CurlTalk

I HAAAAATE Banks!

The New BlackThe New Black Posts: 16,738Registered Users
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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I am the new Black.

"Hope the Mail are saving space tomorrow for Samantha Brick's reaction piece on the reactions to her piece about the reactions to her piece." ~ Tweet reposted by Rou.
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Comments

  • cymprenicympreni Posts: 9,609Registered Users
    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.
  • LotsawavesLotsawaves Posts: 8,660Registered Users
    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.
    From Michael Berg:

    Every person has a unique connection to the Creator that can never be extinguished, and every person has a great soul that can manifest important things in our world. To make a person feel less than they are because of something inside themselves, be it faith, race, or sexual orientation, is the greatest sin of all."
  • The New BlackThe New Black Posts: 16,738Registered Users
    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?
    montage-3.gif No MAS.

    I am the new Black.

    "Hope the Mail are saving space tomorrow for Samantha Brick's reaction piece on the reactions to her piece about the reactions to her piece." ~ Tweet reposted by Rou.
  • M2LRM2LR Posts: 8,630Registered Users
    It's not the bank's fault that you didn't keep better track of your account.

    Keep better track, avoid overdrafts = avoid fees.
    :rambo:
  • imagenimagen Posts: 343Registered Users
    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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  • jmwjmw Posts: 130Registered Users
    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.
    Hair Type: 3a/3b
  • LotsawavesLotsawaves Posts: 8,660Registered Users
    M2LR wrote: »
    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.
    From Michael Berg:

    Every person has a unique connection to the Creator that can never be extinguished, and every person has a great soul that can manifest important things in our world. To make a person feel less than they are because of something inside themselves, be it faith, race, or sexual orientation, is the greatest sin of all."
  • TrenellTrenell Posts: 3,562Registered Users
    Bank of America is the debbil
  • LotsawavesLotsawaves Posts: 8,660Registered Users
    Trenell wrote: »
    Bank of America is the debbil

    Why?:-?
    From Michael Berg:

    Every person has a unique connection to the Creator that can never be extinguished, and every person has a great soul that can manifest important things in our world. To make a person feel less than they are because of something inside themselves, be it faith, race, or sexual orientation, is the greatest sin of all."
  • DEL2CDEL2C Posts: 6,418Registered Users
    Phoenix wrote: »
    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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  • rileybrileyb Posts: 1,975Registered Users
    Lotsawaves wrote: »
    M2LR wrote: »
    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 haven't got the slightest idea how to change people, but I still keep a long list of prospective candidates just in case I should ever figure it out.
  • TrenellTrenell Posts: 3,562Registered Users
    Lotsawaves wrote: »
    Trenell wrote: »
    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. /home/leaving?target=http%3A%2F%2Fwww.trenellmooring.com%2Fwordpress%2F%3Fp%3D23" class="Popup
  • LotsawavesLotsawaves Posts: 8,660Registered Users
    rileyb wrote: »
    Lotsawaves wrote: »
    M2LR wrote: »
    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?
    From Michael Berg:

    Every person has a unique connection to the Creator that can never be extinguished, and every person has a great soul that can manifest important things in our world. To make a person feel less than they are because of something inside themselves, be it faith, race, or sexual orientation, is the greatest sin of all."
  • SystemSystem Posts: 39,059 Administrator
    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.:evil3:
  • The New BlackThe New Black Posts: 16,738Registered Users
    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.
    montage-3.gif No MAS.

    I am the new Black.

    "Hope the Mail are saving space tomorrow for Samantha Brick's reaction piece on the reactions to her piece about the reactions to her piece." ~ Tweet reposted by Rou.
  • SnarlsSnarls Posts: 2,537Registered Users
    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.
    formerly Castella
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  • wild~hairwild~hair Posts: 9,890Registered Users
    Trenell wrote: »
    Lotsawaves wrote: »
    Trenell wrote: »
    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. /home/leaving?target=http%3A%2F%2Fwww.trenellmooring.com%2Fwordpress%2F%3Fp%3D23" class="Popup


    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. :sad3:

    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.
  • rileybrileyb Posts: 1,975Registered Users
    Phoenix wrote: »
    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.
    I haven't got the slightest idea how to change people, but I still keep a long list of prospective candidates just in case I should ever figure it out.
  • The New BlackThe New Black Posts: 16,738Registered Users
    wild~hair wrote: »
    Trenell wrote: »
    Lotsawaves wrote: »

    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. /home/leaving?target=http%3A%2F%2Fwww.trenellmooring.com%2Fwordpress%2F%3Fp%3D23" class="Popup

    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. :sad3:

    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...
    I don't understand the thinking that their fees are unreasonable.

    Hmmm...I don't understand why you don't understand...
    montage-3.gif No MAS.

    I am the new Black.

    "Hope the Mail are saving space tomorrow for Samantha Brick's reaction piece on the reactions to her piece about the reactions to her piece." ~ Tweet reposted by Rou.
  • ruralcurlsruralcurls Posts: 2,574Registered Users
    I hate banks, too. I am thinking of switching to ING. tc, formerly tmmy_cat, uses ING and put the pros and cons, as she sees it in the frugal thread. I do believe she said no overdraft fees, but just can't remember. I will bump it for you, and maybe she will reply to this.

    /home/leaving?target=http%3A%2F%2Fhome.ingdirect.com%2F" class="Popup

    Also, have you looked into Mint or the free Quicken? They do everything for you, and will send you texts or e-mails if you fall below a certain amount.
  • afrosheenqueenafrosheenqueen Posts: 5,400Registered Users
    cympreni wrote: »
    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.

    My bank just recently did that with me. The deposit sat there for 3 days and items that were presented after the deposit went through and put me in the negative. I wanted to say something but I let it go because I'm not sure of the ins and outs. It just didn't make sense though.:-?
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    SL APL BSL MBL
  • SuburbanbushbabeSuburbanbushbabe Posts: 15,402Registered Users
    Phoenix wrote: »
    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!
    That's what pulled me out of a bank and into a credit union. I had $450 in fees one year and it was unacceptable.
    My blog - /home/leaving?target=http%3A%2F%2Fsuburbanbushbabe.wordpress.com%2F" class="Popup
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  • afrosheenqueenafrosheenqueen Posts: 5,400Registered Users
    wild~hair wrote: »
    Trenell wrote: »
    Lotsawaves wrote: »

    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. /home/leaving?target=http%3A%2F%2Fwww.trenellmooring.com%2Fwordpress%2F%3Fp%3D23" class="Popup


    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. :sad3:

    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.


    My cushion was blown by an unexpected car repair. Then I recieved the above BS last month so I'm just a little ticked right now. Then the whole depsoit waiting for 3 days things. They have never held a deposit for that long before. Then, stuff that came after the deposit was presented first too.
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    SL APL BSL MBL
  • The New BlackThe New Black Posts: 16,738Registered Users
    Suburban-

    Wow...OK, I'll have to consider a credit union too. More reasons for banks to fail. But they're making it hard!
    montage-3.gif No MAS.

    I am the new Black.

    "Hope the Mail are saving space tomorrow for Samantha Brick's reaction piece on the reactions to her piece about the reactions to her piece." ~ Tweet reposted by Rou.
  • ZinniaZinnia Posts: 7,339Registered Users
    cympreni wrote: »
    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.

    My bank just recently did that with me. The deposit sat there for 3 days and items that were presented after the deposit went through and put me in the negative. I wanted to say something but I let it go because I'm not sure of the ins and outs. It just didn't make sense though.:-?

    Most banks will put up to a 7 day hold (or until it is cleared) on a check deposited into an account...depends on the bank and the account.
    Life shrinks or expands according to one's courage. Anais Nin
  • SuburbanbushbabeSuburbanbushbabe Posts: 15,402Registered Users
    Phoenix wrote: »
    Suburban-

    Wow...OK, I'll have to consider a credit union too. More reasons for banks to fail. But they're making it hard!
    My fees definitely went down to almost nothing. But they still charge $25 for ISF, so it helps if you have a $$ cushion or overdraft feature.

    Also helpful is my paychecks are electronic deposits and credit instantly. Otherwise they'll put a 2+day old on any out of state deposit.
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    Hear that crash? It's me falling off the CG wagon.
  • AmnerisAmneris Posts: 15,117Registered Users
    Lotsawaves wrote: »
    rileyb wrote: »
    Lotsawaves wrote: »

    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?

    I agree. Bank fees are ridiculous. I could buy that argument IF it only applied to times when the customer was careless or irresponsible ie. bouncing checks, but when they charge exorbitant fees for WRITING checks, ordering checks, using your bank card etc. it's obvious that they just want to make money. They're already using my money and paying me a pittance of interest, so why charge me so much for trying to access my money? I do expect that SOME fees are reasonable but they charge way too much.
    Get used to me. Black, confident, cocky; my name, not yours; my religion, not yours; my goals, my own; get used to me. -Muhammad Ali


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    534Pm5.png





  • AmnerisAmneris Posts: 15,117Registered Users
    rileyb wrote: »
    Phoenix wrote: »
    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.

    I don't understand the thinking that they are reasonable, unless you have money to waste.
    Get used to me. Black, confident, cocky; my name, not yours; my religion, not yours; my goals, my own; get used to me. -Muhammad Ali


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  • mrspoppersmrspoppers Posts: 7,223Registered Users
    Phoenix wrote: »
    Suburban-

    Wow...OK, I'll have to consider a credit union too. More reasons for banks to fail. But they're making it hard!
    You do realize that it's people who spend money they don't have that are making banks fail, right?

    Having worked in banks for many years, and being married to someone who manages the collection and fraud function for a large credit union, I can say I've seen both sides of this issue. Everybody makes mistakes now and then. That's why most banks will occasionally waive the overdraft fees for one mistake. By occasionally, I mean one instance per year. Routinely overdrafting your checking account is using it as a line of credit. Yes, you pay for that.

    The funny thing is that this is not a have vs. have not issue. People who overdraft their accounts frequently go across all income levels. Poor people do not overdraft more frequently than wealthy people. In fact, people who have more money tend to overdraft more because the convenience offsets the fees. There are many, many people who don't have a cushion who never bounce checks.
    When are women going to face the fact that they don’t know their own bodies as well as men who have heard things?

    Don Langrick
    Bonsai Culturist
  • BrewCrewGrlBrewCrewGrl Posts: 442Registered Users
    I switched to a Member owned credit union 8 years ago and am much happier. I do have an overdraft protection on my checking account, no fee unless used. I don't use my checking except for paying bills, so there is not extra money in there, so I know I cannot use it unless I deposit money. It has actually helped me be a better saver by doing this.

    My biggest problem with the bank I used to use was the fees. 4 bucks a month, just to have a checking account open, one dollar for every check written above x amount per month. I understand they are a business, but sometimes I felt like they were trying to hide the fees, and I was young and didn't know to look for them. Yes that was my problem and I learned from it, not blaming the bank there. But it doesn't mean it doesn't frustrate the heck out of a person!
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