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Do you think banks have found a way to rob us legally?

I'm just pissed because I overdrew at the bank last night. I don't over draw often but when I do it sucks. But it seems like they are lagally robbing me when I have a deposit going in. Okay so I had $6.00 in the bank at midnight and a deposit pending. The deposit is dh's paycheck. So at 2 a.m. the deductions come out THEN the deposit goes in. mmmm seems fishy to me so I call the bank and it's a play on dates. The deduction was posted on the 6th and the deposit was posted on the 7th. How convenient for them.

 
Anonymous

Asked by Anonymous at 12:20 PM on May. 7, 2010 in Money & Work

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Answers (13)
  • i'm gonna need alot more than 1,000 characters to fully express myself on this one! hell yeah they are fucking crooks!! i can't tell you how many thousands of dollars have been stolen by banks because they design their systems to mess up your money if you live paycheck to paycheck, so that they can penalize you multiple times even if you catch a mistake immediately, etc. originally banks were where you put your money to keep it safe. now it's hard to accomplish certain tasks in life without a bank and the bank's processes are designed to profit from your hard-earned money. I'm pretty sure I wrote a journal about banks on here a while back including a post of a statement showing where they charged me an overdraft fee on an item when there was plenty of money, charged me a few additional fees, and there was still a positive balance (and i understand how banks do this... there was plenty of money in there for DAYS).
    figaro8895

    Answer by figaro8895 at 5:00 PM on May. 7, 2010

  • Don't bank with them then. There are a lot of banks who's practices aren't always the most ethical.
    Anonymous

    Answer by Anonymous at 12:33 PM on May. 7, 2010

  • I hear ya! I am pissed at my bank too and all of their fees...It costs me 10 bucks to transfer money from saving to checking on top of a 25 dollar enrollment fee per year per person on the account...So yes I think many banks are out to steal peoples money and come up with was to try and justify it..ERRRR!! If you know of a good bank that doesn't charge you to use your own money please reply back!

    Anonymous

    Answer by Anonymous at 12:49 PM on May. 7, 2010

  • yes!!! banks do wait til the most convenient time for them to withdraw then hit you with a $40 fee per charge
    aliishott2

    Answer by aliishott2 at 12:59 PM on May. 7, 2010

  • Complain. If they don't refund the fee take your business elsewhere. I would recommend my bank, but I have no idea what their rules are if you keep a balance of $6. I know a lot of banks have changed their rules in the last few years. It used to be you could get totally free banking anywhere with a $100 minimum balance. They have to pay their people somehow, and they are not making money off the interest on a $6 account. My daughter had a Washington Mutual account that was totally free regardless of balance, but they went out of business/got bought. When you call your area banks to pick a new one ask them what kind of balance to I have to keep to get no fee checking and savings.

    Anonymous

    Answer by Anonymous at 2:03 PM on May. 7, 2010

  • I totally agree with you!! My bank says as long as the money is in there before the withdraw goes through then it's okay. I have had both come through on the same day but the withdraw came through about 60seconds before the deposit and they charged me the fee anyway. I've been back and forth with them so many times, they hate to see me coming through the door. But all the banks around here are like that. It's insane and legal robbing!! And about her $6 balance..I know sometimes between paychecks I'll have less than $1 by the time payday rolls around again. Money is tight and some of us have those roller coaster balances. Besides....my bank doesn't require a minimum balance so long as I have at least 1 direct deposit a month...paychecks are direct deposit so that's one a week!!!
    Anonymous

    Answer by Anonymous at 2:13 PM on May. 7, 2010

  • Ah yeah, you give them money interest free, the government gives them $10 for your every $1, so yeah rip off.
    IraqiVetWife

    Answer by IraqiVetWife at 3:11 PM on May. 7, 2010

  • i have thought this the very first time they did tis to me and i hate banks. so i went to a credit union and they are now pulling this crap. it really sucks.
    melody77

    Answer by melody77 at 3:13 PM on May. 7, 2010

  • I had a similar issue w/ my bank. And when I went down to talk to them they said that deposits have to clear before the money is available - which makes sense! But it can take up to 48 hours before that happens. I would say you need to check you account before you use it... OR start paying everything with cash...
    SabrinaMBowen

    Answer by SabrinaMBowen at 4:34 PM on May. 7, 2010

  • they not only take the deductions first, they also take them in reverse order of highest to lowest in order that you get hit with the maximum amount of fees. i think some new federal legislation now prevents them from doing this and requires to take deductions in order?? but my friend got hit with TWO fees for the same transaction - one for the pending transaction and one when it was finalized.
    figaro8895

    Answer by figaro8895 at 5:04 PM on May. 7, 2010

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