In recent years, most banks started approving, rather than declining, debit and check transactions that exceeded what customers had in their accounts. The banks’ rationale: consumers would rather pay $39-a-pop bounce fees, banks contend, than risk embarrassment at the checkout counter. I don’t know about you, but I would rather have my card declined. [...]
Entries Tagged as 'overdraft fees'
Federal Bank Adds New Regulations on Overdraft Fees
November 18th, 2009 · No Comments · Banking
Tags: ATM card·Banking·checking·checking accounts·Debit Card·Federal Reserve·overdraft fees·overdraft legislation·overdraft protection·recurring debit
PrePaid Debit Card Costs vs. Overdraft Fees – Which is Worse?
October 8th, 2009 · No Comments · Banking, Credit Cards
Charges for calls to customer support, reloading fees, fees for purchases, fees to withdraw money from ATM – did you know the if you have a pre-paid debt card you have to pay for every transaction associated with the card? The New York Times recently did an article examining these surprising fees in depth.
We’ve [...]
Tags: banking system·Checking Account·Chexsystems·Consumerist·cost alternative·critics·Fees·Hidden Fees·New York TImes·overdraft fees·prepaid cards·US Banks
Consumer Takes Bank to Small Claims over Overdraft Fees – and Wins!
October 2nd, 2009 · No Comments · Banking, I'm suing those guys!
I thought I would share with you a great video which documents one consumer’s fight against the usurious fees charged by the banks for overdrafts. Due to consumer unhappiness and petitioning, U.S. lawmakers have proposed new overdraft fees which has the banks quaking in their shoes. As a result, some banks have [...]
Tags: Checking Account·court costs·documentary·lawmakers·Overdraft·overdraft fees·small claims court·Wells Fargo
“Transaction Sorting” Maximizes Overdraft Fees for Banks
July 16th, 2009 · No Comments · Banking
With the new credit card laws about to go into effect, banks are scrambling to replace the usurious income they used to be able to generate through late fees and sudden high interest rates. Overdraft fees on checking accounts are now being referred to in the banking industry as the “motherlode”. The method for [...]
Tags: Banking Industry·bounced checks·Checking Account·debit charges·debit transaction·Mike Moebs·Nightline·overdraft fees·transaction sorting
