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I wanted to thank you for speaking about this on the radio. It’s odd, because just last week, I was a victim of the banks horrible fees. I’ve never been overdrawn in my life, in fact, I’m setup for “overdraft protection” with my savings account. Of course, I’m human, and I forgot to account for a check I had written for my daughter’s fundraiser. When the check hit my account, it posted the same day as several other SMALLER transactions. The banks reason for putting through the larger items first was because they had my best interest in mind, and felt that the larger items were more important to be paid (a mortgage for example). Instead, they practically took out enough overdraft fees to pay a mortgage payment. Needless to say, if the overdraft protection that i signed up for had worked properly, I wouldn’t have had any fees. Thank you again!!!
Comment by Kiera — October 15, 2008 @ 5:06 pm
Amen! It’s about time someone tried to do something about these corporate thieves robbing the consumer. Where’s is the petition, I’ll sign it!
Comment by Elad Thims — October 15, 2008 @ 5:28 pm
How is a bank sneaky when anytime I have signed my kids up for accounts, they ALWAYS give us info to read and tell the kids that if they use their debit cards, they better have money in the account. Every one of our bank’s branches have a sign right in the window that says that anything after 3 is posted to the next day - when do you think they can balance their drawers and post transactions? stay late every night and work til 7? And when you don’t have money in your account, should you get to use the bank’s money for free? I don’t work in a bank but I understand the concepts of using other people’s money - that is always called a loan, whether its from a bank or a friend. If you don’t like your bank, pull your money out and don’t use a bank!!! You just blaming the bank for your inability to keep track of YOUR MONEY - which is YOUR RESPONSIBILITY. Don’t like your bank, go use a credit union. Oh, are you already using a credit union - then heaven’s sake, don’t lump them in with banks, because they are not a bank, even though they say they are!
Comment by LSuellentrop — October 15, 2008 @ 7:15 pm
I heard the first part of your show tonight (Wednesday Oct 16) and thought that I should comment on a couple of things that I heard. I work in the item processing area of a bank and there are a couple of things that listeners should be aware of. Please note that I have no ownership in the bank, I make nothing off of their profits, etc. First of all, consumers should know that they can refuse overdraft protection or sign up for an account that does not offer it. Secondly, most banks have a period of time after an account is opened that they require a customer to be in good standing (some banks even perform credit checks to check the consumer’s credit worthiness) before they offer the overdraft protection. This is to help ensure that customers who are not as smart with their money do not get taken advantage of and also so that people who only go over once in a while can have lower fees (as fees tend to go up when banks can not collect on overdrafts). Also, most banks will offer a fresh start program or a payment plan. It should be noted that all of these overdraft protection fees are FAR less than what merchants charge for return check fees and non sufficient fund fees. Also, banks do not choose how things are posted…there is no way that any banks could monitor accounts to purposely scam them out of money. Deposits post first, always. Items are posted largest to smallest after all deposits. Lastly, the 4pm cut off time for deposits is usually not determined by the bank. Most banks process all deposits electronically to make images and funds available online, but also because many banks process funds from a third party source therefor we are at the mercy of the processor for the latest time they can accept funds. Some banks are starting to go to 6pm or 8pm cut offs, but again it depends on who they work with for processing funds, atm transactions, etc. These were just a few things that I felt should be clarified. I understand from a consumer stand point how it seems like the banks may be “scamming” but it must be noted that this service can be denied. Remember we must shop for our bank the way we shop for anything else; we look for a good value, good service and banks with values (especially in the time of the mortgage crisis and failing banks/financial organizations.)
Comment by Amanda — October 15, 2008 @ 8:19 pm
Kim,
Thanks so much for talking about this proposed act. I know so many people who struggle with this and it’s nice to see a motion to stop big banks from taking advantage of the little guys. I’ve forwarded this list to everyone I know.
Thanks again!
Stephanie
Comment by Stephanie — October 15, 2008 @ 10:32 pm
I’m sure that you bank with Bank of America, since everything you were ranting about has happened to me. The posting transactions from largest to smallest is the one that hurts the most, it should be illegal. There is no reason for banks to post that way except to suck all the money out of you. Everything should go through chronologically, just like everything else in the world. There is no reason for them not posting cash on the same day. I have never worked for a bank, but everything is automated now, everything is online. Therefore, everything should post to your account almost instantly. But they make more money by holding your money. The whole system needs to be set up to have the best interests of normal people in mind, not set up to screw everyone if they get in a little trouble.
Comment by Aura — October 27, 2008 @ 8:40 pm