I can check my account balance on my cell phone. Therefore, I never overspend with my debit card. People get whacked with overdraft charges because they are too stupid or irresponsible to keep track of their finances..
While I am against unnecessary regulation, banks have violated free-market principles by acting in collusion to raise these rates, and it’s time the government looked at abuses here.
How about just balancing your bank account to make sure you have the money to spend in the first place...seems to work for me.
again, this is really, really dumb on the part of the banks....one of the few things Obama could do to shore up his sagging pole numbers would be to take them all to the woodshed over fees....
I bet his evil bank offers transaction registers, probably even for free.
Time to put the George Washingtons in your wallet just to keep an eye on them! Everytime I pull one out I ask, ‘where do you think your going?’
Folks should be tired of being fleeced by the financial ‘non’ service industry by now.
Maybe this is an indication:
http://market-ticker.org/archives/1417-FLASH-Consumer-Credit-RECORD-Contraction.html
I’ve known this for years and been hit by it before (Bank of America). They order transactions largest to smallest to maximize the number of overdrafts, and they’ve also been known to play with transaction dates. Last time I got hit, I had a withdrawal on the 8th of a month, when I did have sufficient funds, post AFTER a withdrawal on the 10th, when I didn’t. Net result: I get whacked for an extra $35 stupidity tax.
Also, watch out if you have a checking account that charges any sort of monthly or annual fee. Yeah, you guessed it. One month the monthly fee posted drove me below zero balance...cha-ching, $35 more to B of A!
Oh, and B of A charges $35 *more* if you’re overdrawn more for five days or more.
}:-)4
The guy is nearly 60 years old and doesn’t understand how a checking account works. Sorry, but spend the money you have and don’t go to Starbucks if you don’t have cash.
Someone needs to tell this “career civil servant” that deficit spending only works in government, not in real life.
Having been a poor college student (in both senses) and being currently unemployed, I understand that there is only so much money to spend and when it’s gone, it’s gone.
Check out how often your credit card payment falls due on a weekend. If you pay automatically or with electronic payments and you use this due date, it won’t post until the following Monday and you will be charged a late fee. It is a complete rip off and I would switch to an honest bank that was fair and reasonable in their fees. I think I’ll check out a credit union to see if they are any better.
So this guy tried to game the system by withdrawing $350 from an account that clearly didn’t have the funds in it, and he’s all upset because the bank gamed him? I have very little sympathy.
This is no different than a bounced check fee.
I have had a problem with my debit card (credit cards too) and I am wondering if others have also.
I have stayed at a hotel for several days-the hotel charges my card every day-preauthorizations to be exact-in some cases the preauthorizations are 50% more than the actual charges. I go to check out and POW my card is rejected because I don’t have sufficient funds to pay the bill. I do of course more than enough but the preauthorizations have tied my card up.
One time I paid a bill with another card, one time with cash and my primary card was still tied up for several days with these preauthorizations even though I paid my bill at check out. The hotel says it’s the bank’s fault and you guessed it I call the bank and they tell me it is the hotel’s fault.
Stupid people like this need to get charged!
Banks should double the charges until people smarten up!
Didn't work.
I have none of these problem because:
1- I keep track of my balance.
2- I belong to a local Credit Union which has a very adequate overdraft protection if I do screw up.
BofA, Wells Fargo, Zion Bank.... they can all KMA.
Make a budget at the beginning of the month, spending every dollar on paper and then stick to that budget. It is actually pretty simple to make your money work for you instead of working for your money.
I’m just glad that I finally beat Hoosier to a thread! ;-)
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$4.14 for a coffee at Starbucks
$6.50 student discount at the movie theater
He paid $6.76 at Lowe’s for screws
**************************
Each of these items should have come out of an envelope marked “Blow $” and sufficiently filled with cash at the beginning of the month. He would then only have to manage one ATM withdrawal a month.
$40 billion in over draft charges last year...that’s unreal. The banks are catching a lot of flak for this practice and I imagine that it won’t be long until they are forced to stop either because of lawsuits or gov’t intervention.
Oh the Humanity!!!
I can’t believe a poor person getting fined for spending money he didn’t have!
Ever hear of over-draft protection bud?
In addition, a deposit from a few days earlier would have covered everything had it not taken days to clear.
In other words, THE BANK FAILED TO PROCESS HIS DEPOSIT!!! That's a complete scam. Not only should he pay no penalties, but the bank should also reimburse him for interest that should have been earned while they were dragging their feet.
The banks can sure as hell take money OUT of my account instantly - money I put into my account should go in just as fast.
In other words, let's say I deposit $500 on Monday. Tuesday through Friday, I spend $300. Am I being foolish or reckless? Hell no, I deposited $500 and have $200 to spare. If the bank fails to deposit the check until Friday, the bank is at fault - not me.