Excessive Bank Fees - Un Justified
84
|
Bon Appetit
Price: $39.95
List Price: $39.95 |
|
Taste of Italy
Price: $29.95
List Price: $29.95 |
|
Happy Birthday Cake Gift Tote - Gourmet Food Gift Basket
Price: $39.99
|
|
Spa-In-A-Basket With Honey Vanilla Scent, Comfy Slippers, And Massage Tool
Price: $18.17
List Price: $39.95 |
|
Grand Ghirardelli Chocolate Gift Basket
Price: $39.99
|
|
Alaska Smokehouse Gourmet Snacking Gift Basket, 2 Pound Basket
Price: $16.92
List Price: $22.00 |
|
Grand Edition Gourmet Food Gift Basket - Medium
Price: $39.99
|
|
The Connoisseur
Price: $49.95
List Price: $49.95 |
|
50's Decade Box Gift Basket - Classic 50's Candy
Price: $39.95
|
|
The Crowd Pleaser Gourmet Food Gift Tower - Gift Basket
Price: $59.99
|
How Do Banks Justify Excessive Fees & Tricks?
This all started when I pulled up my bank account online. I had paid a bill and my account reflected that. payment had been deducted from my account - everything seemed fine. Two days later when I pulled my account the payment had disappear. The money was now back in my account. So I called the place I had paid and they said they had received the payment
O.k, now something is weird - the payment was taken out two days ago - now its gone and my account shows the money is back in there - but the place I paid did receive the payment. What is going on?
I took a snapshot copy of my account and printed it out - thinking there must be some kind of misunderstanding somewhere, I would take care of it in the morning -
By morning my account was negative and I had $168.00 in overdraft fees the payment that had been taken out and put back in was now, taken out again - what the heck just happened to my account?
So I go to the bank with my printouts and the manager totally disregards them - pulls up her own and tells me that the banks printouts are different than the online printouts they see the account differently than what is online- why? It's the same account - why would they show something totally different than what I show? This was my thought anyway.
O.k so, the conversation went on and she explained from her printout that I had more debits out there on my card - sure I did, but they were After the payment had been taken out the first time.
The manager explained to me that the "system" does not take the money out of the account as it is debited or presented to the bank , but actually rearranges the debits and checks so that it takes the highest amount debit or check first.
I had made a mistake though , the debits that I had out there would have over drafted me by a couple of dollars causing one overdraft fee of $34.00.
So here is what happened - the bank took the payment back after I had pending debits that would cause one two dollar overdraft
Then, rearranged the debits and put that payment back in first (since it was the highest)
The result - not one, but five $34.00 overdraft fees
So, to sum it up the bank held my payment until it seen I would overdraft once - then, rearranged from lowest to highest in order to charge $168.00
When the bank manager ran out of answers for me she resorted to this
"The computer system did it." That's the answer I got. So the world has come to blaming things on computers. Kinda like computers have now become human and just do things on their own. Can't be fixed, can't be reversed because its the "system"
Example
| Balance
| |
|---|---|---|
09/15
| check-130.00
| 20.00
|
09/16
| debit - 5.00
| 15.00
|
09/16
| debit- 5.00
| 10.00
|
09/17
| debit - 5.00
| 5.00
|
09/17
| debit - 7.00
| 117.50
|
Here is where it gets confusing
| ||
The 130.00 went back in
| ||
Bear with me here
| ||
It will all make sense in a minute
| ||
Dates
| Take a look at what happens next
| |
09/17
| balance
| Balance 117.50
|
09/18
| check - 130.00
| -12.50
|
09/18
| overdraft fee - 34.00
| -46.50
|
09/18
| debit - 7.00
| -53.50
|
09/18
| overdraft fee -34.00
| -87.50
|
09/18
| debit -5.00
| -92.50
|
09/18
| overdraft fee -34.00
| -126.50
|
09/18
| debit - 5.00
| -131.50
|
09/18
| overdraft fee -34.00
| -165.50
|
09/18
| debit - 5.00
| -170.50
|
09/18
| overdraft fee 34.00
| -204.50
|
So What Happened?
O.K $22 more dollars disappeared - where did it go? It disappeared when the bank put the 130 back in -and I only had $117.50 balance - because the debits got taken out then and again the next day and each one individually had a fee against it -so...not only did the things get rearranged - 22 more dollars disappeared and I now owe the bank $204.50?
How Does This Happen?
Well just as when someone has a gun to your head - they rely on your fear - the bank relies on your stress - so In all this hublub, run around, excuses that don't add up and confusion you get stressed out and just pay it - go on with your life and don't even try to figure it out - thats exactly what the bank wants you to do and thats exactly how they make a ton of money-they got your 22.00 plus 5 $34.00 fees Quite lucrative for them don't ya think?
Bank Fees
Have you been a victim of excessive fees and/or disappearing money?
See results without voting
|
Amazon.com $50 Gift Card (0109)
Price: $50.00
List Price: $50.00 |
|
For You Gift GiftCard - $50
Price: $50.00
List Price: $50.00 |
|
|
Bon Appetit
Price: $39.95
List Price: $39.95 |
|
|
Taste of Italy
Price: $29.95
List Price: $29.95 |
PrintShare it! — Rate it: up down flag this hub
Comments
I totally agree with you - couldn't have said it better myself!
I think that's awful of banks, especially since they are so instrumental in causing our economic downturn. People will have to cash checks at their grocery stores and buy cheap money orders from drug stores and purchase water proof and fire proof safes from a home improvement store, then they don't have to have banks. Inconvenient? Yes, but you will absolutely konw where you stand financially. Your safe won't lie. Banks are a combination of a prostitute and a drug dealer (Credit Card Offers.)
the sin avarice is the bank's motto and that is why our economy will collapse due to such insatiable appetites for more. enough is enough.
Yeah, the same thing just happen to me, I had a check go through which overdraft my account by -$70, days before that check went through i had several small purchases that as far as i know had already been deducted leaving me with $62 in my account, okay, the check post, now i am a -70, okay no problem i thought, i will just go and put the money in, i check my account again, and wow, i am being charged 35 * 11 for purchases that i thought was already taken care of. Bank tells me that they deduct the highest amount first, leaving my account to overdrat on purchases less than $2. Wow, I have been completely taken advantage of
It's pretty common. The bad thing is, if you don't pay the fees they can put you on Chexsystems, a computerized reporting system that will prevent you from getting another checking account anywhere until you do pay.
Banks are currently run by thieves. They're totally out of control. You can do a couple of things to protect yourself: 1) quit using banks and pay everything with money orders or cash, 2) use the bank but don't make any online payments or ACH payments and don't use a debit card ever--cut it up.
I worked at a big bank in the call center for a year and a half. I saw things you wouldn't believe. One of the top salespeople there refused to keep her money in a bank because she had an experience like yours and said, no, never again.
Sorry that happened to you. You are definitely not alone!
in their greed to make money the banks have us in this financial mess. now to offset their losses they are increasing all kind of fees. going to the competition makes no difference anymore.
my bank recently screwed me over in a similar way where even after i recovered from the overdraft fees they randomly slammed on me, this means i was in the positive, they continued to charge me a $35 extended overdraft fee at completly random intervals. I have since stopped that but thanks to what the "system" did i was never able to reclaim my money
Unfortunately, many employers require direct deposit which means you need a bank account. Everyone is in on the conspiracy. If I could get away from direct deposit I would never put my money in a bank again. I wish they would all go away and we go back to just plain old cash. I've had the bank itself overdraft my account by doubling a payment. And then say 'sorry' and put the money back later. What a crock of shit these people are!!!!
Great Hub I've been a victim of this many times!!
I had no idea some employers required direct deposit - I wouldn't want to work in a place like that! Anything that promotes a cashless society - I want nothing to do with -would rather take less money and a different job
I have called the bank card 4x and gone in twice to get online banking and still have been unsuccessful. I knew that I bounced a check or two and then knew I had put money in. I did not receive any notice though. Finally ready to face the music I looked at bank records and I had 700 yes seven hundred in fees. 36 for each check and then if it is 5 days without catching up that is another fee up top. I called them and went in and they "forgave" 100 but I thought I was going to catch up on all my bills and there ... 600 I did not have.
I find in many regards customer service is in the toilet and whenever I ask to take it up a level I am refused....and not just in the banking milieu.
I did see on the news yesterday that one gal got ticked when her credit card rates went up to 30% despite a perfect payment history. She went on YouTube and complained and told them what to do with that 30%....it went viral and the bank took her rate to 12.99%.
I want to know how we fight back and inspire some responsibility in banking.
write about it, tell others about your experiences and see if we can convince people that cash is still king! Drop the goofy debit cards, lose the checkbooks and join credit unions as an alternative helos also -
On line banking, I really do not see any advantages. Money can disappear in teen air, you are depending on a machine to take care of you hard earned dollars. Machines do malfunction, bankers give the benefit of the doubt to them self, the bottom line is what is important to them.
I do all my banking at the bank. The teller knows me by name, I need not to show ID or any card of any sort, I get to check out the place, if dust starts to accumulate it's time from me to take my business elsewhere.
I went in one day and cut up all my bank cards and loyalty card in front of the manager. I told her this the way I wanted, take it or leave it. She was more than willing to accommodate me.
Now at different branches near me they know me. I get service with a smile, I share a laugh or two with the teller and at the same time I get a hard copy of my statement if there is a mistake I can tell right then and then and take it up with a real person, you know like the good old days. So far it has been fun.
MikeNV says:
2 months ago
Banks are screwing people all the time. Get rid of the overdraft. Let the check bounce when it goes to zero. You can always get another bank account.
Banks will always manipulate the fees so that they can hit you as hard as possible.
And what a piece of sh** Bank Manager you have. You treat people how you want to be treated. My back recently increased checking account fees 5x what they used to be. So I withdrew my money and moved it.
It's only going to get worse now that there are fewer banks. You have to be very careful or you will get screwed.
You need to get ahold of the Bank Executives at the Corporate Office and fight this.
I have had to do that... I'm relentless... but it pays off. Don't let this one slide. You just keep after them until they make it right.
People do not understand that it is not Poliiticians that run the country... it's bankers.
When you dig in to how the Federal Reserve System works and understand what a "Fractional Reserve" Banking system really means you'll understand why things are so messed up.
Good luck and don't give up the fight. When people back down the abuses get worse.