Comments on: Federal Reserve Cracking Down on Overdraft Fees http://www.twirlit.com/2009/11/12/federal-reserve-cracking-down-on-overdraft-fees/ Mon, 13 Feb 2012 03:43:22 +0000 hourly 1 http://wordpress.org/?v=3.3 By: mindy http://www.twirlit.com/2009/11/12/federal-reserve-cracking-down-on-overdraft-fees/#comment-7476 mindy Thu, 12 Nov 2009 20:29:27 +0000 http://www.twirlit.com/?p=28467#comment-7476 how banks complete transactions are also designed to screw you over. for example, let's say you have $880 in your bank account and you purchase s $3 latte, a $6 lunch and pay your $900 rent, all on the same day, and all in that order. The bank will process the biggest item first (the rent), immediately putting you in debt, which results in three over draft fees (one for the rent, one for the latte, and one for lunch). Whereas if the bank charged you in order, you would have only been charged an overdraft fee once, when you paid your rent (as you had the money for the latte and lunch). Basically: banks suck. how banks complete transactions are also designed to screw you over. for example, let’s say you have $880 in your bank account and you purchase s $3 latte, a $6 lunch and pay your $900 rent, all on the same day, and all in that order. The bank will process the biggest item first (the rent), immediately putting you in debt, which results in three over draft fees (one for the rent, one for the latte, and one for lunch).

Whereas if the bank charged you in order, you would have only been charged an overdraft fee once, when you paid your rent (as you had the money for the latte and lunch).

Basically: banks suck.

]]> By: Kat Ahn http://www.twirlit.com/2009/11/12/federal-reserve-cracking-down-on-overdraft-fees/#comment-7474 Kat Ahn Thu, 12 Nov 2009 20:18:09 +0000 http://www.twirlit.com/?p=28467#comment-7474 I'm just glad that the Fed is taking action on this. Overdraft fees/Overdraft protection= highway robbery I’m just glad that the Fed is taking action on this. Overdraft fees/Overdraft protection= highway robbery

]]> By: hi http://www.twirlit.com/2009/11/12/federal-reserve-cracking-down-on-overdraft-fees/#comment-7472 hi Thu, 12 Nov 2009 19:53:18 +0000 http://www.twirlit.com/?p=28467#comment-7472 i went to the bank to opt out of "overdraft protection" awhile back. i said the same as you, that i wanted my card to get declined if i don't have money on it. they complied but the problem after that begins when the weekend hits. say you have $50 in your account on friday and charge $40 on saturday. the charge doesn't go through until monday. so then you can charge another $40 on sunday because as far as the bank is concerned you still have $50 in your account. then on monday, you have negative funds and even more of a fee than overdraft would have provided. along with this new rule they need to track funds over the weekend. how difficult could it possibly be. i went to the bank to opt out of “overdraft protection” awhile back. i said the same as you, that i wanted my card to get declined if i don’t have money on it. they complied but the problem after that begins when the weekend hits. say you have $50 in your account on friday and charge $40 on saturday. the charge doesn’t go through until monday. so then you can charge another $40 on sunday because as far as the bank is concerned you still have $50 in your account. then on monday, you have negative funds and even more of a fee than overdraft would have provided.

along with this new rule they need to track funds over the weekend. how difficult could it possibly be.

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