Here's an example. Let's say that I write you a check and you attempt to cash it or deposit it into your account at your bank. Since I have insufficient funds in my account, the check bounces. I'll get charged a fee for overdrawing my account, no problem as I should keep better track of my own funds. However, your bank will also charge you a fee, up to $15, for my check that bounced. This seems completely unfair, as you have no idea whether or not the check is bad when you accepted it. Why is it that banks can get away with this?
I'm tempted to write my congressional representative about this, after the elections, to see if there are any laws that can be enacted to prevent banks from doing this.
2006-10-26
01:56:34
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8 answers
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asked by
Anonymous
in
Personal Finance