I am wondering if anyone knows of a good bank which will not extend credit if there are insufficient funds in the account and then charge a fee. I ask because I slipped up the other day and spent more money than I had. I was charged $35 for the service the bank of america provided me. I spent only $4.32 more than I had. This fee is not acceptable to me in the future. I would rather the charge be declined.
Now, I am solely and 100% responsible for this happening; I should have kept a better watch. After a bit of research, I found out I can opt out of this service and I have done so. Yet, hidden deep within the fine print, a great many situations are listed where the fees can still be charged.
I can't seem to find a bank, local or national, meeting my request. Even credit unions charge very high fees. I am hoping there might be a company out there which won't try to rape me for every penny they can.
This was featured on some news show as one of the biggest ways banks make money - fees such as overdraft.
The best I've come up with is a savings account that acts as my own overdraft funding source. If I've short they just move money over from my savings so I do not get charged.
Joined: Dec 20, 2009
Good idea Jamie.
In my research, I found the projected profits from overdraft fees this year is expected to be around $40 billion.
That is enough money to pay 800,000 people a salary of $50,000 a year.
I'm wondering how banks are able to make such obscene amounts of money and still need help from the government. Something is wrong here. I don't pretend to be informed enough to know what it is.
Joined: Aug 29, 2009
Wow, that's corrupt. I know I've paid my share in the past, that's why I will never have auto deductions now.
I also heard from a guy at my bank, while I was setting up my savings, that they freeze credit card amounts so it looks like I've still got that money in my account, but to the back it is gone. This sets one up for cutting it to close to the zero mark and overdraft can result. Just criminal!
charles c. johnson
Joined: Dec 02, 2009
banks needed the T.A.R.P. (toxic asset recovery program) due to poor lending practices mixed with public ignorance.
They could have just let them fail but we are coming closer to fascism/socialism
you may be upset to know that alot of folks think that 4.5 % apr on a home loan its really 4.5% when if you do the math over 30 years its almost 35%
Joined: Oct 23, 2011
I think like Jami said, the best you can do is find a bank that offers "over draft protection" - a savings account with some money in it will be automatically transferred when you reach zero dollars in your checking account.
The "freeze" thing used to really get me in trouble in my younger days. I'd just keep track of my accounts with ATM machine account balances, and it worked up until the point when two or three charges would go through at once.....and then I'd have no money, or negative money. I just had to learn to keep better track of my finances!
I'm wondering how banks are able to make such obscene amounts of money and still need help from the government.