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Why the large amounts of money? Say, for instance, you overdrew yur checking account by $3--you would get a $35 overdraft fee. Isn't the insufficient funds a fault between you and the merchant (yes, it definately is not fair to the merchant, it's like stealing from him.) But why is this something that banks charge so much for? I could understand if they paid the insufficient funds to the merchant for you and THEN charged the overdraft fee, but usually they don't. Then the merchant charges you for a bad check (understandable) and so does the bank. I can't see where it hurts the bank all that much to get a check that has insufficient funds and refuse it. All it takes is a few minutes of an employee's time and maybe a stamp. But, of course, you will be charged, and you are not going to get that money back--your hard-earned money. What you have busted your butt for, put your kids in daycare to earn, and need to buy food and pay rent. So, how is this ethical? Don't say it just is because it is the way it is. I am wondering why it is--if there is a reason, I'm dying to know. Explain to me why there are large amounts of money involved in having a check refused? Is it just because banks can do it? Is it just a way for them to make money?
I have an automatic savings deposit of $50 every two weeks. I didn't have enough for both that and the check that cleared that night, so they put the savings thru and bounced the check. Then the ATM said I had a balance of $290--I withdrew $280 and was charged an overdraft. Had I not incurred the $35 overdraft fee from the previous action, I would have had enough. But I got another overdraft fee, of course. My daughter just got one on her account for being $1.28 overdrawn and she is a struggling college student. . .yeah, yeah, yeah, it's my responsiblity ect ect--but hell, people do make mistakes!!!
I was taking a loan and using the banks money? 'Scuse me, but the bank is using MY money!!!!!! Besides, if they charge $41 for a $3 overdraft- who is borrowing who's money? Like I said, I would definately deserve the overdraft and would be happy to pay it if they actually paid the check, but generally they don't. They just send it back and charge you for the "inconvenience." You have been brainwashed by corporate America--congratulations.
If you don't like the fees, then why did you agree to them when you opened your account? Fees have been around for years. Banks are a business, first and foremost. Just like any other business in the world, they are there to MAKE A PROFIT! It takes more than 1 person and much more than the cost of a stamp to process each transaction that goes through a bank each day; at least 3 at your bank, 3 at any other bank involved and employees at the Fed Reserve. Also, NSF checks are not sent back through the mail. They have to be taken by courier or electronically transferred since the information on the checks is so sensitive and the banks don't want to take the risk of someone else getting your sensitive bank account information. Also, the cost does not come from paying the employees' salaries. Trust me, a bank employee doesn't get paid all that well unless he or she has been there 50 years and has a title like Vice President. I suggest you close your account and go to Walmart to cash your paychecks. Tell all your friends and family members not to write you personal checks because you won't have a way of getting them cashed. You also won't have the chance of earning a little interest from your little bit of money. Granted, it's not a lot of interest, but every little bit helps. When someone steals your money, the chance of you getting it back will be slim to none. You won't have a debit card so you'll always have to have cash on you. Without a debit card, online purchases will be harder to make, unless you plan on racking up a lot of credit card debt. And before you start spouting out that I'm brainwashed (because that seems to be your response to everyone else), I'll tell you that no I'm not. I've just taken the time to become educated on subjects like this, so that I don't end up paying money for fees that could have been avoided. And I did this before I was a bank employee. If you plan on keeping your bank account, and I feel sure that you will, you should make time to go in and talk to a customer service rep who will explain how everything works and why their fees are as high as they are.
Looks like someone went through and just thumbs downed all these comments. The fact of the matter is Bored Housewife is right. A bank is a money service. They pay all your bills and you pay them They could just as easily decide to deny anyone payment if you dont have the funds. It comes from them, not you. They give you control via CC accounts or a debit system which is a 3rd party who deals with the bank directly The money is in your control via their contractual obligations. In lieu of a standard membership fee, which is too direct and not accepted by people they just charge you fees. They make the most money when you are down on your luck in the form of recurring overdraft charges. They also charge vendors a fee and make a LOT of money off of interest from the mass of their holdings which is...YOUR money. They are bankers...in their element...doing what bankers do. If you made 10% of their net profits off of you youd be a very happy customer! But you are part of their profit directly in the form of fees as no one will pay a monthly fee to bank even though they should cause its a definite service. Totally free banking is a viable business model though so F all the banks with fees anymore. Just ask the internet. Key Banks fees are: 33 dollar overdraft fee and they charge it for everything they legally can then if that isnt paid right away you get recurring overdraft fees of 28 bucks every 5 business days
I have two accounts with BofA so if I lose my card no one can wipe out my account but instead this has given BofA the right to wipe it out instead. I spend money and immediatly transfer money (I was assured when I became a BofA customer that that would be fine) since then I have spend hundreds and hundreds of dollars in overdraft fees. They charge highest amount to lowest then they also charge for pending transactions even when you have the money in the savings and transfer it in before it posts. Even worse they wait to post stuff now (a new policy i found out) which is funny because the reason I went with BofA was the commercials saying everthing shows online instantly because I do not keep a register. So now also they show a transaction for a few hours after the intial purchase as pending then it disapears (they told me they have five days to post something and that is why it is removed from the pending transaction list) and if you are not really careful and think it went threw it screws up your balance they wait till the oppurtune time to post to overdraw your account and yet again now you are paying fees for fees. Then they have all these other ways to charge fees like they wait three four days to post the fees to your account in hopes that you do not realize you are going to be charged the fees by then and it takes three days to notify you by mail but by then you have already overdrafted yourself thinking you had alot of cash in the account. I am switching to Chase today as a result as they just announced they would no longer be practicing this crap.
It may not be ethical, but it is legal. You signed something at your bank that says if you overdraft your account you will be charged a fee for it. I'm sure the bank is charged something for you overdrawing your account. Because now they have to use their own funds to cover you. They have a right since you signed something that said they could take that money from you. The best way people fix this is to have overdraft protection by linking it to a credit card. I would never do this, but I know my account balance all the time. I don't like this policy either, but they do have a right.
When YOU overdraft your account, the BANK is out the money until you make it good. YOU agreed to the fees when you signed the signature cards accepting the 'terms and conditions' in the booklet your received and most likely ignored. This is both legal AND ethical. The amount of the fee is based on the PAPERWORK they have to do and PUNISHING you for violating your agreement. The amount of the overdraft has no effect on either of these. If you don't like the fees, don't overdraft your account. ALL bank fees are 100% avoidable. ALL the 'problems' you describe result directly from YOUR not paying enough attention to YOUR money.
What people here FAIL to realise is that we have what is called a FIAT CURRENCY. Research that. It means there is nothing to back the money up. It means the money is just ZEROS AND ONES on a computer screen. Meaning, the bank doesnt suffer with your overdraft. They are run by psychopaths and are greedy. Research rockerfeller, rothchild, if you think they are nice or out to help you, then YOU are the problem of the world.
Because, technically speaking, the other people got paid, you borrowed money from them. It's basically the 'convenience' fee for not just having your check bounce or your card being flat out denied. Think of it this way, you buy a car, take out a loan, did you pay interest on it? Yeah. If you don't like overdraft fee's, don't take more money then you have. Keep a closer eye on your finances, YOU are the only one to blame for being charged for overdrafting. Additional Details: If you find it so unethical, WHY do you continue to use that bank? *facepalm*
When you have insufficient funds in your account you are actually taking a loan and using the banks money. Your lack of good record keeping caused the problem or did you intentionally write the check knowing you did not have enough money? Which is unethical and quite possibly criminal. You created extra paperwork and bookkeeping for the bank. You most definitely should be paying the fees.
One way to avoid overdrafts is to use cash, money orders, and everytime you use your debit card, subtract the amount from your balance.
After the 2007 bailout thr BANKS CAUSE. they quit charging over drafts. They woul simply deny payment' BUT NOW they started back doing it. SUE Fairfield SMALL CLAIMS