How a $20 Bank Card Charge can Cost you 100 Bucks! ::moMONEY

[jjenson2006]

I never knew I had this "overdraft coverage" on my debit card; until I racked up around $800 in fees. After many calls to bank supervisors, they refunded 4 of them; a drop in the bucket! I filed a complaint to the attorney general; then they refunded 1/2 of them. I started a small claims case and they settled by paying me the rest, plus my court filing fee.

Had I known I had this "coverage"; this wouldn't have happened. I take no issue with a bank as long as they disclose this when signing up

[paulcoonan]

I received $435 in fees. I didn't even have a checking account I have new vid explaining my recent experience how bankers get bonuses for tacking on fees. The more fees the tack on the bigger the bonuses.

[swc220]

These overdraft fees are only stopping cause they realize people have caught up with their *policies*

[swc220]

this is the exact same thing that happened with me at BOA. Xbox automatically charged (wtf) basically 20 dollars, then by the time i find out about it *(the mail i got from boa said i owed 35 dollars in overdraft fees)*, i later find out this happened a week earlier, and now i owe 85 dollars in overdraft fees. Now somebody fucking thought this through. DO NOT USE BANK OF AMERICA. probably the worst out of them all

[kaos3124]

I had to get my wife to blow the branch manager to get my account current. He still comes over and bangs her when I'm working.

[darrenhb2009]

bank ripoff scam jagoffs assholes pirates ladrones

[macdogq]

BOA is the first. Other banks will follow suit likewise. and there will be massive bank closings (bank holidays), and frozen acct.

[7264981100]

Bank of America promises to clean up its overdraft scams (new legislation) but what will they replace all those billions with? Organizational "alliances". Attachment offers came with my Bank of America credit card statement this month for "Great Fun": $20 Walmart debit cards. "Great Fun" program from TRILEGIANT Corporation. They propose no STATED business relationships with Walmart or the Bank of America. TLG is and has been a huge scam and identity stealing operation. Google it.

[7264981100]

Today, I went to PNCBANK and withdrew $_000 in cash from my checking account, leaving enough in it to pay bills by mail, epay, etc. Now, debit cards only for emergencies, but they are stashed too. The cash is very, very safe, used as needed. No more overdrafts, no ATM fees. Money formerly deposited will now be cashed, leaving the buffer. My goal: make myself the bank , as much as possible and/or go ZOMA. Carrying cash is easy; my mother and dad did it all the time, and, were never mugged.

[7264981100]

Believe it or not, this scam is becoming old news as it is discontinued with approaching legislation. The next scam: the new "fantastic offers" attached to your bank bill each month. Everything is yours, from Nirvana to the Land of Oz....if you charge it. Then the fun begins with lies, hidden fees, and false advertising to make you happy. Sucker bait. Ever hear of Zoma? Used wisely, it is part of the answer to cut these bastards out of the middle man position. Check it out on Wilkipedia.

[7264981100]

Wise up, fool. Cash only. This will pass. The banks are already planning the next scam.

[palkiamaster11]

It's not the bank's fault that people can't keep track of their crap. You can't spend money you don't have ... obviously.

[voodoobitchthis]

From woot ive heard, banks ( esp BOA) will make $38.5M on overdrafts and other banks fees alone this yr.

[Circusmnkee]

I say we Rick Roll the customer service numbers. 1800 Wachovia. Yeah, that is suitable revenge.

[ubertuberx5]

Vice President BOA

Renee E. Holmes

Executive Customer Relations

813-882-1187

[kabloozie]

overdraft protection and bounced check fees are a HUGE part of a bank or credit union's profits - somewhere between 20-60% of their net income.

[CorporateSerf]

Capitol One purposely cheated me. Check out my channel. Pass it on. This is why the country is so screwed.

[anotherloaner]

wachovia fees are over the top- Im relying on friends to feed me untill my next pay check comes

[cerebral79]

+1 to dseibert710, spend money you have. Dont spend money you dont have then hope you get to the bank in time to cover you spending. It's the people that cant even balance their accounts that have us in a financial crisis. You are all spending money you dont have. I have NEVER become overdrawn when using my debit card or credit card when funds were available, and I have NEVER become overdrawn when paying with cash, YES, merchants still accept the all mighty dollar. IDIOTS!!!!!!

[josda1000]

wow you must be rich. i've had plenty of problems paying my bills because sometimes companies that i'd allowed to automatically draw their payments out had taken their payments a whole week ahead of time, and so i didn't have sufficient funds. i'm glad you're able to pay, but a lot of us have trouble with day to day activities... so as momoney said once, DON'T ASSUME that we can't balance a check book. they're just after their money, and that's all there is to it.

[dseibert710]

I am actually far from rich, and I always tell anyone considering auto debits to not do it unless they use a seporate account for those transactions. Many companies could cost you hundreds in NSF fees for their errors. Your complaint is valid, but still not the banks fault. only people that do not know how to or choose not to balance a checkbook should be offended by my statement. You sound as though you are neither, so don't sweat it.

[Katatawnic]

How is it the merchants' faults that the banks allow insufficient funds to post to our accounts?

Once upon a time, overdraft protection was an option in which customers deliberately enrolled or didn't.

Now there is no option for this "courtesy" they give us; a courtesy that costs us hundreds to thousands of dollars.

I have the right to say that insufficient funds are NOT to be approved. Or so I thought.

Stop acting arrogant, and just admit that this is FRAUD.

[snakeeyes45]

When a customer takes his or her card out to pay for goods or services he/she should know weather they have the funds to cover the transaction. The only way you can place fault on the merchant is if the merchant either charges more than the transaction, or places a hold on the account for a larger amount.

There are more situations that a merchant is to blame, but the above are the most common.

[Katatawnic]

It was a rhetorical question. I know the merchants aren't to blame for banks' fraudulent practices. That was my point.

Humans err. This doesn't make it "OK" for banks to change the order of transactions so that the highest possible fees can be levied against accounts; fees that wouldn't be possible if the banks processed transactions in the order they were made. We're supposed to do this, but they're not? It's B.S., to say the very least.

[dseibert710]

Katatawnic, now you have a very valid complaint.

Your agrivation is shared by even myself on this comment.

You will be told taht the highest to lowest charges method is done to protect you from having either your mortgage or auto loan from being rejected.

I agree that transactions should process in the order that they were done. It would make charges for customer error like $35.00 or $70.00 rather than something like $280.00.

[Katatawnic]

Thank you, Dseibert! Someone addressing part of the real issue, rather than doing a tap dance! ;)

[dseibert710]

Katatawnic, i have to say I actually hate banks. I am just not a fan of the people who never honestly take the time to balance a checkbook and throw blame on others for it.

Your upset about the right things, so if i came off as being arrogant it was because of those whom have no idea why they are in financial hardships, and will not accept that they are knowingly buying things they can not afford. ex. big screen tv but rent is unpaid, however yours reasons are why i am a cash person only

[snakeeyes45]

Overdraft protection is an optional service. In fact the situation in this video would have been avoided if the customer had overdraft protection.

If a person makes a mistake by either not keeping a proper checkbook balance, or using the wrong card it is not the banks fault, or fraud if that customer is charged a fee for overdrafting their account. All bank fees are listed in the contract signed by all customers.

[Katatawnic]

I'm not talking about mistakes. You know exactly what I'm referring to, and I'm not going to continue exchanging comments with someone who won't address the real issue at hand. I'm sure your employer loves that you're sticking up for the company, but that's not my concern.

Good day.

[palkiamaster11]

I can't stand people who blame their own problems with budgeting on the bank. People know what will happen if they use money that's not there.....so don't whine about it if it does happen. The bank does not use your card for you.

[Katatawnic]

I can't stand people who interpret what they want rather read than the words that are right in front of them, then whine about their interpretations.

[7264981100]

You obviously don't know what the hell's happening. THEY ARE TRICKING YOU, RUMDUM.

[7264981100]

Yes it does. That's the issue.

[dseibert710]

Josda1000, first I was just looking over the old posts and thought of some advice here.  If a merchant ever post a transaction early, weather or not it causes you a fee it is breaking the contract agreed upon with the merchant. First as a bank employee I would completely refund all fees for that, but if the bank refues to then the merchant should pay the fees

[dseibert710]

95% of overdrawn accounts are the "customer's" fault

2% are merchant errors. ex = you buy $10.00 worth of items and get charged $15.00

2.5% fraud

.5% Bank error

These facts are excat findings from one of America's largest bank's. The reseach was done by an outside firm to prevent fraudulant results.

This means that .5% of all NSF/Overdraft fees are the banks fault.

So I ask how is the bank stealing money

Cerebral79 we agree on everything here

[anotherloaner]

check

[anotherloaner]

mic check - check check

[dseibert710]

hey anyone ever fill out a credit application for their check card......... NO it is not a dam credit card. it is a check yes check card. a bank is a business and if they are forced to loan you money because you make a mistake or simply dont balance the checkbook you pay. A bank is not an accountant for you at no fee. if you need a loan get one. The fee is a result of cost and risk the bank takes. make sure you use the right card, and balance your checkbook. It is not that hard

[josda1000]

eight bucks for an overdraft fee is a little excessive though...

[drumdude46]

hey all, anyone here actually defending that these unscrupulous, Greed-Filled Banks are in the "Right", are either part of this Scam, and/or have been completely duped. wake up!

this is a complete Fleecing of the American Citizen, and the Banks Know it. there is NO

REASON other that total and shameless GREED,

to punish, or "Charge" the customer such an

exorbitant amount of money. if you want to learn more about our Corrupt System, Search:

ZeitGeist: Federal Reserve/IRS - watch and learn.

[HoukiHoshi]

FRIGGEN BANKS AND THEIR HACKS.

[IBMeddling]

i know this is a tough one, hard to swallow, but, I use cash.

[blackmetalurgist]

This fucking country encourages foolish use of credit! The government wants you to stay in debt so you will continue to work as a slave in this fucking country! Join the Communist Party and say Fuck America!

[michelleilovemusic]

the thing that most people today forget it that it is YOUR responsibility to balance your check book.

if you are not good at keeping track then you need to use cash and when your cash is gone it's time to go home.

i cannot afford to give the bank my money so i write each transaction down as i go along.

when i SEE (not think) i am getting close i stop using the card.

everyone needs to learn how to keep a check register.

[sgammill]

They put the same charge in over and over again so they can collect more fees. GO TO RIP OFF REPORT DOT COM and you will see the horror stories. They got me for thousands over the past couple years. They use "tricky" accounting practices to max. the profits. ITS STEALING!

[yamadoggr1]

You can't see the "debit" on the card. If you don't have money in your account you shouldn't be buying anything PS credit cards do the same thing when you go over you limit. It is risk to the institution and banks get burned all the time.

You should be happy that your bank paid those charges and not returned them

[banemaler]

Actually what would be wrong with simply denying the buyer at the place of purchase? What the bank couldn't find a sneaky way to charge poor people even more for their meek accounts. This was once done when I first started banking but it has conveniently disappeared. Especially as my bank often given me an inaccurate account summary, once by over $1,000. This is a scam.

[theisolatedintrovert]

Overdrafts are NO joke at my bank. But, if you don't have a history, so to speak, you can request that they remove it. It's a scam, of course; the cards shouldn't even work!

[worldwidevitamin]

I went to the hardware store bought 4 screws went to the G station spent fiddy in gas.. and bought sub from exploitway. I over drafted my little used acc and wound up 132 bucks in the hole. I contacted TCF directly over the phone 2 days later after receiving a notice of 132 overdraft fee... They refuse to credit my account for the charges though iv been a cosomer since 1998. FUCK YOU TCF

[kmaguire]

That's your own fault for using your debit card when you didn't have enough money in your "little used" account.

[Iowaboi87]

I agree, you were the one who overdrafted the account why should the bank have to pay. I am a banker and I know the company I work for will reverse any fees if it's a bank error. If it's you fault then you have to pay... you were aware of what would happen if you overdrafted before you did it, and you did it anyways.

[freakshowpop]

Wow... I just over drafted for a pack of cigarettes... That's two dollars a cigarette... I randomly went to this video and was surprised because my name is Paul Morris... ISN"T THAT AWESOME?

[trapskeetfly]

only USA, bankers are low class profession

[worldwidevitamin]

and doctors.. and health professionals. and mechanics.. and presidents...

[sxwthsns]

Who's ur bank hauyee818?!?! I've NEVER had banks go out of their way like this for me (and yes, i do have good credit!).

[Danectown]

shitty bank... shitty charge...

[indigail]

CHASE BANK SUCKS ON THIS>>>THEY CHARGED ME $175 after I accidently gave my husband the wrong card to purchase gas (at one location), Taco Bell, (at another location, (and a cable for our printer...total purchases less then $35 dollars!!! and now fees of $175...Thanks for your lovely X-mas gift Chase, and as soon as I get around to it, I'm switching banks!!! MOTHER F(*kers!!!!

[Alexanadu]

Wow, those american banks are ripoffs. here in canada we got no fee banking, if you know where to look.

[ftmjake]

any bank charges fees if you make that 'mistake' its not the banks fault. overdraft fees just went up again at ALL banks, dont believe me? and its customary to charge OD fees at any bank. change banks all U want youll still have the same problems if you can't manage your money!

[Thompet1]

Watch the "I hate Regions Bank" on my channel

[hauyee818]

For your information! debit card transaction can not result NSF fee! NSF fee is only applies on cheque transaction, and that occurs when a client is AWARE the status of their account, and still write a cheque. For debit transaction, if there are not enough fund in their account, the transaction will just be declined after the customer have enter their PIN number for purchase.

[hauyee818]

Many banks don't charge client IF they have good standing credit background. If a good client wrote a cheque out of honest mistake, bank will notify the client that this cheque has gone thru the account, please deposit this amount of money into account to prevent NSF fee. Every client has different rating on their profile in the bank file system.

As for loans and overdraft, client will need a better history background to gain those products.

[azrn1999]

Not true! It may or may not be called a NSF fee, but it certainly will cause an overdraft fee. Further, there's absolutely no guarantee that the transaction will be declined, even if there are insufficient funds in account. If someone uses a debit card to make a purchase, it is quite common for it to be approved regardless, especially for smaller amounts. I speak from experience.

[Alexanadu]

WRONG. Mariah Carey can sing circles around Whitney--oh, wrong video.