why does the Bank try to rip people off?

@marciascott (25553)
United States
July 20, 2009 7:43am CST
I am being chared 32.00 for 42 cents, I had a over draft fee for .42, now the shuld give me a break! I even tr\ied to put the mony back in before a certain time I am still being chared 32.00, Now I have to call the bank Manager and see if they will give me a one time Courtesy.That is how they make there money off. I have been dealing with thus Bank for at least 25 yrs. Better yet I will go to the Branch. Wish me Luck! I don't have 32 dollsrs to give away!
7 people like this
23 responses
@Polly1 (12648)
• United States
20 Jul 09
Good luck Marcie, Talk to the manager in person and I am sure they will give you a break. All that stuff is handled automaically by a computer. You have to talk to a person to get that taken care of, that is just wrong to get charged a $32 overdraft fee for 42 cents.
4 people like this
@marciascott (25553)
• United States
21 Jul 09
Yeah, but that is there Policy, I just don't want to pay it but I have to pay it to be in good standing with the Bank, it really hirted me to pay it, but I had no choice, on top of that, I desposited $50.00 I couldn't even get a dime back, and I run out of gas driving back home, I really had a messed up day! How are you!
2 people like this
@Polly1 (12648)
• United States
21 Jul 09
I just got home and had a letter in the mail. It was from a bank, (ripping me off) Citi Bank, I have an AT&T Universal Visa card with them. They are raising my rates from 10.8 % to 29.99% for no reason other then the economy is bad. I have been with them for over 20 years and have never been late with a payment. Its straight up legal robbery to me. They gave me the option to cancel my credit card with them, thats what I did too. I had wanted to keep it, that was the credit card that I have had the longest. I talked to 3 people and couldn't get anywhere with them. I would not recommend them to anyone.
2 people like this
@marciascott (25553)
• United States
21 Jul 09
That's too bad. These Money Hungry People make me sick!
1 person likes this
@Grandmaof2 (7603)
• Canada
20 Jul 09
I'd be changing banks if it was me. Obviously 25 years of service doesn't mean as much to them as it does to you. We recently had to change bans as well due to some real unwise changes the branch made and we were not at all impressed.
@marciascott (25553)
• United States
21 Sep 09
Well they did it again, I owe 77.00 all because they charged me 6.00 because I didn't use my Debit card, you have to use them 5 times out of a month. So $35.00 for the $6.00 it's crazy, that is how they make there money, It ought to be a law, for them not to do this!
@KupoSin (680)
• United States
21 Jul 09
well you have to remember that banks, like all business, are there to make money. plus, everything is electronic. if you overdraft, there is a fee. that fee applies to everyone, regardless of your standing. i understand that you want a one time waiver since youve consistently been a good costumer for the bank. however, it is bascially saying that you broke the rules but want to be exempt from the consequences because you havent broken it in the past. it will set a bad example towards future incidents in which other customers overdraft. buisnesses will always stay firm to their rules. treat everyone fair or not at all
3 people like this
• United States
21 Jul 09
KupoSin, I completely agree, and I even mentioned this in my post. It sucks having to pay fees, but customers do not get seniority. From a past customer service employee's point of view, if a business lets a customer "slip by" even though their problem was not the fault of the business, that customer is more likely to continue to ask for exemptions, and this sets a bad example for customers who are overhearing. Suddenly, everyone wants to be exempt and the business policy is non-existent or hard to prove. When my husband had this problem, yes, we were out $200 dollars, but it was our fault for not checking up on the account. The bank was only upholding its policy. So once we knew what the fees were for, we paid them, no questions asked. At the time we were angry enough to switch banks, but the situation was our fault and the bank only did what it's policies say to do. I've had an account at the bank for 20 years--since I was born--but that is never a factor because I am a customer just like the next person in line.
2 people like this
@marciascott (25553)
• United States
21 Jul 09
I guess you have apoint, but some of the Bank Managers are nice. but some are not. he was going to let it go but he seen that back in Feb. I had got a one time courtescy.
1 person likes this
@khayshenz (1387)
• United States
21 Jul 09
It's not about seniority - it's about loyalty. This person has been loyal to this company for 25 years. That means she trusted them with the family's money for THAT long. That's a LONG time. That's a quarter of a decade - that's older than I AM!! And business minded people (who are in for the long haul) should know that loyal customers who keep coming back should be valued. Let's just assume that for the entire 25 years, this person has never had an overdraft whatsoever. You're telling me that the bank shouldn't let this one go. This one meaning CENTS!! Not even an entire DOLLAR. If a business doesn't value your loyalty - it's time to call it quits. Ever since WAMU became Chase, I've been dissatisfied. I think I'm moving my cash to the local credit union. J.P. Morgan Chase is letting other people borrow my money YET they took the liberty to close my old wamu credit card because of "inactivity." What a bullsh!t reason. Bye CHASE!
@coffeebreak (17820)
• United States
20 Jul 09
I'd venture to say OD is OD... a machine looks at it not a person. Odds are if you ask the manager and explain, they will waive it... if not... right then and there... tell them to take you to the window where you can close your account as this bank obviously doesn't care about their customers..especially the 25 year old ones! I got a letter..postage of $.44 from my apartment company.. I had shorted my rent by $.50 (I read it wrong when I wrote it out). So they sent me a letter costing them $.44 in postage to tell me I owed them $.50 and I can add it to next months rent. Why didn't they call, send a note to my apt.. or just tell me next time I paid rent? What part of stupid don't they get?
3 people like this
@Shery32 (424)
• Saudi Arabia
21 Jul 09
I think it is quite simple, to make more money and most importantly, it is their job to :D
2 people like this
@marciascott (25553)
• United States
21 Jul 09
I startedto Close my account, but I have a Debit Card and Check books.
1 person likes this
• United States
21 Jul 09
Here is a good article I just found on MSN money about banks, their fees, and how to avoid them. This is where I first found out about the reasons banks do a lot of what they do: http://articles.moneycentral.msn.com/Banking/BetterBanking/Your5minuteGuideToBanking.aspx
2 people like this
@marciascott (25553)
• United States
21 Jul 09
I know why the do it, that is how they make there money. I will take a look at the website.
1 person likes this
@agrant10 (1446)
• United States
20 Jul 09
Yes, I would suggest that you speak with the manager. That is alot of money to pay for such a samll amount. Hopefully they will remove the charge. I know that they would hate to lose you as a loyal customer. If they would not take the charge I would seriously think about chaning banks. Hopefully the will work with you on this.
2 people like this
@marciascott (25553)
• United States
21 Jul 09
I have been with them for $25.00 yrs.
1 person likes this
• Canada
20 Jul 09
That's happened to me before, and it drives me nuts!! The bank does this because they are too big for anyone to take them on, and because they are so big, they are greedy, and corrupt. It would be different if people purposely overdrafted their accounts often, or just didn't take responsibility, but that's not the case with people like you and I.
2 people like this
@marciascott (25553)
• United States
20 Jul 09
I tried my best to talk the manager into letting me slide , but he wouldn't.
1 person likes this
@underdogtoo (9596)
• Philippines
20 Jul 09
Banks are there to make lots of money and the way to do it is to have rules that allow them to rip people off. They charge for anything that they have a mind to without thinking of the people who might be on the losing end. Sometimes, they get screwed too but that is not very common.
2 people like this
@marciascott (25553)
• United States
21 Jul 09
yeah someimes they do.
1 person likes this
@smileonstar (4012)
• United States
21 Jul 09
Hello, It happened to me once before but I still have to give them $35 cuz they said My account was a little short and it cashed out last night, so once they start to cash out when my balance was short then the bank will charge you right the way. I used to bank with wellsfargo and most of the time they would give me back, but other banks will not help you out at all. I hate to see this but the most bank that I hate the most is Bank of America. you know how they did. Last time I had account with my sister and then I used the account to pay some of my bills then, she also use it without putting money in the account then it became over draw. there was like 3 of them, I had like over $100 and guess what ? Bank of america did was clear the the highest check to the lower one, so if the check that you could cover it then it still have to pay the overdrawing fee. I never banking with them anymore. So you have to watch out what they are doing in your account... they are the most scam people ever.
2 people like this
@schulzie (4064)
• United States
20 Jul 09
Short answer - because they can! I am seriously considering changing banks because of this. I bank at BofA - you know who that is - and I recently overdrew my account by .50 cents. I got charged $35.00 for this. Yep, the same sh*t you went through. And no, they will not refund the fees as they told me that I need to manage my money better. I just think they are a bunch of jerks who just love to make money off the little guy like you and me. They can so they do. Simple as that. There really should be some regulations on this, say if you charge anything less than $5.00 then they can't charge anything more than $5.00 for that transaction. I can understand if it was maybe $50.00 or something that was overdrafted, but come on! It is highway robbery. That is why banks make so much money. They should be ashamed of themselves for this type of fee structure. I really don't see how they are all going bankrupt. Have a great day and happy myLotting!!!
@JoyfulOne (6242)
• United States
20 Jul 09
Wow! That's just plain crazy. 32 bucks for an overdraft of only 42 cents?! Maybe it's time to switch banks lol. The bank I have offers free overdraft protection with my checking acct. You can 'goof' up to two times (or 3?) in a year and it doesn't cost anything. I've never had to use it, but it's nice to know it's there! Not sure, but you might get it took care of easier if you went in person. I think it's easier to state your case in person when you're not just a person on the phone (makes it easier to say NO I'd think.) You'd think they'd have that kind of overdraft on a sliding scale for amounts so low!
2 people like this
@twoey68 (13651)
• United States
21 Jul 09
Don't feel bad, I have been ripped off so many times by them it's pitiful. It's how they make their money. They often make mistakes and then the ppl have to pay for them. [b]~~AT PEACE WITHIN~~ **STAND STRONG IN YOUR BELIEFS**[/b]
1 person likes this
@marciascott (25553)
• United States
21 Jul 09
Yeah, they do make mistakes! The Guy startd to give me a break and then he loked up something in my reacords, because back in Feb, the gave me a break, so they only give you a one time Courtesy.
@mouse27 (1155)
• Canada
11 Sep 09
i have a couple of different bank accounts but one of my bank accounts is overdrawn over 300 dollars cause i was stupid and let someone write a few cheques to me thinking that they would actually pay them boy was i wrong. needless to say i told the bank that they weren't getting a dime from me and that they could go after the person that wrote the cheque if they wanted there money.
1 person likes this
@happy6162 (3009)
• United States
23 Jul 09
i have been wondering that myself. it does not make since to charge that much because most people can not afford that amount. they can get away with it just like the credit card companies can charge outrageous finance charges, late fees, overlimit fees. it is just outrageous!!!!!
1 person likes this
@suzzy3 (8357)
23 Jul 09
That is so unfair,our bank is only allowed to make one charge per month if we go overdrawn as we have not it does not effect us ,but it is a comfort to know that.The government have stopped all these bank charges especially if your wages are paid in one day late,If they know your money is due you will not get charged anymore.
1 person likes this
@tundeemma (896)
• South Africa
21 Jul 09
they often claim they are saving the money for us but the fact remains that these people are using people to do business and they are only after huge savers to get them ripped off, they even have many charges that are uncalled for or rather insignificant and they have a way of making some unwarranted excuses for tax removals
• United States
21 Jul 09
I agree that bank fees are ridiculous. Before we were married, my husband went over a few dollars and he was charged $35.00 PER DAY (for five days) because he didn't know about it until he checked his balance and saw that it was over $200 in the hole. However, even though bank fees are ridiculously high and $32 is an awful lot for 42 cents, those are the policies. Whether you have been with a bank 2 days or 25 years, the policies do apply to you. Many customers or clients of businesses tend to think they have seniority, but most of the time this isn't the case. I wish you the best of luck, but if the bank says there is nothing they can do, there really is nothing they can do. Certain customers and/or clients usually don't get exempted from policies and procedures with businesses. And one thing to look out for: many banks have an unequal policy when it comes to deposits and withdrawals. Check your balance often...online or through an ATM...you will notice that deposits take much longer to process and actually be available to you, while withdrawals are often immediately deducted. This is because the bank wants you to go over, even if it is only once...in order to make that $32 fee. It isn't fair, but so far it isn't illegal. Either way, best of luck and let us know how it goes. :)
1 person likes this
• Canada
20 Jul 09
That's happened to me before, and it drives me nuts!! The bank does this because they are too big for anyone to take them on, and because they are so big, they are greedy, and corrupt. It would be different if people purposely overdrafted their accounts often, or just didn't take responsibility, but that's not the case with people like you and I.
1 person likes this
@tonniek02 (457)
• United States
21 Jul 09
That's what I pointed out in one of my discussions, back when the banks started getting the bail outs. Why did they need it...they rip off the people as it is. For example: 1 bank with 5000 customers. If 2500 get 1 overdarft and get charge $25.00 for that overdraft in 1 month. The bank just made $62,500.00 (and thats in one month) and that's FREE money for them. Then why were they going broke. That's more money then I make in 5 years. So if you figure a whole year of this, that is $750,000 a year. And that is just on overdrafts. Not including late fees, credit card fees, or even loan fees. This is money they don't even have calulated in there everyday business. So why do they keep gouging the people.... I was told that these money made from these fees are used for the banks partys, and bonuse. Guess you can see why the managers live so well...Good luck on getting your money back....