Over the years, I've discovered a novel way to prevent overdraft fees - I
don't overdraw my account!If I understand correctly, even if a
person writes 100 overdraft checks per year, (s)he wouldn't be charged more
than six times? Wow! That means individuals can start spending money they
don't have, just like Congress!! (But I digress...)
one per month and six per year - so if I overdraw my account on the first, I can
pay the $35 fee, then overdraw as much as I want for the rest of the month and
get free use of the other depositors' money? COOL! after all, the maney
belongs to the pother depositors, not the bank.and think, if I do
that each month through June, I can do it for free the second half of the year?
The way the bill is presented here, it appears to reward the careless. I
haven't read the bill to see if the presentation here is completely
accurate, but it does need to allow for effective reasons to not overdraw. At the same time, there needs to be a limit to the insanity and sneaky
methods that seem to have come up in order to allow one overdraft to result in
hundreds and thousands in fees. Those in charge of the banks aren't clean
either, from the other side of the stories that have arisen over the years.
@DVD--"...sneaky methods that seem to have come up in order to allow
one overdraft to result in hundreds and thousands in fees."Can
you name one 'sneaky' method? Or, is this just an emotional rant that
can't be backed up with any hard data?
Once again the government does not want people to be responsible for their own
actions. No one forces a person to be over drafted but the person themselves,
no one else is writing the check. Is this really what the federal government
should be worrying about or are there more important issues out there?
I just changed to a credit union to avoid some 'new' fees. I feel that
most banks these days will use any excuse to take your money. Goodbye, Banks.
Hello, Credit Unions!