Yay!

I can run around being ridiculously irresponsible and the evil banker won't be able to take advantage of my immaturity any more

8/16/2010 11:57:38 AM

Are you, by chance, referring to Wachovia/Wells Fargo?

8/16/2010 11:59:08 AM

should've had the choice to opt out of those services all along

[Edited on August 16, 2010 at 12:00 PM. Reason : ^it's all banks]

8/16/2010 12:00:08 PM

^ pretty sure you could

[Edited on August 16, 2010 at 12:02 PM. Reason : the let us charge you $40 was just the default]

8/16/2010 12:02:35 PM

:palmface:

8/16/2010 12:03:14 PM

i am very much a fan of "when the money is gone you stop spending"...

not so much a fan of "when the money is gone we'll keep loaning you money for $35 a pop even though all you bought was a $1.25 sundrop"

8/16/2010 12:03:28 PM

o word

8/16/2010 12:03:44 PM

You always could have opted out of an 'emergency loan with a hefty fee' they just would not tell you this. Thanks god i have a credit union account and I don't fell like I am going to be fee'ed to death to compensate for lost revenue from them not having overdraft fees (unless someone opts for it) and most will not.

8/16/2010 12:06:37 PM

deemarie said you'd be amazed how many people actually opted into that bullshit. they would actually prefer to pay the extra $40 or whatever than to face the embarrassment of having their card declined

8/16/2010 12:10:27 PM

you couldn't always opt out, thats why they passed legislation forcing banks to stop letting people purchase things they don't have money for and why some banks are losing lawsuits for processing transactions largest to smallest to maximize overdraft fees

8/16/2010 12:11:46 PM

Haha, yeah it probably mostly girls that wants to run with their friends and buy clothes and perfumes all day like its all good. I feel no embarrassment, my card is never declined. Step ya game up.

Quote :

"you couldn't always opt out, thats why they passed legislation forcing banks to stop letting people purchase things they don't have money for and why some banks are losing lawsuits for processing transactions largest to smallest to maximize overdraft fees"

Well I know for a fact that before this legislation passed I know someone that opted out of overdraft.

[Edited on August 16, 2010 at 12:13 PM. Reason : /]

8/16/2010 12:12:35 PM

but they're making sure your important stuff gets paid first. like your rent and your light bill!!!!!

8/16/2010 12:13:14 PM

^^some banks voluntarily switched before the legislation went into effect because they knew it was coming

8/16/2010 12:17:44 PM

Nah, trust me. It was bullshit to go through to get it done. Nothing at all was voluntary about it.

8/16/2010 12:21:03 PM

what bank was that, i know i couldn't at suntrust or ccb

8/16/2010 12:23:07 PM

BB&T.

Its easy to do just follow these steps

http://www.youtube.com/watch?v=W9HloS9Ukto&playnext=1&videos=UthP_5DF6pE

[Edited on August 16, 2010 at 12:25 PM. Reason : /]

8/16/2010 12:24:41 PM

The way I see it


If you want overdraft, you can spend over your limit but there's a fee.

If you don't want overdraft, it'll deny your card at the counter if you go over.

8/16/2010 12:39:41 PM

haha thanks for clearing that up

8/16/2010 12:40:39 PM

hahahahahahaha

i'm glad we've got this genius here to help us understand

8/16/2010 12:42:57 PM

Is it really that hard for you people not just avoid overdrafting in the first place?

If nothing else, scam your way into a credit union. Mine just pulls from my savings with no fees, if i use it.

8/16/2010 12:43:07 PM

^and,

Do banks not have overdraft lines of credit? I've only ever been with one credit union since my first job (at age 16) and had a line of credit for overdraft protection ever since.

8/16/2010 12:43:51 PM

they do. mine was attached to my savings account, but they still charge $10 to move the money from my savings account to my checking account for me. fucking crooks.

[Edited on August 16, 2010 at 1:14 PM. Reason : $10, not $20]

8/16/2010 12:45:15 PM

Overdraft is one of the ways banks make tons of revenue.

8/16/2010 12:46:13 PM

Quote :

"Is it really that hard for you people not just avoid overdrafting in the first place?"

this
I always know roughly how much I have in my bank account so I would never go buy things way beyond it.

8/16/2010 12:48:31 PM

Quote :

"m52ncsu All American 1457 Posts user info edit post haha thanks for clearing that up 8/16/2010 12:40:39 PM NeuseRvrRat i'm with stupid 22075 Posts user info edit post hahahahahahaha i'm glad we've got this genius here to help us understand"

Rebuttal:

Well,the OP made it seem like he could over-spend for free and forever. I never overdraft personally, so I don't really pay attention to it. I didn't know if the OP knew something I didn't know.

8/16/2010 12:48:33 PM

I get charged $0.50 for every increment of $50 moved from savings to checking.

8/16/2010 12:48:54 PM

the only time i ever got hit with an overdraft is when my employer screwed up the direct deposit

that's not my fault

i still got hit with 6 x $39 in fees



i might still get it back though http://finance.yahoo.com/news/Judge-orders-Wells-Fargo-to-apf-3665036279.html?x=0

[Edited on August 16, 2010 at 12:56 PM. Reason : .]

8/16/2010 12:55:58 PM

Wachovia pulled that shit on me and after going up the food chain I finally got all that money back.

8/16/2010 1:04:05 PM

Quote :

"Is it really that hard for you people not just avoid overdrafting in the first place?"

agreed. I haven't even looked at the new rules or what I need to opt in or out of because I never come close to over-drafting anyway. I guess I should glance at them but I don't think it will affect me either way.

8/16/2010 1:05:25 PM

i overdraft like 6 times a month on average because i never transfer money and all my paychecks go like 90% in saving 10% in checking


good thing i have SECU and its like $0.50 per

I'm AstralAdvent and i approved this message.

8/16/2010 1:08:40 PM

Quote :

"they do. mine was attached to my savings account, but they still charge $20 to move the money from my savings account to my checking account for me. fucking crooks."

That's robbery. Wachovia does that on mine for something around $1 for every $100.

8/16/2010 1:14:18 PM

it's actually $10. i just edited. still robbery.

8/16/2010 1:15:11 PM

It teaches responsibility.




pee-wee's playhouse bells, alarms and screams should ring out when the word "responsibility" is mentioned in a sentence.

8/16/2010 1:22:24 PM

the last time i was hit with an overdraft was when I made a few purchases when i thought I had money. What happened is that BBT took out the debits before they credited my deposited check or 1k or 2k even though the check was deposited 2 days before the purchases.

I got them to credit me back and then promptly closed my account.

8/16/2010 1:43:24 PM

it's all stupid. if you don't have the money in your account, the transaction should simply be denied.

8/16/2010 2:00:46 PM

Wachovia was hitting with me with what I called ghost fees--like I'd supposedly overdraft three times in a row but there would be four charges. I later figured out what the ghost fees were, and I would describe them as anticipatory overdraft fees, and it was precisely those anticipatory overdraft fees that were causing me to overdraft three times instead of one.

I'd have a couple small charges pending (like maybe two $2 cups of coffee) and $4.50 in my account to cover the $4 worth of coffee. And then iTunes would come in with a charge I'd forgotten about it, which would put me in the red. At that point, I'd be looking at a single instance of overdrafting (the iTunes song or one of the cups of coffee--however you wanna look at it). That totally sucks but it is tolerable.

BUT HERE'S THE CATCH. All those transactions (the two cups of the coffee and the song on iTunes) were pending and hadn't gone through yet. What Wachovia would do is note that I was about to overdraft my account and go ahead and hit me with an anticipatory overdraft fee of $35 (or whatever it was). That fee is what was actually overdrafting my account since none of the other charges had gone through yet. Then they'd send through the cup of coffee (with a $35 fee), the other cup of coffee (with a $35 fee), and finally the iTunes song (with a $35 fee).

So for overdrafting less than a dollar on an old iTunes song or a cup of coffee, I'd get $140 worth of fees.

I switched banks and opted out of overdraft about a year ago. I've gotten no fees, but my card was declined once. It was awesome...when I swiped the card, the lady was like, "It didn't work." And I was confused. Then it was like, "Oh yeah!" And I paid in cash.

9/8/2010 1:29:16 AM

haha $4.50 in a checking account

9/8/2010 1:39:02 AM

Haha you can tell who is SECU in here.

What what .50 cent overdraft fees.

9/8/2010 1:47:04 AM

I can think of two situations where you could overdraft even after opting out. And ING Direct has the best overdraft protection. They just collect the interest that they would have made on the overdrafted amount.

9/8/2010 1:49:35 AM

I've never overdrafted my checking account

even at the times when I'd have like less than ten bucks in there, I can still keep shit straight

being responsible is cool, y'all should try it

9/8/2010 1:49:45 AM

OH SHAWNA YOU'RE SO COOL

9/8/2010 1:51:51 AM

ikr

9/8/2010 1:52:22 AM

^^^^^^The large majority of people who overdraft are of middle and upper income. Their fees are typically lower ($10 instead of $35) since they have savings accounts or credit lines attached, but they're still doing the most overdrafting.

The banks actually use the data on overdrafting among middle/upper income people to defend their practice: "Hey, we dick over everybody, even rich people. Not just poor people!"

And the banks count on people being too embarrassed to admit that they only had $4.50 in their account to speak up. And it worked for a long time!

^^^^Yeah, it's definitely still possible. I went in the red by 32 cents recently, but they didn't hit me with a fee! In the past, they might have ghost feed me, and that 32 cents woulda cost me over $100.

^^^There are plenty of responsible people who overdraft their accounts.

And if my irresponsible ass wanted a short-term loan at exorbitant rates, I'd take my car to the title loan store and sign a contract... I don't need Wachovia taking care of that for me.

[Edited on September 8, 2010 at 2:07 AM. Reason : ]

9/8/2010 2:06:49 AM

Quote :

"THE LARGE MAJORITY"

Quote :

"AT EXORBITANT RATES"

9/8/2010 2:07:58 AM

WHERE

BAN

ANAS??

9/8/2010 6:58:00 AM

For the bfirst time in my life I'm actually being responsible with my money and its totally reflecting on my bank account

9/8/2010 10:23:22 AM

Quote :

"^^^There are plenty of responsible people who overdraft their accounts."

depends on your definition of responsible and the frequency of the overdrafts I suppose...

9/8/2010 10:34:12 AM

I keep at least $1000 in my account at all times. I just pretend that I spent the $1000 already and/or justify that it's for retirement one day.

It's impossible for me to overdraft since I calibrate the $1000 mark as $0.
If I go under, which never happened in my life, I would charge myself an overcharge fee.



Everyone should be doing this.

9/8/2010 10:56:25 AM

^AHA, I've done that before, but I always end up spending it. Anyway, it's no matter now that I'm opted out!

And I do have some savings in another account that I don't touch. And I have no silly debt. So it's not like I'm horrible-horrible with money, just horrible.

9/8/2010 11:24:53 AM

Also,

whenever you get a paycheck, say $1000, pretend the check was only $500. Never spend more than half your paycheck on routine purchases. The other $500 will go into savings for emergencies and retirement.

If you are thinking "THAT'S BULLSHIT" and want to spend $1000 per paycheck, then all you have to do is go out and make $2000 per paycheck.

[Edited on September 8, 2010 at 12:14 PM. Reason : .]

9/8/2010 12:12:19 PM