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Overdraft fees to me are a lot like tickets they are easy to prevent!

I work in a bank an also am appalled at the practice. If someone lets me know about it i usually refund the charges with no questions asked. i opened this article this morning and it looks like the big banks are addressing the issue. hopefully it will trickle down to all banks.

http://finance.yahoo.com/news/Bank-of-A ... et=&ccode=

Questions for you?

Did you have the money it was just late posting?

If so yes I can see you being pissed, but if you did not have the funds an you were just spending money you did not have I dont see any reason for you to be upset. Not trying to piss you off but you cant spend money you dont have without paying for it, be it a credit card or overdraft fees.

My odp is a 1000 buck line of credit that does not charge you that 30 bucks until you exceed that limit. Just to add to this, dont really know how that works.

tdog wrote:My odp is a 1000 buck line of credit that does not charge you that 30 bucks until you exceed that limit. Just to add to this, dont really know how that works.

That's how they get you. You don't think you will pay the $30 but you will. The $1000 line of credit just ensures the bank will pay up to $1000 until they start returning the items as unpaid(where at that point you would owe the overdraft fee and a returned check fee to the establishment). But you will still have to pay overdraft fees on all of those transactions.

And I'm assuming you don't have it tied to savings or a credit card.

I did that and mine transfers $100 bucks over when it triggers a O.D. They use your money for the transfer and still charge you $7 @ Regions.

Another thing you can do is apply for a line of credit on your account if you don't have a savings. They will charge you 7 or 10 dollars but it beats the hell out of 30 and they put it in your account in $100 increments like the savings.

I got popped about 5 years ago when regions was union planters. Cost me over $400 for $2 withdrawals. Thank the Lord a friend of mine took care of all of them. That's the day I attached the Savings account and started keeping up with ALL of my transactions.

Nothing will p^sse you off more than what has happened to you my friend.

blgros1 wrote:why don't you just connect your checking to your saving account, that way if you accidentally OD you will not incur any OD charges. i know that doesn't help the existing problem, but it will help out in the future.

I use online banking to keep track of my expenses. After awhile you learn which stores "hold" you purchases for a few days. I try to avoid those stores because I don't like them sneaking up on me. Also carry some cash for those small daily purchases.

I understand your frustration man. Here at the bank I work at we have two different things that cover overdrawn transactions. Not sure how your bank works but we have Overdraft Privelage and Overdraft Protection. They are totally different from one another. With overdraft privelage they will cover your transactions up to a certain amount in the negative which is actually a privelage because without this they won't get paid. Overdraft Protection, however, is kinda like a line of credit. This is applied for like a loan. If the customer is approved for this the bank charges them a $2 service fee each month whether or not you use it(totaling $24/year) rather than $28 per transaction in the red. This eliminates the excessive fees. Check with your bank and see if they have something similiar to that.

The best way to cover your booty is to have it attached to you savings or Money Market account. If i get overdrawn the auto pay it from my savings account at no extra cost for me. If it were not then I would get hit with a $30 fee everytime....

this just came up on my yahoo homepage:

http://finance.yahoo.com/banking-budget ... -budgeting

As others have said, the ONLY way to go is have your checking attatched to your savings account. I don't even worry about my balance anymore with this system. I haven't balanced my checkbook in over eight years. I review the statements for errors, but don't worry about overdrafts. Take the advice, link your checking to your savings, it's free and there is no charge when money goes from one account to the other.

regishay wrote:thats there new money making scheme,:evil:

All the frustration is understood but I don't think this "scheme" is new. I worked at a bank almost ten years ago as a teller in college and we had someone in there everyday arguing overdraft charges. What has changed is the time that it takes for $$ to come out of our accounts. What hasn't changed is how long it takes them to get it processed and in there...esp with out of state checks.
Get gas at Wal Mart today and its out of your account before you crank the truck up, deposit funds after 2 or 4 pm and your money won't go in until tomorrow night.

Another thing about using a card is generally any time you use you PIN number it comes out immediately but when you don't use your PIN number it is run as credit and these are typically the transactions that don't post for a few days.

Regions charges like $5.00 an item to cover an overdraft from your savings account. I saw this one day and thought that was the craziest thing I'd seen. Charging me to use my own money.