Consumer complaint received 2024-02-01
Product: Checking or savings account — Checking account
Issue: Problem caused by your funds being low — Overdrafts and overdraft fees
Company: CITIZENS FINANCIAL GROUP, INC. (PA)

On XX/XX/2024, I had three pre-approved debit overdraw my account. The following day I had direct deposit amount post to my account. The amount that was deposited more than covered the amount my account was overdrawn by on the previous day. 

As of XX/XX/XXXX, my account was overdrawn by - {$74.00}. The following morning had a direct deposit of {$820.00} post which then left me with {$740.00}. There were then overdraft charges charged to my account for 3 @ {$35.00} for {$100.00}. I expected to see a peace of mind credit post to my account the day ( XX/XX/XXXX ) for {$100.00} since my direct deposit more than covered the amount I was overdrawn. My account was never credit with the peace of mind rebate of {$100.00} that should have been refunded. Instead your charges that should have been rebated only contributed to my account remaining overdrawn. 

I have visited a branch location twice for prior incidents earlier this month. The problem, I pointed out to the mortgage loan officer, for which he did not have an answer but did see that I had a valid compliment lies in the accounting Citizen 's bank when it comes to their " Peace of Mind '' rebates. 

On the second day of your account being overdrawn, you permit your customers to rectify their overdrawn balance from the previous day. If the customer makes a deposit to cover the coverage from the previous day. The customer is still charged the overdraft fee that day then the following day the customer is then credited with " Peace of mind rebate ''. I understand there needs to be an accounting log for overdrawn balances, but why isn't the " Peace of mind '' rebate credited back to your account on the day in which the deposit is made to rectify the overage. 

If I am supposed to make a deposit by XXXX XXXX in order to avoid paying an overdraft fee then why isn't the " Peace of mind '' rebate also credited on the the same day as I make my deposit. Why do I still need to be charged for the overdrafts to only be credited the next day? Doing your accounting this way complicates the matter when it doesn't need to be such as in this instance that I just elaborated in the beginning of my complaint. 

My account should be credited the " Peace of mind '' rebate on the day when my rectifying deposit was made and the overdraft fees were also charged. Therefore both the overdraft fee and rebate would cancel itself. 

The way it is set up now my account ends with another overage due to the overdraft fees being charged even though I rectified my account with making the necessary deposit. Then the next day I see the rebate credited. That is erroneous accounting. 

If I made the necessary deposit before XXXX XXXX then my account if debited for the overdrafts fees should also be credited on the SAME DAY. Why should I be subjected to having my account be a negative amount at the day 's end if I met the stipulations your bank has set forth to be allowed " Peace of mind '' rebates? Then when other debits go through on days that I am being charged overdraft fees ( which are credited the next morning ), there are tines that your fees eat up the money which I have also deposited along with my rectifying balance amount. Even though I deposited extra money, your fees eat the money up so I end in a negative balance instead. Then even if the fees are rebated the next day, your system sees that my account was overdrawn due to your fees then charges me with further overdraft fees that I need to make a deposit to cover even though my account starts the following day positive. It is very convoluted when it should not be. 

Your peace of mind fees should be rebated in the same day that they were charged if the rectifying deposit is made by XXXX XXXX. Very simple which would also be in accordance with the rules you have for making a deposit by XXXX XXXX to rectify an overdrawn account. If you system detects that the rectifying deposit is made by XXXX XXXX  on the customer 's part than the bank should follow its own rule by both charging the overdraft fee and rebating those same fees all within the same day. 

I am requesting to have the {$100.00} in overdrafts fees that I was charged and never rebated even though I had a direct deposit that covered the amount my account was overdrawn by the previous day. 

I appreciate your attention to this matter. Thank you.