http://caveatemptorblog.com/overdrafts-generate-big-bucks-for-banks/ seeking justice for consumers Tue, 16 Mar 2010 13:55:23 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://caveatemptorblog.com/overdrafts-generate-big-bucks-for-banks/comment-page-1/#comment-2015 Randall Ryder Sat, 13 Mar 2010 17:15:38 +0000 http://caveatemptorblog.com/?p=3160#comment-2015 Thankfully, some banks are reforming their overdraft policies for debit card transactions (look for a new post soon). Thankfully, some banks are reforming their overdraft policies for debit card transactions (look for a new post soon).

]]> http://caveatemptorblog.com/overdrafts-generate-big-bucks-for-banks/comment-page-1/#comment-2007 teresa baordman Thu, 11 Mar 2010 11:10:23 +0000 http://caveatemptorblog.com/?p=3160#comment-2007 some of those fees are ridiculous. My son got in over his head becasue of them. For a very small overdraft of less than $10.00 and only for a few hours he ends up paying $43 that he doesn't have. some of those fees are ridiculous. My son got in over his head becasue of them. For a very small overdraft of less than $10.00 and only for a few hours he ends up paying $43 that he doesn’t have.

]]> http://caveatemptorblog.com/overdrafts-generate-big-bucks-for-banks/comment-page-1/#comment-1528 Sam Glover Fri, 16 Oct 2009 03:36:49 +0000 http://caveatemptorblog.com/?p=3160#comment-1528 Most banks also charge for using overdraft protection from a linked savings account. Most banks also charge for using overdraft protection from a linked savings account.

]]> http://caveatemptorblog.com/overdrafts-generate-big-bucks-for-banks/comment-page-1/#comment-1527 Rusty Randall Fri, 16 Oct 2009 02:28:15 +0000 http://caveatemptorblog.com/?p=3160#comment-1527 It would seem that any smart consumer who has an overdraft would obtain overdraft protection by opening a $100 checking account with their bank. If there is an overdraft, the funds flow from the savings to the checking. It would seem that any smart consumer who has an overdraft would obtain overdraft protection by opening a $100 checking account with their bank. If there is an overdraft, the funds flow from the savings to the checking.

]]> http://caveatemptorblog.com/overdrafts-generate-big-bucks-for-banks/comment-page-1/#comment-1512 Sam Glover Thu, 08 Oct 2009 03:33:13 +0000 http://caveatemptorblog.com/?p=3160#comment-1512 Consider suing them in small claims court. That would probably get their attention. Consider suing them in small claims court. That would probably get their attention.

]]> http://caveatemptorblog.com/overdrafts-generate-big-bucks-for-banks/comment-page-1/#comment-1511 Ryan Thu, 08 Oct 2009 02:07:36 +0000 http://caveatemptorblog.com/?p=3160#comment-1511 What happens when another company's error triggers these overdrafts? My mom struggles to maintain her checking account. She knows that Verizon always takes around $40 at the beginning of the month to pay her phone bill. One month, Verizon screws up her bill and charges her $250. This rogue charge leads to over $300 in overdraft fees being charged to my mom's account due to all the other small charges that went through on the same day before she noticed this error. Verizon acknowledge the error, but the best they will do is to credit her account for the $210 difference. They aren't going to pay for her overdraft fees and the bank sure as heck isn't going to waive them. That's $300 she has to pay from her own paycheck now, sending her into a spiral of similar charges and overdrafts for the next several months. For someone living off of Social Security, it's nearly impossible to climb out of that hole once it's been dug. What happens when another company’s error triggers these overdrafts? My mom struggles to maintain her checking account. She knows that Verizon always takes around $40 at the beginning of the month to pay her phone bill. One month, Verizon screws up her bill and charges her $250. This rogue charge leads to over $300 in overdraft fees being charged to my mom’s account due to all the other small charges that went through on the same day before she noticed this error. Verizon acknowledge the error, but the best they will do is to credit her account for the $210 difference. They aren’t going to pay for her overdraft fees and the bank sure as heck isn’t going to waive them. That’s $300 she has to pay from her own paycheck now, sending her into a spiral of similar charges and overdrafts for the next several months. For someone living off of Social Security, it’s nearly impossible to climb out of that hole once it’s been dug.

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