Banks Suck.

Have you tried talking to the bank's manager? They are the only people that have the authority to do anything about things like this. A logical argument coupled with the facts delivered to the manager, rather than a teller (who can't do shit anyway) will likely yield some results. Another option (depending on the size of the bank) would be to write the corporate office with a complaint outlining this ridiculous fee structure. Last but not least the contacting a representative of your local news is a great option - they eat stories like this up. You'll get your money back asap after an investigative reporter humiliates them!
 
While I've not had to deal with overdrafts that often, they are one of those things that banks look to screw you over on. They are always looking for the opportunity to get more fees and it's a shame that they do these things.

As for the protection that is going into law, you have to understand it fully before thinking it is going to save you from fees. Overdrafts will still happen if you purchase items when funds are not available, their will simply be limits on the amounts and the total times it can happen. But along with those limits, banks will be offering "protection plans" that they will charge you to participate in - they will still screw you in one form or another.

From the FAIR Overdraft Coverage Act:

Regulators have failed to stop our nation's financial institutions from moving from a policy of discouraging overdrafts to that of encouraging and maximizing overdrafts to drive up fees. But the Fairness and Accountability in Receiving (FAIR) Overdraft Coverage Act of 2009 promises to bring meaningful reform. Introduced by Senator Christopher Dodd on October 19, 2009, the Act would:

* require financial institutions to obtain explicit permission from all their customers before enrolling them in a system of fee-based overdraft coverage for debit card and ATM transactions;
* require that an overdraft fee charged on any transaction be reasonable and that its size bear some relationship to the cost of covering the overdraft;
* prohibit reordering of customer transactions to trigger otherwise avoidable overdraft fees; and
* limit the number of overdraft fees per person to six a year and no more than one a month. At that point, financial institutions would have to enroll the consumer in a lower-cost program or stop charging for covering overdrafts.
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I did have to deal with that third bullet point once - they reordered my transactions that occurred one day so paycheck that was scheduled to be available one morning did not get posted until after several purchases that happened that same day causing me to get like 4 overdraft fees of $29.00 each. I was able to prove that my check was always posted at opening hours in the past and that they had ordered it differently to cause me to go over - needless to say I was able to get those refunded.

If a bank can screw you - they will. I now use a Federal Credit Union and they offer much better overdraft protection than any of the local banks do.
 
Don't stop fighting it. And yes deal with managment not a teller. You need to convince them that attempting to extract the full 900 dollars out of you will be more difficult and less succsseful for them than to settle lower. I personally would rather spend 900 dollars on a lawyer to fight the bastards than pay them.

I had an old room mate that had a bunch of shady overdraft fees. He payed off the ones he thought were honest then told the bank to fuck off and closed his account. I will attempt to get a hold of him to see what ever happened with the whole mess.
 
What ever happened to the good 'ol days when overdraft wasn't even really around and your shit simply got declined....

Coincidentally, I had like 3-4 transactions, all less than $10 mind you, last week and they overdrafted my shit for $213 just before a check was cleared. Yes, cleared, not put in the bank, but cleared. Meaning the funds were "there." Love banks.
 
006 said:
What ever happened to the good 'ol days when overdraft wasn't even really around and your shit simply got declined....
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This ^^^^ these days they want you to go over so they can hit you with every fee imaginable. In the old days they would just decline the check, give you a small fee, and call it a day - now they accept the check and charge you a much higher fee for doing it and then continue to accept other charges all the while you are negative. Credit cards too - they used to just deny the charge and the person would hand you back your card, now they let it go through and kill you with fees and interest.

Thank God I don't use credit cards and I am financially sound right now - I hate all the screwing you over that these banks do now. Time to start stuffing your money in coffee cans in the back yard - at least your lawn won't charge you a fee - you just need to make sure your neighbors don't see where your burying it ;) or forget where you put it :confused:
 
Bank Teller's are glorified supermarket cashiers. They don't know what the computer says. They might as well be working at McDonalds pushing the buttons on the screen. Fight that shit, to the end. If you have any documentation on it at all, bring it up. There's a reason they are doing away with overdraft fees. Overdraft fees are a fucking joke: I would much rather be told "Your card has been declined" than let it be run through and have to pay through the nose.
 
Wolfeman said:
I already tried, they said it's all automatic and they can help me out with a few of the fees, but that's it. So they are willing to knock off $80 out of $900
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Tell them to fuck off and move to another bank. Then tell the bank you're going to have the manager arrested for extortion. Given the public mood at the moment, he'll be willing to negotiate.
 
Last but not least the contacting a representative of your local news is a great option - they eat stories like this up. You'll get your money back asap after an investigative reporter humiliates them!
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:lol::lol:

not to be an asshole, but that will have no effect whatsoever, but the optimism of the canadians and europeans is heartening regardless

this same story plays out constantly, day in and day out, all over america. people bitch and bitch and bitch about it, but it's not going to help. the banks have the money and the power, and all you can do is nag the shit out of the branch manager and hope they agree to waive the fees.

i've had similar situation happen to me in the past...really the only guarantee against this(at least until the new credit/banking laws take effect) is to sign up for an OD protection that charges overages to a credit card...but then you're fucked anyways because they charge you a fee to protect you, and then charge interest on the amount!

edit: and as someone else mentioned, closing an account with a negative balance and going to another bank doesn't solve the issue - not only will doing so rape your credit score, but you essentially get blacklisted and no other banks will allow you to so much as open a checking account. they'll also charge you interest and legal fees in their attempts to recoup what you "owe", so it's best to just swallow it and keep your money as far away from corporate banks as possible.
 
Up here, there was an issue with a "Payday loan" company screwing people over. Well, the people involved went after them on federal loan sharking laws & the company got into some serious shit over it.

That really makes me wonder, if the "overdraft penalty" would be seen as "loan sharking" by a judge, considering it's something ridiculous like several hundred percent interest.

At the very least, call the local police & see if they'll consider laying charges.
 
I would hit the roof over $900. Threaten to call the paper, take my business elsewhere and file a report with ripoff.com

Overdraft fees are fucking anal rape.

Plus, you know what those greedy fucks do to rape you further?


Scenario:

You have $480 in your account.
You pay your rent at $500
The same day you buy a candy bar, gas, and a t shirt (hypothetical).

They push the rent through first, then nail you 3 times for fees on the next three items tripling their fees instead of just giving you one like should have gone down.

Seriously fuck large banks.
 
Here you just pay interest rates. But weird enough as I see some of you complaining about "big" banks, here it's the other way around...the small ones fuck you up the ass..and the big ones pretty much are stable and don't give a lot of hassle.

Last year october there was a relativelly "small" bank here in Holland (DSB bank), that fucked over all, ALL, the clients. Due to bad investments they made, and shady policies for morgages they went bankrupt, and everyone lost their savings and so on. All people got fired, and now half a year later..due to all people that were fired the bank doesn't have any cost on salaries and so on, and has a turnover of 30 million a day............
 
colonel kurtz said:
:lol::lol:

not to be an asshole, but that will have no effect whatsoever, but the optimism of the canadians and europeans is heartening regardless
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No worries there man, I realize that America lives, and will die, by its banking system. But a little optimism never hurt anyone ;)

Maybe you can get a hold of Goldman Sachs and have them resell the $900 you owe to Iceland as some sort of new CDO product and you can recoup $1 million plus from it :lol:


colonel kurtz said:
closing an account with a negative balance and going to another bank doesn't solve the issue - not only will doing so rape your credit score, .
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Amen to this, credit score is everything today. If you dump and run that $900 could turn into much more due to penalties and the higher interest on loans you will pay as a result of having your credit smashed.
 
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