New Fed Rule - Interesting
November 12, 2009 10:08pm CST
In the US a few months ago a large bank merge caused havoc for their customers. In short, the bank started allowing charges to go through on accounts with insufficient funds. Here is the best part... when merging the two systems there were to many glitches to be fixed at once. So they had to work on it little by little. Leaving the customers in the dark. Imagine waking up on day and thinking you have money in the bank. It's Friday payday and you have direct deposit. But, when you go to get your money you find yourself -$400.00 and you don't know why! They we not posting credits quick enough and debits were still going through leaving you negative but check this out every single transaction including deposits (but still left you account negative) you were charged $35.00 making it worse and worse. So here it is, 2 months later and I see an article on http://finance.yahoo.com. It's about time! New Fed rule taking effect on July 1st 2010, banks can no longer charge overdraft fees without the customers consent. A little too late for me... but this is great knowledge to know, since there has been and are many new bank mergers coming our way!
• United States
13 Nov 09
So, the banks are acting normal by still stealing from their customers. No wonder my grand-father never trusted them and kept his money (thousands) in his pockets. Okay, an old guy with mucho cash is a scary thing, but at least he could see the thieves coming.