Overdraft Fees

Banks are fully capable of declining transactions if the money is not in your account. They don't so they can screw you. I have never nor will never have an overdraft fee, but still refuse to do business with big banks unless it benefits me as much or more than them. Find a local bank or credit union that appreciates your business. If the big banks are going to steal from you make them go through congress like they did last year. If your purchase is not major enough to keep the receipt, pay cash. It's better for the business you are supporting because every time you swipe the visa for a $3 cup of coffee they get hit with a fee too.

my own damn fault wrote:

I would probably be about $2000 richer if it weren't for overdraft fees. Sometimes I just don't know any other way to pay for the things I need to pay for, so I accept the charge, but usually it's just my own stupidity. My latest was going sixteen cents into the red--or should I say $34.16.

Ever thought of using a Credit Card???

I don't use my debit card for any purchases. Everything is on my credit card. You have to be diligent and have a little self-control, but that's obviously the same issue with you debit card users paying hella overdraft fees.

agree here. I very rarely use my debit card basically because of the stupid overdraft fees. But, BoA is changing a bit.

http://www.jsonline.com/blogs/business/60442902.html

In stead of keeping your account close to the bottom, set another number as your private zero level. This gives you the luxury of not having to keep close track of your balance all of the time and you also have spare money to use in an emergency. I've been doing this for about twenty years now and I can guarantee that this will greatly simplify your life. You might lose a little interest doing this, but the tradeoff is well worth it.

plastic makes perfect wrote:

my own damn fault wrote:

I would probably be about $2000 richer if it weren't for overdraft fees. Sometimes I just don't know any other way to pay for the things I need to pay for, so I accept the charge, but usually it's just my own stupidity. My latest was going sixteen cents into the red--or should I say $34.16.

Ever thought of using a Credit Card???

I don't use my debit card for any purchases. Everything is on my credit card. You have to be diligent and have a little self-control, but that's obviously the same issue with you debit card users paying hella overdraft fees.

I'm scared of getting a credit card for that exact reason--if I can't even handle a debit card, how can I expect to avoid even worse charges with a credit card?

Also I don't know enough about credit cards to even know where to start getting one/using one.

Once, I overdrafted from my checking account. I thought I had deposited a check, but after the fact, realized I hadn't. Also, I was never too concerned, because I swear that when I signed up for my savings account that they told me that if I used up all my checking account that it would start deducting from my savings account in which I had more than enough. So, when suddenly I was charged $30 for a meal at Subway, I hollered bloody murder to my bank, bringing up what I was originally told. It mainly worked, they took off most of the charges, but I was still pissed.

If you have a savings account also, try that.

I've deopsited a check into an account and then spent the money the next day and still received over draft fees because only 100 dollars of the check goes through. Six over draft fees from that one day and I was out about 200 bucks. I called the bank up they offered to take off ONE of the over draft fees.

I think holds should be done more off of a percentage. When you deposit an 1800 dollar check and they hold 1700 of it and give you 100 to live on till it clears thats a little messed up. I think 1/3 of the check should be available immediately. Anyone else have issues like this?

You are all going to be nightmares when you get older, I cannot wait to watch our economy crumble even more.

You cannot handle a simple spending account and you blame overdrafts on the bank?

Are you kidding me?

It is called balancing your account. Something that used to get done back in the olden days.

Financial immaturity is nothing to brag about, it is embarrassing.

Grow up.

Actually, with e-banking now it is MUCH harder to balance your check book.

Some charges take 3 or 4 days to go through, while others go through the exact moment you swipe your card. Then there is the back processing fees which randomly occur and and can send your account into the red. It's ultimately your own responsibility to balance your account, but banks make it MUCH harder now that they can manipulate people into thinking they have more than they actually do in their checking account at any given time.

Obviously they do it this way for a reason, it raises billions of dollars per to pay for bank CEO's vacations.

Shank of America wrote:

How about banks stop letting people overdraft?

For the millionth time, how about you stop spending money you don't have. That could also solve the problem, right? Why does the bank have to regulate something you can monitor on your own?

chaosreigns wrote:

Actually, with e-banking now it is MUCH harder to balance your check book.

Some charges take 3 or 4 days to go through, while others go through the exact moment you swipe your card. Then there is the back processing fees which randomly occur and and can send your account into the red. It's ultimately your own responsibility to balance your account, but banks make it MUCH harder now that they can manipulate people into thinking they have more than they actually do in their checking account at any given time.

Obviously they do it this way for a reason, it raises billions of dollars per to pay for bank CEO's vacations.

They count on people being retards. It doesn't matter when they post your spending. You should NEVER ask your bank how much you have in YOUR account. The bank doesn't know what you have spent. YOU SHOULD KNOW THIS. Keep track of your own spending.

All of you guys going on about how stupid it is when somebody makes an honest mistake and gets screwed need to SHUT IT. Yeah, some of it is the consumer's responsibility. But doesn't some of the responsibility fall on the shoulders of businesses? Whatever happened to the golden age of ethical business practices?

It's not just overdraft fees (which, as many have rightly pointed out, are deliberate, unethical means of making money). It's that you have to have a bank account too for some jobs. And you have to make a certain amount to move into an apartment (so if you just moved and thus don't have a job, but have 2 months rent saved up and your roommate has the income to cover beyond that, but you have to have 3-4x rent) or your ass is on the street. Have a pet? $300 deposit, $300 fee and $25 per month "rent".

What about when you receive your credit card statement saying your bill is due on 6/07. So during your lunch hour you go online to pay your bill. Oh, it's past 3:00pm EST (if you're on the west coast) so it won't post until the next business day, even though you were paying it ON THE DAY IT WAS DUE. Or worse, that 6/07 falls on a Monday holiday (assume). They don't accept payments on bank holidays or weekends (because we all know the internet shuts down). So your payment that was due on 6/07 is actually due on 6/04 before 12:00pm (your time). Jackasses. (Bank of America - by the way).

And if Congress gets its way add mandatory health insurance to the mix. And add ... (there's a ton). Of course we need to look after ourselves (and manage our money well). But to simply stop there is naive and stupid. The banks (and many other institutions) are making a LOT of money by screwing customers and nothing is being done (well, I think some legislation was passed recently to allow consumers to make payments up to the day after they're due, so that's something).

I needed to get that off my chest. Screw the man.

So you are complaining that it costs MONEY to move into an apartment? I'm shocked, the landlord should be allowing you to live for free, the greedy bastard.

You expect all money transfers to be immediate? It sounds like you should take some responsibility and realize that everything can't happen when YOU want them to.

It's not that hard to pay your bills on time and not incur overdraft fees.

old dudes wrote:

All of you guys going on about how stupid it is when somebody makes an honest mistake and gets screwed need to SHUT IT...

Listen, I hear you. Everyone makes mistakes, but that is what they are, mistakes. It isn't the banks fault.

I understand your point about ethical business practices, but there needs to be consequences for people overdrawing or it would be used as a type of credit all the time. People would take advantage of it.

If you do not like the terms of your bank account, go in and talk to the reps. It is simple, shop around until you find an account that you like.

If you are being charged random fees, you need to go find a new bank. Be proactive. Take initiative and you will no longer be a victim.

Banks exist to make money. If you let them take your money, you are enabling them. Stop enabling them and it will cease. They are not doing anything illegal, it is all in black & white on your contract.

When you open a simple checking account, take 10 minutes to read the policy and ask the appropriate questions. You will find that there is a lot to learn. I am not talking about slick interest rate games and other confusing fees. Most of these things are in plain English, very easy to understand if you just read them. TAKE THE TIME.

Furthermore. If you have $1,500, keep track of how much you are spending. It is not hard. Do not rely on the online bank balance, it is rarely correct. You know what you spent, keep it in your CHECK BOOK. I balance my check book nightly and I have not written a check in 6 months. It tales fewer than 5 minutes to do before bed. If I spend $1.20 at the gas station for coffee, I take that off my total.

As has been mentioned before, take your money from a bank, and go to a credit union. You will get better interest rates on accounts, pay less interest on loans, and pay less in fees if you should screw up. Also, there are some good, large credit unions that are just as convenient (at least locally), as a big bank is. In Oregon where I bank the credit unions all have a deal where you can take money from any credit union ATM without a fee.

Here is the thing with banks, they are a business, they make money by charging a fee for the service they offer. This isn't something new. Yes congress is passing laws, especially with credit cards, that changes the way fees can be charged. This will cost banks money, guess who pays that? Here's a hint, its not the bank. So, if you don't want to pay the fee, don't use the service, go to a credit union.

This by the way, is from someone who works for a bank.

Also, carry cash, you can't overdraft with cash.

overdrafting is basically your own fault. Your spending what you have in your account. If you are not mature enough to handle your money, then you really shouldn't have a bank account. Also they don't post from biggest to smallest. Whatever restaurant posts their POS charges,(in some cases takes up to a week), so in reality the restauraunt does thier charges a week later...leading you to believe that they didn't charge you..wrong. As a previous post said, withdraw 40 bucks at a time at an atm, instead of using plastic every time. Then what I like to do, is to use a credit card if you really need to buy an item, and you dont know how much you have in your checking account. That being said use a credit card if in doubt, honestly its not that hard.. Or dont use a card at all, use cash, because there's no way you'll overdraft, logically Mastercard, Visa or American express aren't going to be watching millions of customers accounts to see if they're overdrawing when making a purchase.

I swear i get some random person everyday pissed off that they were charged, it is not that banks fault. Don't use your debit card if you are not going to be responsible for what you really have in you account. The bank is not going to check through the thousands of accounts being charged every minute. duh america

This is correct.

luv2run wrote:

Aside from keeping better track of your finances, look into a credit union--far, far better to deal with.

distance please wrote:

For the millionth time, how about you stop spending money you don't have. That could also solve the problem, right? Why does the bank have to regulate something you can monitor on your own?

What a foolish argument.

The banks are charging fees on money that is not there, and is not spent, and that cannot be spent, because it is not there. It is a shell game, that has no expense to the banks, only income out of thin air, out of no service provided, out of nothing. There is no benefit to anyone but the banks.

The game of charging overdraft fees for money that is not there should be illegal and needs to be stopped immediately.

Man, your rant is excessive. Don't want to bounce a check? Try not running your checkbook balance down below a safe figure, maybe $40. Don't want late payment fees? Try making payments 3-4 days in advance. Don't want to pay 18% ccard interest? Try not spending more than you can pay off at month's end or put aside $10 a paycheck into a small savings account. This shit isn't rocket science fellas. We've all received fees or fines at one time or another in our lives. You adjust and make sure the odds of it happening again are very low. Complaining makes you look/sound like idiots. Man-up and straighten out your shit already.