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They do bounce the check and that creates work for them...guess what? You know that fee's coming. It's not some big surprise hidden secret fee.
If the banksters simply do not honor the check they earn no fee....what some of you have failed to grasp is the bank wants you to incur fees,it is how it makes money.
Ok. Get rid of bank fees. Watch your interest rates decline and watch service fees for everything else go back up.
At least this way, I can follow the rules, and I bank absolutely FREE.
LOL....the interest rate is LESS than inflation.
You are in essence losing money by keeping it in a bank 'earning' interest.
Also the bank has no risk UNLESS it chooses to honor the overdrawn account...the bank already knows you do not have the funds,why not simply not allow the payment to be processed???
Oh, thats right,because they do not earn any money doing that.
Seems like there are a lot of people who don't know how to balance their checking accounts to me.
Would be no different if we charged taxi cab drivers a $25 fine every time they dropped us off two blocks before our destination. If you cannot fulfill your end of the agreement, you pay the agreed upon fee.
I don't understand what you mean in this scenario.
I explained it upthread, but since you apparently didn't read it...
Banks changed their notification methods; in the past, if you were going to be negative in your balance if you spent X, they gave you an option to cancel the transaction.
They no longer notify you.
So for a penny, you can be charged $35 because of their changed notifications.
Seems like there are a lot of people who don't know how to balance their checking accounts to me.
Would be no different if we charged taxi cab drivers a $25 fine every time they dropped us off two blocks before our destination. If you cannot fulfill your end of the agreement, you pay the agreed upon fee.
Why doesn't the bank simply not honor the transaction in question?
Could it be because they make billions of dollars charging fees?
I explained it upthread, but since you apparently didn't read it...
Banks changed their notification methods; in the past, if you were going to be negative in your balance if you spent X, they gave you an option to cancel the transaction.
They no longer notify you.
So for a penny, you can be charged $35 because of their changed notifications.
I've bounced one check in my life, and it was back in 1977. The bank gave me no option about cancelling the transaction, and I was charged a fee for the bounced check.
Frankly, I have no problem with the whole overdraft fee issue. If you are old enough to run a checking account, you are responsible to assure you have sufficient funds to cover the check. With all of the tracking tools now available, nobody has any excuses for writing a check with insufficient funds in their accounts.
I'm no fan of banks, and have had a couple of bad experiences with them myself over the years. But I have no problem with this issue.
You might want to read the article in the thread that I linked to.
I've never had a bad check myself, but gouging is not the answer.
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