Banks make $38,000,000,000 from overdraft fees (financial, world, medical, spend)
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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 did read that, and didn't really understand. I asked an innocent question and this is how you respond by saying I can't read? Thanks for that.
Now that I get it, I really don't see how this is the bank's fault. It is not their fault for not letting you know how much money you have! Keep track yourself. If you try to take out more money than you have, it is your fault, not the banks. They have no obligation to keep you updated on your personal finances.
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.
Where do you keep your money? Under your mattress?
I don't use banks for investment. I use them to live and pay my bills.
Like it or not, you need to keep your money somewhere. Somewhere that will let you access it remotely, write checks, etc.
The fact that these institutions exist, do all that work for me for no money out of my pocket...and all I have to do is be responsible. And instead of charging me for all their services, they pay me interest (whatever miniscule amount that is)? Sounds like a good deal to me. I have no issue with banks.
Where do you keep your money? Under your mattress?
I don't use banks for investment. I use them to live and pay my bills.
Well actually....some of it yes.We of course do have an account to pay bills online although we do not use an actual 'bricks and mortar' type bank anymore.
My point was the interest the banks pay you doesn't cover inflation so to use that as some type of reason for using a bank doesn't really work.
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Like it or not, you need to keep your money somewhere. Somewhere that will let you access it remotely, write checks, etc.
Well....actually you don't,people just think they need to do this.
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The fact that these institutions exist, do all that work for me for no money out of my pocket...and all I have to do is be responsible. And instead of charging me for all their services, they pay me interest (whatever miniscule amount that is)? Sounds like a good deal to me. I have no issue with banks.
The banks brought about the current economic collapse we are in, and then needed to be loaned the people's money to save themselves from their own mistakes.
Yet the same banks are charging billions of dollars in fees to their customers because those customers messed up...pot...kettle.
i don't bounce checks or overdraw and i think it's reasonable to have stiff penalties when that happens, but banks do go overboard with it. excusing the banks' gouging is like saying "well it's that person's fault that they littered, so it's ok for me to cut their head off".
when banks have policies like taking out checks before they credit deposits, or taking out the largest item debited that day first so more items overdraw, that is a consequence way out of proportion to the mistake made. charging fees is fair, but setting things up to maximize fees is not.
i don't bounce checks or overdraw and i think it's reasonable to have stiff penalties when that happens, but banks do go overboard with it. excusing the banks' gouging is like saying "well it's that person's fault that they littered, so it's ok for me to cut their head off".
when banks have policies like taking out checks before they credit deposits, or taking out the largest item debited that day first so more items overdraw, that is a consequence way out of proportion to the mistake made. charging fees is fair, but setting things up to maximize fees is not.
I agree with most of this. But they have to take the largest item out first to cover it. Then the next largest, etc.
Just keep a set amount in your acount as a minimum. I always have $200 in checking (when I have $200, I consider it the same as having $0). I am always covered for when I overdraw.
I did read that, and didn't really understand. I asked an innocent question and this is how you respond by saying I can't read? Thanks for that.
Now that I get it, I really don't see how this is the bank's fault. It is not their fault for not letting you know how much money you have! Keep track yourself. If you try to take out more money than you have, it is your fault, not the banks. They have no obligation to keep you updated on your personal finances.
I linked to another thread on the subject.
You asked a question that I answered.
They give you a defacto loan that you didn't ask for.
You might want to read the other thread and the linked article.
I linked to another thread on the subject.
You asked a question that I answered. They give you a defacto loan that you didn't ask for.
You might want to read the other thread and the linked article.
And everyone knows that is the policy. You accept those conditions when you open an account. You DO read the documentation on the accounts you open, don't you? They give you a loan that you AGREE TO before. If you don't like the terms, don't use the service.
So most of us agree that to put blame on the USA not having a national healthcare system is wrong....
It seems that lack of personal responsibility is to blame.
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Originally Posted by oz in SC
Evil companies forcing people into these loans...
No such thing as personal responsibility?
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Originally Posted by oz in SC
Smaller government,lower taxes,more personal responsibility,sounds all good to me.
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Originally Posted by oz in SC
Why is the employer providing insurance the right thing to do??Shouldn't people provide for themselves?I believe in personal responsibility-an old fashioned idea,like the Constitution and BOR...
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And everyone knows that is the policy. You accept those conditions when you open an account. You DO read the documentation on the accounts you open, don't you? They give you a loan that you AGREE TO before. If you don't like the terms, don't use the service.
Again, no one to blame but yourself.
You didn't bother to read anything, did you?
The policy was changed without notification to subscribers.
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