Why do all banks pull a $12 fee for unsufficient funds, when they already know that there isn't any money?

Question

Just courious what your thoughts are!!!

Answer 1

that's how they keep money in the bank. There is actually never the amount of money in the bank that you and everyone else deposits. If everyone withdrew their money in one particular bank at the same time, the bank wouldn't be able to give you all your money. They need insufficent funds fees and monthly fees for accounts to be able to cover that money

Answer 2

because every time they process a check for NSF it costs them money in extra handling. Someone has to send that check back to whoever tried to cash it, with a notice saying it's NSF. Then they have to notify you that you bounced a check. All that costs labor and postage.

Plus it's a deterrant. They are punishing you for overdrawing your account. If everyone was overdrawn all the time, the banks would have to hire extra staff to send out notices to everyone involved. And you're lucky it's only $12. My bank charges $20.

One other thing...the bank doesn't care that you don't have enough money in your account when they charge you the fee. They know they'll get their money first. They always pay themselves before they pay whoever the check was written to, so if you put more money into the account to cover the check, it'll bounce again unless you put in enough to cover the OD charge too. And yes, they will charge you another $12 if the same check bounces again. Muahahahahahaha!!

Answer 3

Because they are money hungry. I had an account at one time
not any more due to Washington Mutual. Anyways I had Savings
and a Checking Account, I called the bank talk to the bank representative asked her if she could transfer $200 from my
Saving to my Checking to find out a month later they are charging me $200 for over drafting the $200 from my Checking
Account, now ain't that bull ****? I pull my own money from my
own Saving to put into Checking so I won't have to over draft
and now they are charging me for that ****. They are seriously
crazy. I seriously hate Banks.

Answer 4

most charge 25 to 50 for bouncing a check and then the check cashier want to charge another 25 to 50 and no one understands that the absence of real monies started the process.

And I like the answer that the banks are staffed by a bunch of greedy bastards.

Answer 5

Well according to my understanding, its just because that cost them some labour, but I had $50,000 in my account and wrote a check for $10,000 they charged me $25 for NSF and then $24 for somthing else (interest .ect)...I was so so so much pissed. I called the manager, she told me that my saving account is not accessable and I have to trasfer my funds to checking to make any withdraw.....I was even more mad and I told them to close out my account and trasfer it to another bank.

She was very kidda rude before, but after hearing that she told me that I didnt have to do that and she can refund me that amount with no problem, as it was a "MINNOR MISUNDERSTANDING" huh....he refunded me the amount right away......I would say whenever that happen to you...talk to the managment and they will refund it for you especially if this amount is worth fighting.......ALWAYS ASK FOR MANAGER OR SUPERVISOR and you will have good chances of getting your money back...GOOD LUCK....

Answer 6

its not always $12.00, sometimes its more, and its a way to teach us a lesson not to do it anymore. it stinks, but maybe we'll keep our account out of the red then.

Answer 7

my bank charges $25 it is to encourage you not to bounce checks (so they say)

Answer 8

yeah, i think it's ridiculous. i think they just want to screw you over even more!

Answer 9

cause they are all a bunch of greedy bastards.