Watch out for deceptive overdraft policies

03/15/2012 | Small Business Trends

Some big banks have used questionable practices to increase overdraft fees, writes Tom Gazaway of Hawkeye Management. For example, Wells Fargo lost a lawsuit stemming from its use of high-to-low resequencing, in which the largest transactions are settled first in order to maximize overdraft fees. "It may be time to join the growing army of small businesses who are leaving the big banks for smaller banks and credit unions," he writes.

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