"Payment rejection means embarrassment, inconvenience, merchant fees and other adverse circumstances," Nessa Feddis, left, senior counsel at the American Bankers Assn.'s Center for Regulatory Compliance, testified before the House Financial Services Committee.
Some banks reorder transactions by applying debits before credits, applying the largest debit first, which increases the chances of causing an overdraft.The amount of overdraft fees collected by banks has skyrocketed to an estimated $26.6 billion this year, more than twice what was paid five years ago, the Center for Responsive Lending said.
Ok honestly... how the hell are people doing this to themselves so much? It's like Bart continually grabbing the electrified cupcake because, dammit, you gotta be doing this multiple times for the banks to be collecting that much scratch off of it.
Lets say you have $50 in your account at the start of the day. You deposit another $50 in your account. Later, you go to the store and spend $75. Do you get hit with an overdraft fee?hmmm I've always stuck with my own wisdom of not debiting anything unless I have the money.
It's actually quite simple.. Let's say X is the amount you have in your bank account and Y is the amount you want to debit..
if X > Y you are ok
if X< Y you are a fool
see? ()
Lets say you have $50 in your account at the start of the day. You deposit another $50 in your account. Later, you go to the store and spend $75. Do you get hit with an overdraft fee?
Lets say you have $50 in your account at the start of the day. You deposit another $50 in your account. Later, you go to the store and spend $75. Do you get hit with an overdraft fee?
hmmm I've always stuck with my own wisdom of not debiting anything unless I have the money.
It's actually quite simple.. Let's say X is the amount you have in your bank account and Y is the amount you want to debit..
if X > Y you are ok
if X< Y you are a fool
see? ()
Of course you do because you're so damn stupid for being that close to zero in the first place.
It's basically a stupid penalty and I'm all for it.
Lets say you have $50 in your account at the start of the day. You deposit another $50 in your account. Later, you go to the store and spend $75. Do you get hit with an overdraft fee?
Lets say you have $50 in your account at the start of the day. You deposit another $50 in your account. Later, you go to the store and spend $75. Do you get hit with an overdraft fee?
why don't more people have overdraft lines of credit
i can go negative with my debit card from my checking account and it costs me nothing, no fees
Transfer Fee
For each day on which a Transfer occurs, a transfer fee of $10.00 will be charged to each Checking Account that received a Transfer (waived for Chase Premier Platinum Checking and Private Client Asset Management Account).
The $50.00 that you are depositing is in what form (cash, check, money order)?
Either way, like spidey07 mentioned why be that close to a zero balance and risk it.
IIRC some of them have been doing some pretty shady stuff.. rearranging transactions to maximize the overdraft fees they collect, for example. Ultimately it does come down to people spending more than they have, though. And I'm pretty sure every bank will let you opt-out of the overdraft protection service (although I did this with my bank and somehow still got hit with an overdraft charge or two on my debit card).The amount of overdraft fees collected by banks has skyrocketed to an estimated $26.6 billion this year, more than twice what was paid five years ago, the Center for Responsive Lending said.
Ok honestly... how the hell are people doing this to themselves so much? It's like Bart continually grabbing the electrified cupcake because, dammit, you gotta be doing this multiple times for the banks to be collecting that much scratch off of it.
Say $50 cash.The $50.00 that you are depositing is in what form (cash, check, money order)?
Why should it matter how close I am to zero? Its my money.Either way, like spidey07 mentioned why be that close to a zero balance and risk it.
While some fees are exorbitant... imagine if the banks were not allowed to charge them. People would be using the bank like one of those quick cash marts.
Just don't spend money you don't have. And don't use your debit card to buy a $2 drink at some fast food joint. People who wrote checks back in the day used to keep track of spending with a ledger. Who does that with a debit card? Use cash and you are golden. People just need to learn some fiscal responsibility.
What bank is this, Bank of Money in the Mattress?
Chase policy:
What is overdraft protection?
Bank's overdraft protection establishes a line of credit to cover your checks or debit card purchases in the event your account does not have sufficient funds to pay presented items. You will be charged interest if the line is used, but will avoid the fees and potential credit impact associated with having your check returned.
As an alternative, you may also link other accounts (e.g., a savings account) to your checking account to provide for an automatic transfer of funds if it is needed.
How do I apply for overdraft protection?
If you already have a checking account with Bank, download the application now.
How much does overdraft protection cost?
There are no set up or maintenance fees associated with Bank's overdraft protection. But there are interest charges assessed on your balance if the overdraft protection line of credit is used. See the current rates associated with the line of credit.
lol never been poor I take it?
Say $50 cash.
Why should it matter how close I am to zero? Its my money.