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RE: Hard lesson learned on overdraft fees - 9/5/2009 12:39:27 PM
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GregandJenny
Posts: 665
Joined: 2/16/2006
From: Near Seattle Washington
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quote:
He says that those who consistently overdraft are real interesting, always expect a break even though they overdraft all the time, and get very angry when the bank won't give them a break -- then they go on doing it again and again.
Alot of this could be avoided if the charge just wouldn't go through.
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RE: Hard lesson learned on overdraft fees - 9/5/2009 12:40:59 PM
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zoebob
Posts: 7961
Joined: 4/13/2005
From: land of limbo
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If the charges don't go through you still get charged an overdraft fee though. It's just that you get one from the person trying to access your account as well as your bank.
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RE: Hard lesson learned on overdraft fees - 9/5/2009 12:55:10 PM
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GregandJenny
Posts: 665
Joined: 2/16/2006
From: Near Seattle Washington
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quote:
If the charges don't go through you still get charged an overdraft fee though. It's just that you get one from the person trying to access your account as well as your bank.
Only with paper checks or EFTs. Many people over draft at the check stand, for something they probably didn't need any ways. That Vitamin water and gum, that has now cast you at least 40 bucks, and this is over and over. So the fees add up, especially with smaller transactions.
G
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It does not have to be well with my circumstance to be well with my soul!
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RE: Hard lesson learned on overdraft fees - 9/5/2009 1:52:58 PM
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humbleinspirit
Posts: 16732
Joined: 4/13/2005
From: Just Outside of Boston
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For some reason my bank allows me to overdraw funds from my account. I have as of yet to incur an overdraft fee even though I do not have overdraft protection on my account at all. I wonder if it is the type of account that I have? In any case I am not happy that this can happen.
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RE: Hard lesson learned on overdraft fees - 9/8/2009 2:47:26 PM
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rebakahblam
Posts: 1587
Joined: 12/6/2008
From: Indianapolis
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I've only overdrafted three times in my life. Once when I was 16 (and they forgave it) and then twice after I turned 18. I signed up for overdraft protection where the remaining amount would be put on my credit card as a charge. That came in handy the one time but the second time they had changed the policy to where a charge would no longer be charged but they would take cash from my credit card and deposit it in my checking. I know why they did it (a 10% interest charge for charging it vs. a 25% interest for cash advance)...annoying but I'm still very glad I have overdraft protection should I need it.
-reba.
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RE: Hard lesson learned on overdraft fees - 9/9/2009 12:49:20 PM
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SnapperBug
Posts: 49
Joined: 9/9/2009
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I find it easier to just use a credit card to pay for everything, then pay the credit card off at the end of the month. This way you dont have to worry about overdraft fee's.
The only thing that comes out of our bank account is the rent, power bill, and some other bill, I think car insurance. :) Besides the cc payment at the end of the month.
Plus we get points on our sony rewards visa. :D Working our way up to a PS3, just 15 more months to go!!!! hehe.
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RE: Hard lesson learned on overdraft fees - 9/9/2009 1:08:03 PM
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blessedinnyc
Posts: 2903
Joined: 10/12/2007
From: NYC by way of Chicago
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quote:
ORIGINAL: zoebob
If the charges don't go through you still get charged an overdraft fee though. It's just that you get one from the person trying to access your account as well as your bank.
That's really up to the bank.
It costs $0.50 at the most to do the financial wrangling on backing out a transaction that doesn't involve a legal liability from one person to another (as almost all electronic transactions are.) A paper check is more complicated, but it's a LEGAL liability.
The best principal for fees not explicitly agreed to at the time services are incurred, IMHO, is to charge something proportionate to the actual cost of the service incurred. Fees for bouncing a check? Makes perfect sense- paper checks take time and money to sort out. But denied ACHs or debit transactions shouldn't carry more than a $1.00 fee.
quote:
I find it easier to just use a credit card to pay for everything, then pay the credit card off at the end of the month. This way you dont have to worry about overdraft fee's.
The equivalent for credit cards would be over-limit fees, which some people might run into.
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RE: Hard lesson learned on overdraft fees - 9/25/2009 8:52:32 PM
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cinderella092003
Posts: 39
Joined: 6/8/2007
Status: offline
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quote:
ORIGINAL: peace77
Prevention is the best policy. Our checking account is tied to a savings account and a line of credit at the same credit union so it is impossible for one of us to cause an overdraft.
The normal way that banks handle transactions is to process the larger checks or withdrawals first, then the smaller withdrawals and then the deposits.
That way there is a greater chance of the bank receiving overdraft fees and more of them.
Banks hold checks over a certain amount. It's always a good idea to know what that amount is for your bank since each one is different.
If you need cash quickly, go to the bank that the check is written on and cash it there (if you can). This will also prevent the check from bouncing after you try to deposit it in your account. The teller will tell you if there aren't sufficient funds to cash the check.
Peace,
Anne
At the credit union that I work at, they always post deposits first and then withdrawls, to give everyone every opportunity possible to not overdraft on their account. Quite often we refund the fees or part of the fees when they explain their situation to us. Sometimes we have people that just overdraft all of the time and really have no explanation other than they can't keep track of their account and they are overspending. a lot of the people that overdraft continuously, don't seem to care. I think there needs to be consequences for people's lack of responsibility, and their should be a standard, and I can only speak for the establishment that I work for, but I think banks and credit unions alike could be a little more merciful in certain situations, but in others, I think that the people need to learn to take responsibility for their actions. I think our credit union overall has done a great job trying to meet the needs of our members
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RE: Hard lesson learned on overdraft fees - 9/25/2009 8:59:14 PM
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cinderella092003
Posts: 39
Joined: 6/8/2007
Status: offline
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as far as the whole debit card debacle with overdraft fees and declined transactions, we let our members know that any of their transactions won't be posted to the debit card until the next day. Usually it is by 9:00 that night. It has absolutely nothing to do with us, but the company our card runs through. Their system is a day behind ours. a lot of people don't seems to understand that and call every month and asks someone why they have an overdraft or a declined transaction. In that situation, there is really nothing we can do. they can come and get cash because as soon as the money is there it is available for them to withdraw. It's just not available. A lot of times as well, people will check their balance before all the transactions go through on the debit, and they will think they have more money than what they do and spend. They could avoid that if they kept track of their transactions.
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RE: Hard lesson learned on overdraft fees - 10/6/2009 10:03:49 PM
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ladioffaith
Posts: 3172
Joined: 3/31/2005
From: NE Ohio (L.A. . . Lower Akron)
Status: offline
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NATIONAL CITY LOVES INEXPLICABLE OVERDRAFT FEES
This is my bank. Yes, it has happened to me ... twice. The first time, it cost me $200 because Best Buy hit my card twice (a "hold" and the actual debit) and because of the holiday, they posted on the same day. By the time I noticed it, I had been charged fee upon fee upon fee. National City offered to give it back but ONLY if I could get Best Buy to admit their folly. I talked to a series of customer service people who addressed me as "Day-In" and were not fully capable of speaking English.
The second time, the debit was smaller and I had to eat it.
I'd switch if it wasn't so darn much trouble.
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The LORD your God is with you, he is mighty to save.
He will take great delight in you, he will quiet you with
his love, he will rejoice over you with singing." Zeph. 3:17
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RE: Hard lesson learned on overdraft fees - 10/7/2009 6:20:03 AM
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keithyhuntington
Posts: 814
Joined: 7/7/2009
From: Tulsa, Okla.
Status: offline
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quote:
ORIGINAL: GregandJenny
Alot of this could be avoided if the charge just wouldn't go through.
thats what i've been saying for a bazillion years. im not bad at overdrafts... i get a few here and there. maybe liek 2 a year. with the CONSUMER in mind, it would be the best solution have the debit card just flat decline all purchases once the calculated pending and non pending charges reach zero. elinated any and all chances of an overdraft.
howveer that hurts the banks bottom line. but consumer in mind, that would be the ideal scenario.
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RE: Hard lesson learned on overdraft fees - 10/11/2009 10:02:52 AM
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Miss Giggles
Posts: 5207
Joined: 4/18/2005
From: MI
Status: online
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Sorry I wasnt clear. You can use mvelopes.com on a cell phone with a data plan. Very handy if you are not at your home computer most of the time.
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