New law on ATM overdraft fees goes into effect this weekend.

yah bank of amerIka hit me with a couple of thoSe 'couRtesy' pAymEnts of aLl my large debits at once, regardless of debit date. i ended uP paying almost thRee times as much as whatever chinese-made crap i had purchased. the fact that these peOple make money by deliberately stealing From the poor (who are most lIkely To make purchaSes they cannot afford) is obvious to anyone who pays attention, and i shudder to think of how many eviL minds it takES to enjoy working in that induStry.

reply to post by mothershipzeta


Of course this could be easily avoided by not having an overdraft and only spending money you actually have. Credit should be avoided like the plague and only used when you absolutely have to, like when you're buying a home.

reply to post by slt63366


This is a bank that last year dropped overdrafts from $30 to $10 due to continued public outrage.

They are also facing the biggest class action in Australian history due to the fact allowing and charging OD fees is not actually a legal practice. Banks can apply all the "policies" they wish but policies are not laws and can be challenged.

No bank account I have researched here is free.If they don't have a monthly account fee they charge you in other ways.

I am glad for you that you are financially secure enough to never be affected by this.But Millions the world over are not.It's a poor tax not an idiot tax.All it takes is a single automated payment not being deducted on the due date to send many people into debit and have an OD fee charged on top.Obviously for someone who does not have to live paycheck to paycheck this does not affect you.That does not mean that everyone who is hurt by this is an idiot.

I have been poor and I have been well off.
When I was poor they couldn't wait to dip their corrupt mits into my limited funds.
When I was well off they would bend over to please me even sending gifts for having balances over X amount for X length of time.I personally have not been affected by OD for some time.But others are and unjustly.

As someone posted previously the rich get richer.Just another countless corporate policy that ensures this.


It's time TPTB intervened and said this is not right.It took far too long.

We opted out but you know there are going to be plenty of 'sheeple' that will just sign their life away and spend spend spend.

Over in the UK the banks are making profit out of their customers left right and centre. Its a disgrace!

Lloyds TSB account charges help boost profits
Lloyds's £1.6bn profit reflects its status as one of the more expensive high street banks for authorised and unauthorised borrowing

Link to complete and utter ludicrousness

I've read through this whole thread looking for the answer to this question, but no one has addressed it yet.

Everyone has acknowledged that when you use a debit card it doesn't reflect on your account right away, so my question is this....

If you use your card and are out of money, but the bank hasn't processed it yet, and then you go to another store and use it again and end up going over your limit, won't the transaction still go through since the bank hasn't yet processed the previous transaction? ...and if it does, and you don't have overdraft protection, then what happens.

Am I missing something obvious here? I feel like I am....

reply to post by kismetphayze


Electronic transfers are supposed to be instant.Like email or posting on ATS.What needs to be 'processed"? Not paperwork.

Before OD was allowed if you did that you would get an insufficient funds message so before they began OD they were able to 'process' the payment instantly.

Then all of a sudden they allow OD and it's no longer instant?
Suspect at best.

Honestly if you do your banking before 2pm, and keep up with your true amount availble as you should anyway, it is your money, then you shouldn't have any problems. I don't think of overdraft coverage as being a problem, after several years with the same bank, I know that deposits after 2 get proccessed the next day, I know how much money I have and what I have spent and what I spent it on, and am thankful to know that if another situation arises like the one I described before, I am taken care of. Doesn't sound or feel like anyone in my bank is out to get me. Oh, and I do have absolutely 100% free checking and savings.

I went 30 Pound over at xmas and had to pay 700 pound by may, Trust this to come in now

Good to see tho

I use to purchase some things online via echecks.

Usually these echecks took 7 days to clear, than 3 days to get back to the processor that they had been cleared.

One time I bought something for 20 dollars on a wednesday and 30 dollars on a thursday, then that sunday I bought something for 50. I had 55 dollars in my account, but I was going to go to the bank on tuesday and put my check into my account. I had never seen a purchase made on sunday night cleared before friday morning.

I showed up to the bank on tuesday around 2pm. My account was -50 dollars. Some how, something never before happened. The 60 dollar check cleared tuesday as soon as the bank opened. It processed in 1 business day. Then the 30 dollar one tried to process immediately after, but now my account was at 20 dollars. So that overdrafted. Then the 20 dollar one tried to go through and that overdrafted.


Basically, I find it pretty sketchy that it just so happened that the one time I didn't have the fund IN the account before making the purchase is the ONE and ONLY time that they managed to clear this echeck in one business day. After that it went right back to clearing these checks 5-7 business days.


Suspicious?

reply to post by SirTFiedSkeptic


Isreal profits less? What do you mean by that?
2nd.

reply to post by kismetphayze


Generally, the authorization and hold are part of the same transaction. In other words, VISA pipes over to your bank "hey, kismetphayze wants to charge $100, is that okay?" and your bank sends back "yes" (hopefully, lol) and then usually (but not always) makes a note of the fact that you will be taking $100 out without actually doing so (a "hold" that expires automatically if it's not processed in some timeframe.) VISA can also say "kismetphayze wants to charge $100, is that okay? And if it is, charge the $100" in which case your bank will send back "yes" and actually process the hundred bucks out of your account.

There are some special cases, like restaurants (which authorize your food bill amount, but process it later with the final amount, because most people add a tip) and gas stations (which seem to authorize $1 before they turn the pumps on and retract the buck later and send the final amount.)

I wrote a credit card processing system a couple of years ago, and there are loads of checks and rules associated, and "debit" cards don't have to work the same way as "credit" cards, though, just for confusion's sakes, I suppose, they can :-)

Bottom line is that if you charge $100 at Waldenbooks and then run across the mall to Kids 'R Us, unless there's been a failure in communications, the system is aware of the fact that you spent the money at the book store.

reply to post by 6minutes212


Just bEcause i see through What Some at ats do, my CONTRibutiOns are often deLeted. For mE to get my point across, Deliberate steps must be taken. I wiLL explain fUrther if i May, but wIth much New And conflicTIng info COmiNg To light daily foR me, OnLy time may tell the secrets that remain undiscovered by the good people at ATS.

One thing that amazes me... is all the services that I get for nothing. Right now, I get free bill pay, free checks, no monthly fee on any of my accounts, access to my account on line 24/7....

The only requirement right now is that I have direct deposit, which I have.

I have to say that bill pay is my absolute favorite feature and saves me much grief.


I think what you folks should really be upset about is if banks start charging for the services I just mentioned. (I for one would be rather teed off if that happened).

My prediction is if the banks are not able to charge for other peoples iniquity, they are going to start coming after us who are responsible with our money and don't overdraw our accounts/credit cards and I can assure you that will increase my disdain for irresponsible, lazy, apathetic people.

I'm sorry but it's just too easy to keep track of things. Someone mentioned earlier in the thread that getting your bank balance is difficult.. this is NOT true. I can log into my account and compare it with my journal at anytime: the balance that I see even reflects pending debit and credit charges in real time. (Even though they have not 'posted' yet).
I rarely write checks but when I do I can log on and see if they have cleared or not as well.


All I'm going to say is, it's much easier to just take care of your business then suffer the consequences. If your money is tight, that's an even bigger excuse to watch your stuff down to the penny.


No offense to anyone but all I see in this thread is a bunch of folks whining because they can't take care of their own business. Don't get me wrong.. I know life can be a pain in the rear end and things can get busy but like I said, if you take a systematic approach and stay organized, keeping your finances in order is a piece of cake. I seriously don't spend more than 10 minutes a week and I'm able to keep things tight. I don't pay any bank fees and have not in quite a LONG time.

If I can do it, so can you!

reply to post by ViewFromTheStars


That is what I mean too, everyone should know by now that if you deposit your check late or on Friday it is not going to post to your account until the following business day. Yet that is the most common complaint of being the cause of overcharges. If you do it knowing full well that the money isn't there yet, it is your own fault. If you need the money before monday, why are you even bothering to put it in the bank? Cash the check and do what you needed to do with it!

Keeping up with your balance is not hard to do, and after all it is your own money, are you really wanting to leave it up to the bank to decide what you have?

I too am pleased with all the services I get, for free. There have been no gimmicks, it really is free, and I have all the services you mentioned and also a safe deposit box.

edit to add: I saw a poster that mentioned in a SHTF situation you wouldn't be able to access your money, I just want to say that in a SHTF situation you most likely won't need the money, bartering will make a comeback.

[edit on 14-8-2010 by space cadet]

reply to post by mothershipzeta


I was told by a Bank of America rep that, not only will they not cover an ATM, debit transction or check, I will be charged $35 every time I even try to do it! So that means that, if I use my debit card for a transction and I don't have anough funds, not only will I get denied, I will be charged $35 for doing it! Is that insane greed or what? I gotta get with another bank. Bank of America is the WORST.

YAY!
now i can be irresponsible again without fearing bank robbery
deny me m%&#*s

i wonder what new scam the banks have worked out since they're losing the ole cash cow?

Bank of America will not only charge you $35 for every overdraft, they will process the checks before the deposit even if the deposit is made before the transaction is posted! They will hold on to the deposit for "processing." Then they charge you $35 every 5 days until you get your account out of the red. I found that out the hard way.

I am a single mom w/ 2 kids in a one income household, and I live from paycheck to paycheck. There have been times when I HAD to write a check to a utilty co to keep something on, like electricity, and then when I made the deposit a few days later, I've suddenly got $100 in overdraft fees, b/c I was charged $35 for the $12 monthly checking fee that they decided to take out the one tme that month I was in the red. In fact, I have to go there tomorrow b/c I went over my limit on two transactions, but somehow got charged $120 in overdraft fees.


Mod Note: Please Stay on Topic

[edit on Fri Aug 20 2010 by DontTreadOnMe]

reply to post by mothershipzeta


Banks have been ripping us off in million different ways.

I mean common, there is simply an agreement between us and banks, but we have become to passive and more like slaves than those who have rights. Think about it, they charge us over 10-30 % a month for borrowing us money, but when we borrow them our money they give us 2-5% per year.

Do you see the different? (10-30 % per month - 2-5-% per year).

See how banks are raping us?

We accept it because ???

It sounds like you guys are really getting the shaft from your US banks. In Canada, I pay a small monthly fee ($15 for my total bank package which includes overdraft) for up to $700 overdraft. If I go into overdraft I just pay some interest like I would for a credit card. That's it, no getting dinged for multiple transactions into my overdraft.

reply to post by gaiagirl


Wow, your boss is a total ass. She thinks $800 dollars a month is a damn fine salary? That is below poverty level! And how does she think you can get a place with cheaper rent with two kids? Honestly where I live, 800$ a month gets you a pretty crappy place.

If you could, I would collect some information about the boss's daughter's methadone expenses, and if/when you quit, forward it on to the IRS, because I am sure that probably violates some tax law, or at the very least give your boss a very uncomfortable audit.