"What actually happened was, my bank had not reversed any of the holds – even the original hold of $100, and had subsequently placed $762.00 in holds on funds in my account." —Richard

Richard and his wife were in the final stages of buying a home, and rented a U-Haul truck for the day that they were expecting to move. Unfortunately, they closed escrow five days later than originally planned, and ended up keeping the U-Haul truck during that time. The U-Haul rental center initially charged a $100 hold to cover the cost of the rental agreement. On the fourth day, U-Haul placed another $400 hold on Richard’s account, for which he began incurring $30 overdraft fees as the money the bank was holding for U-Haul was no longer part of his available balance.

When Richard contacted his bank, he was told that the two holds would be reversed on the 30th of the month. However, when Richard returned the truck to U-Haul on the 26th, the agent told him that the two previous holds had been reversed, and he was only being charged the cost of the actual rental - $262.00. Richard explains, “What actually happened was, my bank had not reversed any of the holds – even the original hold of $100, and had subsequently placed $762.00 ($100.00+$400.00+$262.00) in holds on funds in my account.” In total, Richard was assessed 8 overdraft fees ($240) that his bank was not willing to reverse. If the bank had not processed the holds and the actual amount due at the same time, Richard would not have incurred any overdraft fees.