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To whomever here is bouncing checks;
~get direct deposit, the funds are 100% available when deposited that day.BUT THAT DAY ONLY NOT THE DAY BEFORE.
~DOn't write a check when you have no money to back it up, that is ILLEGAL..its called "offering a false instrument" or something fancy like that. False because there is no cash backing it up.
~Take extra part time job to get extra money for a buffer in your accounts so you won't overdraft it things are that tight.
~The bank DOesn't ASSUME you "have it coming" or that you are "good for it"..they DON'T know that no matter how long you have been doing business with them! Get over yourself! THEY have LEGAL protocols to abide by too, and one is to not pay a check for which there is insufficient funds unless the client has an overdaft account to cover. You obvioulsy don't have that. One needs an excellent credit rating for that. Although, some banks will approve lower score people knowing they will overdraft and then the bank can sit back and rake in fees each time and drain money from said accounts left and right.
~Its relatively simple: keep cash to cover coming checks, most of us know about when to expect a bill or when the money is available. The tighter money is, the tighter you have to watch it.
This. You don't spend what you don't actually have. Quite simple, really.
It's rather puzzling why some people think that a bank can be used as a free payday loan establishment.
I did have it, I worked the previous week so the money was mine. It hasn't happened since that was just an example of the bank f'n the people over. It was the first time it happened and they couldn't give me a break? I haven't banked with them since.
Did you call and ask? Usually, if it is the first time, they will waive the fee.
But again, the fact that your direct deposit did not happen as scheduled does not excuse you. You don't do transactions on Wednesday hoping Thursday's deposit will cover them. That's a big no-no. You wait until Thursday to start spending Thursday's deposit.
Yes I did and I also thought they would but I guess not. That $25 fee at the time was crucial for me, what's an extra $25 to a bank? They didn't care to listen though and that's the problem
Yes I did and I also thought they would but I guess not. That $25 fee at the time was crucial for me, what's an extra $25 to a bank? They didn't care to listen though and that's the problem
No, the problem is your lack of personal accountability.
You intentionally committed fraud, something that is potentially a felony, and think it's the banks problem for not listening to your sob story.
Banks do some unethical stuff too. They've been caught redhanded explicitly reordering transactions to maximum overdraft fees in the past. So they'll reorder the $100 purchase to go through first so a greater number of smaller transactions won't clear. This isn't a case where the bank did anything wrong, however. The fault is yours. Learn from it and move on.
Quote:
It's rather puzzling why some people think that a bank can be used as a free payday loan establishment.
Well, from the pragmatic standpoint it doesn't surprise me. Generally if you're kiting you do get away with it. I mean, it's not like the good old days. A lot of places run the checks electronically so there's not as much delay. Still, I know my rent checks never clears until around the 6th or 7th, sometimes later than that. My landlord has several houses and we mail the check to him. I assume he waits until all the checks get in to deposit them. Payday loans are expensive. Even if you do get caught from time to time, kiting is a lot less expensive. I could get away with kiting my rent check. Usually I get checks coming in the first week of the month since most firms I work for pay once a month. Sometimes the smaller ones the payroll is a couple days late, but the bigger firms it goes out religiously on the last day of the month. I just find it way easier to keep sufficient funds in my account, however. There's some opportunity cost to it but I don't get thrown into a tailspin every time some minor "unexpected" expense comes up.
I did have it, I worked the previous week so the money was mine. It hasn't happened since that was just an example of the bank f'n the people over. It was the first time it happened and they couldn't give me a break? I haven't banked with them since.
Your anger is MISPLACED. You should be angry at whoever delayed your check at your place of employment, not the bank. You didn't get paid when you should have - that's not the bank's fault, it's your employer's fault.
Here's the deal with overdraft fees - overdraft privileges are JUST THAT - a PRIVILEGE. When you accept that PRIVILEGE from the bank, you accept that they are going to charge you for that. In other words, you aren't going to be sitting at a restaurant having your card declined - they are going to cover that for you even though you DON'T HAVE THE MONEY. In return, they are going to charge you a fee - and it's a hefty fee because they are taking on significant risk. They don't know whether or not you worked last week, or whether your check is going to be deposited. All the bank knows is that you don't have the money in your account, but you still spent THEIR money (not yours). They don't want you to do that but they also know that people occasionally make mistakes and therefore they're willing, to some degree, to allow that charge to go through in exchange for a fee.
Here's how you avoid that - tell them you want overdraft removed from your account. If the money's not there, your card will be declined. Period. But you don't want that, do you? You want to spend money that you don't have yet, and you don't want to pay a fee for that privilege.
Your anger is MISPLACED. You should be angry at whoever delayed your check at your place of employment, not the bank. You didn't get paid when you should have - that's not the bank's fault, it's your employer's fault.
Here's the deal with overdraft fees - overdraft privileges are JUST THAT - a PRIVILEGE. When you accept that PRIVILEGE from the bank, you accept that they are going to charge you for that. In other words, you aren't going to be sitting at a restaurant having your card declined - they are going to cover that for you even though you DON'T HAVE THE MONEY. In return, they are going to charge you a fee - and it's a hefty fee because they are taking on significant risk. They don't know whether or not you worked last week, or whether your check is going to be deposited. All the bank knows is that you don't have the money in your account, but you still spent THEIR money (not yours). They don't want you to do that but they also know that people occasionally make mistakes and therefore they're willing, to some degree, to allow that charge to go through in exchange for a fee.
Here's how you avoid that - tell them you want overdraft removed from your account. If the money's not there, your card will be declined. Period. But you don't want that, do you? You want to spend money that you don't have yet, and you don't want to pay a fee for that privilege.
Wow.
A significant risk?. I overdrew by about $30-40 that sure was a big risk for the bank.
No, the problem is your lack of personal accountability.
You intentionally committed fraud, something that is potentially a felony, and think it's the banks problem for not listening to your sob story.
Banks do some unethical stuff too. They've been caught redhanded explicitly reordering transactions to maximum overdraft fees in the past. So they'll reorder the $100 purchase to go through first so a greater number of smaller transactions won't clear. This isn't a case where the bank did anything wrong, however. The fault is yours. Learn from it and move on.
Well, from the pragmatic standpoint it doesn't surprise me. Generally if you're kiting you do get away with it. I mean, it's not like the good old days. A lot of places run the checks electronically so there's not as much delay. Still, I know my rent checks never clears until around the 6th or 7th, sometimes later than that. My landlord has several houses and we mail the check to him. I assume he waits until all the checks get in to deposit them. Payday loans are expensive. Even if you do get caught from time to time, kiting is a lot less expensive. I could get away with kiting my rent check. Usually I get checks coming in the first week of the month since most firms I work for pay once a month. Sometimes the smaller ones the payroll is a couple days late, but the bigger firms it goes out religiously on the last day of the month. I just find it way easier to keep sufficient funds in my account, however. There's some opportunity cost to it but I don't get thrown into a tailspin every time some minor "unexpected" expense comes up.
A significant risk?. I overdrew by about $30-40 that sure was a big risk for the bank.
Believe it or not - this stuff is automated. There's not a personal banker looking over each and every transaction from every customer and trying to determine whether or not the risk is "big" depending on the customer's usual habits. This is actually a good thing because it levels the playing field - there's no discrimination. If you overdraw your account, you get an overdraft fee. Period. The bank MAY opt to forgive the first one but that's not a requirement or even a realistic expectation, considering that you are the one who made the mistake, not the bank.
Own it. Learn from it. Or go through life assuming the role of victim and set yourself up for many more such scenarios.
You intentionally committed fraud, something that is potentially a felony, and think it's the banks problem for not listening to your sob story.
I agree.
Quote:
Banks do some unethical stuff too. They've been caught redhanded explicitly reordering transactions to maximum overdraft fees in the past. So they'll reorder the $100 purchase to go through first so a greater number of smaller transactions won't clear. This isn't a case where the bank did anything wrong, however. The fault is yours. Learn from it and move on.
I'm not saying banks don't sometimes act unethically, but there's a good reason for why they let larger transactions through and then smaller ones bounce. That's because generally speaking, the larger transactions are the more important ones with more serious ramifications if they bounce (like negative marks on your credit, or your utilities being shut off) - car payments, mortgage payments, utility bills, etc all tend to be larger amounts with more hassle for YOU if they "bounce."
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. I overdrew by about $30-40 that sure was a big risk for the bank.
