overdraft fees

[Sideoftheroad]

Got hit a couple times w/ some overdraft fees recently and getting tired of it. I tried going through National City customer service and hasn't helped. Seems they are charging me for fees that they shouldn't be because there is money in the account. Seems after they hit me with the fees then I get overdrawn. And I am getting charged $34 a hit. Funny thing is another account of ours got hit once last year and it was $32. Everytime I ask them why the difference, they skirt around the issue. They won't give me a straight answer.

 

Anything to make a buck I suppose.

 

So looking for a new bank. What does your bank charge you (if anything)?

[KarlS]

$30. It was my mistake, somehow I forgot to log a large check I wrote in my checking book leger. Bad part was it took 5 days for credit union letter to get to me to tell me I was overdrawn. So 3 more checks at $30 each plus the $25 I was charged by the retailers. NOW I check my accounts twice a day on line.

[Mariner Fan]

Jerry,

 

I used to belong to a Credit Union. They had a deal where if you over drafted on your checking account, they would pull the money from your savings account without an overdraft fee.

 

I actually still belong to that Credit Union. It's in Spokane Washington. I've had such a good experience with them that I still use it.

[Hazenson]

Credit union here too- for almost 20 years- wouldnt go anywhere else

[eazyduzzit]

I've never overdrawn. I always keep enough cushion in there to cover it. I'm not going to pay a bank $30 when I need it worse than they do.

[bongobobny]

Apply for an overdraft protection account. It is like a preapproved line of credit. They charge interest on the money used to cover the check, and charge a small fee, usually 5 to 10 dollars, but it beats the huge bank overdraft fee plus other charges from whoever the bounced check was from, which can add up to close to a hundred dollars in late fees, overdraft, interest and penalties when all is said and done...

 

 

 

PS Banks are in business to MAKE money, not give it away!

[barend]

overdraft fees depend on how many you have in a month, if you have, say, more then two, the amount goes up. if your account stays overdrawn for a period, they'll hit you with a fee for that. if you check your computer you run a day behind, because what you see on your screen is not updated at the same time as the banks. If you look at your banks list of charges you'll have a heart attack, the one that got me was the fee for bringing rolled coin in!!

The best course of action is to log your expenses religeously, don't float checks and build a cushion. Keep in mind that overdraft protection is a loan and even though it will prevent overdraft fees, it is something you need to pay back. Linking your savings to your checking is great untill someone steals your checking account number!! Quit using a debit card 'cause it's too easy to forget to enter the transaction.

I did add a credit union account because they have better rates (and lower fees), but changing financial institutions will not solve an underlying problem. Good Luck!

[Hummingbird]

overdraft ?? it's strange that this would come up right now.

 

Yesterday I got a notice from my bank ( been with them for 30 years) that because I was a first time overdraft customer that I had 3 days to deposit a sufficient amount to cover the overdraft.

 

Looking at the figures in the indexed outline I saw that I was over drawn by $6,184.40

 

Didn't take me to long to become FRANTIC !

 

I called the bank and the person I was supposed to talk to wasn't in. After a short conversation the person on the phone recognized my anxiety as well as recognizing me. (nice thing about small towns and small banks) Anyway she looked at my account and found where the overdraft came from. I had paid a bill from the local lumber yard for $26 and change but when it went to the data bank for keypunch somebody, somehow, put in $8000.00 as the debit.

 

Well - I usually keep a couple thousand in the checking and that 8 grand put me in over draft - fortunately for me it was fixed almost immediately with the phone call and there was NO SERVICE CHARGE.

 

It's been a long time since I experienced such an anxiety rush - not fun.

[timgray]

Banks are scammers. First most process debits BEFORE credits even if you deposited a large sum of money 3-6 hours before you wrote a check, they will process the check and then the deposit to make sure they generate a bounce fee. So if you transfer say $5500 from your savings that morning and go to a car dealer and buy a car then write the check for the car, your check bounces.

 

I honestly hate all banks, they are designed to try and screw the customer. you have to almost ask about their rules monthly and change your habits according to how they wanted to shuffle them this time.

 

When I bought my last house, I had to have a lawyer write a letter to the bank demanding they release my money. They claimed they had a new "30 day wait" policy from when you cash in your CD to when they give you the money. so I was unable to get my money. They use that 30 days to get free money from your money.

 

And dont get me started how those thieves stole most of our money on the stock market.

[Sideoftheroad]

Yesterday I got a notice from my bank ( been with them for 30 years) that because I was a first time overdraft customer that I had 3 days to deposit a sufficient amount to cover the overdraft.

 

Honestly wish more banks would give you a warning and ask you take action or else they will charge you.

 

 

They use that 30 days to get free money from your money

 

I believe just about any corporation does this. They may not necessarily hold the money for 30 days, but I believe they put it in the market to draw interest from the premiums you pay for things like mortgage, supplemental health insurance premium, or just about anything else you can think of.

 

Heck the gov't does this too. If you get money back after submitting your tax return. You just gave them a 1 yr loan. They pay the loan off when they send you the money back, but they keep the interest. Now that's backwards. Wonder what they would do if you tried to bill them for that interest.

[Venturous Randy]

This was discussed a while back, but be careful using your debit card as a debit card when paying at the pump. Use it as a credit card if it asks. I checked my balance to see if I needed to transfer any money into it as I knew my paycheck would go into it that night and I was fine. The next day I got an overdraft. Evidently the gas station I used put a $75 hold on a $10 dollar fillup. The bank would not give me my fee back.

RandyA

[FROG MAN]

I went to use my GM Master card at Dollar General store this evening and they would not process it as a credit card. Only Visa or Discover cards can be used as credit cards there. I know most local banks give Master Cards as debit cards but come on this was a valid credit card.I don't have a pin set up for it so I gave them a Discover card for the transaction. I don't carry cash any more.

[Flyinfool]

I have been with my current bank for almost 30 years now.

They have overdraft protection that pulls from my savings at no cost to me.

When I deposit my paycheck on the way home from work and go check online the deposit is showing online by the time I drive the last 4 miles home.

During the day I can see debits coming in and the account balance being less than 0 but they use the ending balance at closing each day to determine whether or not there is an overdraft condition. That means that I can make a large purchase with no funds in the checking and as long as I transfer or deposit the money before the end of the day, all is good.

 

I like my bank They are also open for all business from 10am to 8pm 7 days a week.

I could go in and talk to a loan person for that toy that I absolutely must have, at 7pm on a Sunday.