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good. cause i just got one last week! go figure

BS

I’ll believe it when I see it. OBAMA the clock is ticking you better not be a FIRST ROUND BUST!!

its about damn time!!

About time! Banks have made a fortune off overdraft fees-They love when ppl go over the amount of funds available.

I know Bank of America charges $70 overdraft fees.

Banks are the biggest crooks in the world!!

this white man has to go

Let’s see…how about keeping an account registery book so you don’t get any overdraft fees? Or stop spending what you know you dont have in your account!

This is a good thing!

Out of the $28.00 that the bank charge you for YOU going over in YOUR account, the retail company charges the $15.00 for the merchandise that was purchased with money you did not have. You recieved goods that you could not afford.

@Babygrl88

Spending what you dont have in your account is an easy thing to say but in this economy thats very difficult.

If you JUST make enough to cover your bills every month-things DO happen.If one company accidentally charges you twice-that throws off your entire budget. And believe that the bank will charge you for every last one. The fact that the bank preys on situations like those is what prompted the change.

I think it’s a good thing. Especially with you go over $2 and you’re charged $25 dollars.

All I have to say is THANK GOD. As a RESPONSIBLE, working class consumer I think current overdraft fees charged by banks are excessive and and unjust. If I overdraw my account by $2.00 (which is the most I’ve ever overdrawn) once every 3+ years, it is unacceptable to be charged a $50.00 fee PLUS the $2.00 I overdrew. They make money off MY money every day anyway! Banks are thieves.

@ Nique….I totally agree with you. The economy is in a downward spiral. But being that I do work for a Credit Union. You can go into your bank, tell them that this or that company w/d funds that were not agreed apon you, they will have you sign an affidavit and give you back the funds that were taken out of your account, and the overdraft fee. But if you unwillingly go into the bank and complain about the w/d from your account, the bank will assume that it was a dual consent w/d and will do nothing about it. You have to put forth some type of effort to get what was lost because of the company’s stupidity. That’s the only way you will get your money back.

We all make mistakes in are account. None of us are perfect. But if you just allow the bank to charge you the overdraft fees without you saying anything, then they won’t know that the transaction that was done on your account was not authorized. No one of them knowing. Or you can just have an account at a credit union. Always the better choice. Banks are there for shareholders. Credit Unions are for the members. Plain and Simple. Most Credit Unions are non-profit. Better choice overall.

*****ume=asume

@ Babygrl88

certain banks dont post all of your recent purchases and bill payments so its NOT EVERYONE WHO SPENDS WHAT THEY DONT HAVE

Thats one of the reasons I left Wachovia they were robbing me blind in fees left and right.I was basically sharing my check with them, glad to see them go out of business Damm thieves.

@ drenk….um that’s a given….credit transactions, and checks do not come out immediatly when the purchase is made. Even thouh check21 was implemented back in 2007, it will still take a min. of 2 bus. days for those transactions to reflect in your account. That’s why banks and creddit unions stress the need for ALL account holdes to keep a accurate account regester for each of there accounts. So that you wont be surprised when your statement comes. You can record EACH and EVERY transaction that you do. Even the $2.00 ones.

They need to because banks be sending out a hell of a lot of fees you never know what is truely accurate and they are very manipulating and corrupting and they treat people as if they are stupid with no rights…

Bank of America is another bank that acts funny this is why I am moving to credit union so much more earlier to deal with and the appeal loans very fast and the process is put together better than regular banks..

@Babygrl88

I agree.Computers DO make mistakes and I think ppl need to speak up if they find any inconsistencies in their accounts. Im the first to call Customer Service for ANYTHING. Ppl will be surprised at how they are willing to help you-just to keep your business.

…I dont play when it comes to my money…lol

@deesac

LOL. Wachovia too?? I was with Bank of America for a few years and I loved banking there but once the economy went down they started getting desperate. My friend told me they were even charging 10 dollars a month for NOT having direct deposit into your account!!!

GOOD! I have BOA and they have adjusted them somewhat, but I don’t like paying $35.00 when I went over by $.59.

resurrected

They need to because banks be sending out a hell of a lot of fees you never know what is truely accurate and they are very manipulating and corrupting and they treat people as if they are stupid with no rights…

Bank of America is another bank that acts funny this is why I am moving to credit union so much more earlier to deal with and the appeal loans very fast and the process is put together better than regular banks..
…………………….

Yes, if you can, join a credit union. They have there fees but not excessive. They valus their customers and try to resolve issues as quickly as possible. I love my credit union.

Here’s an idea, Don’t spend what you don’t have!!!

I love that sign, “BAILOUT PEOPLE NOT BANKS”. I personally think that is the reason that Obama will be a one term president. He has give 700 billion to banks & Wall St. These are the greedy bastands who bankrupt America & you expect them to do the right thing with bailout money. Every week CNN has a new story about how our bailout money is being used for excessive executive vacations including private jets. Not to mention remodeling of CEO offices which included a $6,000 shower curtain. Nothing is being done about these foreclosers. Is Obmama truly a democrate cause 1yr into in presidency, he has only helped the rich.

It is banks all over the world, and worse still the anks the Governments have bailed out!

The banks are greedy, caused this recession and are to blame. If tax payers have their money mugged monthly by this Government then it is tax payers who should be saved when a recession hits on!

Baks need tighter controls, more regulations and the Government should have helped hardworking tax payers with their mortgages and jobs, rather tha a few greedy bonus god forbidden bankers up the top!

hallelujah! I say….

Whats crazier is that if you do go over for some reason, they will make sure that the charges that go through are itemized in JUST SUCH A WAY so as to get the MOST FEES out of you.

So instead of putting thru the small charges that theres money to cover and hitting you for one larger debit..they put the big debit thru and then hit you for $30 for each SMALL charge. Its sum bull ish.

I do cash.

I think this is the correct way

Here’s the thing. If you have $500 in your account on Monday and you spend $100 a day until friday when you spend $101.00, The bank can hold all of the transactions leading up to the last one, then push them all through on the same day causing you to incur $35 for EACH transaction, not just the last one that put you over. So, you could end up paying $175 in overdraft fees for overdrawing your account by $1. That’s criminal.

If the gov’t had given all the taxpayers $5,000 instead of giving the banks $700 billion dollars, people would have deposited the money and paid their bills. That would have been the trickle up effect. But noooooo. Instead they did it the other way around and expect the money to ‘trickle down’. Well it didn’t work when Regan tried it, and it ain’t workin now. The money was suppose to be lended out for mortgages and car loans. Instead the banks just kept it. The gov’t should call the loans in and get all the money back right now.

Nique

About time! Banks have made a fortune off overdraft fees-They love when ppl go over the amount of funds available.

I know Bank of America charges $70 overdraft fees.
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Incorrect. BOA charges $35. I have an acct. with them.

One time, I went over by .42 cents, & it was my 1st time overdrawing, & I had to be on the phone for literally 2 HOURS before they decided to give me my money back. That bank is a mess. I’m switching to a different bank when I move to FL this Dec. Makes puttin your money under the matress sound like a good idea again. lol

Yea bank of america be on that bull, I dont even use my debit card to buy stuff, I use it just to get money out the atm cause,I use to have charges pending for 9 days, like the fuc?? then my cousin tells me they do it like that so in case you make a purchase and overdraw your account they can charge a overdraft fee on every pending item and sometimes i may have 13 items pending SMDH

mattress*

@Jer-z Girl

I never bounce checks or go over. However my health care plan sent an unexpected payment through that threw my personal checking account off. My head exploded because the bank sent that payment through first so it would overdraw my account, then overdrafted every single ATM and debit transaction. The fees added up to $210. Then they charged me another $15 charge for having a negative balance. That night, I made a large deposit through an ATM. My deposit didn’t count until after they allowed three more transactions to go through. That’s another $105. I was also charged another $15. The grand total was $315. I went into that bank and cussed everyone out. Believe it or not, they reversed every single fee.

Grand total was $375…

You can sue the bank in SMALL CLAIMS COURT for the overdraft fees.Take a record of the fees with you to court.They usually don’t go back more than 90 days.Claim a LARGER AMOUNT going back x number of months/years.Sue for the LARGEST AMOUNT POSSIBLE in your state under the small claims laws.Some places it’s up to 10 thousand.You have a good chance of WINNING because while it may be big money to you…it’s too small an amount for the bank to show up to small claims court for.YOU WIN A DEFAULT JUDGEMENT.

@ Jer-z Girl
“The bank can hold all of the transactions leading up to the last one, then push them all through on the same day causing you to incur $35 for EACH transaction, not just the last one that put you over”

Yes it is true that a bank can hold your transactions. But what it comes down to is the merchant. They are the ones who decided when they will confirm the pruchase to the bank. Unless it is a debit transaction, by law the minimum amount of days a transaction can be reflected in your account is 2.Other then that it can be up to 5 days

@babygrl88

it takes a baby girl to set us straight???lol. You are right. I paid $200 in fees recently for failing to keep a register, id been guesstimating and well, i didnt guess right. i just recall in the early 90s when the banks were reliable enough to keep an accurate ledger.

i think banks got hip to game and now claim that they cant see these transactions for 2 or so days so you can overdraft.

its a pure rip off. especially when youve made a $2 purchase.

@pynklyzurd14

Its initally $35.00 but if it stays overdrawn 5 days they charge you another $35.00, bringing your grand total to $70.00 in OD fees.

@ pynklyzurd14

Did you also know that by scanning your card as debit, the company has the right to hold your card for x amount of dollars (usually $50.00) until they have confirmation from your bank that you have the funds to cover the tranaction? By this the bank has no choice but to hold your account, and you will go negative simply because that one merchant took out $50.00 when the transaction may have only been for $15.00

My grandmother, rest her soul, kept her spending money under the ironing board cover and the rest in a savings account. She never had to worry about such fees.

@Nique

Some banks, like SunTrust, Woodforest, etc. charge people what they call an “extended overdraft fee”. So if you account stays overdrawn for 5 days or more, they charge you fees ranging from $5 to $8 a day for every day your account stays overdrawn until you bring it back to a positive amount.

Talk about kicking someone when they’re down! It’s not bad enough that you are broke, they are charging you more money for staying broke.

@ rothschild
“it takes a baby girl to set us straight” That was too funny. I just hate te fact when someone is blaming someone else for what they have down right done themselves. Yes I agree with all of you. The bank are down right trifilin’ (I guess that’s why I have been with a Credit Union for the past 5 years) But don’t blame them for your mistake of not keeping a account ledger. THERE FREE! you can go to the bank and get a WHOLE stack at no cost to you. But you refuse to because you think that you can keep your account in order without one. “The past has decided your fate for the future” -personal quote- Take it as you see it.

@ Gimmeabreak 78

Woodforest bank…the worst bank of all history. Derived from walmart where you can get an account and do a w/d without an id…..That would set alarms off in my head right then and there.

omg i got charged 84 fckn dollars for a overdraft. i have 2 debit cards and i used the wrong one. i went to walmart and spent like 10 bucks, then i went to dollar store and spent 5 buckS…and woodforest charged me 34.98 for each transcation. i ended up having to pay 84 (15+34.98+34.98). SCREW U WOODFOREST!

@ Ne Ne aka iB@S

Ya Woodforest is a rip off. You can though dispute your charges.

babygrl88 shut ur pie. talk what u have experience in. What u need to do is how bout you get a job and a bank account then u can comment.

ok, maybe i just don’t get it but it seems like the article is saying that they are only going to stop the banks from signing people up for overdraft protection and then charging as well. It didn’t seem to say the law is going to help if you do not enroll in overdraft protection( when they take overdrawn money from your savings to cover the amount). It seems like everyone here is talking about general overdrafts without having overdraft protection…

@ Betty
“shut ur pie. talk what u have experience in. What u need to do is how bout you get a job and a bank account then u can comment.”

Excuse me….Don’t YOU speak on what you do not know. I would explain to you how I DO have a jpb, a very good one I might add at a prestigious Credit Union. I would also like to tell you that I have been for the last 6 years. But why relinquish any of my information to someone that prefers to address me as if they know me with incorrect speech. You have no idea who I am and what I can accomplish. So why don’t you SHUT YOUR PIE!!!!

correction jpb= job

@Gimmieabreak 78

ST8 crooks in a suit!

@ Ki

The overdraft protection that most bank impliment on each account allows the member (even though its wrong) to go into a store make a purchase without the funds to cover it, and the bank will charge you whatever fee they have set. You can forgo these fees by oppting out and if you try to use your card without the matching funds for the transaction, it will decline your card. Overdrat protection was put into place inorder to protect the member from the ever so often “decline” status when you are in a line of 15 people. But you can opt out of it.

Babygrl88

@ pynklyzurd14

Did you also know that by scanning your card as debit, the company has the right to hold your card for x amount of dollars (usually $50.00) until they have confirmation from your bank that you have the funds to cover the tranaction? By this the bank has no choice but to hold your account, and you will go negative simply because that one merchant took out $50.00 when the tranaction may have only been for $15.00
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Girl, I had no idea. WTF. Banks DO kick you when you’re down.

Did you know that the bank charged me b/c I withdrew from my savings acct. more than 3 times?!!! I was FURIOUS! I called them thiefs right away & told them to put my money back, & after a day & a half of going back & forth, they surely did. Then, the lady explained to me that if you take out money in your savings more than 3 times in one cycle, it charges you $3 per ‘excessive withdrawal.’ The 1st 3 are free. That makes me MAD, they’re gonna charge ME for takin out MY money… GTFOH…

@ pynklyzurd14
“Did you know that the bank charged me b/c I withdrew from my savings acct. more than 3 times”

Yup sure did…it’s call excessive savings w/d…That’s one of the many many reasons I am no longer with a bank. They want you to save money, but then charge you when you do w/d’s from your own account. Ridiculous

it is. specially when they wanna charge you for having a low amount in certain accounts. banks are supposed to work FOR the people, not AGAINST the people. smh. We should ALL boycott banks. lol

Get Real

I love that sign, “BAILOUT PEOPLE NOT BANKS”. I personally think that is the reason that Obama will be a one term president. He has give 700 billion to banks & Wall St. These are the greedy bastands who bankrupt America & you expect them to do the right thing with bailout money. Every week CNN has a new story about how our bailout money is being used for excessive executive vacations including private jets. Not to mention remodeling of CEO offices which included a $6,000 shower curtain. Nothing is being done about these foreclosers. Is Obmama truly a democrate cause 1yr into in presidency, he has only helped the rich.

***************************************************

ACTUALLY Bush is the one who gave the bailout to Wall Street. Comprehension is fundamental people!

well I will say this when you make a purchase a company has 60 days to process the bin ticket and while your bank will set the money aside and you look online and see it accounted for if the ticket for the purchase at that company isn’t processed after 24 hours it’s placed back in your account and unfortunately you may spend the money with out knowing and thus you may have thought you were spending what you have when you actually don’t have it and the banks make off with the over draft fees just ask bank of america, sun trust and wachovia they’re the worse. I worked at the Federal reserve board in Dc where they hold their tri monthly FOMC (look it up people) meeting and they vote on interest rates and things like this. unfortunately it’s not completely on Obama! Stop pressuring that man and to avoid fees do what your grandma and ‘nem did, use cash there’s no over draft in that! -My two cent!

All I can say is: “AWESOME”!!!!!!!
Banks are off the hook!
I keep my $ stashed under my Tempur-Pedic Mattress!
No OD fees, charges, etc…

When the business of the economy was doing good every race group was making cash up the butt. Do not come crying cause you didn’t keep your eye on the ball. No one told you poor people to get a home loan when you knew you could not afford it.
The economy during the mortgage hype was well over 65 trillion dollars.That is wall street money. Not real money. and therein lies the crux of the matter.Or economy is optimized by complex financial models on wall street. We don’t live on REAL MONEY. You just don’t understand. You Americans are so stupid. You are day and night dummies.
Did you know that in the past 30 years America spent more on drugs than the current national debt? You are sick people.
Right now every race group is selling illegal drugs in America. And here is something to thin about. Do you know what is in the drugs other than what you can get off of wikipedia? You would be surpised to find out that biological ingredients were being added to the drug supply. Oh what a scandal. And black folk for instance sell drugs like there is no tomorrow and making big money. Bling bling. Cars, shoes homes etc. Yeah, you lovin it now until the day of reckoning hits you and you’ll be crying like little sissies to washington. But everything leading up to that would be heavenly. This is a dead empire.

The banks though I don’t think are going to just sit by and see all this money go out the window without any response. They are all about their bottom line and are now going to have to make up this lost revenue somehow. What we can expect from them is now they will start charging for other services such as simply having a checking account.

The people that manage their accounts well and never come close to having an overdraft charge are the ones that are going to suffer. These people are the ones that are going to pay the price for the seemingly less responsible people. Isn’t that how it works with everything in this world though? Why should this be any different? The people that do things the right way often seem to have to pay the price for those that can’t manage themselves. Its not entirely those people’s fault either. Its also the banks fault for getting too greedy with the overdraft system. They saw a great source of profit, and exploited it to the extent that something had to be done about it.

Check out my blog on the Fed’s crackdown on the overdraft cash cow at…. http://www.thedebtgazette.com/2009/11/feds-crack-down-on-overdrafts/

Just taking off the flag that allows a customer to go negative doesn’t fix the problem. I work in a bank and part of my job is opening accounts and continued customer service. I talk to customers until I’m blue in the face telling them what to do and not to do to avoid fees. I even remove the overdraft flag on some customers when I see a problem. That being said I still get 10 calls a day about blatant and on purpose overdrafts. The same customer that I removed the flag because of complaints will actually call me days later and ask why they can’t buy the $400 set of tires they need for an emergency even though they only have $50 in their account. I’m also tired of hearing that banks “prey” on the poor and uneducated. Why is it that my poor mentally challenged customers NEVER go negative? Is it because they don’t have $400 car notes, $90 cable bills, $200 cell phone bills? If you’re living above your means it’s not the banks fault. If most people went through their statement and cut back on the things that caused them to go negative they wouldn’t have any problem.

that awesome just last week i just paid bank of America $200 for overdrawn fees. i don’t mind they charged people for it come on 35 dollars each time is ridiculous.

THANK GOODNESS!! If I use my debit card on the weekend I am undoubtedly going to incur 21 dollar charges. I call and have absolutely no recourse. I’m just set back 100 dollars in overdraft fees. This is “shiesty” period. It has nothing to do with you keeping up your account. Miscalculate and you still get overdraft fees. There needs to be some kind of dispute process or regulation on these overdraft fees. In this economy, people just don’t have it to be going through all this nickel and diming.

@ shay

PREACH!!! lol

Come on people…you spend $$ you do NOT have. The banks cover the cost and save you have being the merchant for that bounce ck / purchase. OPT OUT and you can save the OD Fees, but be prepared to have what ever you want to be declined. Budget your money. Math 101 for dummies is a great book to read….