U.S. banks will collect a record $38.5 billion in overdraft fees this year

reply to post by LeaderOfProgress


In Kansas it is 30 dollars for each check that bounces.I quit banking about 5 years back.
They are not getting any of mine anymore. If we all could do this , it would crush the PTB.

You guys are just too funny!

Do you seriously think it is OK to write checks and have drafts coming out of your accounts when there isn't money to pay them? I mean seriously...do you think that is OK? (i'd really like an answer that doesn't include that it is someone else's fault.) What happened to taking responsibility for your actions? I guess no one believes in that anymore. Do you teach this philosophy to your kids, too? C'mon, you know better!

The bank can't ream you in the a-hole or anywhere else if you don't open up for them by overdrafting in the first place. But keep on blaming the banks and feel you are "entitled" to overdraft...that'll serve you well in life.

It is so sad our society actually has adults trying to shun responsibility for their own actions. But I can see there is no reasoning with you, I can only hope the majority of people out there don't feel like you and actually do believe in personal responsibility. Yeah, I know that is a dirty word now and not very politically correct...but that's what integrity is to me: taking responsibility for my own actions.

Don't most Banks have at least one or two others banks close to them?.
It would be almost to EZ to stop big banking if we all picked a bank lets say US BANK one of the biggest rapers of people.
Simply have people close there accounts and reopen them next door at some other bank and leave us bank to close then move on to others
Besides US bank will be closing soon anyways and they will be sticking it to the people anyway if we let them.....

Originally posted by Coach Knight
Do you seriously think it is OK to write checks and have drafts coming out of your accounts when there isn't money to pay them? I mean seriously...do you think that is OK? (i'd really like an answer that doesn't include that it is someone else's fault.)

Who said anything about it being okay to write checks knowing you don't have the money to pay them? That is not okay, but neither is intentionally setting up a posting system that preys on those who live paycheck to paycheck, which the banks certainly do. Not EVERYBODY is good at math, some people really suck at it. Some people make a mistake here and there, and a .50 cent error turns into 30.50 error, and for people who are already struggling, that can easily break their backs. The fees are unfair and excessive, in most cases. Very few people, that i've known anyway, write bad checks on purpose.

What happened to taking responsibility for your actions? I guess no one believes in that anymore. Do you teach this philosophy to your kids, too? C'mon, you know better!

Yeah, guess it's better to teach them that it's okay to kick people while they're down, huh? Compassion isn't a bad philosophy, IMO.

The bank can't ream you in the a-hole or anywhere else if you don't open up for them by overdrafting in the first place. But keep on blaming the banks and feel you are "entitled" to overdraft...that'll serve you well in life.

I don't, personally. But that doesn't mean i think everybody who makes a miscalculation deserves to be raked over the coals by the very sons of bitches that have nearly destroyed this country with their greed, AND walked away with 700 billion of our tax dollars. Those miscalculations are PAID IN FULL as far as this tax payer is concerned.

edit: Thinking more about the BS you posted, i ask you, where the HELL was the personal responsibilty when the banks had their hands out to save them because they wrote so many BAD LOANS?????



[edit on 12-8-2009 by 27jd]

My father almost got ripped off by them the other day...he had ~35$ in his account and took out 20 bucks, leaving him with 15. For whatever reason, they had TWO withdrawals of 20 dollars the same day rather than the 1, resulting in the overdraft and charge of 30 dollars. He fought it of course, and they blamed "calculation issue" or something. When I get home from work I'll post their full excuse/explanation.

Either way, I bet they do this every so often and some people dont even catch it.

Originally posted by Coach Knight
You guys are just too funny!

Do you seriously think it is OK to write checks and have drafts coming out of your accounts when there isn't money to pay them?

It's not always that black and white.

Read my post about TCF.

Also, I found out after quite a bit of arguing, how TCF logs their deposits/withdrawls.

They FIRST log all withdrawls in your account THEN they log deposits. So even if your deposit has cleared, they still may over draft you.

reply to post by Coach Knight


seriously, they prey on those with limited funds. sometimes it takes a couple days for a check to clear, and once I made a couple purchases before the check had cleared, each for a small $2-3 items, and each item appeared on the statement as a $35 charge, to charge someone $105 for a couple sodas is taking advantage of the customer. These kind of profits should not exist.

reply to post by Coach Knight


You probably have no idea what true poverty is. Do you blame children that are born in poverty for being born there? Are they losers if they don't make it to University due to a messed up childhood, broken home, tough life in the ghetto?
Are they losers if they come out of jail after doing time for pot possession and then find it hard to get a job? What about the people who get laid off after years of loyal employment? They are just irresponsible losers right?

My guess? You make yourself feel better about the misery others are simply born in by spouting that cold blooded baseless rhetoric.

reply to post by 27jd


To answer your question simply...I don't believe anyone should be bailed out period. Not the banks, auto makers, anyone...if you can't run a business and make profit you shouldn't be in business. If you go out of business that is more market share for someone who can run a business. So no, I don't take the banks side in this. Not at all! But to blame a bank for an overdraft fee is like saying the police charge too much for a speeding ticket. You don't have to pay the ticket if you don't speed....period!

You guys have your pity party. I do have compassion, and have had many times in my life where I had no money at all. But I never bounced a check because I knew what my commitments were vs. the money I had (or didn't have). I just don't have compassion on those who blame others for their mistakes.

I'll leave you guys to your thread about how the big bad banks are to blame for everything. It's obvious all most of you want to do is place blame elsewhere. I'll go post in a forum where the discussion makes sense...like the UFO forum or something.

Originally posted by Psynarchist
reply to post by Coach Knight

 

My guess? You make yourself feel better about the misery others are simply born in by spouting that cold blooded baseless rhetoric.

Baseless rhetoric = taking responsibility for your own actions.

Wow! Sorry dude, that is just sad!

Simple truth, all these banks care about is profit+survival.

They will try to get more money anyway possible because they know at the end of the day people think they have to use their services even if they get treated like rubbish. And if the customer changes banks the overall net effect to the banking system is nothing.

Greedy greedy bankers.

reply to post by 27jd


Go get em' 27jd! You da man!!!

Originally posted by Coach Knight
I just don't have compassion on those who blame others for their mistakes.

Whatever you say. I don't see anybody saying it's the banks fault that they made an error in calculation, you're injecting that yourself. It is the banks fault though, again, that they set up a posting system that will post debits 24 hours a day, but will only post deposits during bankers hours. You didn't even address that. Also, i never said people should be able to overdraw habitually without consequence, but as they are now, the fees are hugely excessive. I wouldn't be opposed to charging a fair percentage of the amount overdrawn, say if you OD .50 cents, you pay it back plus .10 cents. Not 30.00. That's grossly excessive.



[edit on 12-8-2009 by 27jd]

Originally posted by Coach Knight
reply to post by 27jd

 

To answer your question simply...I don't believe anyone should be bailed out period. Not the banks, auto makers, anyone...if you can't run a business and make profit you shouldn't be in business. If you go out of business that is more market share for someone who can run a business. So no, I don't take the banks side in this. Not at all! But to blame a bank for an overdraft fee is like saying the police charge too much for a speeding ticket. You don't have to pay the ticket if you don't speed....period!

You guys have your pity party. I do have compassion, and have had many times in my life where I had no money at all. But I never bounced a check because I knew what my commitments were vs. the money I had (or didn't have). I just don't have compassion on those who blame others for their mistakes.

I'll leave you guys to your thread about how the big bad banks are to blame for everything. It's obvious all most of you want to do is place blame elsewhere. I'll go post in a forum where the discussion makes sense...like the UFO forum or something.

It must be really nice to live in such a simple, black and white world huh?
Good luck to your own little reality

Originally posted by Coach Knight

What is needed is for more education on how to manage money for High School Students before they get out in the real world. Just because you have checks left doesn't mean you can't be out of money.

Every now and then it's not the banks who are at fault...it's the idiot consumers.

[edit on 12-8-2009 by Coach Knight]

that is true but do you think the bank's would lobby very very heavily against that......and with their money they and the politicians in their pocket (congress is soo in the pocket of big industry lobbyists)... so what will change ...nada........

the banks are very smart......they would see standard education of future american's regarding debt as a HUGE threat to their future income streams (profit) ...they want people ignorant regarding debt so they can be most profitable.......is this not obvious ......do you think nobody else has seen this as a huge issue

...as a poster on the first page said it is capitalism which has eventually morphed into a profit addict who throws morals out the window....that is due to the human element in all this.......

it's almost pointless to debate ....i would think any socio-economic system would be crap ........so long as the corruption runs deep ...or should i say the conflict of interest is steep ......the world most of us convince ourselves we live in to stay sane is basically a fairy tale.......not that it is hell but the corruption is everywhere lol ....but our existance should best be described as a expirement IMO ....i would not take for granted that with our growing military technology we will not roast someday in a World war...it's not like we've had the capacity to do so for more than a mere 50 years of our thousands of years of existance.

[edit on 12-8-2009 by cpdaman]

reply to post by Coach Knight

Coach Knight: I'll leave you guys to your thread about how the big bad banks are to blame for everything.

Everything? Straw man? Nobody here said 'everything'. Good luck with that.
But this idea that some people are just responsible hard working people and others are just irresponsible lazy bastards has got to go sometime, if we ever want our freedoms and prosperity back.

Do you really believe the super-rich banksters deserve millions in bonusses on top of their salaries? Is calculus really harder work than construction? Roofing?
This thread is about disproportionate fines and you jump in with 'pity party' argumentation. Sorry bro, but it's about time to face the facts: there's a small group of lazy, sneaky, parasitical profiteers and there's a huge group of people living in utter poverty. Keep up the facade of the fair world with equal opportunity in your mind, and above all don't watch this eye opener:

"As the credit crunch bites and a global economic crisis threatens, Robert Peston reveals how the super-rich have made their fortunes, and the rest of us are picking up the bill."
BBC's Super Rich: the Greed Game

This was all over the news on Monday. I suppose it got little attention because it only affects people who illegally write rubber checks.

This charge is not only easy to avoid by setting up a personal credit line on the account, the act of writing a rubber check is a crime.

Don't fool yourselves into thinking writing rubber checks is not a crime. The bank saves your butt's every time they cover the bad check for you.

Look up check kiting for more info. You can not write a check until after the funds are deposited otherwise it is kiting.

reply to post by Blaine91555


Hmmm... well I've personally experienced three overdraft fees in a row, totalling $99...
Not sure what you're talking about, but to me, that was a crime.

I'm sure it's not exactly written up as a crime in the Book of Law though, these poor automatic banking systems are probably suffering a lot of damage every time I overdraft a buck or two.

reply to post by Blaine91555


Since when do overdraft fees only affect check kiters?

Again, they set the system up to bring in as many OD fees as they can, at the expense of those who struggle the most. Unless you have never had to worry about money, with the dividends in AK and such, you know that.

Originally posted by Blaine91555
This was all over the news on Monday. I suppose it got little attention because it only affects people who illegally write rubber checks.

This charge is not only easy to avoid by setting up a personal credit line on the account, the act of writing a rubber check is a crime.

Don't fool yourselves into thinking writing rubber checks is not a crime.

The bank saves your butt's every time they cover the bad check for you.

Look up check kiting for more info. You can not write a check until after the funds are deposited otherwise it is kiting.

Actually the charge is not necessarily easy to avoid. Banks to things on purpose to confuse the issue so people do overdraft. And for the record, you can overdraft if you use a debit card or write a check. You can even overdraft if you have enough money in the bank to cover the debit or check purchase if the bank DECIDES not to clear a resent deposit BEFORE logging off debit/check purchases.

Those who deliberately write bad checks deserve the over draft fee. Those who get caught up in the LIES the banks tell, do not. For example, I received 5 over draft fee's from TCF bank which I did not pay and forced them to remove them from my account. The online banking actually tells you that your deposit has cleared when it hasn't. How is this not deceptive ?

I'll go one better. I recently went in to TCF with a friend of mine. We both have a business checking account at TCF. Now through a mix up, his client made the check out to my business. I asked TCF if I could simply sign the check over to him and he could deposit it. They said they would not do that but I could cash the check and just give him the cash. The check was for substantially more then I had in my account so if I did cash the check, which has a 3 day hold, I would overdraft. I asked them to check my balance to make sure I could cash this check as the teller suggested. She specifically said I could do this. I then asked that since there was a 3 day hold on the check and if I pulled out the cash today, wouldn't I get an overdraft? She said yes. HUH? But the teller recommended I could do this and if I hadn't specifically asked if I would over draft, the teller wasn't going to mention it. More deceptive practices.

Now I also found out that TCF logs off account deductions BEFORE they log deposits. Why would they do this? TO CREATE OVER DRAFT SITUATIONS. That is the ONLY reason to do that.