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A Bank Without Overdraft Fees?

Bradon Wesche


Joined: Dec 20, 2009
Posts: 38
Hi everyone,

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. 

Anybody know of one?


http://www.bradonw.com
charles c. johnson


Joined: Dec 02, 2009
Posts: 369
Pickle jar burried in the back yard thats no fees
Jami McBride
volunteer

Joined: Aug 29, 2009
Posts: 1777
    
    9
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.

Good luck
Bradon Wesche


Joined: Dec 20, 2009
Posts: 38
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.
Jami McBride
volunteer

Joined: Aug 29, 2009
Posts: 1777
    
    9
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
Posts: 369
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
Posts: 0
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.
 
Jocelyn Campbell
steward

Joined: Nov 09, 2008
Posts: 2450
Location: Missoula, MT
    
  60
Ditto Jami and Marina: my credit union uses my savings account as overdraft protection. It can happen to the best of us. 

BTW, if your charges are declined, the store/person/vendor you paid can charge you a returned check/debit fee, so it can still cost you.

Here, if you can't live with them, break up! (Or at least have a laugh or two.)


Hands-on workshops in all shades of green - Cascadia & Seattle Eco Events Calendar | QuickBooks Consulting and Accounting Services - www.jocelyncampbell.com
 
 
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