Does the USA have a law like the UK on bank fees?

Question

My bank gave me a debit card and with it comes up to 300.00 over the amount i have in the bank for just in case purposes but what they failed to tell me was that for every charge over what i have in the bank they will charge me 31.00 even if it is a dollar. I think it is rediculous they put the 300.00 on there for a reason and now they are charging me for this. my ? is does the USA have a law like the UK does on getting back your rediculous bank fees

I can not cash out and only get the one 31.00 fee because i have to use my debit card like a credit card in order to have access to the 300.00 and at atms you have to use a pin to get the money so it is i guess a lose lose cituation

Answer 1

nope. any bank can take you to the cleaners as long and as often as they friggin feel like it

Answer 2

Congress is considering limiting fees like this but what the banks will do is raise other fees. If you know you are going to overdraw you account and have overdraft coverage. Take it out from an atm machine. It will only cost you one overdraft fee.

Update-I guess each banks atm card work different. Mine can access the overdraft coverage using either a signature or a pin transaction at a merchant. Not sure about an atm. Never tried it.

Answer 3

You have to think...why pay 31 bucks for one transaction when you can cash out for the 300 and get the same 31 fee.
How do you think banks make money...fee...feee ....fee...fee...I recently left a bank that charged 5 bucks if I saw a teller more than 3 times a month.

Answer 4

This is done in the USA also. The banks are competing with the Payday lenders who charge an outrageous fee for a short term loan. This is only good in an emergency situation where you need the funds before your payday.

Answer 5

They are charging you when you use the privilege of over drawing your account. They do that in the States also.