Forums
New posts
Search forums
What's new
New posts
New profile posts
Latest activity
Internet Search
Members
Current visitors
New profile posts
Search profile posts
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Forums
Parent Support Forums
Parent Emeritus
I don't get it either....bank cards
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="CrazyinVA" data-source="post: 360947" data-attributes="member: 1157"><p>This is a known money maker for the Banks, so much so that there are new regulations going into effect this summer. Right, many of the large banks (mine included) act like they're doing consumers a "favor" bby providing "automatic overdraft protection" and honoring all debit card transactions when they overdraw your account. You have to actually opt OUT of this service, because it's automatic ... they will NOT reject any charge for insufficient funds,they simply overdraft you and charge you a fee. The result is that even a $2.00 cup of coffee at 7-11 could cost you $37.00 if it overdraws your account. One article I read said Banks pulled in $40 billion in fees in 2009 from this practice. If that's not bad enough, they routinely re-order the debits as they come in .. paying the largest one first, so that they get as many fees as possible. That's happened to me personally. Yes it was my mistake that I overdrew my account, but because they paid the largest check first, I ended up with 5-$35.00 fees, instead of just 1 if they'd paid the smaller debits, then overdrew me only on the large check. </p><p></p><p>This summer, the regulations go into effect and consumers will have to opt-in to this feature if they want it. About time.</p></blockquote><p></p>
[QUOTE="CrazyinVA, post: 360947, member: 1157"] This is a known money maker for the Banks, so much so that there are new regulations going into effect this summer. Right, many of the large banks (mine included) act like they're doing consumers a "favor" bby providing "automatic overdraft protection" and honoring all debit card transactions when they overdraw your account. You have to actually opt OUT of this service, because it's automatic ... they will NOT reject any charge for insufficient funds,they simply overdraft you and charge you a fee. The result is that even a $2.00 cup of coffee at 7-11 could cost you $37.00 if it overdraws your account. One article I read said Banks pulled in $40 billion in fees in 2009 from this practice. If that's not bad enough, they routinely re-order the debits as they come in .. paying the largest one first, so that they get as many fees as possible. That's happened to me personally. Yes it was my mistake that I overdrew my account, but because they paid the largest check first, I ended up with 5-$35.00 fees, instead of just 1 if they'd paid the smaller debits, then overdrew me only on the large check. This summer, the regulations go into effect and consumers will have to opt-in to this feature if they want it. About time. [/QUOTE]
Insert quotes…
Verification
Post reply
Forums
Parent Support Forums
Parent Emeritus
I don't get it either....bank cards
Top