Bank fees-nothing more than robbery?
By dragon54u
@dragon54u (31633)
United States
July 26, 2008 10:51am CST
Banks have software now to figure out how to get the most fees from an account. For instance, if you have several checks hitting your account the software tells them if they credit the largest, several of the smaller ones will bounce and generate fees. These fees are often $35 per check. The next day, those checks will bounce again, and you get more fees. If they put the big check in last, only that one will bounce and only get one fee of $35. They deliberately charge you as much as possible for their own enrichment, leaving you possibly ruined and out of money for months.
We all know it's bad practice to bounce a check, but some people make an error in addition/subtraction. Most people don't deliberately bounce checks but the banks work it so they can be paying hundreds in charges rather than one bounced check charge. Do you think that's right? I don't.
Have you ever gotten caught with multiple charges because of bounced checks this way?
3 responses
@nupats (3564)
• India
26 Jul 08
hi dear that is awful..well i did not really have any of my cheques bouncing..and 35$ is a big amount to be charged as a fine..but i do not think much can be done about this..pls be more careful or try paying by cash so that you do not incurr such heavy losses..i normally pay all my bills in cash..take care dear
1 person likes this
@dragon54u (31633)
• United States
26 Jul 08
I don't think I've bounced a check in more than 30 years, I'm very careful! However, I know people who have, it's called "floating" a check, hoping the funds make it to the bank before the check does and that's a very dangerous and costly thing!
Like you, I pay cash or I use my credit card that pays a percentage of what I spend to my mortgage--then I pay it in full every month! I hate being in debt so I avoid it like the plague!
@academic2 (7000)
• Uganda
26 Jul 08
I think the public will soon lose confidence in Banks-the same is happening here, we are paying unreasonable bank charges! Some of them even the bankers themselves cant explain
1 person likes this
@dragon54u (31633)
• United States
26 Jul 08
Nice picture!!
Yes, and in some places here they even charge you to speak to a manager or teller!
@spalladino (17891)
• United States
26 Jul 08
It hasn't happened to me in a very long time but what bugs me even more than what you posted is when you have a direct deposit going through at the same time and that is credited last. I had a check go through earlier than expected and it bounced just seconds before my pay check was credited. I called the bank and they said that the debits go through before the deposits...standard procedure...but they also agreed to remove the bounced check fee since I don't normally bounce checks. I understand that banks have to make money, too, but they need to do it fairly.
@dragon54u (31633)
• United States
26 Jul 08
If the banks would change some of their practices, like manipulating check charges and making sure deposits are credited first, they would make a lot more money and steal business from the credit unions.
When I had my first bank account, everything was tallied up at the end of the day, it was like this till just a few years ago. Credits would be entered first, followed by checks and debits. That wasn't making any fees, though, so they changed.
No wonder the banks are in trouble. They are greedy and inhuman and greed always turns out badly in the end.
