Banks need customer consent for overdrafts

All banks aren.t doing this - you're in a dreamworld!!

I realize that everyone is only trying to make a buck. Make it when you can and if you can, make a lot of it! But it's the way you make it that counts. If a baseball team owner wants to pay a player ten million dollars per year that's great for him. It's not being done with deception or trickery. People are willing to pay a small fortune to see a player play. Nobody put a gun to anyone's head. That's wonderful. But, when it comes to the way companies, including banks, do business, That's where things change. "GREED" is the culprit. As the one person stated that the CEO of his bank got an eleven million dollar bonus it was partially at the expense of people trying to make it through life and pay there bills. We are a captive audience and they know it! It's the SYSTEM! As I mentioned before, it's the way it's done. They let you "spend" what you don't have and then make you pay through the nose for it. I know what's in my account and I try not to overspend. But when they "HOLD" your money it is tough to get by. Example - I received a large check from a customer one time and the bank put a two week hold on it. They said it was because it was an out of state check. I live in Ohio and the other bank was from Nevada. After a week I went to the bank branch to see if the check cleared yet. They said no. I'm not sure why it takes two weeks to clear, I could walk to nevada and back with the money in that time. I called the 800 number and they told me the check had cleared. At my branch they would not release the money. I could not get a straight answer form anyone as to the release of the money. I operate a business and needed the money to buy materials. I ended up putting off the start date because of the bank. Another bank story - I deposited another large check and the usual hold was put on it. Then guess what?! The bank, in their infinite wisdom, put a second hold on the five thousand dollar check resulting in a defecit in my account. I'm not wealthy and need to run my business. I went to THREE branches and nobody could or would help before I finally found someone willing to take the time and make the effort to resolve my issue. The banks theft department , as it turns out, put the SECOND hold on it BY MISTAKE!!! Nobody cares, as long as the CEO gets his "JUST" reward at the end of the year - His BONUS! We are not all wealthy and some live paycheck to paycheck. They prey on the fact that sooner or later there will be a "glitch" (created by you or something out of your control) in your cash flow and "BAM", they got you! Well Guess what else? Last year the banks suffered a "glitch" in their cash flow and the country almost came to stand still. Sound familiar? But the government "bailed" them out and didn't charge them an "OVERDRAFT" fee!!!

You are a moron. Banks make money by giving you 1/2% interest on your savings so they can turn around and lend it back to you for 22%. Smarten up fool. Banks should be willing to cater to us... not the other way around. The CEO of my bank got a $11million bonus last year. What did you get chump.

I work for a bank and we are not thieves!  When you open your account we disclose the fees that are charged.  If you don't like it , go somewhere else or use cash only.  When those fees change - we send you a notice of change.  When you use money that doesn't belong to you that is stealing.  So don't overdraw your account and you won't have to worry about it!  Also, if you are really nice and plead your case as to why you overdrew we will most likely refund as a courtesy or at least negotiate your charges with you.  Now that you all wanted this law - don't be embarrassed when we decline your debit card transactions!

Direct Bill ACH is the current scouge of the banking industry.  If anybody drafts your bank account you have 60 days to dispute the charge.

 

The bank is required to takethe charge off.  These are NACHA (National Automated Clearing House Association) rules.  If the Bank does not take it off, call and complain to 

 

Office of the Comptroller of the Currency
Customer Assistance Unit
1301 McKinney Street, Suite 3450
Houston, TX 77010
1 (800) 613-6743, toll free
    (regulates banks with national in the name or N.A. after the name)

 

It could cost the bank the ability to send and recieve ACH (Automated Clearing House) transaction.

 

When you call the bank speak to a cash management officer.  Most credit and account officers are totally ignorant about ACH/NACHA rules and don't care to learn.  It is way to complicated for them.   The cash managment officers live and die by NACHA rules.  The book is several hundred pages thick.

 

Good luck and don't let them tell you there is nothing they can do.  The law is you have 60 days to dispute and have an ACH charge reversed as a consumer.  Period.

Banks are legal thieves! Any way they can make a buck, at your expense, they will. They derived some 60% of their income in 2008 from "overdraft fees"!!! Up from 40% in 2007!!! Many years ago when you opened up an account you received a pamphlet that was folded three-ways. On LESS than ONE page they listed any fees that could arise. Today that same pamphlet contains two full pages fo fees!!! I think they even get a fee if they look at you! They also make you think they are doing you a favor by "allowing" you to overdraft you account. This way they can suck more money out of you while they're telling you of the great service they provide and that they are doing you a favor. Overdraft protection is no bargain either. I knew a woman that worked for National City Bank (downtown offices) that told me of the "contests" that existed for the branch managers who got the most "cutomer fees"!!! OUTRAGEOUS!!! Banks also utilize companies that use programs to rearrange the order your checks and deposits are credited to your account on a given day to maximize their profit from fees you are charged. For example if your account has a $100.00 balance and your write four checks - $25.00, $30.00, $15.00, and $105.00 (anticipating your paycheck deposit) and they all come through on the same day, They will put the $105.00 check through first, bounce it, and bounce the rest resulting in a $35.00 fee for EACH! They could have put the smaller checks through first and only bounced the larger check, but they make more the other way. This is regardless of the order the checks hit your account. Their claim is that they would rather put through the larger check first since it may be a rent or mortgage payment, alowing it to "clear" and not causing a problem. Mighty nice of them isn't it?! Years ago the teller could help you out in a situation like this. Now it takes an act of God to rectify it, if at all! Did you notice that even though weekends and holidays are not "business days" your account can accumulate continuing overdraft fees and any deposits you make don't count until they clear the following "bisiness day"? Have you also noticed that "direct deposits" now don't clear until the day after it is deposited to your account?! Once again, they are holding your money and everone elses for another day! With the new laws taking effect, they will just come up with new fees, some secret, that will keep up their huge bonuses, for a select few, at everyone elses expense! 

Consumer Protection. That's a joke. I had a credit card with a $6000 credit line. I called the company to tell them I'd be a week late(was sick in the hospital). when I got home I sent them $5200.00 and my reward for being a man of my word was to get cut down to $500.00 credit line. I'm getting ready to just say to heck with you guys. It all goes on your credit record anyway. I was almost done cleaning my record up and now I got 7 more years. Heck I'll be dead by then. Capital One Platinum. Even Funnier. What is going to happen? I know exactly what they are up to. Everyone goes in to a write-off collection sold to the biggest mouth and fastest phone. Then they will cry to the government who will lend them or give them money. And who gets it in you know where. We the People.