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Old 03-07-2009, 08:10 AM   #1
 
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Default I HAAAAATE Banks!

Um, so I've been overdrawn a bit lately... I'm no good at balancing a checkbook or keeping track of these things, I know, so I didn't know just how close I was to being in the red, or how actually in the red I was. Over $200 in ISF fees!
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Old 03-07-2009, 08:38 AM   #2
 
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Ah I hear ya. I've had a problem with those a few times.

My very first checking account, I miscalculated by change! They charged a $30 a day fee, and I got paid bi-weekly. . . at a minimum wage job. . . . which was $4.25 at the time. . . . That really hurt.

The worst was citizen's bank I had problems with them for weeks. I fully admit I messed up the first time. But I swear they were responsible for the others. Here's how it went. I had a balance of -$50, I'd deposit $100. Two days later write a check for $25 and drop it in a mail box. I'd bounce! And no I didn't have anything pending. They kept saying I wasn't giving them enough time to process the deposit. But I was mailing checks and not even on the same day as my deposits! I even sat down with bank managers and did exactly what they told me to do, and then some. After a few weeks of that I closed the account.
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Old 03-07-2009, 08:41 AM   #3
 
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I know, I hate them, too. I use to work for banks. You can have money in a savings account with them, but they will still charge you if your checking account doesn't have enough to cover withdrawals you've done. They are there to make money off of you. I've been considering putting my checking & savings into a US Treasury account.
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Old 03-07-2009, 08:51 AM   #4
 
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And whoever I bounced checks with will probably charge a fee too! Praise God I have another account...time to transfer funds...

What's a US Treasury account?
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Old 03-07-2009, 09:05 AM   #5
 
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It's not the bank's fault that you didn't keep better track of your account.

Keep better track, avoid overdrafts = avoid fees.
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Old 03-07-2009, 09:07 AM   #6
 
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As a customer I know sometimes you slip up and things can get away from you and you find yourself overdrawn with NSF fees. It's a huge pain in the butt. It's probably happened to all of us atleast once.

But as a former teller I have to ask why you hate the bank? You don't think they should charge you for spending more money than you have in your account? It isn't credit. Some banks are worse than others but they're all going to charge for overdrafts. It's a rip-off but a fact of life if you keep your money in a conventional bank. I ran into far too many full grown adults who don't keep track of their money then get upset when they get charged. Like I said, sh*t happens, happens to me too and I worked for the bank, but with over $200 in NSF fees, and I'm assuming your bank charges you somewhere around $30-$35 for each, that's 5 or 6 overdrafts. I may be wrong though.

I know it's a pain in the butt and no fun to do, but banks make it fairly easy to keep track of your money now, with free online and telephone banking. You may even consider going into the bank and sitting down with a rep so they can show you how to be better at keeping a checkbook, enrolling in online and telephone banking (if you aren't already). Some banks even offer alerts sent to you via text or email notifying you if you've overdrawn your account. Overdraft protection is something to consider too, saved my butt quite a few times. Just keeping $50 in a free checking account saved me lots of money when I overdrew by mere cents.

I'm sorry if I come off sounding rude or judgmental, I totally don't mean to. I guess I just know what it's like from the other side. I really hope you can get it straightened out. Go speak to a branch manager and maybe they can refund some of the fees for you so it will be easier to get out of the red.
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Old 03-07-2009, 09:34 AM   #7
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I hate banks too. I have a checking account at citizens bank, but they told me that I did not qualify to have a savings account. ? You should join a credit union. If you have enough in your savings to cover what's coming through your checking, they'll pull the money from your savings to cover and there's no charge at most credit unions. Another thing is that some have programs where you can go into to the negative up to a specified amount. They will still charge you the nsf fee, but they will pay the check instead of returning it, so you don't get charged by the company you wrote the check to (and it won't come through again only to be returned again with another fee). If it's a smaller credit union, they might even call you to let you know you don't have the funds available, and if you can bring the funds to cover the check that same day they can still pay the check and won't charge you the fee.
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Old 03-07-2009, 09:40 AM   #8
 
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Quote:
Originally Posted by M2LR View Post
It's not the bank's fault that you didn't keep better track of your account.

Keep better track, avoid overdrafts = avoid fees.
She has said she has a problem keeping track, but the reason she hates banks is because of their fees. A bank rarely spends more than $2 to process a bounced check, but will charge $30.
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Old 03-07-2009, 09:42 AM   #9
 
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Bank of America is the debbil
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Old 03-07-2009, 09:47 AM   #10
 
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Quote:
Originally Posted by Trenell View Post
Bank of America is the debbil
Why?
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Old 03-07-2009, 09:52 AM   #11
 
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Originally Posted by Phoenix View Post
Um, so I've been overdrawn a bit lately... I'm no good at balancing a checkbook or keeping track of these things, I know, so I didn't know just how close I was to being in the red, or how actually in the red I was. Over $200 in ISF fees!
Can you link your checking & savings to cover for you? That's what I do there's a fee (with my bank anyway) if they have to withdraw from your Savings, it's over draft protection and can give you so me peace of mind. It is hard to keep track I constantly check my balance on-line and do most of my bill paying on-line so I don't FORGET about a check I wrote.
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Old 03-07-2009, 10:13 AM   #12
 
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Quote:
Originally Posted by Lotsawaves View Post
Quote:
Originally Posted by M2LR View Post
It's not the bank's fault that you didn't keep better track of your account.

Keep better track, avoid overdrafts = avoid fees.
She has said she has a problem keeping track, but the reason she hates banks is because of their fees. A bank rarely spends more than $2 to process a bounced check, but will charge $30.
Yes - to deter people from bouncing checks all over the place and causing problems at multiple banks and at the businesses where the person passed the bad check. Just balance your checkbook and don't spend more than what you have. I don't get why the bank is supposed to take pity on people for their own carelessness when you know what the penalty will be.
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Old 03-07-2009, 10:23 AM   #13
 
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Originally Posted by Lotsawaves View Post
Quote:
Originally Posted by Trenell View Post
Bank of America is the debbil
Why?
I totally get it's the keeping track on money to avoid overdraft fees, but the ORDER in which they charge is suspect and results in a chain reaction that boggles the mind. One would think they go by the order of the purchases.

Let's say I make purchases in THIS order $10 $5 and then $31. I then see that I only started the day with $28. I KNOW I've over drawn. I know there is going to be a $30 charge. I accept that. What's "funny" is that they run the $31 FIRST. Giving me a balance of -3, which means the previous 2 transactions will bounce. Giving me a grand total of $90 of overdraft fees.

There is actually a class action suit.

And sometimes I get fifty-eleven different answers, as I mentioned in a blog a posted on here a while back. http://www.trenellmooring.com/wordpress/?p=23
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Old 03-07-2009, 10:30 AM   #14
 
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Quote:
Originally Posted by rileyb View Post
Quote:
Originally Posted by Lotsawaves View Post
Quote:
Originally Posted by M2LR View Post
It's not the bank's fault that you didn't keep better track of your account.

Keep better track, avoid overdrafts = avoid fees.
She has said she has a problem keeping track, but the reason she hates banks is because of their fees. A bank rarely spends more than $2 to process a bounced check, but will charge $30.
Yes - to deter people from bouncing checks all over the place and causing problems at multiple banks and at the businesses where the person passed the bad check. Just balance your checkbook and don't spend more than what you have. I don't get why the bank is supposed to take pity on people for their own carelessness when you know what the penalty will be.
I really don't think that is their objective. It's about the bank making more money anyway they can. Do you really think they care if the person is bouncing checks at other banks or about the businesses? How does this affect them?
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Old 03-07-2009, 10:31 AM   #15
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Phoenix,
Keep track of how much you spend on gas, groceries, and other things each month. You should keep cash for those and just pay your bills (house, car, other bills you can't pay locally) with checks or your check card. It'll be less to keep track of and maybe you can save some $$ by seeing where you can cut out spending. Banks are there to make money.period.but we still have to be responsible with our $$$, even if we think we aren't good with keeping track of it. read. read. read. how to save. even fine print.
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Old 03-07-2009, 11:17 AM   #16
 
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What Trenell said.

I don't want "pity."

$33 is an insane amount, relative to what it costs the bank

If someone is bouncing checks, they don't have $33 to pay the bank...obviously

I'm a long-standing, good customer...That should count for something.

And I've tried to balance my check book for years, no, decades. I think I did do it once.
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Old 03-07-2009, 11:20 AM   #17
 
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My bank will use funds from my savings account if I overdraw my checking account, and there is no fee. Look for a bank like that. Also look at credit unions.

I had an account that I didn't even want with a bank, that I decided to use for online transactions. I found out that if the account was charged in error (thanks, paypal!), and even if ONE MINUTE LATER the charge was reversed, they would still charge me a huge overdraft fee for the 59 seconds during which the account was overdrawn. Then they would charge additional fees for each day that I let the supposed (non-existant) overdraft continue. Every person I spoke with at the bank agreed that it was stupid and not fair and I still ended up having to pay a lot of money in fees. Closed the account. I do not trust banks. They didn't teach me to manage my money better, they taught me that their systems are not well designed or not designed with the consumer in mind. I also learned not to trust paypal.
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Old 03-07-2009, 11:21 AM   #18
 
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Quote:
Originally Posted by Trenell View Post
Quote:
Originally Posted by Lotsawaves View Post
Quote:
Originally Posted by Trenell View Post
Bank of America is the debbil
Why?
I totally get it's the keeping track on money to avoid overdraft fees, but the ORDER in which they charge is suspect and results in a chain reaction that boggles the mind. One would think they go by the order of the purchases.

Let's say I make purchases in THIS order $10 $5 and then $31. I then see that I only started the day with $28. I KNOW I've over drawn. I know there is going to be a $30 charge. I accept that. What's "funny" is that they run the $31 FIRST. Giving me a balance of -3, which means the previous 2 transactions will bounce. Giving me a grand total of $90 of overdraft fees.

There is actually a class action suit.

And sometimes I get fifty-eleven different answers, as I mentioned in a blog a posted on here a while back. http://www.trenellmooring.com/wordpress/?p=23

I have definitely seen this as well, at other banks and even credit unions.

It's not about keeping better track. People who have a cushion of money — even a small one, or an overdraft line of credit — just don't understand how hard it is when you don't.

Sometimes I just don't have much extra money in there, sometimes no extra money at all. Then I miscalculate by like $1, they pull the above BS, then I'm in for $200 in fees. It's really hard to spring back from $200 in fees when not having an extra penny is what got you into that situation in the first place.

I have other similar stories to relate, from my being truly poor for a few years, where the system is stacked against poor people. It's really maddening.

Don't even get me started on credit practices.

I think these practices punish people who are low on funds and keep them down, perpetuating the cycle. And the banks keep getting their fees.
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Old 03-07-2009, 11:30 AM   #19
 
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Originally Posted by Phoenix View Post
What Trenell said.

I don't want "pity."

$33 is an insane amount, relative to what it costs the bank

If someone is bouncing checks, they don't have $33 to pay the bank...obviously

I'm a long-standing, good customer...That should count for something.

And I've tried to balance my check book for years, no, decades. I think I did do it once.
The bank is a business, they can charge whatever they want - you knew what the penalty was. And they absolutely use high fees both to make money and to deter people from bouncing checks. You, yourself, said you just don't keep track - you wrote a check for more money than was in your account, I don't understand the thinking that their fees are unreasonable. And there are times I have been unemployed and dead broke, with no cushion at all. I hooked up an overdraft credit card to my checking so I wouldn't get overdraft fees. Sure I paid like 28% interest on my overdraft which is ridiculous, but I was the one who overdrew my account - and knew I was doing it because I kept track of my finances. My point is there are actions you can take to avoid incurring their fees, they aren't just randomly imposing them on you.

ETA I just don't get blaming the bank... to me it's like if I parked at a parking meter, paid for an hour and came back in an hour and 15 minutes and then complained about how much I hate the city or the meter maids, or whoever. Well no, I only paid for an hour, yet I took and hour and 15 minutes and I knew the penalty would be a $30 ticket, so yeah, I got a ticket. It only cost the city 25 cents in parking time, (really cost them nothing) but the penalty is $30 and I broke the rules. It sucks and I can get being annoyed, I just don't blaming the issuer of the penalty when my actions caused the penalty.
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Last edited by rileyb; 03-07-2009 at 11:35 AM.
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Old 03-07-2009, 11:52 AM   #20
 
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Quote:
Originally Posted by wild~hair View Post
Quote:
Originally Posted by Trenell View Post
Quote:
Originally Posted by Lotsawaves View Post

Why?
I totally get it's the keeping track on money to avoid overdraft fees, but the ORDER in which they charge is suspect and results in a chain reaction that boggles the mind. One would think they go by the order of the purchases.

Let's say I make purchases in THIS order $10 $5 and then $31. I then see that I only started the day with $28. I KNOW I've over drawn. I know there is going to be a $30 charge. I accept that. What's "funny" is that they run the $31 FIRST. Giving me a balance of -3, which means the previous 2 transactions will bounce. Giving me a grand total of $90 of overdraft fees.

There is actually a class action suit.

And sometimes I get fifty-eleven different answers, as I mentioned in a blog a posted on here a while back. http://www.trenellmooring.com/wordpress/?p=23
I have definitely seen this as well, at other banks and even credit unions.

It's not about keeping better track. People who have a cushion of money even a small one, or an overdraft line of credit just don't understand how hard it is when you don't.

Sometimes I just don't have much extra money in there, sometimes no extra money at all. Then I miscalculate by like $1, they pull the above BS, then I'm in for $200 in fees. It's really hard to spring back from $200 in fees when not having an extra penny is what got you into that situation in the first place.

I have other similar stories to relate, from my being truly poor for a few years, where the system is stacked against poor people. It's really maddening.

Don't even get me started on credit practices.

I think these practices punish people who are low on funds and keep them down, perpetuating the cycle. And the banks keep getting their fees.
I thought I was the only one who felt this way! It's good (and bad) that I'm not...

Quote:
I don't understand the thinking that their fees are unreasonable.
Hmmm...I don't understand why you don't understand...
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