Maybe the fact I’m pissed off because all I’ve done for the last month is write code dealing with the new regulation E (banks can no longer charge people for not sufficient funds) has tinted my view about people doing shit they can’t pay for. 
Really? When did that start?
I’ve certainly had issues with my M&T account because I hardly use it so I’ve accidentally gone over. Obviously my fault but having to pay for it sucks. Especially when you do multple small transactions and they nail you for each individual one. F.
to be clear, the new regulation says that the default when you use a debit card or check to pay without sufficient funds will be for the bank to deny payment and not put your account into the negative. You’ll still be able to opt-in for the way things are today.
Right, but very few people are going for the opt in because you’re basically opting in to fees. Debit cards already send over an auth that gets denied for NSF, but because of all the gas stations that only auth $1 to activate the pump people still NSF all the time with their debit cards. Gas stations and card processors have been promising to change that for the past year. I was looking through some logs yesterday and I’m still seeing $1 auths from most gas stations.
However, even if you don’t opt in to fees if the charge is recurring (auto bill pay, memberships etc) you can still be charged the NSF fees. If a recurring charge is what took your account negative you can be hit with a fee for other transactions in that same batch even if they’re not recurring.
Basically, it’s a big fucking mess.
yes and no… once the banks are forced to market overdraft protection they’ll do it with better terms for the consumer and that will attract some people back. Partially people who live paycheck to paycheck and don’t want to get stranded at the grocery store or gas pump.
Great story…
I got charged $3 for having too many deposits/withdraws into my savings account whats up with that lol.
I think we’ve fucked up this thread with enough financial talk. Create a thread in OT if you really want to know.
split… enjoy.
can move to NYOT if you want…
I guess I’ve got nothing to add since I have an overdraft line of credit. I got nailed once with a nsf, called the bank, boom, overdraft.
lol yea, my bank of america savings only allows 3 withdrawls per billing cycle.
so if i really need money, i take out a shitload and put what i dont need back in later… instead of taking out just barely enough only to find out i need more, blah blah.
anyway.
this is cool for sure.
i’d much rather be denied than pay a $50 overdraft. (or 10 of them if i buy a bunch of packs of gum or shit)
Can’t speak of the other banks but we decided to just take this as an opportunity to phase out nuisance fees altogether and market it as a selling point since the CARD act and fin reform put us most of the way there anyway. Coming soon to a branch near you.
or you could just always have a bunch of money in your account?
I have a BOA account… friggin hate it when i unknowingly get below the minimum balance and get fees… pain in the ass for me to get into the branch since… well… there are none in Canada
I’m not even close to a wealthy person, but I have never gotten even close to putting my account in the negative, and incurring any fees.
The only fee I have paid to a bank was when I had to call them and put a stop payment on a check to a shitty contractor I was dealing with.
The people that are dumb and bad with money should be punished with fees.
Hopefully next is the $2 charge for using an ATM, then another $2 from your bank for using the ATM. F that noise.
Or just use your bank’s ATM, or get an online checking account that lets you use shitty ATM’s free? I recommend ING’s electric orange for that purpose
Just get an Ally savings account. They have funny commericals, high savings rates and I have yet to run into a stuiped fee for something.
They even have no ATM fees at any ATM for checking accounts. I don’t have a checking but some co-workers say it works well.
gotta love ally! using bailout money to beat the competition on savings interest rates.
Lower overhead than brick and morter so they pass the savings on to you…
(let me guess that weak argument won’t work)
I’m referring to their using govt. bailout money to make their rates better than all of their online competition so they could build capitol quickly… it’s pissed a lot of other banks like HSBC, emigrant direct, etc off since it’s artificial.
as of today:
ally 1.29
emigrant 1.00
ing 1.1
HSBC 1.1
U.S. Treasury invested $5 billion in GMAC by buying preferred stock which carries a 9% dividend, but had no voting rights.
What are you going to do with 9% money?
Yes the govt also gave them other money, access to other funds and some rule bending to get them bank status. So I know where you are going with this hence the hidden note, but the deal GMAC got was not the barn burner that GM and Chrysler got.