Miu Miu Handbag Price
Huntington, the area's sixth biggest bank, is considering processing checks in the order they were written, while No. 7 First National Bank of Pennsylvania is considering using the low to high method, spokespeople for those banks said.
"We agree this approach is more logical and is something we are actively investigating," he said.
"In choosing to process items in the order our customers write them, we feel we've struck both a fair and logical medium," spokesman Jim Holding said.
New Citibank policy may mean fewer bounced checks
At No. 2 Citizens, "Our customers have told us that larger items like their rent or mortgage payments are usually the more important transactions to them," spokeswoman Angie Wagner said.
"We think this is the right thing to do, and we believe we are the first major bank to do it," Citibank's consumer and commercial banking president, Cece Stewart, said in a company memo last month.
The directive, which is set to take effect this summer, applies to the nation's roughly 4,700 mostly smaller state chartered institutions regulated by the agency. (The main regulators for the country's largest banks and other institutions are the Federal Reserve and the Office of the Comptroller of the Currency.)
"We believe that our process is consistent with our customers' preferences," said Fred Solomon, spokesman for market leader PNC. "We believe that our customers want their most important bills, such as mortgages and automobile loans, paid first."
No. 9 Parkvale Bank is considering both alternatives, said Tom Ondek, senior vice president for deposit operations.
Starting in July, the nation's third largest bank plans to break ranks and begin clearing checks in a way that could help customers avoid multiple bounced check fees.
Ms. Barbour was referring to a directive from the Federal Deposit Insurance Corp. issued late last year that warned banks that it supervises against purposely clearing the biggest checks first.
"Chances are, we will be making a change, either to lowest to highest or the way in which they were written," Mr. Ondek said, noting the FDIC's overdraft guidance.
In explaining the new policy, Ms. Stewart gave an example of a customer with $100 in an account, who has written three checks for $90, $25 and $35.
Banks should "ensure that transactions are not processed in a manner designed to maximize the costs to consumers, such as by processing checks from the largest to the smallest," the FDIC said.
Currently, Citibank would clear the $90 check first, leaving a balance of $10 and triggering two $34 overdraft fees. Under the new policy, Gucci Belt Bag Leather
"Most of the feedback we've recently been getting from customers is that a chronological posting order would be more logical to them . using things like transaction time and/or check number," said Huntington's Bryan Carson, senior vice president for consumer deposits.
"S Bank posts within posting groups and each group is different depending on risk," spokesman Rob Jorgenson said. He declined to elaborate.
Among the region's top 10 banks, Indiana, Pa. based First Commonwealth Financial is the only one that clears checks the way Citibank is planning to do it, from low to high, although several other institutions here say they are considering changes.
Citibank's new check clearing policy, which takes effect July 25, was an effort to "show customers in a big way that we are listening," Ms. Stewart said in her memo.
First Commonwealth eliminated its high to low policy in December.
In addition, she said, "Regulators indicated that high to low sorting was a nonpreferred method" for processing checks.
outstanding $90 check would still overdraw the account, but result in one $34 fee.
The top four consumer banks in the Pittsburgh region PNC Financial Services Group, Citizens Bank, First Niagara Financial and Dollar Bank say they clear checks from highest amount to lowest and have no plans to change.
to make it so you pay as many fees as possible."
So far, the biggest banks in Pittsburgh have no plans to follow Miu Miu Handbag Price suit. But similar changes are in the works at some of the region's smaller institutions.
"We were increasingly aware of the somewhat negative perception surrounding high to low sorting from consumer advocacy groups, the media and a growing number of consumers," spokeswoman Susie Barbour said.
"We commend [Citibank] for doing this," said Kathleen Day, a spokeswoman for the Center for Responsible Lending. "Banks should not be in the business of rearranging your transactions Gucci Belt Khaki
New York based Citibank has told customers it would start processing their checks from the lowest dollar amount to the highest, instead of using the standard method of clearing the biggest checks first. The latter is a practice that consumer watchdogs have long criticized as a way to drain customers' accounts the fastest and trigger the most overdraft fees.
Northwest Savings Bank in Warren, Pa., the region's 10th biggest bank, in July plans to switch from processing checks high to low to clearing them in the order they were written according to the check number.
Historically, most banks have processed checks from high to low, saying they do it that way to give priority to customers' most important bills, such as mortgage payments.
Citibank said it was changing its policy in response to customer feedback.
the $25 and $35 checks would be paid first. The Gucci Card Holder Red
Miu Miu Handbag Price
Miu Miu Black Crossbody Bag