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Bank Fees

Published:

Last Edited: August 4, 2008, 9:45 pm

Remember we were talking about bank fees for overdrafts?  The federal reserve had asked the people to comment on the fees that they pay banks for overdrafts.  This story is in Today's USATODAY paper.  The story says that since 2001, bank fees for overdrafts have gone up a whopping 50% (45.6 BILLION) and that many banks are charging folks BEFORE the transaction is even posted.  Bank of America is one of those banks that started doing this earlier this year.  The Feds are proposing a rule that would give customers the right to DEMAND that banks deny transactions that overdraw their accounts.  Also the way banks process transactions from high to low is what often triggers the overdrafts instead of processing them in the order that they come into the bank.  The consumers have filed many complaints with the FED so that is why they are taking a look.  The fed website is federalreserve.gov.  click on consumer information and regulation AA under the "proposed Rules For Credit Cards and Overdraft Services." 

I hope that something good comes out of this for the people.  I personally think the banks are making money on these overdrafts.  45.1 BILLION..that is a whole lot of somebody's money.

You guys should read some of those comments from the 50,000 people who responded to the fed.

Entry #46

Comments

1.
justxploringComment by justxploring - August 5, 2008, 2:54 am
Well, you already know how I feel. To me if someone withdraws more money than they have the SHOULD be charged a fee. I am so sick of people expecting to screw up and then whine about being charged for not knowing that if you have $100 bucks you can't go to the bank and take out $125 without being charged. It's simple math. I wouldn't care if 100,000 people responded. If they want a loan, then they need to pay interest for it. An overdraft is a LOAN. My thoughts on the matter... people use their card to buy lottery tickets, cigarettes & booze and don't check their balances. Maybe I'm missing something, but my ATM has "check my balance" on the screen so you can see what you have before you use your card. Doesn't every ATM have this? Next people will be complaining about fines for bouncing checks. I'm not broke, but there were times in my life I was so poor, I didn't have money for bathroom tissue, so I am not being a snob. People should not use debit cards or write checks if they can't keep track of their spending. If you go to the market, nobody can do simple math & give change any more because a machine does it for them. Sorry. I'm done!
2.
justxploringComment by justxploring - August 5, 2008, 3:04 am
Sorry again. Thought I wrote 3 lines. I must be overtired.   I was helping someone on the phone for hours who just bought a computer & I'm very frustrated. I felt like saying RTFM.   Now it's 3AM and time for dinner. lol
3.
time*treatComment by time*treat - August 5, 2008, 3:05 am
If 1 person has a problem, that's a personal issue. If 1 million people have a problem, that's a voting block. Any questions? :-)
4.
justxploringComment by justxploring - August 5, 2008, 3:56 am
time*treat, I said I was done, so I won't discuss this particular matter in detail any more, but I'm curious why someone who is unhappy with his bank wouldn't just go to another one? Maybe that's why so many private banks have minimum deposits. As stuck up as they sound, at least they don't have to deal with all this small stuff. People do not have to use banks if they don't like them. They're private businesses. If you don't like Walgreen's, go to CVS. If you don't like McDonald's go to Wendy's. Bank balances are always available to the customer. I can look at mine right now if I want. I can drive to my bank and use my ATM card and it will tell me. You can also call the bank. How much hand holding do we need? I am not smarter than anyone else, and I'm lousy in math, so why have I never written a bad check? I know. It's called "keeping a ledger." IMO an overdraft is the same as writing a bad check.
5.
time*treatComment by time*treat - August 5, 2008, 6:26 am
It doesn't matter which bank a person switches to, if they keep doing the same things over and over.
To answer your question, there will always be those who demand more and more protection from themselves and from responsibility over many areas of life. They whine. They vote. They outnumber you. :-)
6.
TenajComment by Tenaj - August 5, 2008, 9:17 am
I think the issue is - should people who are not responsible and lack life skills be taken advantage of legally with tactics that put them in worst situations that continue from generation to generation. The thinking is - you can't help them - and they come in herds. The education information is free. All they have to do is read it - but they choose to be ignorant - so why not take advantage of them. Banking is not the only area.
7.
Comment by scorpio - August 5, 2008, 1:52 pm
yeah,i see in n.j. the gas stations are giving 10 cents off per gallon,for cash payments,saves them the bank fees on cards,wonder when all the states will catch on.
8.
justxploringComment by justxploring - August 5, 2008, 5:15 pm
Scorpio, thanks for posting that. I googled and got a few articles about it. However, if I go to Shell and use my Shell card or go to Mobil and use my Mobil card, I'd be pretty ticked off if cash customers got a discount. After all, they sent me the cards so I'd give their stations more business! Here are some articles about the discounts.

http://www.azcentral.com/news/articles/2008/06/26/20080626biz-gas0626.html

http://www.outsidethebeltway.com/archives/2008/07/gas_stations_charging_more_for_credit_card_users/

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