Leave it to the big banks to find a way to slowly pick money out of your pocket again. I guess with the government putting the hammer down on overdraft charges your solution was to just change the name?
So even though I have overdraft protection on my checking account (which is bascially a line of credit to which overdrafts are charged to in $50 increments to which they immediately start charging interest) you guys have decided that starting Nov.14 any of these overdraft transfers now include a $10 “transfer fee”?
So even though I’m protected from overdrafts and $25 overdraft charges I now get to pay you a $10 transfer fee?
You guys are really shameless aren’t you.
I’d go to the bank and complain or call and complain but that’s pointless since the person I’d be talking to didn’t implement this. Rather it’s some overpaid banker who just got baid a bonus I’m sure for this brilliant idea and can hide his head in some office tower somewhere and never have to face an actual customer.
Cowards.
Hey now! This sort of attitude is what is crippling the world economy. Seriously.
Once people stopped to think that maybe they should only spend discretionary money on the extra, discretionary, things in life, the entire world economy came grinding to an almost complete stop.
Play it safe, wait and see, pay down your bils, save up for that big purchase and maybe you’ll find you didn’t need it at all. Or even want it. How is this boosting the economy?
You NEED that 3D TV, even if it will be obsolete before you get it home! We must convince the average buyer to loosen up that wallet, bank on hope, spend for the future.
“Maybe you shouldn’t be spending money you don’t have.” This way madness lies.
Couldn’t agree more. About 6 months ago I moved from Sovereign to Police & Fire Credit Union. Besides the innumerable other ways they are better, instead of multiple $35 overdraft fees, should I overdraft, I get a single $5 fee.
Now if a bank asks who I bank with, and I tell them, that’s the end of the conversation. No trying to get me to join up.
Seriously, though … I found myself in a similar situation a number of years ago. Checks were bouncing, I was getting hit overdrafts fees, yadda yadda yadda …
You know what, though? I have only myself to blame for getting hit with overdraft fees. Even if they were usurious, I know the rules before I started playing the game. I will agree that there are times that the banks are in the wrong (such as the practice, in the case of a large number of checks being presented at once, of paying the large ones first so more of the smaller ones will bounce.) But I do believe in most cases that if you play with fire, you can’t complain when you get an ouchie.
The banking regulation does not limit the amount of money a bank can charge for fees. That means they can crank it up forever. The bankers of course write their own regulation. Then the legislators they own pass it.
I saw an interview with the banker who came up with complicated and long contracts for credit card use. They were deliberately designed to obfuscate and lure customers into doing things that would financially hurt them while increasing bank profits. It is not about making money. it is about subterfuge and disguising . It is more closely related to theft than it is business. Tricking your customers is not acceptable.
My bank, Huntington, is going in the opposite direction. If you have expenses and make deposits on the same day they credit the deposit first so there’s no over draft.
This is the exact opposite of many banks who do the opposite just so you get the maximal amount of fees charged. They also give you 24 hours to correct an overdraft before you’re charged.
I’ll be curious to see how their business strategy of not screwing customers holds up.
So, you think fees are the way a bank should make its money? As opposed to the natural function of banks in society, which is to make money (figuratively) and also make money (literally)? In other words, is making money off the money I trust to them not enough these days? Because I can take that back and put it under my mattress, if need be.
But they don’t make money from Checking accounts by the traditional ‘loan it out and make more interest on it than they pay you’, because, like in this instance, you don’t actually have any money in it that they can loan out. It is a small, rapidly fluctuating balance with a large number of transactions that they need to process against it. So they make money by transaction fees of one kind or another.
