On banks making a killing with overdraft fees

[waggy]

Originally posted by: Patranus
Here is an idea....

Maybe you should take responsibility for knowing how much is in your bank account and then...DON'T SPEND MORE THAN YOU HAVE.

Oh, then you would have to take responsibility and not shift blame onto someone else like the "big bad corporations".

sometimes shit happens. People make mistakes. somtimes they miss add or forget to put a check in.

fine nail them for the check they did. BUT what banks is doing is wrong. they shouldnt game the system so that you bounce more checks that were written BEFORE teh big one that bounced is the point people are trying ot make.

 

[Athena]

Originally posted by: tk149
Having worked at a bank, and having processed overdrafts, I can say that there's quite a bit of labor involved with overdrafts. Sure, banks make money off them, but it's not like they wave a magic wand and there's no cost (or risk) involved.

Most of these fees don't have anything to do witheither the cost of the transaction to the issuer or services that have value to customers. For example, there is ZERO labor involved with the automatic declining of a debit card transaction and yet many issuers will charge the same "overdraft" fee.

In the "olden days", a bank's business was to rent money for projects that would benefit individuals and their communities (e.g. buying homes, expanding business, etc.) and its health depended on the economic health of its community. Today banks exist to make money for themselves PERIOD...and when they mess up, the feds will bail them out.

 

[Patranus]

Originally posted by: blanghorst

Originally posted by: waggy

great. find me a bank w ithout rediculus fees.

i have looked. my bank is small and it sucks. but at least they don't have some of the stupid fees i have seen. one bank had a "teller" fee. yes you pay to see aperson. Then on top of that they have a "ATM fee" so you get a fee to use the ATM. ok fine just use the computer. Nope you have a $10 month charge to do that.

needless to say i skipped that bank.

What about credit unions? Have you checked?

I agree they have stupid fees, but in the case of the overdraft fee, it isn't like you can't avoid being hit by the fee in the first place.

Exactly. Credit Unions are able to compete with the "evil big banks" because they provide their customers incentives.

Many Credit Unions allow people to use out of network ATMs.

Most people are simply too lazy to look for alternatives and then like to blame the "big bad corporation".

Like everything else in life, if you put in a little effort to find/make something better, there is usually a return on that effort.

 

[umbrella39]

Originally posted by: Patranus
Here is an idea....

Maybe you should take responsibility for knowing how much is in your bank account and then...DON'T SPEND MORE THAN YOU HAVE.

Oh, then you would have to take responsibility and not shift blame onto someone else like the "big bad corporations".

And there you have it, the innate defense Big Business with a a side helping of it's all your fault. :roll:

R

 

[blackangst1]

Originally posted by: Patranus
Here is an idea....

Maybe you should take responsibility for knowing how much is in your bank account and then...DON'T SPEND MORE THAN YOU HAVE.

Oh, then you would have to take responsibility and not shift blame onto someone else like the "big bad corporations".

Oh shit....

 

[yllus]

Originally posted by: dmcowen674

Originally posted by: yllus

Originally posted by: dmcowen674

Originally posted by: yllus
One overdraft in my life - a rather harsh $20 fee. Asked politely over the phone and had it reversed.

I think the fees are ridiculous, but it's up to the consumer to not end up in that position to begin with. But on the other hand, when you're reduced to living hand-to-mouth you end up in an endless cycle of just barely paying the bills that this sort of punitive fee can only aggravate.

Can't bring myself to support any legislation on the matter, though.

Of course not. How do you benefit from the nefarious programming?

Child, do you need to be reminded that a moderator has specifically warned you about making baseless accusations against other forum members? Would you like for this to happen? I know how important these forums are to you, we wouldn't want them to be taken from you again.

There is no "accusation" It's only in your pee brain.

You said you can't bring yourself to back legislation against bogus fees.

I am asking you, why? If you actually "think the fees are ridiculous" why do you back them?

By not being for legislation against the ripping off you are happy about for some reason so what gives?

Out with it or scared of mommy?

I wonder how I could have possibly gotten the idea an accusation was made out of the sentence, "How do you benefit from the nefarious programming?" :roll: Pathetic to the core as you are, however, you don't even own up to the obvious.

Unlike you, my first instinct is not to seek the passage of a new law for every little thing that annoys me. In this situation it is the account holder that bears final responsibility for the fees incurred. They also have the option of taking their business elsewhere.

You think you're being clever here, dmcowen674, but you really know the truth of it, don't you? You're here because some people take pity on you, and will look the other way while you spend hours saying some of the dumbest things any of us have ever read in our lives. You truly are a child.

 

[blackangst1]

Originally posted by: Athena

Originally posted by: tk149
Having worked at a bank, and having processed overdrafts, I can say that there's quite a bit of labor involved with overdrafts. Sure, banks make money off them, but it's not like they wave a magic wand and there's no cost (or risk) involved.

Most of these fees don't have anything to do witheither the cost of the transaction to the issuer or services that have value to customers. For example, there is ZERO labor involved with the automatic declining of a debit card transaction and yet many issuers will charge the same "overdraft" fee.

In the "olden days", a bank's business was to rent money for projects that would benefit individuals and their communities (e.g. buying homes, expanding business, etc.) and its health depended on the economic health of its community. Today banks exist to make money for themselves PERIOD...and when they mess up, the feds will bail them out.

And in the old days, even back int he 90's when I worked in banking, deposits were posted first, then debits from smallest to largest were cleared. Most banks arent doing that any more.

 

[Patranus]

Originally posted by: umbrella39

Originally posted by: Patranus
Here is an idea....

Maybe you should take responsibility for knowing how much is in your bank account and then...DON'T SPEND MORE THAN YOU HAVE.

Oh, then you would have to take responsibility and not shift blame onto someone else like the "big bad corporations".

And there you have it, the innate defense Big Business with a a side helping of it's all your fault. :roll:

R

It IS your fault. The "Big Bad Bank" didn't make you spend more money than you had.

 

[dmcowen674]

Originally posted by: yllus
In this situation it is the account holder that bears final responsibility for the fees incurred. They also have the option of taking their business elsewhere.

Bullshit

In this situation the banks have ganged together and created fees the account holder should NOT be rsponsible for as the fees could not exist of it wasn't for the criminal activity the banks have made a part of their so called business model so there is no where for people to take their business.

The truth is obviously beyond your pitiful brain to comprehend.

 

[waggy]

Originally posted by: Patranus

Originally posted by: umbrella39

Originally posted by: Patranus
Here is an idea....

Maybe you should take responsibility for knowing how much is in your bank account and then...DON'T SPEND MORE THAN YOU HAVE.

Oh, then you would have to take responsibility and not shift blame onto someone else like the "big bad corporations".

And there you have it, the innate defense Big Business with a a side helping of it's all your fault. :roll:

R

It IS your fault. The "Big Bad Bank" didn't make you spend more money than you had.

unfortanatly its not always the persons fault. its really not that hard to understand. Banks have changed how they do business to make sure they get those fees.

from doing big checks first to doing deposits last (or hell even holding them if they are close to end of business day). They pull shady tricks to make sure people who only spending money they have bounce checks.

 

[Patranus]

Originally posted by: dmcowen674

Originally posted by: yllus
In this situation it is the account holder that bears final responsibility for the fees incurred. They also have the option of taking their business elsewhere.

Bullshit

In this situation the banks have ganged together and created fees the account holder should NOT be rsponsible for as the fees could not exist of it wasn't for the criminal activity the banks have made a part of their so called business model so there is no where for people to take their business.

The truth is obviously beyond your pitiful brain to comprehend.

What do you mean bullshit?

The bank doesn't magically withdraw money from your account causing you to overdraw the account.

I guess you think banks should be 100% free?

 

[dmcowen674]

Originally posted by: Patranus

Originally posted by: dmcowen674

Originally posted by: yllus
In this situation it is the account holder that bears final responsibility for the fees incurred. They also have the option of taking their business elsewhere.

Bullshit

In this situation the banks have ganged together and created fees the account holder should NOT be rsponsible for as the fees could not exist of it wasn't for the criminal activity the banks have made a part of their so called business model so there is no where for people to take their business.

The truth is obviously beyond your pitiful brain to comprehend.

What do you mean bullshit?

The bank doesn't magically withdraw money from your account causing you to overdraw the account.

Yes they do through nefarious computer programming.

Try reading, it's fundamental

 

[IndyColtsFan]

Originally posted by: dmcowen674

Yes they do through nefarious computer programming.

Try reading, it's fundamental

Are you claiming, then, that banks are using "nefarious" programming to secretly remove money from your account to cause it to overdraft?

 

[yllus]

Originally posted by: dmcowen674

Originally posted by: yllus
In this situation it is the account holder that bears final responsibility for the fees incurred. They also have the option of taking their business elsewhere.

Bullshit

In this situation the banks have ganged together and created fees the account holder should NOT be rsponsible for as the fees could not exist of it wasn't for the criminal activity the banks have made a part of their so called business model so there is no where for people to take their business.

The truth is obviously beyond your pitiful brain to comprehend.

Haha, so a person who overdrafts their account is not responsible for incurring fees for that action because the banks illegally conspire to charge them high fees for doing so.

Not only does that not make any sense, but it manages to incorporate the classic dmcowen674 excuse for why you suck at life: "It's not my fault - a criminal conspiracy made this happen!"

 

[IndyColtsFan]

Originally posted by: yllus


Haha, so a person who overdrafts their account is not responsible for incurring fees for that action because the banks illegally conspire to charge them high fees for doing so.

Of course not, it is "nefarious programming" that causes it. Those big, bad, EVIL banks and corporations.

Not only does that not make any sense, but it manages to incorporate the classic dmcowen674 excuse for why you suck at life: "It's not my fault - a criminal conspiracy made this happen!"

Bingo!

 

[waggy]

Originally posted by: blanghorst

Originally posted by: dmcowen674

Yes they do through nefarious computer programming.

Try reading, it's fundamental

Are you claiming, then, that banks are using "nefarious" programming to secretly remove money from your account to cause it to overdraft?

i admit what he is saying is silly. BUT banks do use BS ways to cause overdrafts on people living paycheck to paycheck (yet only spending money they have or should have).

there was a good article a year or so ago about it. Besides the tricks of paying largest to smallest no matter the time they came in. Banks will hold off the deposite until the last possible second. Even though most think the bank will credit the deposit early the next business day most will do it after all outgoing bills. So many get nailed with NSF fees then the deposit comes after (all on same business day). This was even happening with Direct deposits.

Then they are giving NSF fees on debit cards. The transaction is declined at the point of sale so the bank is out nothing. yet they still do it. Even when the card is faulty (we run into this a lot. for some reason my debit card will NOT work at Target always says declined (no i don't get a NSF fee my bank is good on that))

Many banks play the system to there advantage. Many are getting NSF fees when they shouldnt.

But i do agree there are many who just don't pay attention to how much they have in and think if they have checks and the store takes it then they are good.

 

[dmcowen674]

Originally posted by: blanghorst

Originally posted by: dmcowen674

Yes they do through nefarious computer programming.

Try reading, it's fundamental

Are you claiming, then, that banks are using "nefarious" programming to secretly remove money from your account to cause it to overdraft?

Read all the material on the subject.

Yes they do.

 

[StageLeft]

For example, there is ZERO labor involved with the automatic declining of a debit card transaction and yet many issuers will charge the same "overdraft" fee.

Now that is truly unreal, that really happens?

So, this is precisely the same as me going into the bank and asking the teller for $1000. They say, sorry you only have $300 balance. I leave and then I find there is a $35 fee they added on even though I didn't actually do anything? Ha, that is a scam anyway it's diced.

I agree about personal responsibility. I think it's paramount and I use it, but the law should probably make it so that businesses cannot overtly screw people. For example, the using the debit thing for several purchases throughout the day and then that night a single charge overdrafts and penalizes you on them (at least according to the link). That isn't intuitive, makes no sense, and shouldn't be tolerated.

 

[IndyColtsFan]

Originally posted by: dmcowen674

Originally posted by: blanghorst

Originally posted by: dmcowen674

Yes they do through nefarious computer programming.

Try reading, it's fundamental

Are you claiming, then, that banks are using "nefarious" programming to secretly remove money from your account to cause it to overdraft?

Read all the material on the subject.

Yes they do.

Link from a reputable source?

 

[StageLeft]

Originally posted by: dmcowen674

Originally posted by: blanghorst

Originally posted by: dmcowen674

Yes they do through nefarious computer programming.

Try reading, it's fundamental

Are you claiming, then, that banks are using "nefarious" programming to secretly remove money from your account to cause it to overdraft?

Read all the material on the subject.

Yes they do.

No, they aren't taking money from your account in any example stated here or in the original link, they are at times delaying its entrance into the account, though, which can have a similar effect.

 

[IndyColtsFan]

Originally posted by: waggy

Originally posted by: blanghorst

Originally posted by: dmcowen674

Yes they do through nefarious computer programming.

Try reading, it's fundamental

Are you claiming, then, that banks are using "nefarious" programming to secretly remove money from your account to cause it to overdraft?

i admit what he is saying is silly. BUT banks do use BS ways to cause overdrafts on people living paycheck to paycheck (yet only spending money they have or should have).

there was a good article a year or so ago about it. Besides the tricks of paying largest to smallest no matter the time they came in. Banks will hold off the deposite until the last possible second. Even though most think the bank will credit the deposit early the next business day most will do it after all outgoing bills. So many get nailed with NSF fees then the deposit comes after (all on same business day). This was even happening with Direct deposits.

Then they are giving NSF fees on debit cards. The transaction is declined at the point of sale so the bank is out nothing. yet they still do it. Even when the card is faulty (we run into this a lot. for some reason my debit card will NOT work at Target always says declined (no i don't get a NSF fee my bank is good on that))

Many banks play the system to there advantage. Many are getting NSF fees when they shouldnt.

But i do agree there are many who just don't pay attention to how much they have in and think if they have checks and the store takes it then they are good.

No doubt banks do play the system to their advantage. Dave is claiming that they will intentionally remove money from your account to cause you to overdraft (see his response to my question).

 

[IndyColtsFan]

Originally posted by: Skoorb

Originally posted by: dmcowen674

Originally posted by: blanghorst

Originally posted by: dmcowen674

Yes they do through nefarious computer programming.

Try reading, it's fundamental

Are you claiming, then, that banks are using "nefarious" programming to secretly remove money from your account to cause it to overdraft?

Read all the material on the subject.

Yes they do.

No, they aren't taking money from your account in any example stated here or in the original link, they are at times delaying its entrance into the account, though, which can have a similar effect.

Yes, what you describe does happen. What Dave describes does not.

 

[dmcowen674]

Originally posted by: waggy
banks do use BS ways to cause overdrafts on people living paycheck to paycheck (yet only spending money they have or should have).

there was a good article a year or so ago about it. Besides the tricks of paying largest to smallest no matter the time they came in. Banks will hold off the deposite until the last possible second. Even though most think the bank will credit the deposit early the next business day most will do it after all outgoing bills. So many get nailed with NSF fees then the deposit comes after (all on same business day). This was even happening with Direct deposits.

Then they are giving NSF fees on debit cards. The transaction is declined at the point of sale so the bank is out nothing. yet they still do it. Even when the card is faulty (we run into this a lot. for some reason my debit card will NOT work at Target always says declined (no i don't get a NSF fee my bank is good on that))

Many banks play the system to there advantage.

Many are getting NSF fees when they shouldnt.

You covered a good bit, thank you.

Just to touch the subject of them holding on to your money as long as they can is remember they hold money that belongs to you up to an insane amount of 21 days but yet draft anything from your account instantly.

Tell me how that is responsible?

The system is corrupt as corrupt can get thanks to Bush putting this situation in place on behalf of the evil banks.

Yes I said evil, there is no other way to describe such a corrupt system.

If Palin can say Obama is evil I can call the Republicans evil.

 

[IndyColtsFan]

Originally posted by: dmcowen674

You covered a good bit, thank you.

Just to touch the subject of them holding on to your money as long as they can is remember they hold money that belongs to you up to an insane amount of 21 days but yet draft anything from your account instantly.

Tell me how that is responsible?

The system is corrupt as corrupt can get thanks to Bush putting this situation in place on behalf of the evil banks.

Yes I said evil, there is no other way to describe such a corrupt system.

If Palin can say Obama is evil I can call the Republicans evil.

So Bush personally designed the fee structures imposed by banks and taught them how to leverage the system for their benefit?

 

[dmcowen674]

Originally posted by: Skoorb

Originally posted by: dmcowen674

Originally posted by: blanghorst

Originally posted by: dmcowen674

Yes they do through nefarious computer programming.

Try reading, it's fundamental

Are you claiming, then, that banks are using "nefarious" programming to secretly remove money from your account to cause it to overdraft?

Read all the material on the subject.

Yes they do.

No, they aren't taking money from your account in any example stated here or in the original link, they are at times delaying its entrance into the account, though, which can have a similar effect.

Well well look who is using facts. :shocked: