Banks make $38,000,000,000 from overdraft fees (how much, paycheck, tax, own)

[Ceece]

Originally Posted by neil0311

Funny, I haven't paid a single overdraft fee. I don't overdraw my account, and just in case, I have overdraft protection.

I do too but my bank charges me for using it still. Your's doesn't? I may need to switch banks!

[Jill61]

Originally Posted by oz in SC

Is there any bank that does NOT do that???

Wells Fargo. They post the deposits first, then the checks.

[oz in SC]

Of course what is missed is the banksters LIKE people to be overdrawn....it is pure profit for doing nothing.

Why doesn't the bank simply bounce the check...oh...that's right because it wouldn't make any $$$ on that.

[JDTD2.0]

I'll be waiting for my refund check.

[uggabugga]

for those not signed up for FT-

U.S. banks will collect a record $38.5 billion in overdraft fees this year, with nearly all the revenue paid by just 10% of customers, according to a research report released Monday.

Banks to collect $38.5B in overdraft fees in '09 - report - Aug. 10, 2009

[mimimomx3]

So, are banks now supposed to be charities? If you overdraw your account, you're going to get zapped. It's how they make money.

[Widowmaker2k]

Originally Posted by mimimomx3

So, are banks now supposed to be charities? If you overdraw your account, you're going to get zapped. It's how they make money.

Making money is evil, didn't you read the script?

[chielgirl]

I can't find it at the moment, but there was an article in the past 2 weeks about debit cards.
It used to be that they would let you know that you didn't have enough money for your purchase and you had the choice to go ahead.
Now they don't tell you that it will be an overdraft and charge $35 for each transaction, even if you're a penny over.
Why did they change the reporting?

[MsMcQ LV]

Originally Posted by Jill61

Wells Fargo. They post the deposits first, then the checks.

Not always. I've had my account with WF for ten years and I have had a couple of overdraft fees because deposits weren't posted when I thought they had been - or at least should have been. And the thing that got me was the repeating overdraft fees - those happened on one occasion when I was out of town, didn't know that a check I had deposited had bounced, and thus didn't immediately transfer funds from another account to cover. Each day that the overdraft persisted cost me another $30 until I was $150 in the hole before I became aware of the problem! Once I did become aware of the problem and rectified the deposit, WF did reimburse me 4 of the 5 overdraft fees, but still.

[MsMcQ LV]

Originally Posted by mimimomx3

So, are banks now supposed to be charities? If you overdraw your account, you're going to get zapped. It's how they make money.

For the most part I agree - but an accidental overdraft of $5-10 shouldn't cost you $30 dollars - and most certainly shouldn't continue to add on fees daily if you are unable to deposit additional funds because, say you're in hospital or out of town and unaware that your account is overdrawn.