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65 Comments
- dscan, on 09/25/2009, -1/+28Overdraft fees are a great example of how corrupt banks are. 36 dollars per purchase is *****.
- RANDOM667, on 09/24/2009, -3/+26This amazing.
The last time I had a bank account when I set it up I asked if my accounts visa card had this overdraft protection or if my card would just be declined.
I was told it would be declined. So I'm thinking, great I don't have to keep a close watch on my account if I only use the card.
If I try to spend too much it will just be declined.
I found out $30 dollars worth of transactions and $240 dollars worth of overdraft fees later, that I had been lied to.
I questioned the bank on this and was told this "overdraft protection" was standard and could not be removed from my account.
I closed my account and got a Wal-Mart prepaid visa card.
I can walk into a wal-mart at 3 am on a sunday morning and have money deposited into my account instantly.
They also include direct deposit and bill pay, they will actually mail a check for you to billers that do not take credit cards, this saves me so much time and hassle, not to mention the hundreds of dollars in fees I have saved this year.
I would advise anyone who is tired of ridiculous bank fees and bankers hours to get one of these cards.
Overdraft protection is nothing more than the bank loaning you money then charging you, and calling it a "fee" instead of "interest"
There are strict laws regulating interest rates, but these laws do not apply if they call it a fee instead.
Banks are exploiting a loophole in the law to take advantage of their poorest customers forcing them even farther into financial trouble.
Oh.. No.. I am out of money!
I am afraid I am going to have to charge you for that.
For what?
There is a fee for running out of money!
Banks need to be making their money from their richest customers, not from the poorest, and these "overdraft loans" should be forced to follow the same laws and interest rates as any other loan.
The role and responsibility of a bank should be to help people protect their money, not to steal it from them.
I could go on all day about this, I hate banks and their predatory practices! - Mokshaguy390, on 09/25/2009, -0/+19One thing that people don't realize about these fees is that if you make a series of purchases and the last one brings you under, they'll rearrange the payments so that the most expensive purchase is deducted first. Example, if you buy lunch, then gas, and then a major purchase which is where the overdraft occurs, they will charge you for the major purchase first, potentially leaving you with $105 worth of overdraft fees. ***** scum.
- Heywoodj, on 09/25/2009, -0/+9Ain't that nice of them to throw us a bone after we bailed them out?
Maybe we won't set your bodies on fire after we hang you. - Boris2k, on 09/25/2009, -0/+9banks are evil and are enslaving you more than you know, on another note, National bank of australia dropped its overdraft penalty/fee's for all accounts months ago.
Bank of America and JPMorgan Chase are both private corporations. your country is controlled by them, dont expect anything nice ever! it is merely a guise. - acknotSW, on 09/25/2009, -0/+8You only have $100 in your account, You make 4 purchases on a Sunday in this order, $50 for gas, $30 at Wal-Mart, $20 at the drug store, then $75 at dinner. Most people believe that they would get 1 overdraft fee for the $75 dinner. NOPE, you get nailed with 3, they apply the $75 charge first, then nail you for going over when they next apply the $50, then the $30, and finally the $20.
There is big difference between applying a fee for a legitimate service and outright ***** your customer just because you can. - deathprophetik, on 09/25/2009, -0/+7i think the absolute worst thing my bank (BBVA compass) does is this:
for the sake of argument i have a $0 balance in my account.
it's payday, i get 100 bucks via direct deposit at 12:01am.
take my girlfriend out to eat, 50 bucks.
see a movie, 20 bucks.
no overdraft right? WRONG *****!! they process the $50 andthe $20 before they process the deposit. - SaladCactusKing, on 09/25/2009, -1/+7"I could go on all day about this."
That you can, sir. - EtherGnat, on 09/25/2009, -0/+5You might have a valid point if the bank was going to reject any of those charges, but that's not what we're talking about here. The bank is processing all the transactions. There is no benefit to the consumer in how they are processing the transactions, it is purely to increase the fees.
- Averness, on 09/25/2009, -0/+5Why do check cashing stores exist? My guess is because these overdraft fees have bitten enough people that they had to drop their bank accounts and check cashing stores remain the only alternative. I dropped my bank once over a string of 8 overdraft fees that all stemmed from one $2 overdraft. A couple years later I tried to open an account at a different bank in another state and they told me I had been blacklisted by all bank until I paid the former bank's fees. I got around it somehow, but it was shocking to discover that bank colluded to keep a blacklist. I still would never patronize a check cashing store, where people freely hand over a percentage of every check cashed because it's thir only alternative. Overdraft fees and check cashing stores both should be outlawed everywhere.
- kepone, on 09/25/2009, -0/+5It's only simple when you can count on the bank to put your transactions and deposits through on time, the way things currently are, you can not count on that at all.
- Atario, on 09/25/2009, -0/+4The noises being made about stronger bank regulations are prompting them to stop being such dicks.
Keep the pressure on... - sirbeta, on 09/25/2009, -0/+4It's about damn time. Seriously, having this "protection" forced down my throat in the guise that they're helping me "save face" is hilarious at best, depraved at worst.
- sybont, on 09/25/2009, -0/+4I just recently I lost my job and it took a while to find a new one. During my period of unemployment, I had to visit the emergency room. I put my $100 co-pay on my BOA debit card thinking there was enough money in my account. The next day I go home and notice that my account was negative about $30, so I put about $100 in. The next day comes and goes and I don't see any overdraft fees (I had never overdrafted before, so I figured since no fees posted in two days, you must have a 24 hour window to get more money in the account before you are charged) so I make a few purchases. So, the next day I get up and and as several posters earlier mentioned, BOA automatically makes the large charge go through first (even though they all go through!) and I had 6, yes 6, overdraft fees for transactions ranging from $5 to $10, all in that range. At $35 per overdrafted item, because they put the $100 transaction through first, I owed $210 for the privilege of borrowing about $45 bucks. Here's where it gets good. Because these charges went through late, the overdraft fees caused me to overdraft, which caused the next set of purchases to overdraft. This time I actually had 3 purchases for right at $5 and one purchase for $12. This means that I was charged $140 for "borrowing" $27. All in all I was charged $350 in overdraft fees because they decided to put the $100 purchase through first. What a bunch of thieves! If they hadn't done this, I would have paid just one $35 fee. They give you some BS that this is what customers wanted, but if they are all going to go through anyway, then stop screwing your customers! To their credit, they reversed some of the fees after I called and bitched about it, but I wonder how many people call and argue till they get something reversed and how many people just get wiped out financially from this crap.
- acknotSW, on 09/25/2009, -0/+4Sort of, they see a greater loss of profit if the goverment goes over their policies and gets rid of all the ones that are unfair or peditery.
- kepone, on 09/25/2009, -1/+5This is one of the best things i've ever read. Putting a stop to the transaction rearranging ***** will really take a LOT of financial pressure off of a LOT of people. You ***** saying stuff like " balance your budget" and " don't spend money you don't have", clearly do not understand how the banks are screwing people over, or have so much money that NSF fees simply do not apply to you. Either way, STFU.
- inactive, on 09/25/2009, -1/+5Well, it's a little more complicated than that sometimes. You have to take into account drafts and recurring payments. I just messed up and started my Netflix account so that I will be charged 3 days before payday, which is very dangerous. I'll be getting ahold of Netflix and hopefully adjusting my payment cycle. That's if they'll do that. They could be dicks about it.
- tgc1, on 09/25/2009, -2/+6This is precisely why Banks need to be HEAVILY regulated by the government. Mother ***** need to put laws on the books to protect us from these pieces of *****.
- JimmyHoffa1, on 09/25/2009, -0/+3amen brother. I cannot count the number of times I was screwed over by end of day batch processing. Hopefully they stay true to the chronological processing. I seem to remember that that was standard for most banks back in the day.
- BigVi, on 09/25/2009, -0/+3I once asked a bank teller how they were going to get the overdraft fee from me if I already didnt have the money and she just looked at me.
They know its stupid, but unfortunately the banks have more sway than you and I. - WiseGuy1020, on 09/25/2009, -0/+3That sounds real good but banks will ***** you even if you keep a good balance in your head or on paper.
You got $20 in your account and you spend $18. You got to the bank and put $20 more in your account. You then buy something for $4 dollars. The Bank, even though you deposited cash first, processes your $4 transaction first. Instantly (amazing how somethings are instant but others are not) you are hit with a $35 overdraft fee. Then your $20 deposit comes through. Your account is at -$17 but you think you still have $16 in the bank. Say you go spend $4 three times. You think your are good with a $4 to spare. You visit you ATM and are shocked to discover your account stands at -$134. You then go to work that night knowing that your entire nights work (waiter) is getting forked over to Bank of America.
-true story - xptoast, on 09/25/2009, -0/+3Especially if your purchases chronologically wouldn't make you over your limit. ***** reordering ***** makes you overdraft repeatedly grrr
- greggerm, on 09/25/2009, -0/+2How is that more complicated?
You STILL need to be responsible for it. - ejdmoo, on 09/25/2009, -0/+2Or...just go to a credit union. That Wal-Mart ***** has lots of fees, too. Just getting the card costs $3.00. Open a checking account at a credit union, and the debit card will be free.
My credit union has full financial services (including car loans, mortgages, CDs, credit/debit cards, financial advice, free ATMs nationwide, good rates), but none of the ***** fees of banks.
I have overdraft protection on my checking account. It's free, assuming my savings can cover it (which it can). - faceless323, on 09/25/2009, -1/+3i have a friend who reverses my overdraft fees...but this sounds like a good move by BofA and Chase
- reeds1999, on 09/25/2009, -0/+2Banks do absolutely nothing to help the consumer and anything to increase their profits. If JP Morgan and B of A are doing this, they see a profit somewhere. Look out!
- AuTigerfan, on 09/25/2009, -0/+2This is the longest comment I have ever seen
- kepone, on 09/25/2009, -1/+3See my above comment please. It is not about "spending money you don't have", it's about banks holding your deposits and re-arranging your transaction order to ensure that you get as many NSF fees as possible, basically free money for them especially when they don't pay out the charge and still assign you a NSF fee. As I stated above, you clearly don't understand the way things actually are
- hasslinthehoff, on 09/25/2009, -0/+2Screw the big banks... join a credit union.
- pennywise2891, on 09/25/2009, -0/+2Do you mean the U.S. government? Because I sure didn't decide to bail anyone out.
- afruff23, on 09/26/2009, -0/+2@xptoast
I don't keep a balance, but I know how much I have in my bank account simply by going to my online account. There's no legitimate excuse (sans identity theft) for overdrafting your account.
And you're wrong, many people keep balances on their bank account.
And if you're so worried still about overdrafting, get a freaking credit card. - xptoast, on 09/25/2009, -0/+2lol.... Banks to government: Hey...uh...please don't kill us...we promise to be nicer...see?
- xptoast, on 09/25/2009, -0/+2They know how to divide by zero and we don't.
- xptoast, on 09/25/2009, -2/+4Shut the hell up. It's a debit card...meaning supposed to make life easy...not a pain in the ass. If I wanted to keep a balance I would write checks. A debit card is electronic...it should keep track of that ***** on it's own and tell me when I am broke. There are even plans to make debit cards showing your current balance on them sometime in the future when flexible screens are available.
- IceTrAiN, on 09/26/2009, -0/+1You're admitting it's by mistake. If you don't like the penalties associated with your mistakes, then either try harder to avoid them, or don't do business with them. This country is full of people who feel they are entitled to things.
Might I point out that your "unavoidable expense" or "emergency" wouldn't have been possible without your bank. So you will pay the fees associated with it. It's called cause and reaction. How do people not understand this? - battmann, on 09/26/2009, -0/+1This is one reason why i overdrafted many times, to finally see how long it would take to sink into someones head at corporate until they finally did something about this, just like everything else i try to bring out into the open! Bout fookin time! crooks
- Averness, on 09/25/2009, -1/+2I will digg you down, and also add that you miss the point entirely, should probably RTFA, then STFU.
- inactive, on 09/25/2009, -0/+1...
- xptoast, on 09/25/2009, -1/+2I agree...ice is a trolling pos
- spectre_25gt, on 09/26/2009, -0/+1Good for you. As you said, many people don't realize that you should /always/ dispute overdraft fees. Most of the time you'll get them reversed if you're persistent, especially if you've been in good standing for a while.
- xptoast, on 09/25/2009, -0/+1Dude...that still has the same problem as normal banks as it has to take the overdraft from somewhere then you still get charged for it.
- inactive, on 09/25/2009, -1/+2Yes, of course you do, but it's easy to forget a recurring payment. I have a terrible memory as it is. I can rarely remember to take my daily medicine, but you're suggesting that I always remember that I have Netflix pulling 9 bucks out of my account 3 days before I get my monthly check. If you don't see that this makes things more complicated, then you're not paying attention.
- ferrisnox, on 09/25/2009, -0/+1Exactly... somehow they found a way to instantly know that you deposits are not in... but they can take money out instantly...oh wait your deposits take 24-48 hours to process.... It doesn't take 24 hours to process a bank transfer in a 3rd World Country... its just criminal
- pennywise2891, on 09/25/2009, -0/+1Enough with your talk of personal responsibility...
As someone who has overdrawn his account plenty of times, it's been my error every time.
However, it is the right move for Chase to switch the order of debits from hightest amount to chronological. The other way just adds insult to injury. I believe this move will be good for their business and I would suspect many other banks will fall in line. - stompk291, on 09/25/2009, -0/+1both of my credit unions pull the same scams. process debits before deposits, nail you with $30 fees
- Heywoodj, on 09/26/2009, -0/+1Yes indeed.
For those DC people if they play nice, maybe we won't hang their bodies after we set them on fire. - karel747, on 09/25/2009, -0/+1The issue isn't simply about going over what you have in your account. I don't know how many more times this is going to have to be explained for you people to finally get it. It's not that hard a concept to understand...
If you have $80, spend $5, then $10, then $20, then $70 (ever heard of an emergency or an unavoidable expense?), you won't be charged for over-drafting once (which is what you actually did), you'll be charged twice.
I can't even imagine how anyone can defend this, but you people keep finding ways because you don't seem to understanding the simple arithmetic difference between a bank charging you $35 for a mistake and $70 by rearranging the terms of your mistake. - spectre_25gt, on 09/26/2009, -0/+1Ok, how about this: With $100.00 in your account, go try spending $150 and depositing another $100 in the same day. You'd think you'd have $50.00 left over, right? Nope, they'll charge you an overdraft fee because they post the debits before the credits. Banks are greedy *****. There's no doubt about it.
I haven't paid an overdraft fee in years, but it still irks me every time I hear about this crap. -
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