I have been charge with like 400 dollars in the past 2 or 3 months, I want to know how the law see the popular bank term "overdraft fee or overdraft protection" what for me is just a plane credit or loan with the highest interest rate in the world.
If i expend 1 dollar and they charge me 32 dollars over that dollar, they are stealing from me.
To my knowledge that is just a credit or loan over that dollar however the bank wanted to call it.
Can I sue my bank for overdraft fee and/or overdraft protection?
2007-03-05 20:54:18 · 12 answers · asked by framilego 1 in Business & Finance ➔ Credit
What worries me is the way those transactions are posted, In such a way that you end up with as many overdrafts as possible....
Even transactions you did when your accont had money....
While this may be legal, it is certainly unethical and unjust.. Do not sue, You are most unlikely to win in court and more likely lose more money suing... Pay up and switch banks...
2007-03-06 14:27:47 · answer #1 · answered by Redeemed 3 · 0⤊ 0⤋
Read the fine print on the paperwork you signed to get the account. You may find that you authorized them to be able to hold your deposits (checks) for two weeks if THEY choose. Usually free checking is geared for overdraft charges instead of per check written fees. I had one bank that would hold the deposit (payroll check) until all the debits had been posted. What would happen is I would deposit my pay check and then go to the grocery store. They would bounce the grocery store check, but cover it because they new I had made a deposit that they had not posted yet. 25 dollar bounced check fee (maybe more if I was running close). Oh yea, that was NBT( now bank one).......Do what I did, close the account and let them know why and then tell others. Lately they have been sticking everyone up for ATM charges, they save money and then they CHARGE YOU...Come on people enough is enough........
2007-03-05 21:12:17 · answer #2 · answered by Red 5 · 0⤊ 0⤋
I never had a complaint till now. I had money to the positive and two overdraft fees showed up causing several items to bounce. I am on a strict fixed income they sure do kick you when you're already down. Gonna try and get it straightened out with the bank and if they don't work with me I'm going to see about taking legal action.
2016-01-26 14:44:41 · answer #3 · answered by JO 1 · 0⤊ 0⤋
its a perfectly legal albeit unethical way the banks exploit the poor who haven't the ability to keep enough funds in their account so as to not worry about overdraft. I despise how some people don't understand what thats like and cast judgement - those people are worthless and should all die then the world would be a better place. No you can't sue and win.
Ask the bank manager to refund or take off the overdraft charges. Oftentimes they will if you explain to them in a civilized way that it was all just a huge mistake. If they don't then try to go over their head.
2007-03-05 21:11:56 · answer #4 · answered by Ⓐ iinux2 2 · 2⤊ 1⤋
Yeah it really sucks doessn't it. I've had a few of these outrageous fees lately when my pay hasn't gone in on the right day and then my bills come out and it overdrafts.
I know for me it's actually written in to the terms and conditions that i aggreed to when i was opening the account so i'd have no hope against them.
I don't think you would really stand a chance sewing them, to start with they would just drag out the court case for as long as it took till you ran out of money to pay for the lawyer costs. They would have to do everything possible to make sure you didn't win otherwise every bank world wide would have billions of cases bought against them.
Cheers, ToNy!
2007-03-05 21:05:13 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Not a chance in hell. When a bank charges the overdraft its kind of like a penalty. By the seems of it you don't have the authority to overdraft your account other have overdraft protection. Therefore they are in there legal right. It's not a loan actually that one or two dollars that you claim is actually theft from them and there paying for it there doing you a favour so they have every right to charge you. Be lucky they are not charging you for fraud. Do you realize writing a check without sufficient funds is a criminal offense. So quit your whining.
2007-03-05 21:05:54 · answer #6 · answered by idak13 4 · 1⤊ 3⤋
If you find out we can, I'll be very pleased. My bank showed an available balance of 200.00 over my balance. I wrote a check in which I unknowingly overdrafted for a grand total of $4.00. Because I did not realize that the available balance included my overdraft protection amount, I had to pay a 30.00 overdraft charge, plus $6.00 for every day until I received the overdraft notice. I guess that I should have balanced my checkbook first, but I was extemely busy that day. OOPS, I paid over $50 for $4 and I had over $200.00 in my wallet!!
2007-03-05 21:11:10 · answer #7 · answered by PEGGY S 7 · 2⤊ 1⤋
I think there is a law. I'm looking it up this present moment. As for Tim H's answer, calling you a theif, i think you should sue him for defamition of character (need a lawyer?) but back to the point, there is a act protecting people in debt from being pushed further into debt by financial institutions. Bear with me, i will have a federal act to look up soon. As to you Tim, shut your mouth if you don't know what your talking about.
2007-03-07 18:17:18 · answer #8 · answered by someone_plz_feed_these_animals 1 · 0⤊ 0⤋
Knock yourself out, and the bank will pull out their copy of your terms and conditions, and get the case dismissed. People often confuse whether a law is right, or whether the law is the law. Until the law isn't the law, and your terms are something other than what they are, you need to focus on stop overdrawing your account, rather than thinking about suing your bank.
2007-03-06 14:07:17 · answer #9 · answered by Jason 3 · 0⤊ 0⤋
you could try, but you'll lose and have to pay court costs.
Quit overdrawing your account.
2007-03-05 20:57:38 · answer #10 · answered by Anonymous · 1⤊ 0⤋