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- May 25, 2011 at 8:57 pm #221812AnonymousInactive
OK I have researched this question and it seems the only valid answers I have come upon are ” YOU SIGNED A CONTRACT or ITS YOUR RESPONSIBILITY” or the famous “ITS JUST THE WAY IT IS” and these answers have been given by MOST BANKERS. which are both correct but agreeing that it is unethical for the customers party but for the low to middle class civilization as well. We are not in disagreement with the fee itself but with the outrageous amount. To pay $35 for going over $4 is almost 6x profit from that tiny error.There is no reason to pay such a steep amount $10 ok $15 sure but $25+ that is just plain abuse. We use these functions from a bank for the reason of any other person: Its fast to get paid, the fear of carrying cash, and the convenience of online purchases which are all the top reasons for even using a bank. In some cases to resolve this you may terminate your contract with a bank and go straight to check cashing but if you have fear of carrying cash due to the “mugging” rate in these hard times you may be held back from this action. There is another solution that some people have reverted to is a prepaid card which you pay a monthly $5 fee (more or less) and you will never overdraft, and some companies will wave that $5 fee if you set up direct deposit but please read all fine print due to may have extra stipulations you may find inconvenient. Or some bank branches do offer you the opportunity to pay what you over drafted to the end of the day without charging you the fee. While exploring all of these concepts I have still not come upon the answer of, why do they charge so much for the overdraft fee? Its does not involve a committee meeting and huttle for a 3 day deliberation to come in to a verdict if to accept your payment, for you to have to pay them a 1/2 a days work of your pay to continue services with them. I think that if you pay them what is owed plus $10 it should be fine for them because that will not be the last mistake in the human existence that will ever be made. Oh and before I forget please remember dont let then keep you sucked in a horrible contract with the famous line ” Your information is all ways secure on our end” because some how on this forsaken earth you may be the most HIPAA compliant individual but some scum of the earth will figure out on how to obtain bank account information unless you have life lock that can stop it but nonetheless they obtained it. So people please do your research it will save you. Oh and if anyone has the one answer to my question please let me know .
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