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Old 02-05-2015, 02:23 PM
 
213 posts, read 181,773 times
Reputation: 84

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Quote:
Originally Posted by KathrynAragon View Post
You overdrew your checking account. You spent money that wasn't in there. And please don't tell me "it's a regular deposit" because the bank has no way of knowing whether you're still working there, whether your employer can make payroll, or what the amount of your direct deposit will be.

Don't spend money you don't have.
I understand what you are saying but I've been a customer with this bank forever, first time it happened, and I had a good reason. This is exactly why the banks or greedy they don't care about the customers, just extra fees they can charge the customer.
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Old 02-05-2015, 02:29 PM
 
18,784 posts, read 13,528,643 times
Reputation: 14152
Quote:
Originally Posted by chancellor14 View Post
I understand what you are saying but I've been a customer with this bank forever, first time it happened, and I had a good reason. This is exactly why the banks or greedy they don't care about the customers, just extra fees they can charge the customer.
You didn't have a good reason to overdraft your account. The amount of entitlement people have is amazing
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Old 02-05-2015, 02:37 PM
 
Location: southwestern PA
20,419 posts, read 37,534,576 times
Reputation: 39041
Quote:
Originally Posted by chancellor14 View Post
I understand what you are saying but I've been a customer with this bank forever, first time it happened, and I had a good reason. This is exactly why the banks or greedy they don't care about the customers, just extra fees they can charge the customer.
No good reason for check kiting...
They are not greedy; you are acting irresponsibly.
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Old 02-05-2015, 03:10 PM
 
8,722 posts, read 5,075,947 times
Reputation: 9897
Quote:
Originally Posted by chancellor14 View Post
I've been doing it for months and nobody has ever said anything about it. I called the bank to explain but they didn't want to listen...you would think that they would understand what happened
Oh, I think someone is not understanding all right.

A checking account is not a line of credit. If you want a line of credit, use a credit card.
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Old 02-05-2015, 09:31 PM
 
213 posts, read 181,773 times
Reputation: 84
Quote:
Originally Posted by Petunia 100 View Post
Oh, I think someone is not understanding all right.

A checking account is not a line of credit. If you want a line of credit, use a credit card.
This is what I do now, I'm young so at the time I did not have credit only a debit card. But now I use a credit card.
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Old 02-06-2015, 09:58 AM
 
8,722 posts, read 5,075,947 times
Reputation: 9897
Quote:
Originally Posted by chancellor14 View Post
This is what I do now, I'm young so at the time I did not have credit only a debit card. But now I use a credit card.

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Old 02-06-2015, 11:49 AM
 
4,418 posts, read 2,584,588 times
Reputation: 10268
jtur88:
I don't understand what your "beef" is if you follow the rules as you say in a later post in this thread. It pays to "shop around".

I have a bank account{checking} at a large regional bank, and 2 credit unions we "bank" with. banking is not a mystery and doesn't HAVE to cost you:

1} we have a bank account at a regional bank with Direct deposit {DD} of one income stream, and an interest bearing Checking acct. with no balance requirements or fees. Closest to our home. There are fees for some services, but I don't use them, so I don't pay them. Cost to bank there; $0.00.
2} we have 2 Credit Unions {CUs}, switching perhaps to the second one. Both have free checking and free or for-fee services, I don't use the for-fee services, so couldn't tell you. The new one pays higher rates on MOST things, but the old one has them beat on others if we want to keep larger amounts of cash on hand with them. The new one is farthest from our home, but DD and auto-deduct to savings makes life easy. DD makes checks free as well. Interest bearing checking we have requires min. balance to avoid a fee or loss of interest bearing checking acct. at second CU. Nominal min.bal. as far as I am concerned. Second one holds deposited checks for 3 days checks, not liking that though. The other 2 income streams are DD between the two CUs. Cost to "bank" there: $0.00.

Some caveats:

~Like the deductible on your car insurance, it's a cost of doing business to get what you want.

~I DO NOT EVER WRITE CHECKS I DON'T HAVE MONEY TO COVER, NOT EVEN PLAYING THE "FLOAT" of EXPECTED DEPOSITS. If it ISN'T ALREADY in there-considered as "cash", then I DON'T WRITE it. I'd rather pay a late fee to someone{if applicable} than the resulting late AND overdraft fees to the recipient, AND the overdraft fee to the bank, PLUS having to cough up the extra money to replace the overdraft and late fees! Complicated? well DON'T WRITE BAD CHECKS. IT'S ILLEGAL too.

~I keep a certain amount as a "floor" in my checking acct as a buffer to MAKE sure no clerical errors take me into overdraft territory ON THE RARE occasion that I need to "cut it close" {amost NEVER}. When I get extra interest in the checking acct with a min. bal. I keep that min. bal. so I can earn the interest. It is my "floor". The monthly fee for going below the "floor" is LOWER {$5} than the bounced check fee{$30} or the overdraft coverage fee{$25}! But I DON'T bounce checks!

~I DON'T use their fee services, IF I did/do, I'd gladly pay it. They have to make money somehow.

~The DDs that go in this month are there waiting to pay bills that arrive next month, so no overdraft/cutting it close is necessary for us!

~I have worked hard and at 2 jobs often to make sure I have/had the extra monies needed to have buffers, savings, etc., and can pay the bills the day they arrive with cleared and available funds from last month!

~SInce I DON'T USE their For-Fee services, I don't care that they charge them, or what those charges are.

~when in question, I use a credit card to pay something, then write a check {IF need be} to pay off the credit card {CC}

~The bank/CUs don't charge for a "phone transfer payment" so I will often pay off a CC that way without writing a check or doing electronic funds check writing. That way I pay it off, avoid a check, and pay little or no fees or interest to the CC company or bank.

~I use predominantly a CC that pays me back for using it. AS long as i pay it off monthly, I pay no interest, and get money back in return, not a bad deal. Must have excellent credit, something I guard fiercely!
~If I lived in an area with banks who all charged fees, and no CU access, I'd shop for and put in the money necessary to avoid fees at the "cheapest cost bank". I'd work 3 or 4 jobs temp. if I had to to do so. Once I had the basic required deposits, I would KEEP them safe and NOT use them. And work the 4 jobs just a little longer to build up savings IF I HAD TO. I've done it in the past, that is how I got to where I/we are today.
Simple.
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Old 02-06-2015, 12:04 PM
 
Location: Victoria TX
42,663 posts, read 74,101,589 times
Reputation: 36074
Returning for a moment to the question of Wire Transfers --

Within Canada, it is never necessary to use wire transfer, because Canadian banks have instituted the Interac system:

"An Interac e-Transfer is a fast, secure and convenient way to send money to anyone in Canada from within the security of your online banking service. It uses email or text messaging for fast notification to the recipient that a transfer has been sent, while the participating financial institutions transfer the funds using established and secure banking procedures".


At my bank (Royal Bank), the fee is $1.00 to send, no charge to receive. Virtually every financial institution in Canada is a participant. The fact that American banks refuse to create a connectivity of this type is not something that customers should be punished for.

When my stepdaughter needed funds for a real estate transaction, I had to wire the money to her, it took until the next day, and cost us $40. If she had been in Canada, I could have had cash instantly in her account, for a dollar.
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Old 02-06-2015, 12:13 PM
 
18,784 posts, read 13,528,643 times
Reputation: 14152
Quote:
Originally Posted by jtur88 View Post
Returning for a moment to the question of Wire Transfers --

Within Canada, it is never necessary to use wire transfer, because Canadian banks have instituted the Interac system:

"An Interac e-Transfer is a fast, secure and convenient way to send money to anyone in Canada from within the security of your online banking service. It uses email or text messaging for fast notification to the recipient that a transfer has been sent, while the participating financial institutions transfer the funds using established and secure banking procedures".


At my bank (Royal Bank), the fee is $1.00 to send, no charge to receive. Virtually every financial institution in Canada is a participant. The fact that American banks refuse to create a connectivity of this type is not something that customers should be punished for.

When my stepdaughter needed funds for a real estate transaction, I had to wire the money to her, it took until the next day, and cost us $40. If she had been in Canada, I could have had cash instantly in her account, for a dollar.


Interac is a merchant payment company. I'm not sure how it really differs in practice from ACH/AFT, amazon payments, chase quick pay etc
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Old 02-06-2015, 01:53 PM
 
2,498 posts, read 6,374,297 times
Reputation: 2257
I lived in Denver for some time,20 years and retired to FL,I still use credit union out of Denver,25 years now with no fee's or penalty's of any kind including free ATM thru out the USA.
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