No More Overdraft Fees!

http://money.cnn.com/2009/11/12/news/economy/overdraft_fees/index.htm?cnn=yes

  Quote

The Federal Reserve on Thursday released a new rule to prohibit banks from automatically enrolling customers in overdraft protection programs, which charge fees when consumers spend more than they have.

 

Starting on July 1, 2010, all banks will have to ask their customers to opt in to overdraft protection plans for ATM and most debit card transactions.

Good fucking riddance. My bank would charge me 35 dollars for each purchase, it was so easy to make a few purchases around town without knowing i was already overdrawn, only to come home and find i'm hundreds in the red because i paid 20 bucks for gas a week ago and the charge didnt even show up till that day.

I'm confused... why would people want to opt into that? What's the benefit?

If you're not in the program, it just means that your card will be declined, instead of going through, and being feed?

yeah my wells fargo account is also hundreds negative from 7 x $33(?) in overdrafts, from under $10 of purchases made, because some $20 automated payment (which i have no idea what company it is and what for), happened. fuck them.

Thank fucking god. I just lost fucking $200 cause of this bullshit.

seriously fuck that shit. I too have been in trouble as of late with this bullshit. I've had $120 in fees @ $30 a pop because of as you said things taking entirely too long to come out. It really pisses me off because everytime it happens money goes into my account THE NEXT FUCKING DAY.

good. a fucking slimy disingenuous way of doing business. i just paid those fuckers like 120 in overdraft fees a few months ago and it was for like three or four $6 transactions. god what a pile of horseshit.

What i'm interested to know is how the banks are going to be able to cope with this. I think a lot of banks were staying afloat merely because they were just bleeding all their hurting customers during the recession, you take that from them and they lose billions of profits

im sure theyll just come up with another way to scam their customers.. greedy cocks.

FUCK THE BANKS. THEY HAVE BEEN BUYING UP ALL THE LAND NEAR BY MY HOUSE AND RAPING THE SHIT OUT OF THE EARTH AND KILLING ALL THE FUCKING TREES JUST SO THEY COULD SELL THE TIMBER AND MAKE A BIT OF MONEY.

The whole process sent me into a week depression, it was fucking disgusting what they did. Greedy slimy cunts

  On 11/13/2009 at 3:27 AM, xxx said:

I mean, one should always be in total control of their money but shit happens and banks don't help. When I was more broke in college, I'd get so fucking pissed at how my bank would post charges i.e. do a "batch post" every 4 days so nearly a week's worth of spending bombs your account at once. I tried to be good about it but I'd be goddamned if they didn't officially post charge 1 minute before midnight when my direct deposit check from work would have been available. It used to be $25 for me; doesn't surprise me at all that it's up to $35 for some.

 

I now shove a stick up my rectum and use this

And pour over my finances like a manic Scrooge McDuck and beat my wife for unapproved purchases

 

 

just kidding, spousal abuse is never funny. Talk to someone: www.stopfamilyviolence.org

That is exactly how I was getting fuckered. All these charges @ 11:59 on a thurs night and then my direct deposit goes in @ 12:00A Fri. So bam, a $4 taco bell lunch and some gas suddenly costs me an extra $60. Not to mention the fact that I'm still a college student taking 16hrs of classes and working maybe 30hrs a week. Fuck it pisses me off to think about those motherfuckers...

Poor people are just really shit on. You get roughed up w/ these fees so you cancel your bank account, but then you have to pay a fee to cash your check or whatever. There's no end.

no shit, overdrafts are the worst. i swear my bank was doing some real scheming bullshit with it too, because i'd go maybe sixty cents over, they'd overdraft me, then i'd have five holds which would come through, which i had money for, hence being overdrafted in the first place, yet these holds were all charged with an overdraft fee. something isn't right about that. but now i'm just extremely careful with my spending.

i seriously hope they take this on in the UK too.

ive lost roughly £3500 in the past 3 years in fees.

pretty tough going for an undergraduate

  On 11/13/2009 at 3:30 AM, karmakramer said:

FUCK THE BANKS. THEY HAVE BEEN BUYING UP ALL THE LAND NEAR BY MY HOUSE AND RAPING THE SHIT OUT OF THE EARTH AND KILLING ALL THE FUCKING TREES JUST SO THEY COULD SELL THE TIMBER AND MAKE A BIT OF MONEY.

 

The whole process sent me into a week depression, it was fucking disgusting what they did. Greedy slimy cunts

oh yeah that sucks too

Thank god, I too have lost at least $100 to those fucking bankers. Just reading how many people have been screwed over on this thread pisses me of even more.

Hopefully the Government will only get better with this and the National Health Care maybe its a sign for the better or a distraction.

My bank offers $3/month overdraft protection.

lets kill the goverment guys

  On 11/13/2009 at 3:26 AM, 42Orange said:

What i'm interested to know is how the banks are going to be able to cope with this. I think a lot of banks were staying afloat merely because they were just bleeding all their hurting customers during the recession, you take that from them and they lose billions of profits

Oh those poor banks, what will they ever do...

  On 11/13/2009 at 5:25 PM, EDGEY said:

  On 11/13/2009 at 3:26 AM, 42Orange said:

What i'm interested to know is how the banks are going to be able to cope with this. I think a lot of banks were staying afloat merely because they were just bleeding all their hurting customers during the recession, you take that from them and they lose billions of profits

Oh those poor banks, what will they ever do...

Well frankly i'd rather lose 35 dollars a couple times a year than lose all of my money forever. I'm sure the millions that have money in these banks (pretty much every major bank chain) would agree.

  On 11/13/2009 at 5:56 PM, 42Orange said:

  On 11/13/2009 at 5:25 PM, EDGEY said:

  On 11/13/2009 at 3:26 AM, 42Orange said:

What i'm interested to know is how the banks are going to be able to cope with this. I think a lot of banks were staying afloat merely because they were just bleeding all their hurting customers during the recession, you take that from them and they lose billions of profits

Oh those poor banks, what will they ever do...

 

Well frankly i'd rather lose 35 dollars a couple times a year than lose all of my money forever. I'm sure the millions that have money in these banks (pretty much every major bank chain) would agree.

So you'd rather lose your money slowly than in one large sum? Fair enough (but the FDIC will make sure the latter doesn't happen). Perhaps if lending institutions weren't trying to bankrupt everyone they can get their hands on, people might actually be able to pay their bills and not require overdraft...

i got charged $35 per transaction (for about 3-4 things) once. ONCE. once i knew that could happen i've been ontop of that shit since.

US banks suck. UK banks give you crazy overdrafts and only charge you a higher percentage if you go over that, no fucking fees.

this is great news but doesn't go far enough.

  On 11/13/2009 at 12:35 PM, chaosmachine said:

My bank offers $3/month overdraft protection.

Yes - my bank (Chase, formerly I was part of WAMU, but they got bought by Chase when they collapsed) offers a 10.00 overdraft protection, where if my checking account doesn't have sufficient funds, they will transfer the requisite amount from my savings for a 10.00 fee. It beats being charged 35.00, especially for a piddly amount.

One thing I like about Chase is all my transactions (be it debit or credit) show up immediately - I rarely have to reconcile my register as things are taken into account. I don't write checks, so no worries about the float associated with those.

While banks won't be able to automatically do this anymore, what will start to happen is more non-sufficient funds fees (especially when some credit transactions at other institutions don't show up for a few days) - your transaction will be declined, and instead of the bank paying it (plus charging you that onerous 35.00 fee), you'll not only get charged a NSF fee (which is usually the same as the overdraft protection fee), AND the merchant will charge you a NSF fee for your transaction being declined after the sale has been closed, so essentially, it may get WORSE for the consumer who doesn't keep track of their finances properly.

what makes you so sure about this Rex? I dont understand how this suddenly enables merchants to charge you for merely attempting to purchase something?

  On 11/13/2009 at 6:34 PM, Joyrex said:

  On 11/13/2009 at 12:35 PM, chaosmachine said:

My bank offers $3/month overdraft protection.

 

Yes - my bank (Chase, formerly I was part of WAMU, but they got bought by Chase when they collapsed)

I listen to 1010wins in the car, a couple days ago they did a short report on Chase increasing fees, instituting minimum balances, and a few other changes... Something along the lines of increased overdraft fees, and a minimum $1500 balance in all accounts. No resource, just what I heard on the radio. They also said somethine like "while other banks have been decreasing minimums, and lowering fees, Chase is ramping them up". something to look into maybe?

this appears to be good news, the first time it happened to me i lost $105, since then i was on top of it. then my check didn't go through for an extra 2 days and i was hit for another $70.

fuckers.

This doesn't apply to credit unions, does it?

  On 11/13/2009 at 3:19 AM, Kcinsu said:

I'm confused... why would people want to opt into that? What's the benefit?

 

If you're not in the program, it just means that your card will be declined, instead of going through, and being feed?

I would rather my card be declined than pile up fees. if i'm trying to use my card i obviously don't think i'm out of money... so i'd rather be alerted to that fact than find out after i've used it for a week, and added up $35 for every purchase.

my bank will even let you withdraw cash from an ATM if you have no money. and you get a fee for that too.