Lets Discuss Overdraft Fees...

[Brooklyn]

I get customers day in and day out saying that OD fees are a rip off and how the hell are they suppose try to get back in the positive when they keep getting tagged with OD fees.

First, I'm an understanding person.

These fees could pile up quick. At $34 a pop, two $5 purchases could cost you $78.

Personally, at times I think it's just wrong how the bank does people, BUT then again its like "homie, if you keep track on your spending, you wouldnt be having this problem!"

Some people even state that the bank should not let their debit card work if they dont have funds, that wont happen because i'll be reordering debit cards all day.

Some people want funds to be debited from their account asap so they wont over spend, again...lack of responsibility. Keep track of your spending.

I say, hey if you spend more then what you have...yes the bank should charge you a fee, BUT I dont know about charging you $34 A ITEM. Three items of any amout is $102, plus what you owe. I think it should be $10-$15 each, so atleast they'll attempt to pay it back and keep the account. Alot of people are saying fuck it, and letting the account get charged off and never paying it back.

Thread just came to mind because this guy stated that he was going to write a letter to congress about banks and their OD fees, lol.

BofA charges $37-39 last I heard.

[Red]

i used to bitch bout it cause i always used my debit card, and sometimes shit would take a week or two to clear and i'd forget bout it (never wrote shit down)...

but when i got a real job, and had the habit of having no less then $100 in the acct at all times, no more OD.


i got into it with compass cause teaworks cleared a charge 3 months later, 3 months!! well after i stopped using the acct cause i switched to wells fargo. i had teaworks refund the charge (of $3.00) and asked compass if they could remove the $78 OD fee cause of a misunderstanding, they basically told me in a rude tone to go fuck myself. bastards.

[Gunz4Sale]

The thing is, with OD fees lets say you acct for the money you spend the shit goes into pending at my bank. So I check my balance thinking on the balance should reflect something i paid for, and sure enough sometimes the charge "clears later" and OD fees ensue. As soon as the card as swiped it should be subtracted fuck all that nonsense.

[Brooklyn]

it all comes down to knowing what you spend, banks don't "just" make money disappear from your account.

[Gunz4Sale]

it all comes down to knowing what you spend, banks don't "just" make money disappear from your account.

I didn't say they made is disappear, but the whole shit with a pending charge vs a completed charge is stupid. Just take the money when I swipe.

[Brooklyn]

lol, thats why they have a Ledger balance and an Available balance.

[Red]

The thing is, with OD fees lets say you acct for the money you spend the shit goes into pending at my bank. So I check my balance thinking on the balance should reflect something i paid for, and sure enough sometimes the charge "clears later" and OD fees ensue. As soon as the card as swiped it should be subtracted fuck all that nonsense.

our credit union does that now. we have a total and a available total. but when you live on your own and got bills to worry bout, you tend to remember where all your money goes and how much you have on hand lol.

[R.J.]

Yeah it does make sense to charge overdraft fees to a person who doesn't keep track of their spending. But honestly does everyone have time to write down exactly how much they spend.

A simple solution would be to always take out however much cash you think will last you a week or two.

I have a question though. How long does it normally take for a transaction on a debit card take to process and be posted and debited online?

[biglos]

it all comes down to knowing what you spend, banks don't "just" make money disappear from your account.

i agree with you man. i work at a bank and get the same damn thing all day long. if people would keep track of what comes in and out of their account they wouldnt have that problem.

[edex]

Yep. I remember the first time that I got a debit card I OD around 70 bucks but was charged around 270 in OD fees. Not to mention one 120 extended OD fee. Sucks, but I've managed to control my money and balance my checkbook every week. I don't use the checks much, but it helps to keep track of your money, esp. when it comes down to merchants that take up to three days to post a charge to your accnt. i.e. gas stations, some clubs.

Chase has it around 35 bucks per OD fee.

[Abdul]

i actually have a question thats been buggin me for two days about this subject... i overdrated at BofA 2 days ago, i just got paid yesterday, and i dont have enough to pay for what i owe + the fee AND have money to last me 2 weeks till next check... (i overdrafted on purpose cause i needed the money, filled my tank with it though, it was necesary or i wouldnt have done it)
Basically my question is if i dont pay the bank back for 2 weeks till my next paycheck, and dont use my account, will there be any more charges? or any interest accumulated within those 2 weeks?

[edex]

For chase, they post the pending transactions almost immediately online, including deposits.

[edex]

i actually have a question thats been buggin me for two days about this subject... i overdrated at BofA 2 days ago, i just got paid yesterday, and i dont have enough to pay for what i owe + the fee AND have money to last me 2 weeks till next check... (i overdrafted on purpose cause i needed the money, filled my tank with it though, it was necesary or i wouldnt have done it)
Basically my question is if i dont pay the bank back for 2 weeks till my next paycheck, and dont use my account, will there be any more charges? or any interest accumulated within those 2 weeks?

you will have an extended overdraft fee. So it's best to put some cash in there man. But I'm not a banker, so take my words with a grain of salt.

[winc281]

some banks will give you a window of 30 days or so to bring your acct to a + balance

fees are ridiculous though...say you go - by $3. You get charged $30 something from the bank and possibly another $25 or so from whomever you purchased from if the transaction gets returned.

[Brooklyn]

Yeah it does make sense to charge overdraft fees to a person who doesn't keep track of their spending. But honestly does everyone have time to write down exactly how much they spend.

A simple solution would be to always take out however much cash you think will last you a week or two.

I have a question though. How long does it normally take for a transaction on a debit card take to process and be posted and debited online?

it could take from 1-a zillion days, lol seriously.

It's gets debited when business merchant turns on all purchases...but again, you never know when that is.

[winc281]

on a debit card....debit purchases (have to put in your pin) get taken out instantly...credit purchases (have to sign) depends on when merchant turns in purchases

[second2none]

I keep my receipts on all purchases. I only use my cc and always zero my balance at the end of the month. I definitely make sure the total matches with charges incurred on the bill. Eleven years of banking and I've never had a overdraft nor nsf fee. This method works well if you have a firm grasp on your spending habits.

[OdyOwnage]

If you get overdrafted, you shouldn't even have a bank account.

[Narcissistic]

way i see it, if you overdraft a lot and you call and ask for a reverse twice a year, it should be given to you. since the bank already made boatloads on you.

[tiedupfool]

I just have OD protection now

Last time I did accidently overdraft (something like $50-60ish) I just negotiated the price down to nothing b/c I told them I was just going to close my account and credit card down if they were not going to help me out. Worked like a charm.

[NisAznMonk]

Why not use a credit card to make your purchases, and pay it off at the end of the month? I have debit cards but I don't dare touch them because it can sometimes take 8 weeks before the money comes out. Use a credit card, and keep a daily record of the receipts you have. You can just get one large envelope and stuff it in there everyday when you get home and just look at it twice a month.

OR...get overdraft protection. The fees are ridiculous, but if it keeps happening over and over its your fault.

[NisAznMonk]

I keep my receipts on all purchases. I only use my cc and always zero my balance at the end of the month. I definitely make sure the total matches with charges incurred on the bill. Eleven years of banking and I've never had a overdraft nor nsf fee. This method works well if you have a firm grasp on your spending habits.

Beat me to it :thumb:

[jsEM16]

the trend now is not Overdraft protection but Overdraft Privilege, the bank will pay your item up to your preset overdraft limit (limit varies depends on your checking acct type) and still charge u the NSF fee to save the customer of embarassment of returned item or high merchant fees. the cost of using this program is free.

[afwing78]

If my checking account ever goes under, my bank automatically deducts from my credit card (from same bank) to cover it.

[Tabasco]

At boa they can link your debit card to your savings account or credit card if you go under.

[second2none]

At boa they can link your debit card to your savings account or credit card if you go under.


Actually, this can be done at most banks.

[oddie06]

I keep my money on my mind all the time. Ive never od my account and ive had it for 3 yrs now.

[E-DUBB]

i always keep receipts so i can budget the cash flow in the bank. hollaz.

[azinwood]

i think its just a way for the banks to take advantage of people without much money.

[Brooklyn]

i think its just a way for the banks to take advantage of people without much money.

I feel the same way. If you think about it, more then half of the people that come in for reversals are low income people living check to check. This is what concerns me, thats why I think they should settle down on their fees. I seriously think they should consider a law where no bank can charge you more then "X" amount of fees a statement period or something. I dunno.

It's helping the rich get richer, and the poor get poorer.

Yes, their are several ways to avoid a OD fee but thats not the topic.

[Gunz4Sale]

I feel the same way. If you think about it, more then half of the people that come in for reversals are low income people living check to check. This is what concerns me, thats why I think they should settle down on their fees. I seriously think they should consider a law where no bank can charge you more then "X" amount of fees a statement period or something. I dunno.

It's helping the rich get richer, and the poor get poorer.

Yes, their are several ways to avoid a OD fee but thats not the topic.

Does wells fargo charge OD Interest? My banks charges me negative interest when I overdraw my account. Since according them "I'm borrowing money from them."

[Brooklyn]

no, just flat OD fees of $34.

[mikesrex]

i think my credit union's OD fee is like 20 bucks, not really sure.

[Brooklyn]

^IFO on 2/24...you down?

[mikesrex]

^IFO on 2/24...you down?

man i dunno. I'll figure out after I finish this first round of tests. Got two out of the way and two more to go by tuesday.

I've been so busy keeping up with these 6 classes. It's kinda fun being a student lol.

[Brooklyn]

lol, lmk...

gl with the exams.

[CrzyS4]

I have 2 bank account. Wells fargo for houston when I get pay direct deposit or other bank needs. One in boston I had for 10 years now with citizens bank. That one for rental direct deposits and business income (20% of my company makes). I would cancel it and change everything to wells fargo, but can be quite a hassle.

Btw, I got hit with OD fee the other week. I never got the OD waiver with CC. So 10 pieces of hot wings for $6.50 actually end up being $40 something.. That shit like 4 bucks per hot wing size of your thumb.. :stare: anyhow, I update the OD fee.

[Narcissistic]

the housing market has affected banks in a way that they have to raise interest and fees all across the board.

[Streetkred]

I quit using my debit card long time ago - problem solved right there.......

[speedtek]

can jobs/banks/loans find out if you have overdrafted in the past? does it effect any reports or anything? ive probably overdrafted like 8 times in the past 5 years

just wondering if its recorded in anyway. i remember applying to like 4 banks 3 summers ago and never got a call back. wondering if they knew i overdrafted loll

[HKS_ECLIPSE]

Why not use a credit card to make your purchases, and pay it off at the end of the month? I have debit cards but I don't dare touch them because it can sometimes take 8 weeks before the money comes out. Use a credit card, and keep a daily record of the receipts you have. You can just get one large envelope and stuff it in there everyday when you get home and just look at it twice a month.

OR...get overdraft protection. The fees are ridiculous, but if it keeps happening over and over its your fault.

im gunna start doing this. not because i cant control my spending but itsa good way to build your credit up.

i came real close to overdrafting cuz i had a bill hit two days ago that was supposed to clear in january. luckily i didnt overdraft. but i hate how it can days days and weeks for shit to clear. i know the starbucks in panther creek up in the woodlands does all there financial at the end of the week. so if u buy coffee on monday u dont get the money taken out til friday.

i agree with steep overdraft charges however. if u cant control your finances then you should be penalized for it.

[Brooklyn]

can jobs/banks/loans find out if you have overdrafted in the past? does it effect any reports or anything? ive probably overdrafted like 8 times in the past 5 years

just wondering if its recorded in anyway. i remember applying to like 4 banks 3 summers ago and never got a call back. wondering if they knew i overdrafted loll

they keep track of how many od's you done in the past year, but it does not get reported unless you never pay it back and the account gets charged off and sent to a collections agency.

[tuanieee]

dang i learned my lessons a few times from the OD fees that i accumulated with BoA... even though i banked with for about 10 years now... i never really asked for the fees back... even though i thought should have tried to... but fuck it!

i'm doing okay financially now... so i make sure i have sufficient amount of money in my bank acct on a week to week basis... before i go on a crazy spending :thumb:

[JunGLe ChiKeN]

yea i get customers bitchin at me for od fees all the time! i wanna be like "learn to manage yo moneyz son!" but i cant so i explain that they dont know how to use your funds without getting out of control and spending too much.

[arkive43]

quote: brooklyn

Personally, at times I think it's just wrong how the bank does people, BUT then again its like "homie, if you keep track on your spending, you wouldnt be having this problem!"

boom end thread...

shit happens ive over drafted in my lyfe it was my fault for not checkign mu funds or a bill being auto drafted thqat i forgot about.

i have chase and i have it set up to where it takes moneys from my savings to cover over drafts i havent had one in a year or so...

[JesseCrx]

I think the OD fees should be double the money of whatever amount you are in the negative.

So if you go $5 in the negative, your OD fee is $5

One time my insurance got billed on the wrong day and it sent me into the negative. I charged a cup of coffee at starbux and paid $30 for it.