Originally posted by thisguyrighthere
reply to post by EnlightenUp
Not Chase. .... So it was the local bank that was trying to sell me on overdraft.
I wouldnt be surprised to find out that the local bank is just a small part of some giant national bank though.
Originally posted by jam321
I opted in.
The way I understood the option was that if I opted out they would basically freeze my account at a certain amount to ensure I don't go over.
I don't know about others, but sometimes I need every dime I have in my account.
[edit on 12-8-2010 by jam321]
Originally posted by Sphota
I feel that overdraft fees are out of control. If I spend $10, for example, my overdraft fee is technically 240% interest.
Originally posted by mothershipzeta
Bank customers get break from ATM overdraft fees
Beginning Sunday, banks and credit unions no longer can approve and charge penalty fees for one-time debit-card purchases that exceed customers' account balances unless the account holders have agreed to "opt in," or accept overdraft coverage.
For years, banks simply had denied these transactions. However, by allowing them to go through without the cardholders' consent and charging $34 for the "service," standard or "courtesy overdraft coverage" reels in more than $10 billion in debit card fees each year, the center estimates.
Even better, when debiting a day's transactions from your account, some banks (such as Bank of America) will actually make sure to process your biggest payments (checks and debit cards) first, regardless of when they came in, so they can deplete your account quickly and ding you for as many overdrafts as possible. AND, if you've had a few overdrafts, they'll put a hold on future deposits for as long as a week. That way, they won't hit your account and as a result you get even MORE overdrafts.
A 2008 survey by the FDIC found that 81 percent of banks allowed overdrafts on debit card transactions and ATM withdrawals, but only 8 percent informed customers of their cash shortfalls before the debit card transactions occurred. Only 23 percent did so on ATM withdrawals. Advance notice would have allowed customers to cancel the transactions and avoid the fees.
It is truly sad that so many personal, corporate and banking fortunes are made by simply manipulating money while contributing nothing to society. At least this is a step in the right direction.
[edit on 8/12/10 by mothershipzeta]
Originally posted by Sherlock Holmes
I think it's a shame that people are so irresponsible and negligent with their money, that they have to even introduce this.
For all the talk about rich, immoral banks ( justifiably ), we don't exactly do ourselves any favours by giving them free money in the form of overdraft fees and getting penalised for carrying out transactions with money we don't have.
If people kept track of how much money they had in their account and avoided needless credit, then the bankers wouldn't be quite so rich !