26.5 Billion in overdraft fees!!!! WTF! Enough!

DaHippie · Nov 27, 2009

WTF!!!!

Rich peeps dont bounce checks...only the working poor and middle class.
36$ fee for a $2 debit!...they say they cant get the votes to fix this!!!
I wouldnt let these bastards have a glass of water or leave the chambers to take a shit until this was fixed! seriously! I would sceeze(sp? brainfart) all the assets of those that wouldnt vote this out! and im dead serious!
I hate these mother f*ckers! sick of em!!! This is blatant corruption in your face daring you to do something about it. I despise this shit!

What do we need them for? seriously? this is 2009 not 1922, we dont need them to vote for us on anything. we can read and understand anything in print and have lots of ways of voting! Put the voting machine between the gas pumps and put the shit on the screen!

bodyforlife · Nov 27, 2009

Although I know the banks gouge people on these, I'm always amazed when people become irate over this. Yes, it should be corrected. But there's also an easy fix for this within everyone's control....balance your checkbook and don't write checks with money you don't have. Simple! I can't recall the last time I bounced a check. And I don't pay ATM fees either. It's called taking control of one's finances, People always want to blame others instead of taking personal responsibility for their own actions.

And I'm not rich.

roadreeler57 · Nov 27, 2009

Somebody should hit the US Federal Govt with these fees for borrowing & spending like $ grows on trees..... For the thread poster ..Ive never bounced a check so therefore never had to pay a fee...maybe you better do the same.

billhill999 · Nov 27, 2009

bodyforlife said:
Although I know the banks gouge people on these, I'm always amazed when people become irate over this. Yes, it should be corrected. But there's also an easy fix for this within everyone's control....balance your checkbook and don't write checks with money you don't have. Simple! I can't recall the last time I bounced a check. And I don't pay ATM fees either. It's called taking control of one's finances, People always want to blame others instead of taking personal responsibility for their own actions.

And I'm not rich.

We had a thread similar to this some time back, I caught crap for posting almost the exact same thing you did.

People, here's a novel idea, don't write checks your ass can't cash.

One time I overdrafted because the bank deducted their monthly service fee at the same time a few checks cleared.
I had enough to cover the checks before the service charge, I called the bank and explained, guess what, the waived the OD fees and honored the checks.

Like BFL says, take control of your finances, you know damn well how much is in your account when writing checks.

rolltide · Nov 27, 2009

seriously guys he does call himself Da Hippie, what else would you expect? da big bad bank charges a fee when i illegally write a check for more than i know i can cover. damn them

meltdown · Nov 27, 2009

DTFM (do the fuckin' math) before you write a check if you are that broke, then you need to be even more cautious. I am also middle class but I never bounced a check even when I was a poor, struggling college student. Personal responsibility.

mplastered · Nov 27, 2009

Pretty damn simple, eh hippie.

barman · Nov 27, 2009

"I've been keeping this town clean from Hippies for over five years now!"

--Patrolman Eric Cartman

OnWisconsin · Nov 27, 2009

funny, but i know some people who put their overdraft limit into their spending. i used to be one of them, and once i decided i was going in, i'd go in as far as they'd let me and try to get away with just one fee.

the people who bitch about overdraft fees shouldn't complain. a bank should be able to charge as much as it wants, if for no other reason but to discourage people from spending money they don't have

barman · Nov 27, 2009

Well to get serious now....

It's been fairly well exposed that for many of the banks, there's far less motivation to "discourage" poor spending then there is to try and get just the right balance (no pun intended) between what an account holder will pay in fees and what might lead them to go elsewhere (credit unions or local banks with more friendly service).

The "perfect" account is the one that logs one to two overdraft fees every week or so. The bank charges $35 per and the account holder pays it when they make their next deposit.

At end of month, four or five such charges give the bank a monthly "service charge" of $140-160 for a simple checking account.

They'll be especially cool about if the account holder has a history of regular payroll direct deposit. They won't even blink if two, three or four overdraft charges hit because they know they'll rake when the next direct deposit is made.

In the "old days", a bank would close an account that had more than a dozen overdraft checks or ATM pulls in just a few months.

punter · Nov 27, 2009

Repugs love it when companies fuck over citizens, but cant understand why people vote against repuglicans.

Uno · Nov 27, 2009

as long as its a free country with free enterprise we cannot tell any company what to do.

it is not complicated.

bodyforlife · Nov 27, 2009

punter said:
Repugs love it when companies fuck over citizens, but cant understand why people vote against repuglicans.

Just had to open the post when I saw Punter was the last reply...knew the reply would be a work of art. Why am I not surprised. Yeah, let's fuck over irresponsible citizens for using money they don't have (makes sense to me). If only the taxpayers could charge the govt a penalty for the last 9 years for using money they didn't have. Of course the bulk of that penalty would be on the current administration since in one year they've spent more than the previous administration did in 8 years.

meltdown · Nov 28, 2009

punter said:
Repugs love it when companies fuck over citizens, but cant understand why people vote against repuglicans.

Poor Punter playing the victim card again. If you are too stupid to balance a checkbook, then you should probably only deal in cash and money orders. If you don't like your bank's check bouncing policy, then switch to a bank that allows you to write as many checks as you want regardless of how much money you have. AGAIN DTFM and you won't have any problems.

mplastered · Nov 29, 2009

punter said:
Repugs love it when companies fuck over citizens, but cant understand why people vote against repuglicans.

What a dipshit.

Dave007inVegas · Nov 29, 2009

punter said:
Repugs love it when companies fuck over citizens, but cant understand why people vote against repuglicans.

<DIR>Peas, peas, peas, peas
Eating goober peas
Goodness, how delicious,
Eating goober peas.
</DIR>

rolltide · Nov 29, 2009

poor punter never amounted to shit in life so blames the big bad corporations along with his buddy dahippie

how was your food stamp turkey asshole?

texansfan · Nov 29, 2009

People still write checks?

barman · Nov 30, 2009

heh....

Actually, I'd venture that for most people it's ATM and debit card overdrafts.

And that's where an element of shadyness is definitely in play by the bank(s).

Back in the day, if someone tried to make a debit card purchase and lacked sufficient funds, the purchase would be Declined.

However these days, an increasing number of accounts will allow a cushion ($100...or maybe more based on Deposit history) which allows the purchase to be Approved and then the bank smacks them for the $35.00

If there's an established history of Deposits (say a couple months or even better - a payroll Direct Deposit) here's the sequence

Actual Balance = $50.00
Debit card Purchase = $57.00

Bank approves, knowing they are only risking $7 loss if the account holder never makes another deposit.

But of course most people do make another deposit, usually within the next one to five business days.

The bank accepts the deposit, deducts the $7 and the $35 penalty.

I can tell you that in our own case, Bank of America will - and has - pay up to $500 for a "bad check" because my wife has a weekly direct deposit that averages about $800 and I myself drop in about half that much every week from lawn/garden work where I'm paid by check.

In our case, and I'm sure it's not unusual, it's a check where we expected to have the funds in place, but missed by no more than 24 or at most 48 hours.

Bank says no problem because if they allow us to "fumble" two or three times a month, they get $70-105 in fees compared to otherwise just getting $5.95 (monthly account fee).

Bottom line for the consumer is to accept without complaint the reality that back in the day, a bank would STOP you cold if you erred and would for sure shut down your account if you had more than a couple NSFs several months in a row.

But these days, they instead play a risk/reward game as described above. This puts an increased responsibility on the consumer to WATCH what the hell we're doing.

That's often So Painful, eh?

meltdown · Nov 30, 2009

Do you really believe that every time you make a purchase that the credit card machine checks your balance and approves or declines your debit card based on your current balance? It is actually the same with running a check electronically. All it does is verify an active banking account, but does not guarantee funds are in there. This puts the responsibility directly on the user to DO THE FUCKIN' MATH and know how much money you have. It's nothing like the scenario Barman states. To think that there is actually some sort of decision maker or risk analyst in each transaction is obsurd.

26.5 Billion in overdraft fees!!!! WTF! Enough!

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