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Bank Fees


It is not saying that person should not pay for an overdraft.  The fee for an overdraft was 25 or 35 dollars per item.  What I was saying is that the banks should not be able to charge you 25 or 35 dollars per day for the SAME overdraft.  Let's say you have 1 overdraft of 25.00 that you made on Sunday.  You don't get paid until the following Friday.  In the mean time on your 25.00 overdraft, you are charged 25.00 per day..not just 25.00. That to me is stealing and I don't care how you cut it.  It is ripping off the people who can least afford it.  

Entry #47


time*treatComment by time*treat - August 5, 2008, 7:01 pm
This is something new to me. If the bank is charging by the day, until the check is made good, I'd say find a new way to pay your bills. Getting a postal money order for each bill would be cheaper than the cost of one bounced check.
emilygComment by emilyg - August 5, 2008, 9:16 pm
Good idea time*treat.
TenajComment by Tenaj - August 5, 2008, 11:48 pm
I don't know why a person would let the same check continue to be presented to the bank. You can stop that. Overdraft notices are mailed out the same exact day. I worked for Bofa for 5 years back in the 80s - did that change or something.
konaneComment by konane - August 6, 2008, 11:21 am
There is a credit union commercial running on Atlanta tv which depicts bankers as greedy pigs. Seems like a fitting description .... and they're supposed to keep our money safe. Sheesh!
justxploringComment by justxploring - August 6, 2008, 12:29 pm
Konane, I guess it depends how you look at it. I belong to a credit union and I also use a bank. Both have never charged me a fee. Both offer car loans and bank accounts. When I had a checking account at BoA, I never got a fee for anything. You can shop around. Even people with $100 to their names can open up a free checking account. Some of them offer overdraft protection at no charge (after running your credit)   I guess what so many people are saying is that you can have lousy credit, an unstable work history, and be able to spend whatever you want without consequence. You know who ends up paying for that? We do!
Litebets27Comment by Litebets27 - August 6, 2008, 3:21 pm
OMG, fing anyother bank!
Litebets27Comment by Litebets27 - August 6, 2008, 3:21 pm
OMG, find anyother bank!
Litebets27Comment by Litebets27 - August 6, 2008, 3:22 pm
OMG, find an other bank!
justxploringComment by justxploring - August 7, 2008, 8:51 pm
Litebets, that a good idea. By the way, Bank of America has this on their help site. So they do offer overdraft protection.   Many banks have it and charge an annual fee, usually less than $10. Better than all of the above charges.

You can apply for overdraft protection by calling 1.800.432.1000 from 7:00 a.m. - 10:00 p.m. or 1.800.944.0404 available 24 hours a day.
We offer overdraft protection for your checking account in three ways - through a savings account, credit card, or line of credit.

So there are many ways to avoid this problem. If someone doesn't have a credit card or savings account or can't get overdraft protection because of a bad debt, then I realize it is very, very tough, but then it might be best to follow time*treat's advice below.

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