IndyColtsFan
Lifer
- Sep 22, 2007
- 33,655
- 688
- 126
Someone posted that he believed 80% of bank fees were paid by 20% of bank customers. I am going to try to find a link to substantiate that claim. While I agree that bank fees can be ridiculous, if the figure above is indeed true, that would point to some serious personal responsiblity issues as well.
had fifth third screw me once with a overdraft scheme
started the day with 300 dollars in my bank account and 8 or so "pending" little transaction (fast food, gas store..etc added up to 80 bucks at most) so really had 220. Depostited my paycheck which was 600 of which 100 is supposed to be avail immediatly per there rules so I had 320 avail in my checking at this point. paid my car payment when I got home online for 250. leaving me 70 bucks till my paycheck cleared and I got the balance of it avail.
next morning I woke up to 256 dollars in overdraft fees (8 of em) because they cleared the car payment first and the largest of the pending transactions. which put me into the negative. then all the other pending transactions (6 of em + 2 from other misc things from later that day) then they added my deposit on at the end of the day. boarderline criminal in my opin.
started the day with 300 dollars in my bank account and 8 or so "pending" little transaction (fast food, gas store..etc added up to 80 bucks at most) so really had 220. Depostited my paycheck which was 600 of which 100 is supposed to be avail immediatly per there rules so I had 320 avail in my checking at this point. paid my car payment when I got home online for 250. leaving me 70 bucks till my paycheck cleared and I got the balance of it avail.
next morning I woke up to 256 dollars in overdraft fees (8 of em) because they cleared the car payment first and the largest of the pending transactions. which put me into the negative. then all the other pending transactions (6 of em + 2 from other misc things from later that day) then they added my deposit on at the end of the day. boarderline criminal in my opin.
How about the "big bad corporations" do the responsible thing and just decline debit/atm charges and return checks instead of paying them? If there's no money in the account, just do the responsible thing, and decline. If people want to get raped by what amount to excessive loan fees, they'd go to a loan shark, or perhaps a paycheck advance company.
I have an overdraft, I was closing out some small accounts I had setup, confused one account that had $25 with one that had $50 and overdrew for $25. They charged about $90 in fees. Of course, account is closed so I ignored them. Sent me to collections, so now my goal is to make this exceed the cost of recovery, therefore causing them a net loss. Only cost me $10 so far in certified mail!
Overhauled my ass
9-22-09 Bank of America, JPMorgan overhaul overdraft fees
Bank of America Corp. said Tuesday it will cap the fees it charges customers for overdrawing their accounts, backpedaling on the hikes the company imposed just this year. Starting Oct. 19, Bank of America no longer will charge overdraft fees when a customer's account is overdrawn by less than $10 in one day.
A $35 fee will still be levied if the account isn't brought into balance within five days.
The Charlotte, N.C.-based bank also will limit to four the number of times an overdraft fee can be charged on an account per day. Just this year, the bank had raised that cap from five to 10. It also raised the fee this year for the first overdraft in a 12-month period to $35 from $25 ? a hike that still stands.
JPMorgan Chase & Co. also will be overhauling its overdraft fees, a spokeswoman said late Tuesday. Starting in the first quarter of 2010, the bank will make overdraft protection opt-in for all customers, post transactions to accounts as they occur, and eliminate fees when accounts are overdrawn by $5 or less. It will also reduce the maximum number of fees per day to three from six.
The changes will apply to all customer accounts, the spokeswoman said.
The banks' turnaround comes as credit card reforms passed earlier this year will soon limit banks' ability to raise fees and interest rates and require greater disclosure about costs. Banks also will have to give customers the choice to opt into over-the-limit programs for credit cards, which are similar to overdraft programs and charge consumers for spending beyond their credit limit.
Dave, you for once decided whatever you were going to say was so dumb/wrong/insulting, you edited it out? That's a first 
Bitek
Lifer
- Aug 2, 2001
- 10,676
- 5,239
- 136
Mine neither. They refused to refuse transactions. I have a separate paypal checking acct I leave w/ very little money in it for security. I had an unauth. PP transaction come thru, and ended up getting nailed w/ $70+ of fees.
I did manage to eventually get it reversed by filing an official petition, but it took quite a bit of hassle, going to the bank in person, and waiting for several days for the case to be reviewed.
There should be an opt out program. I will gladly suffer the embarrassment of a debit card being refused for $40+ of overdraft charges. Should help with ID theft as well, as people cannot draw more than in the acct. (which is another huge PITA to recover.)
Fucking bankers got a trillion in public funds, they can start paying some goodwill back by not raping their customers for things they did not want in the first place. Its the least they owe us.
What would be the overdraft charges to them for all the treasury funds they've taken?
This is what I envision when people complain about overdraft fees. Falloutboy really didn't do anything wrong, but the way banks process debits/credits can result in overdrafts. Banks will always process debits before credits and start with the largest debit first. Many of the large banks will ding you for an OD even if you were in the red for 30 seconds. So in your mind you were positive because 4-5+20 = 19, but in bank language, you were -1 for a second and that'll cost you -32 (which incidentally puts you -13 instead of 9, and any additional debits coming through will ding you for another OD).
I have no sympathy for people who don't track their checking account and just spend their money without thinking, but for someone like FOB, who was only charged an OD because the bank plays tricks with debits/credits, I can understand their plight.
Pulsar
Diamond Member
- Mar 3, 2003
- 5,224
- 306
- 126
It's funny. I had a bank account where they charged me fees.
I switched to a credit union.
I didn't have to whine about the evil conspiracy, I didn't have to go the Federal government for new laws.....
I wonder why other people can't just do the same thing.
I switched to a credit union.
I didn't have to whine about the evil conspiracy, I didn't have to go the Federal government for new laws.....
I wonder why other people can't just do the same thing.
Originally posted by: yllus
You're asking if dmcowen674 reads contracts? You must be new here.
<Middle Finger> <Middle Finger>
Pulsar
Diamond Member
- Mar 3, 2003
- 5,224
- 306
- 126
I suppose I can understand if you were trying to stand up to them for the good of the people. Your posts suggest an overwhelming concern for the welfare of everyone else that happens to use the banking system. I have to admit, I probably would have gone about it in another way: perhaps taken it to the local media and seeing if you could get them to run with a story.
On the other hand, if you didn't bother to read your bank's rule and understand them, and now you're holding them at fault for working within that ruleset, do you do the same in other arenas? Perhaps your drivers license and the DMV? Have you read those rules, and do you get upset when you get pulled over for breaking the law?
You see, it's an important distinction. On one hand, you were trying to do good for everyone, and on the other hand you're simply a bit naive...
yllus: I haven't been straying into P&N for long, so I don't have any pre-formed opinions about the peopel here. dmcowen, however, is causing me severe cognitive dissonance in his reasoning methods. I'm simply trying to rectify what must be a misunderstanding on my part regarding how he tries to prove a point. I do admit that his latest argument perhaps isn't the most loquacious or eloquent.
cubeless
Diamond Member
- Sep 17, 2001
- 4,295
- 1
- 81
...and on the third hand (dave wants the govt to give everyone another hand, too) dave is just a troll...
and bofa is doing a lot of pr about cutting od and other fees... i haven't read the details, since i figure it's probably superficial, but the finger wagger in chief is brow beating the baddies into compliance...
Pulsar
Diamond Member
- Mar 3, 2003
- 5,224
- 306
- 126
I agree it would be a start, but I tend to be against making laws to guide people and companies in everything they do. It's a losing battle that you'll never keep up with.
They pay far more attention when you get Federal regulatory folks involved, or take them to court (class action perhaps) for predatory practices.
Even THEN, it won't help much. There will always be another party out there ready to try a new way of getting your money. The real answer is to stop using institutions like this.
So perhaps the question we should be asking is why people keep going back to these companies and banks that make their lives a living hell. Do a quick google search on capital one if you want to know what I mean. It all comes back to personal responsibility by my way of thinking.
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