Consumer complaint received 2020-09-21
Company: BBVA FINANCIAL CORPORATION
State: CO
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Problem making or receiving payments

Complaint:
Re : Account XXXX XXXX XXXX BBVA processed a {$760.00} online debit card transaction nearly a month after I authorized same and when there was no longer sufficient funds in the account -despite the fact that I was OPTED OUT of overdraft protection and despite the fact that when I initiated the transaction there was sufficient funds. I am disputing this matter on the grounds that this transaction was authorized by me and initiated by me nearly 30 days prior to the date the bank processed same ( see further breakdown and explanation below ) I am also disputing it on the grounds that I had OPTED-OUT of overdraft coverage when I opened this checking account as is evidenced by the signed bank form dated XX/XX/XXXX. Beings this transaction was NOT made via a check ; was NOT an autobill pay ; and was, in fact, a normal every day debit card purchase - this transaction was NOT authorized to be covered by overdraft coverage and should have been returned/denied when it was processed nearly a month after I had authorized it and when there was no longer sufficient funds to cover same. 

Today, I received a collection notice dated XX/XX/XXXX stating that I needed to contact the bank to avoid the account being closed and sent to an outside collection agency. Therefore, I am sending this letter in response to said XX/XX/XXXX collection notice. 

Said {$760.00} transaction was an every day debit card purchase which I had made online with XXXX on XX/XX/XXXX XXXX nearly a month before the bank processed the charge on XX/XX/XXXX ) I authorized this purchase only once and that was on XX/XX/XXXX XXXX see confirming emails from XXXX confirming the Order date of XX/XX/XXXX. ) See also email from XXXX stating there was an issue with my payment on XX/XX/XXXX and stating that they would resubmit the charge the next business day XXXX XX/XX/XXXX ). See also XXXX email to me dated XX/XX/XXXX confirming said Order and implying the payment had been processed. 

As you can see from the enclosed printout of my statement, I had sufficient funds in my account at the time I initiated and authorized the {$760.00} online purchase from XXXX. This is clearly evidenced by the banks notation of the pending transaction/hold on the other purchases made on my account at that time. Specifically look at the following transactions : XX/XX/XXXX purchase at XXXX for {$60.00} - the {$760.00} XXXX purchase is listed as a Pending Transaction/Hold with sufficient funds to cover same ; and again on XX/XX/XXXX purchase at XXXX for {$92.00} - the {$760.00} XXXX purchase is listed as a Pending Transaction/Hold with sufficient funds to cover same ; and again on XX/XX/XXXX purchase at XXXX for {$170.00} - the {$760.00} XXXX purchase is listed as a Pending Transaction/Hold with sufficient funds to cover same ; and again on XX/XX/XXXX purchase at XXXX for {$38.00} - the {$760.00} XXXX  purchase is listed as a Pending Transaction/Hold with sufficient funds to cover same ; and again on XXXX/XXXX/XXXX I made an ATM deposit in the amount of {$380.00} where again the XXXX purchase of {$760.00} is reflected as being a Pending Transaction/Hold with sufficient funds to cover same. 

It is unknown why this transaction was initially declined by the bank when sufficient funds existed at the time of purchase and beings the bank was clearly holding the {$760.00} as a pending transaction/hold as of XX/XX/XXXX. Not only did the bank decline this transaction when there was sufficient funds to cover it, but it processed the transaction again, nearly a month later, when there was not sufficient funds to cover same and despite the fact that I had specifically OPTED OUT of overdraft coverage! See enclosed signed form signed at the time I opened this checking account in XX/XX/XXXX. 

The bank violated the overdraft protection laws when it paid this {$760.00} charge 25 days later causing my account to be overdrawn by more than {$730.00} - beings I was specifically OPTED-OUT of overdraft coverage as is evidenced by the enclosed signed copy of the banks overdraft form - signed by me on the date I opened this account on XX/XX/XXXX. 

I therefore dispute this transaction in its entirety. 

XXXX XXXX

Company response to consumer: Closed with explanation