First American Bank

The response for Complaint #*** is attachedFebruary 10, 2016Revdex.comJefferson StNE SteAAlbuquerque, NM 87109RE: Complaint #***To Whom It May Concern;To qualify for the rate, our First Rewards Checking requires that the following conditions be
met: Each monthly statement must have posted Point of Sale (POS) debit transactions and Each monthly statement must have posted Direct Deposit or ACH credit and Your account must receive a monthly e-statement.Mr*** Social Security deposit normally posts on the 3rd of the month Since January 3, fell on a Sunday and January 1, 2016, was a holiday the Social Security Direct Deposit posted on December 31, (Friday) Our system posts Direct Deposits that are due on weekends on the last business day before the weekend.After reviewing the circumstance of the timing of the posting of the Direct Deposits that would have normally been posited on January 3, 2016, Mr*** has been credited with the interest due him for January All customers that were impacted with the posting of January’s Direct Deposits on December 31, have also been credited.Please me if there are questions or concerns.Regards,Barbara E***Vice PresidentFirst American Bank ###-###-####Thank you.Barbara E***, VPCompliance Division Manger

[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution is satisfactory to me
Regards,
*** ***

We mailed the attached letter and information sheet to Mr. [redacted] on October 28, 2016.  In summary, we had numerous points of contacts with Mr. [redacted], in person, by email and by telephone each explaining that the item causing the overdraft was a pre-authorized ACH payment that pays...

monthly.  A letter was also sent on 10/13/16 explaining the situation and providing contact information if he had additional questions or concerns.  At the time the ACH was presented for payment the account was insufficient to pay the item.  The decision was made to pay the item because there was no documented evidence of Mr. [redacted]'s request to not pay an account in overdraft on his accounts.  An overdraft fee was assessed.  If the item had been returned, a non-sufficient funds fee would have been assessed because the balance was not sufficient to pay the item.  Either way there would have been a fee.  It was explained there would be an overdrawn account fee assessed if the balance remained overdrawn for 5 consecutive business days.  We have refunded the fees in question, notated his accounts to no longer pay items if there are insufficient funds in the account to pay an item.  All the details are noted in the attached letter.If there are additional questions or concerns, please contact Barbara E[redacted], VP/Compliance Division Manager, First American Bank at ###-###-####.