2006-08-27 06:26:40 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I remember years ago when I had an account with a local bank. The bank would call and advise that you are overdrawn. They would ask if you could cover the funds and if so, when. They would only charge when you didn't cover the funds when you said.
Now, it is just another revenue stream for the bank. Banks are no longer rated on their money on deposit, but on their revenue generated by fees on the backs of the customer.
Actually, someone came up with a algorythm that would clear checks based on how they could actually draw the account negative and cause the most Non-Sufficient Fund Fees. I wouldn't be surprised that the banks are using such a calculating scheme to rip off their own customers. In what other business (except insurance, which is compulsory) could a business get away with ripping off their customers and the customers keep coming back for more? Try that in any other service industry and see how long you stay in business!!
2006-08-27 06:39:16 · answer #1 · answered by Jeffrey F 6 · 0⤊ 0⤋
Yeah, banks love it when you overdraw. I only have a savings account at a credit union and CDs (I take my income tax every year and put it in a CD for five years). Plus my new employer offers a great 401k. I would highly suggest just going to a credit union (you usually have to know someone who has an account there) and just keep a savings account. You can save money, earn more interest than with a traditional bank, and you can still cash your checks. And there's no overdraft fees because you don't overdraft. No need for a checking account...
2006-08-28 08:29:00 · answer #2 · answered by jagergurl06 1 · 0⤊ 0⤋
Banks aren't a problem if you keep track of your money. I have never gone negative therefore their fees don't bother me. I don't see how you function witout a bank account? How do you cash checks? Pay bills? etc? The fees for check cashing places and buying money orders is much higher over time.
Also, if you set up an overdraft protection account, this isn't an issue.
This isn't a bank problem, this is an individual responsibility problem.
2006-08-27 13:35:38 · answer #3 · answered by personal_finance_101 3 · 0⤊ 0⤋
LOL Haven't gotten rid of it, but have certainly been tempted in that direction! Hey, thanks, I'm glad to be not the only one!
How about losing $180 because you had like SIX overdrafts, all for <$10 each! Must be nice to be the bank!!
2006-08-27 13:33:51 · answer #4 · answered by Curly 6 · 0⤊ 0⤋
I never have but we at the bank do it all the time because we make more mpney for our shareholders who thus are happy and it helps us get rid of the irresponsible and deadbeats so it is good all around . I have been lobbying for a fifty dollar charge - matbe this year hopefully !!!!!
2006-08-28 00:49:29 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I hate the overdrafts, that's why I try to never get them anymore. Make a budget showing where every dollar you spend is going. You will be surprised how much more money you will have when you make your money show you where it is going on paper first.
2006-08-27 13:35:21 · answer #6 · answered by damsel36 5 · 0⤊ 0⤋
I just did with TDcanada trust, and I went negative because of their bank fees...Damn theives!!! Use PCfinancial or ING direct no fees at all.
And Personal_fin can kiss my black ***.
2006-08-27 13:36:50 · answer #7 · answered by Jack 'N' Box 3 · 0⤊ 0⤋
Me - banks are such a rip off.
2006-08-27 13:31:50 · answer #8 · answered by a41xblj 4 · 0⤊ 0⤋
me because i need $30 to have sex with my boyfriend.
2006-08-27 13:36:26 · answer #9 · answered by cutiepielex05 1 · 0⤊ 0⤋