6 Aug 24, 2010
i would like to know the name of the company that is filoling the class action lawsuit
Sam

Oklahoma City, OK

#7 Aug 24, 2010
so i can posibly give them some more data to help there case
oberservant in Tulsa

Broken Arrow, OK

#8 Aug 24, 2010
don't spend more than you have and you won't get charged the fees.
Mike

Tulsa, OK

#9 Aug 24, 2010
Steve Stidham wrote:
There's no way on earth for any customer of these banking institutions are doing with regards to this practice. No way
Well if the guy representing the plaintiffs keeps making remarks like the one above they're sure so win. If you can't dazzle them with your intelligence, baffle them with your bullsh!t.
yep

Tulsa, OK

#11 Aug 24, 2010
Been dealing with bok for years, I never once got an overdraft fee when "I" didn't overspend. I have paid a few in a couple tight times when "I" overspent but it saved my butt on the bills.
yep

Tulsa, OK

#12 Aug 24, 2010
The bleeped out word was but,t
Fact

Tulsa, OK

#13 Aug 24, 2010
You won't get overdraft fees if you don't overdraft your accounts!
Try taking some financial management classes instead of suing the bank!
Or you could just sue everyone and not take responsibility for anything.
i agree

Wichita, KS

#14 Aug 24, 2010
i have had this problem over and over with bok i dont even keep a debit card once the charged me 200 dollars in overdrafts when the small ones were made first and a auto with draw for 100 put me 365.00 in the hole instead of 128. shame on the bank i totaly agree they move money so they can make money
anonymous

Tulsa, OK

#15 Aug 24, 2010
If you keep your checkbook balanced & don't spend what you don't have, you WILL NOT get any overdraft fees! It is the customers own fault for not keeping better records of their money. That is their responsibility when opening the checking account, and I'm sure they got all the disclosures about overdraft fees at that time. It's really simple. The bank has done nothing wrong. Most banks pay the electronic (ACH & ATM) transactions over first, due to them already having authorization to come out of the account, then the checks are paid in numerical order. I've never known a bank to pay the large items first causing more if the smaller items to overdraft. They are paid in the order in which you wrote the checks, so again, if it overdrafts, it's the customer's own fault for spending money when they didn't have it! You aren't going to sue walmart for charging you for your items before you leave the store, just because they are making a profit........banks have to make money to stay in business too, they don't just get everything free because they have cash! Even the money in the bank has to be bought from Fed.
Sad

Oklahoma City, OK

#16 Aug 24, 2010
Fact wrote:
You won't get overdraft fees if you don't overdraft your accounts!
Try taking some financial management classes instead of suing the bank!
Or you could just sue everyone and not take responsibility for anything.
Not true; they also post debits before deposits so, if you put a deposit in the ATM or drive-thru teller and then go to target they may post your debit transaction first. That is just crappy ethics. But someday I do hope to become as wise as all the helpful folks that post on these forums so I can live out my days financial sound.
College Student

Oklahoma City, OK

#17 Aug 24, 2010
Hmm... This reminds me of an incident at Midfirst bank when a guy was having a heated argument with the teller about them reordering his deposits to come after big payments so that he'd end up with fees even though he supposedly had money in his account from several days before.

I've also noticed this rearrangement in my bank statements. It makes it a pain to double check the balances in my checkbook, but I've never been at risk of dropping low enough to get any fees (I also opted out of the overdraft "protection" just to be safe). I could see how these practices could cause problems for people barely scraping by, though.
Fact

Tulsa, OK

#18 Aug 24, 2010
That is why you balance your checkbook when you make transactions and don't spend money you've deposited until you know it is in. If you're running that close to zero you should be using a credit card (and paying it off IN FULL every month) just in case and not having anything auto-draft out of your account.

Yes, banks have crappy overdraft policies but they aren't secret overdraft policies and a smart consumer doesn't need to have their hand held to stay out of debt.
never again

Tulsa, OK

#19 Aug 25, 2010
Overdrafts is simply making a loan without going through the paperwork.
Make a loan, pay the interest.
Overdraft, pay the fees.
About Time

Haskell, OK

#20 Aug 25, 2010
I went through this with BOK back in the day. What they did was save the smaller checks for a couple of days. then run a bunch of things together starting with the largest.

They wouldn't keep the online banking updated, even when you kept good records, you always wondered, is that number right.. when you would call in they would always tell you.. thats what our records show..

They did it soley to increase the amount of times they could hit you with a fee..

By not updating, and keeping checks for 2 -3 days (even debit card transactions) then processing they way they were, they knew what they were doing..

I even called them on it when i read about this kind of thing online.. they told me "what are you going to do, change banks?" I told them.. why yes, yes I am.. and I now bank somewhere else where i never have any issues.. go figure.
IMHO

Jenks, OK

#21 Aug 25, 2010
Switch to Bancfirst - they don't do the sneaky accounting to screw you over.

They didn't go in the hole making bad home loans.

They are a strong bank that will be around for a long time and won't sell out to the big, dishonest bank.

The people who work there are nice and they have banks all over the state.

The best way to send Bank of Oklahoma a message is to move to a different bank who usues honest business practices.

By the way, Bancfirst is well aware what other banks are doing and how they process their transactions - Bancfirst has chosen not to do business that way.

By the way, I don't work for them, I have been a satisfied customer for almost 25 years.

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