MY advice EVEYone go to small calims court with a copy of Your statemnetn and file a case againse citizens Bank.

STANDARD OVERDRAFT PRACTICES ARE CHANGING
What are Standard Overdraft Practices?

With our Standard Overdraft Practices, Citizens Bank may, at our discretion, authorize and pay ATM and everyday debit card transactions as well as other transactions even when you do not have adequate funds available in your account.

These practices are separate from our Overdraft Line of Credit or Savings Overdraft Protection plan or other products that you may add to your account. There are no changes to those plans.
What the new federal regulation means for you.

Citizens Bank will no longer be able to apply our Standard Overdraft Practices to your ATM and everyday debit card transactions unless you provide your consent. You must let us know if you would like the Standard Overdraft Practices to continue to apply the way they do today by “opting in”.
How can I benefit by opting in?

We may, at our discretion, cover your ATM and everyday debit card transactions when you don’t have funds readily available.
We may likewise provide access to funds in advance of a deposit becoming available later the same business day.
Standard Overdraft Practices can work alone or as a backup if you exhaust the funds available through your overdraft protection plan.

Is there a fee?

Yes, standard overdraft transaction fees* apply each time we pay transactions on your behalf that overdraw your account.
You may avoid the fee if you temporarily overdraw your account but then a sufficient deposit becomes available that same day.
There is no monthly or annual service charge to have Standard Overdraft Practices applied to your account.
When does this change go into effect?

Effective July 1, 2010 new account customers will make the Standard Overdraft Practices opt in preference when opening their new account.
Existing customers will have until August 15, 2010 to opt in to Standard Overdraft Practices in order to avoid any interruption in their services. It’s important to understand that you need to take action if you want to authorize Citizens Bank to allow you to overdraw your account at the ATM or when making an everyday debit card transaction.

“If you do not want to be able to overdraw your account you can simply do nothing and thereby choose not to opt in. Effective August 15, if you use your debit card for everyday purchases (for example, buying groceries) or ATM transactions, but do not have sufficient funds in your account, your transaction will be denied even if you plan to make a deposit later that business day.” [why are they advocating over drafting?]

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This is what should of been happening to begin with (transaction denied if you don’t have the cash).

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http://www.citizensbank.com/moneyhelp/budgeting/what-you-should-know-about-overdrafts.aspx
“How and when are transactions deducted from my account?

At Citizens Bank, we do not process your transactions in the order that you make them or when we receive them. Rather, we post transactions from high-to-low, meaning that at the close of each day, we deduct your highest-dollar transactions first, before deducting your smaller dollar transactions. With this “posting order”, you are at a lower risk of having an important item returned, such as a mortgage, rent or car loan payment. However, these larger items will cause your account balance to be used up faster, and, if it falls to zero, you will incur overdrafts or returned items and related fees. As a result, overdraft fees may be incurred more frequently than if we had deducted the transactions in a different order. Remember though, if the available balance in your account does not fall below zero this “posting order” does not matter.”

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“If a merchant obtains an authorization for your debit card, but then your purchase is paid for by other means, the merchant must submit a reversing transaction to remove the debit card authorization. If they do not do this, the available balance will be reduced until the hold expires, normally two business days.

Example: Jane has $250 in her account and uses her debit card to pay $175 for theater tickets. She decides, after the card is swiped, to pay by cash but the theater operator does not reverse her debit card authorization. Because they did not reverse the transaction Jane’s available balance is reduced by $175. That night, a $200 check that she had previously written posts to her account. As a result the account is overdrawn and a fee is charged.”

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well, reading does clear it all up. education is a beautiful thing, been there, done that with the overdrafts (I mean, bank fraud, which is what an overdraft is). It’s bad business on both parties fault (those knowingly spending money that they don’t have, and the bank for allowing those customers to spend the money instead of giving immediate short term loans (at a reasonable interest rate), akin to a cash service).

Who’s really at fault for the overdrafts that shouldn’t be charged are the merchants and the bank. The bank for allowing the merchant to ‘hold’ the money, and the merchant for ‘holding’ the monies (which is just another way the banks make daily interest on your cash).

Remember, for every ‘hold’ on your account, the bank gets just that much more in their #’s to increase their profits from interest and in the stock markets (similar to how insurance companies work).

What should we do? It’s a felony to ‘spark a bank run’. So I vote we stop depending on this privately owned paper (cash), and go back to a simpler bartering system (which the government does not like et all, as it’s very hard to tax a bartered item, or to assess the ‘value’ of a chicken traded for a duck)

Burn them down, and start over.