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Your Bank and Overdraft Fees

Posted by on Jun. 3, 2010 at 12:11 PM
  • 7 Replies

 

by Diana Ransom
Wednesday, June 2, 2010
provided by

Consumer banking has grown friendlier over the last few years. Most retail banks have done away with annual fees and account minimums on basic accounts. Some now regularly offer cash incentives and other gifts just for signing up. However, banks have long refused to budge on their ultra-lucrative policies on overdraft fees. Now, that's changing too.

On July 1, new federal rules will require banks to ask customers to opt in for overdraft coverage -- a line of credit that kicks in when account holders make purchases that exceed their available checking and debit account balances. To lure customers to their programs, some banks are trimming their overdraft fees. Currently, such fees average $34 per debit transaction or ATM withdrawal, according to the Center for Responsible Lending.

http://finance.yahoo.com/banking-budgeting/article/109704/5-ways-to-curb-bank-overdraft-fees?mod=bb-checking_savings

Will you Opt out when this new law rolls out? Is it more important to you for the bank to cover your checks and charge you a fee or would you rather have then decline them or stop you at the register?

    Different, but not less~Temple Grandin

by on Jun. 3, 2010 at 12:11 PM
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Replies (1-7):
BleedinHeartMom
by on Jun. 3, 2010 at 12:13 PM

Definitely gonna opt in (after I read the fine print) I was charged a 35.00 overdraft fee on 1.88 I was sooo pi$$ed I even offered to go to the bank and put money in there...a$$hats   lol

TruthSeeker.
by Milami on Jun. 3, 2010 at 12:17 PM

 

Quoting BleedinHeartMom:

Definitely gonna opt in (after I read the fine print) I was charged a 35.00 overdraft fee on 1.88 I was sooo pi$$ed I even offered to go to the bank and put money in there...a$$hats   lol

    This is what happened to my husband. We have a separate account for "play money". He withdrew his money for a trip to Vegas a few weeks ago. When he got home he had $5 in the account and our Net Flix fee for $10 went through. Somehow two overdrafts for $35 went through. My husband went in to complain and they took it off. Definitely going to Opt in!!

    Different, but not less~Temple Grandin

40isfun
by Christi on Jun. 3, 2010 at 12:22 PM

Netflix kicked my butt too.  A $4 charge overdrew an account.  I was pissed.  The problem is I forgot which card I used to rent the movie so when I returned it, it hit an account that had not enough money in it.  That sucks.

BleedinHeartMom
by on Jun. 3, 2010 at 12:25 PM

yea netflix did us too..I soon learned to freeze my account until the money hit  lol

Wyldbutterfly
by Bronze Member on Jun. 3, 2010 at 2:50 PM

I am going to opt out. I just had an issue with over draft fees last week over 30 cents. To top that off they added their over draft fee of 37 dollars which really screwed up my account and 3 out standing charges not totaling the 37 dollar over draft fee they took from my account before the other 3 charges cleared resulted in a total of four 37 dollar over draft fees. I'm done! I'm still scratching my head and trying to figure out how in the heck this all happened.

Matter of fact I think I am just going back to using cash only and paying my bills at the stores and sending out a money order for my mortage.

katy_kay
by on Jun. 3, 2010 at 2:54 PM

I don't see any reason to opt in to the program that we have never used.  I'm very careful about not overdrafting our account. 

stormcris
by Christy on Jun. 3, 2010 at 2:55 PM

 I have been offered the opt in many times I declined.

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