Up to 38 million just in OD fees.
Up to 38 million just in OD fees.
The mafia has nothing on banks.
The sad thing is that when the banks run customer profitability analysis the customers who pay lots of fees for overdrafts and other ooopsies sort to the top as the best customers and wind up getting some good perks also.
The same thing is happening to credit card customers.
Why can't people just keep track of their finances and known when they've hit the bottom of their barrel, and just NOT buy something that will result in a fee?
I am not sorry for anyone who overdraws their account. People need to mind their checking accounts better. I know exactly how much money I have in my accounts. I have not had an overdraft fee in almost 20 years.
People need to set up and take responsibility for their actions. We do not need more government regulation to protect ourselves from the fact most people don't know how to balance a check book.
These people should know what overdrafting does in terms of fees. If they choose to let the bank take $25 or whatever, then fine. Banks laid out the terms, if people can't keep track of their ****, let the banks capitalize on that.
I try to keep track also, but sometimes between being busy at work, events with the kids, life in general, I lose track and have an over-draft every once in a while. I pay for the premium account level at my bank so I have overdraft protection. If it costs me $30 once a year or so, it's just not that big of deal. More important things in life to worry about.
I'm severely anal with my accounts and money. I have a budget ledger I've run since 1984, and use Microsoft money for checking/savings. I check my accounts practically every day.
The WIN is...the transaction will be denied...at no charge on ATM and Debit cards. A insufficient check will still be returned and the fee will still be charged for returning the check or paying the check into overdraft status.
This is ONLY about ATM and debit card transactions.
I remember the days when you deposited a pay check, and it was credited to your account on the spot. Now they delay the deposits until the end of the day, until all debits of your account have been subtracted, giving ample time to overdraw the account, even though you made a deposit first thing that morning. Yes they are perfectly in their rights to do business that way, but it's still a crappy way to treat customers.
That's why I bank at a credit union, they still value my business and want to keep it.
Here's something to be careful of that happened to my assistant:
Him and his wife got some pizza at the local mall, and the meathead behind the counter accidentally totaled the order to $162.40, instead of $16.24. Luckily they had enough money to cover it, but it took 2 WEEKS for the credit to show back up on their account. Good thing they didn't need that money.
Good thing they caught the error immediately. Moral of the story, make sure to check your reciept; and keep a cushion available if possible. Also keep in mind that even when they do a so-called "reversal" on the charge, on the spot, it doesn't mean its been credited to your account.
I have overdraft protection on my account - No fees, No yearly fees. Comes in handy from time to time. However its very dangerous when you have an audio addiction.
I also have overdraft protection thru my credit union. If my checking were to fall short, they pull it from my savings. I have never needed it, but it's good to know I have it.
Their situation is different from mine. I have overdraft protection (no fee for use) and plenty in savings to cover practically any mistake. I'm against credit cards because I don't care for their tactics or the way they do business.
You do whatever you want, and I'll do the same--that OK with you?
You guys wouldn't believe me if I told you some of the scenarios I've seen with people and how they manage their money. And coming from me, a guy who's not great at managing his money, that's pretty sad.
Like one guy I work with, we both bank at Wells Fargo. They apparently have this policy where they'll give you a $500 advance on your next direct deposit, but the interest rate is 10%, and they take that money back out every time you have a direct deposit.
So about two years ago he ran into a snag and took that 500 out. Well he gets paid every other week, so two weeks later they took the 500 plus the 50 finance fee out, and then he took the 500 out again.
Guess what, he's been in that cycle for 2 YEARS! He's paying $1200 a YEAR for this service, when all he has to do is just not take the $500 out after one check, but says he lives so tight on money that he can't afford to do that.
How ridiculous is that, I swear that has to be the dumbest thing I've ever heard of!
I don't pay interest or bank fees if I cant aford it out of my pay I take money from savings and make payments to my self. I realize that I'm lucky to be able to do this, But I did without for a lot of years to get here.
I've never used an ATM or Debit card.
Twice in the last two years I have ended up with over draft fees. The first time was due to stuff being processed out of order (deposited check, but was not credited until the next day even though the transaction was made at the start of the day) with fees being acquired for that days transactions. A couple of weeks ago I had $20 bucks less in the bank than I thought. I had a total over draft of 19 dollars and some change. It ended up being 4 overdrafts one for under 3 dollars. 2 for under $5 and one for just under 10. The fee for my just under $20 dollars of over drafts was $120. If that would have been a loan it would have been over a 500% interest rate. The worst part about it is I never asked for any type of overdraft protection, never wanted it, and their is no way to opt out of it.
Yeah...like that's why most of the overdrafts occur....:rolleyes:Quote:
Originally Posted by John30_30
It was either than or take a gun into a 7-11 or a bank. Which I didn't do.
I've got no sympathy for *******s who buy lots of toys until they're in a hole. That's different. Poverty in this country is humiliating.
Another fine example of our ills being someone elses fault. Always has to be a villian to blame for your screw ups.
That's 38 Billion, with a 'B'.
Some banks have taken to manipulating the order of clearing, and what is displayed as a balance, in order to trigger more of these fees. Sounds pretty deceptive, even for these parasites. I love the Leg-Breaker -- 'you can't opt out' aspect too.
Think there would be a few more jobs out there if this 38 Billion was spent back into the economy instead extracted by these parasites?
I'm beginning to think that a basic course needs to be taught in schools on how to balance a checkbook....Nevermind that would mean that people would have to be responsible for themselves. Which will never happen.
Most of the time, banks/credit card companies can only get away with what you let them get away with. If you keep track of what you are spending and live within your means you will be just fine.
Of course this scenario does not cover dumb ass kids with no common sense or getting laid off.
Does it not surprise anyone when our government is such a shining example to all on how to balance a budget. Of course we don't have the option of just printing more money.:rolleyes: