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Old 03-10-2010, 10:08 AM
 
Location: San Jose, CA
7,677 posts, read 24,975,526 times
Reputation: 3527

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So this story has been in the media: Bank of America ending the practice of charging $35 overdraft fees. No opt-in. Very simple. Or is it? What they don't tell you is that there is a $35 fee for declined and returned items, which is called the NSF fee. I just spoke with a BoA rep about this, and she was happy to confirm that this fee was not going away. If you have $10 in your account and make a $25 purchase, under their new rules, if the purchase is honored, there's no fee, but if it's declined, you will pay a $35 fee.

Yet again the new, highly-touted bank reforms are DOA.
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Old 03-10-2010, 12:56 PM
 
Location: Houston, Texas
10,425 posts, read 43,516,050 times
Reputation: 10328
There is no bank reform. Just a reformulation of rules set and written by the banks. The most powerful lobbyists in the world. They write the rules and us peasants provide the Vasoline.

No govt intervention can change the way banks rape and pillage us peasants who appear to be at their mercy. Today banks are walking away from their real estate investments at an alarming rate. Sound familiar? Many point and snicker at us Americans who walk away from our homes because we can no longer afford it by no fault of our own. Yet banks are quietly doing the same without fanfare.

Today all banks as a whole make 81% of their total gross income from junk fees. Who the hell would lend risky money when you can just rape and pillage us peasants for fees for this and fees for that? Stealing these fees from us without asking is risk free to them and the stupid gullible public seems to not bat an eye when they see their statement with junk fees deducted. I don't know about you all but I don't like allowing people to take my money without asking me. No bank will ever see one thin dime of mine again. My money is safer in a shoe box sitting on the front porch then in a bank..
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Old 03-10-2010, 01:42 PM
 
11,427 posts, read 19,438,504 times
Reputation: 18124
Quote:
Originally Posted by sonarrat View Post
So this story has been in the media: Bank of America ending the practice of charging $35 overdraft fees. No opt-in. Very simple. Or is it? What they don't tell you is that there is a $35 fee for declined and returned items, which is called the NSF fee. I just spoke with a BoA rep about this, and she was happy to confirm that this fee was not going away. If you have $10 in your account and make a $25 purchase, under their new rules, if the purchase is honored, there's no fee, but if it's declined, you will pay a $35 fee.

Yet again the new, highly-touted bank reforms are DOA.
Well -- yeah. Banks make a lot of money that way... but let me ask this. Why do people assume it's perfectly okay to spend money they don't have and the bank should cover it for free?

We used to listen to Howard Stern and his father had a great saying for things like this. "Don't be stupid, you moron." If you have 10 bucks in your bank account you don't spend 25 dollars. People need to stop playing mind games about their money, stop playing the non-existant floats, and get real.
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Old 03-10-2010, 01:52 PM
 
Location: Inland Empire, Calif
2,887 posts, read 4,605,919 times
Reputation: 2766
I've never had a problem with BofA in 30 years of doing business with them, but then I keep money in my account...!
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Old 03-10-2010, 03:35 PM
 
Location: San Jose, CA
7,677 posts, read 24,975,526 times
Reputation: 3527
Quote:
Originally Posted by Tallysmom View Post
Well -- yeah. Banks make a lot of money that way... but let me ask this. Why do people assume it's perfectly okay to spend money they don't have and the bank should cover it for free?

We used to listen to Howard Stern and his father had a great saying for things like this. "Don't be stupid, you moron." If you have 10 bucks in your bank account you don't spend 25 dollars. People need to stop playing mind games about their money, stop playing the non-existant floats, and get real.
No one is perfect. I can see a lot of customers hearing about this story on the radio and thinking, hey, I don't need to worry about keeping tabs on my cash anymore because they'll just decline the purchase if I can't afford it. Then they get hit with the same $35 fee they would have gotten before the reform. That's not just disingenuous, that's deceptive.
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Old 03-10-2010, 03:38 PM
 
88 posts, read 178,508 times
Reputation: 35
I know BofA is declining overdraft fees and overdraft purchases, but what happens if you write a check and then there isn't enough money to cover the check in your account? Will they reject it unpaid and still charge you the fees?
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Old 03-10-2010, 03:49 PM
 
Location: Sverige och USA
702 posts, read 2,750,919 times
Reputation: 417
Just found out that BofA will be charging $8.95 per month for checking unless you have direct deposit or a daily balance of $1500. If I had $2000 one day and $1499 another day within any month, they will charge the fee, regardless if the other 28 days you are over $1500. So, it is not averaged, but daily balance. Watch out the fees are coming in fast and furious. Savings account will have to have a balance of at least $300 or it will be a $5 fee every month.
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Old 03-10-2010, 04:04 PM
 
Location: San Jose, CA
7,677 posts, read 24,975,526 times
Reputation: 3527
Quote:
Originally Posted by guineapiggie101 View Post
I know BofA is declining overdraft fees and overdraft purchases, but what happens if you write a check and then there isn't enough money to cover the check in your account? Will they reject it unpaid and still charge you the fees?
That's called a bounced check, and I would be worried if there wasn't a penalty for that.
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Old 03-10-2010, 04:30 PM
 
88 posts, read 178,508 times
Reputation: 35
Quote:
Originally Posted by ChunkyMonkey View Post
Just found out that BofA will be charging $8.95 per month for checking unless you have direct deposit or a daily balance of $1500. If I had $2000 one day and $1499 another day within any month, they will charge the fee, regardless if the other 28 days you are over $1500. So, it is not averaged, but daily balance. Watch out the fees are coming in fast and furious. Savings account will have to have a balance of at least $300 or it will be a $5 fee every month.
Ouch!!! That is highway robbery.
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Old 03-10-2010, 05:13 PM
 
Location: San Jose, CA
1,318 posts, read 2,970,398 times
Reputation: 754
I guess I must be weird in insisting that I keep at least $2K in my checking account at all times. (I want to be able to pay for everything even if my payroll department drops the ball). I just figure the $22-$24 a year I forgo in interest is worth not having to worry about every little check.
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