Lost my wallet twice in the ten years I've been with my bank and that's never happened. Each time they cancelled my old accounts and opened a new account so I could have something to use asap.
This shit is crazy. These big banks be robbing us blind!
- Thread starter iPwnNoobs
- Start date
Lost my wallet twice in the ten years I've been with my bank and that's never happened. Each time they cancelled my old accounts and opened a new account so I could have something to use asap.
Don't know how it works in the US but here once upon a time it was pretty simple, if your account didn't have the funds the bank wouldn't pay. Then one day they started allowing the payments to go through (for our convenience they said) and charging massive overdrawn fees. Happened to me once, 1 account keeping fee + three small automated payments in rapid succession (i.e. about $2 each) dropped the account below 0 and I got hit with $160 in charges. I tore the bank a new one and told them I had never applied for nor authorized an overdraft or credit facility. They told me they'd activated the facility for my convenience. $160 for the sake of $16 wasn't convenient. They gave it all back because they knew they were being sneaky but I bet most people never bother to argue. If I want a line of credit I'll ask for one otherwise I expect the payments to be declined.
Here's an idea, how about banks don't charge a "convenience fee" of $35 to cover purchases with money the person DOESN'T HAVE. Plain and simple. Wells Fargo is notorious for the ridiculous amounts of overdraft fees they allow to process. They are already being forced to change their policy this month. No longer will they "conveniently" cover charges with money you don't have, now you have to elect, HAH, and get this, SIGN UP FOR AND PAY A MONTHLY FEE, to allow them to charge you overdraft fees. How fucking ridiculous is that??
Shit happens plain and simple. Although I would agree the majority of the time the overdraft is the customers fault, however, how many subscriptions do you have on a monthly basis that you simply forget about? I'm not talking cable and phone here, I mean the small shit, maybe a $4.99 / month music subscription or something of the like. Well guess what, now that costs you $40, how fucking convenient.
Well at least from here on out, the only people dumb enough to get overdraft fees will be those dumb enough to sign up for a monthly plan of....overdraft fees. HAH.
on the one hand I'm with riley on the this is the fault of the people who overdraft their shit.
on the other hand, I agree with you and think it should all be opt in.
My local bank started doing overdraft protection by opt in. The deadline to opt-in is, coincidentally, tomorrow.
I used to work for Fifth Third Bank in Ohio... I saw crap like this daily. I quit for many reasons... overdraft fees and watching customers lives getting ruined over a soda purchase where a few.
A bank account I forgot about got hit with $600 overdraft fees because I forgot to cancel my direct debits lol. They'd try to do the direct debits even though they know the money isnt there, and then give me a penalty n shit each time. Oh well.
/wish i owned a bank
/wish i owned a bank
o wait so banks are greedy? O RLY
I agree with riley here. If you can't afford shit just don't buy and don't overdraft. Get a protection on it when opening the account. Over here they will let you go over a preset amount (if you want it) and charge you a relatively low % of it.
I agree with riley here. If you can't afford shit just don't buy and don't overdraft. Get a protection on it when opening the account. Over here they will let you go over a preset amount (if you want it) and charge you a relatively low % of it.
-rep for Citibank. They were charging me $10 per overdraft incident until I finally noticed. They charge $10 even if the overdraft is a dollar or two, and this is how their overdraft protection works. Beware of Citibank = fee whores.
On the other side of things big banks become valuable assets when you get bigger. They can provide a lot of resources that smaller banks can't. Credit unions sucks for business banking unless you're a small business.
Things like high risk merchanting, credit card solutions etc where big banks have internal divisions and want your large do sits will bend rules a lot of times.
I bank at a credit union for personal loans like car loans, mortgage etc. But all business banking goes through to large banks. And it's well worth it.
Plan where you want to be in 5 years and start building those relationships now.
Things like high risk merchanting, credit card solutions etc where big banks have internal divisions and want your large do sits will bend rules a lot of times.
I bank at a credit union for personal loans like car loans, mortgage etc. But all business banking goes through to large banks. And it's well worth it.
Plan where you want to be in 5 years and start building those relationships now.