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- xxBondsxx, on 09/02/2008, -2/+75"Rubecca Hegarty, a married mother of three in Woodridge, Ill., says she often pays upwards of $100 a month in overdraft fees to Chase, since, like most banks, it changes the order of purchases so that large debts get paid first — increasing the likelihood of incurring fees on smaller purchases."
If you're paying upwards of $100 a month in overdraft fees, you need to learn how to be financially RESPONSIBLE. Just save up for ONE month to create a buffer and eliminate those overdraft fees, and then you magically get an extra $100 a month from not having to feed the bank's fat bellies.
Investment of time (saving up) -> extra income (not paying fees)
*shakes head* America when will you learn?? - Tippx, on 09/02/2008, -12/+76john mccain is old
- yourmanstan, on 09/02/2008, -1/+55banks can organize your transactions.
beginning of the day you have $100.
you buy a $5 latte, $20 lunch, $20 at the cleaners, and $40 at the grocery store. all within your $100 balance. then a $100 check clears from last week. if they leave the order alone, you get one overdraft for the $100. if they order it by highest first, you basically started the day off with $0 and all four of your purchases that day get overdraft fees.
by ordering your transactions, the bank can rake in FOUR overdrafts instead of just one. - msten19, on 09/01/2008, -3/+53The overdraft fees that banks charge are egregious. It's all one big fee-generating operation.
- atlquaker, on 09/02/2008, -2/+37#12 - ATMs are run by midget accountants who sit inside the machine and process your requests...
- louiebaur, on 09/01/2008, -2/+34My favorite....4. "College campuses are a gold mine for us."
- Duffalpha, on 09/01/2008, -4/+29#11 We don't exactly have to give all your ***** back.
- RaulMuadDib, on 09/02/2008, -1/+20Just cum and don't tell her? I think she will know.
- Hnnnnnghhh, on 09/02/2008, -2/+18Here's an idea. DON'T WRITE CHECKS FOR MORE THAN YOU HAVE IN THE BANK. overdraft problem solved.
- stellamaris, on 09/02/2008, -0/+15I drove by Papa John's on the first day of school this year and saw a group of college kids signing up for credit cards in order to get a free pizza. Papa John's sucks, too.
- inactive, on 09/02/2008, -6/+21my gf works for one and she was saying how free checking account for "poor" people is a joke, they always end up with hundreds of dollars of overdraft fees anyway so it's not free at all.
Considering how i paid a lot of overdraft fees over the years for my free checking account has made me angry, i'm not telling her i'm gonna come next time - susilou, on 09/02/2008, -0/+14Your girlfriend is a lucky girl.
- ColorBlind, on 09/02/2008, -4/+16if said individual keeps track of their spending...they wont have this problem :)
- vtnerd, on 09/02/2008, -0/+12I recently switched from a bank to a credit union and I'm very happy. Their website kind of sucks because they're a local place, but other than that I have no complaints.
- brentinkc, on 09/02/2008, -1/+12On a side note, if you get drilled with an ass-ton of overdraft fees some month because of some dumb error, go talk to your branch manager. I've gotten over $200 in fees wiped clean in one visit. I don't know if this will work over and over again as I've only done it the one time, but it's worth a shot.
- BetterOffEd, on 09/02/2008, -0/+11ING Direct = A bank.
(It's just a *good* bank.) - S5S5S5, on 09/02/2008, -0/+111."Our branches are there to sell you, not serve you."
You mean to tell me banks are not non-profit organizations? What kind of evil is this? - Sil369, on 09/02/2008, -1/+10ING Direct account > BANKS
- duggdowncatisad, on 09/02/2008, -0/+8The local burglars would appreciate it if you posted your home address on Digg.
- inactive, on 09/02/2008, -1/+9Is her name Bristol?
- Larken, on 09/02/2008, -0/+8Indeed, I got offered 3 cards on Friday alone.
- KingGorilla, on 09/02/2008, -1/+8"What do you mean the bank is out of money!?"
"We only have enough money for the next 3 people"
Bank Guy: "We don't have your money! It's at....Bill's House...And...Fred's House!
Moe:What the hell are you doing with my money Fred? - missamanda271, on 09/02/2008, -3/+10If you wrote the $100 check before you made the $5, $20, $20 and $40 purchases then the bank is not doing anything wrong by counting that first. It is still the customer's fault for not keeping track of their money properly. That is not the responsibility of the bank. Checkbook math is about as easy as it gets. Double check your work and you'll have no problem.
- BetterOffEd, on 09/02/2008, -0/+7Is that what you're doing? How many gold and silver bricks do you own?
- inactive, on 09/02/2008, -0/+7Duh. Credit Unions FTW!
- darkened, on 09/02/2008, -1/+7Maybe if banks would actually correctly tell you your account balance online and the phone? I've very rarely had over drafts the few times I have it was always from a magical difference in what is said to be my available balance and what is my actual balance.
I have a simple solution, just ***** decline the charge. - yourmanstan, on 09/02/2008, -0/+6certainly worth a shot, but 99% of the time you will end up with a teller who can barely hold in their laughter as they tell you 'um unfortunately it isn't a bank error and if you read on page 29 section 3 of your agreement you will see that this is a valid charge'
- getoffmybridge, on 05/05/2009, -2/+8In my bank account?
- inactive, on 09/02/2008, -1/+7What's so dumb about it? Just because they give you the card doesn't mean you have to rack up debts you can't pay.
- Peko, on 09/02/2008, -1/+6argoff, you're confused. Derivatives are not the problem, per se. Look into the fractional reserve ratio.
And you are pretty well a CASE IN POINT illustrating that PEOPLE WHO USE CAPS are often idiots who DON'T FULLY UNDERSTAND WHAT THEY'RE RANTING ABOUT. So, yeah, more research, LESS CAPS. - fdiskit, on 09/02/2008, -0/+5It might make up for all of the times she told you the check was in the mail . . .
- Tonkatsu, on 09/02/2008, -0/+5#13 I recently sent an electronic payment in on my credit card, the bank had accepted my payment then "closed the account" They charged me $25 to return the payment "payment reversal" and then another $25 for missing the payment. After talking with the representative on the phone,she explained this is standard practice.
- inactive, on 09/02/2008, -2/+7If you only have $100 in the bank, why in the ***** are you buying $5 lattes?
- wtfmate112, on 09/02/2008, -4/+8Well if people would keep track of their transactions and not overdraft this wouldn't happen. It comes out of the bank's pocket to pay whomever you made the transaction to when you didn't have the money in the account.
- inactive, on 09/02/2008, -0/+4Correct.
http://www.fintools.com/docs/Warren%20Buffet%20on% ...
Derivatives are the redheaded stepchildren of wall street bankers and wall street lawyers and they are an abomination. People who think they've stumbled upon some magic escape hatch from the risk/return tradeoff are living a fool's paradise. - gotcheaprice, on 09/02/2008, -0/+4I just canceled my savings account cause they charged me about $60 in inactive fees... They didn't even send me statements for 2 years, so I only found out after I deposited a big load and then they sent me one.
Any ideas on where I can put all of my money? - dunezone, on 09/02/2008, -0/+4Free Pizza?!?!!!?
- mustache, on 09/02/2008, -2/+6well, it's true
- JakeW, on 09/02/2008, -0/+4Drop your bank
- JakeK23, on 09/02/2008, -0/+4Yeah, I never understood why, but once I over drafted and it declined my card. I really liked that rather than having to pay the outrageous fee for going over by two cents.
- zyrotin, on 09/02/2008, -1/+4I work for a large bank, and yes, just about everything there is true except the part that it's a secret. I tell people all that, everyday. The other major exception is #1, we don't sell and not serve, we do both. products people don't want or need piss them off and make them leave. why do that? give people what they need, to help them, make their lives better, then they want to stay, use your products, etc. If we did nothing but ***** people over, we'd be out of business.
- oldgal, on 09/02/2008, -0/+3Service centers are also there to sell you. When service centers came into existence they were there for service only, the online systems for branches and service centers were different. Later they also became sales centers. So don't be surprised if the service center solves your problem by selling you a product.
- yourmanstan, on 09/02/2008, -0/+3funny to see a defense of the bank here, isn't a bank supposed to make your life MORE convenient?
average overdraft is $20-$40 x 4 that could be over $150 in charges for only going over $85. even a credit card with 30% interest would only accrue $2/mo in interest for the debt. - inactive, on 09/02/2008, -0/+3Shoulda gone to your state's consumer protection bureau. I did this once and ended up on a three-way call with the consumer protection agent and some douche from the bank who busted his ass to ensure that everything was set right.
- oldgal, on 09/02/2008, -0/+3Never, ever, take a cash advance - it is the most costly transaction the banks offer.
- Egg333, on 09/02/2008, -0/+3US Bank charged me $30 when the personal check that I cashed bounced, which sent it negative, followed soon by 3 overdraft fees. The bank teller explained to me that by signing the check over to them, I become responsible for it. Am I the only one that didn't know this?
- Pixelpaws, on 09/02/2008, -0/+3Let's say tomorrow is payday and you know it's a $1,000 paycheck. It really makes no difference what the $5 is for; he could have said $5 breakfast at McDonald's or a $5 blowjob and it would have still made the same point.
- inactive, on 09/02/2008, -0/+2Here is another one I did not know, after a .17 cent oversea transaction fee (some online monthly website who never had it happen to me before, and another site for .30 cents) ended up overdrawing my account, so thanks BofA for that $35x2=$70 charge for .47 cents.... Turns out you can tell the bank to not let transactions go through if there is no money in the account..... Uhm holy ***** that should have been obvious to them, apparently not since they make much of that money on overdrafts. So tell your bank to stop pulling ***** money when there is none in the ***** account.
- UncleCrapper, on 09/02/2008, -0/+2"I have a simple solution, just ***** decline the charge."
This is what banks do in Canada, at least for all electronic transactions (unless you opt to pay a monthly fee for overdraft privileges). We have a debit card system called Interac that is so ubiquitous it has essentially replaced cash. You can use it everywhere, and if you attempt to purchase an item that exceeds your balance the purchase is declined. These overdraft fees that our American cousins are paying are out and out usury. - jsffive, on 09/02/2008, -0/+2How about the fact that, if a bank loans you NINE thousand dollars, they only have to have ONE thousand dollars actually sitting in the vault, backing it up?
Fractional reserve banking is THE reason why we have inflation... and NO ONE wants to talk about it. -
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