Overdraft law is a scam to make you feel better

[Snowman]

I recently read a thread here that I couldn't find about opting out of overdraft protection. Which I did the minute my bank offered the option. Wiped the sweat and what I thought was frustration from my brow to alleviate any mistaken miscalculations. However after reading an article from The Consumerist it seems that the bank still holds the right to still charge you fees and involve you in the program at their discretion even though you said you wanted no part of it even if it meant leaving you stranded in the desert because you have no funds. So in short I signed up for a program with a company that can break said contract any time they see fit and by doing so it only benefits the banking establishment. Here is the article. (http://consumerist.com/2010/08/remember-checks-can-still-overdraft.html)

[BuzzKillington]

Interesting. My bank screwed me over royally not that long ago with their overdraft fees and charging more overdraft fees because the 1st one cause another overdraft! LOL!

I got out of that crap as soon as possible and since then I havent had that low of a balance thankfully but I will definitely keep that article in mind if they try charging me for blocking a transaction.

[x88x]

Yet another reason credit unions rock. :D I have 'overdraft protection', in the sense that if I try and pull too much out of my checking account, it automatically pulls it from my savings, for free up to something like 10 times a month.

[Liquid_Scope_99]

Yet another reason credit unions rock. :D I have 'overdraft protection', in the sense that if I try and pull too much out of my checking account, it automatically pulls it from my savings, for free up to something like 10 times a month.

That is very cool x88x im thinking about going back to the credit union since my bank was swallowed by wells Fargo its time to move

[OvRiDe]

I kind of have to say.. DUHHH!!!!

When has any financial institution done anything that favors the clientele over itself?

That would be the same thing as if a Vegas casino had the house odds lower then the player.

They would be out of business before they knew what hit them.

[Snowman]

I kind of have to say.. DUHHH!!!!

When has any financial institution done anything that favors the clientele over itself?

That would be the same thing as if a Vegas casino had the house odds lower then the player.

They would be out of business before they knew what hit them.

My point was they offered the opportunity to opt out of overdraft protection but they can put you right back in it at their discretion.

[TheGreatSatan]

I don't get why anyone would expect their bank to pay the difference? It's not their fault you're broke.

[SXRguyinMA]

that's the thing though, if you don't have it they're just supposed to deny the transaction. rather than that $3 coffe costing you $33 or more even

[Snowman]

that's the thing though, if you don't have it they're just supposed to deny the transaction. rather than that $3 coffe costing you $33 or more even


Exactly, I also had somebody cash a check that I had written them like 11 months before. Now granted if I had kept a proper ledger I shouldn't have had an issue. But let me ask you after six months of your checkbook never balancing are you just gonna forget about it thinking they lost the check or something, I did and boy did i get nailed. My bank even if I overdraft by a penny will charge be an over draft fee and then a non sufficient funds fee because i don't have the money to pay the overdraft and then another overdraft fee because i didn't have the money to pay the nsf fee. The nsf fee is just 5 dollars, not a huge deal, but the two od fees comes up to 65 dollars. So all in all for 10 cents I am paying out 70 dollars.

[SXRguyinMA]

wow your bank sucks lol. mine jsut charges a $30 overdraft fee, that's it :D

[Konrad]

Canadian banks operate a bit differently. You usually can't open an account unless you have decent credit (they gauge you every month with service charges), as opposed to American banks where they're happy to open an account for you (they gauge you every time your finances get screwed up). Just my experience.

Until a few years ago. Credit unions are the only way to go, I can't understand why anyone would ever choose otherwise (except for business accounts).

[TheGreatSatan]

I wouldn't know what my bank charges, because we rarely dip below 10K

[Diamon]

And mine just denies the transaction, no fuzz whatsoever :D

[Snowman]

I wouldn't know what my bank charges, because we rarely dip below 10K

And your casting your arrogance for what reason exactly? this has nothing to do with being broke or how much money one has in the bank. Its about the fact that businesses in America are still getting away with breaching contracts which most citizens would have to pay through the nose for if they breached the same contract. I am sorry mod or not it seems like most of your posts on my threads since the whole conversation regarding the Mojave cross have been condescending and sometimes just out and out rude. If I am mistaken great I just took it the wrong way, if not however I really don't care if you ban me or kick me from the board because I do not want to be a part of a community where such behavior is condoned.