notaprof
Not a
Distinguished Senior Member
Posts: 11,084
This space for rent
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« on: March 10, 2011, 01:15:09 PM » |
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This just burns me up: Debit Card Limit. Which ring of hell do the banks belong in? Level 4 for living greedily and stockpiling wealth sounds better than they deserve. |
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"That's a great deal to make one word mean," Alice said in a thoughtful tone.
"When I make a word do a lot of work like that," said Humpty Dumpty, "I always pay it extra."
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hegemony
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« Reply #1 on: March 10, 2011, 01:47:05 PM » |
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If you read further down the article, you'll find that they're testing out $3 monthly fees for debit cards and $15 (monthly?) fees for checking accounts.
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Tragedy tomorrow, comedy tonight.
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madhatter
We proudly present the fora's Least
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Distinguished Senior Member
Posts: 5,675
Just killing time
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« Reply #2 on: March 10, 2011, 01:49:09 PM » |
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Grrr....
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"I may be an evil scientist, but it doesn't take a degree purchased from the Internet with your ex-wife's money to know how special and important you are to me." -- Dr. Doofenschmirtz
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scampster
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« Reply #3 on: March 10, 2011, 01:56:50 PM » |
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Here is hoping my credit union doesn't follow suit...
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When you are a scientist your opinions and prejudices become facts. Science is like magic that way!
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prytania3
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« Reply #5 on: March 11, 2011, 03:40:49 AM » |
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This is the backlash from Obama's consumer financial protection whatever bill.
Obviously the banks were going to find other ways to make money.
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Clowns, I tell you. Clowns.
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infogoon
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« Reply #6 on: March 11, 2011, 02:12:30 PM » |
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This is the backlash from Obama's consumer financial protection whatever bill.
Obviously the banks were going to find other ways to make money.
Really? The spread between what they charge for a loan and what they're paying for CDs and money market accounts just wasn't enough? I think one of my accounts paid me $0.17 in interest last month. Why doesn't the banker just come to my house and punch me in the face? |
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madhatter
We proudly present the fora's Least
Member-Moderator
Distinguished Senior Member
Posts: 5,675
Just killing time
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« Reply #7 on: March 11, 2011, 02:52:31 PM » |
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I think one of my accounts paid me $0.17 in interest last month. Why doesn't the banker just come to my house and punch me in the face?
They're backed up punching all of the foreclosed homeowners in the face. Once they've finished with them (and kicking the short-sale homeowners in the ass), they'll get to you. |
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"I may be an evil scientist, but it doesn't take a degree purchased from the Internet with your ex-wife's money to know how special and important you are to me." -- Dr. Doofenschmirtz
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kirin85
Member
Posts: 154
The sea's in my veins, my tradition remains....
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« Reply #8 on: March 11, 2011, 02:58:58 PM » |
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With my bank, I have to call to grant purchases over $300. WTH! There are many places that won't take a check, and if you are out of state, then they definitely wouldn't.
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pigou
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« Reply #9 on: March 11, 2011, 05:13:36 PM » |
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I actually got a call from Chase about my checking account - apparently, I get grandfathered in and don't have to pay fees. Good, or that account would have been closed right away. I also still have my Ultimate Rewards debit card (the one with higher rewards but a $25 annual fee). I wonder if they won't renew that next year... obviously, it would do me no good with a $50 limit. I noticed they already raised the price of their rewards - unannounced. I used to get a $25 gift certificate from Amazon for 2,200 points and now it's 2,500 points (the same cost as $25 cash, so why would I get a gift certificate?).
Someone needs to hit the morons in Congress with a clue bat. Haven't we learned by now that price controls are a bad idea? Because we're all going to be off so much better if people are forced to use credit cards instead, or if they have to use cash and deal with the nightmare of manually keeping a budget.
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oldadjunct
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« Reply #10 on: March 11, 2011, 05:35:33 PM » |
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Everyone is entitled to his own opinion, but not his own facts.
Daniel Patrick Moynihan
Fiction is baseball; Rhetoric is football.
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dr_prephd
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« Reply #11 on: March 11, 2011, 06:39:32 PM » |
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I thought I was nifty when I linked my savings to my checking to prevent overdraft fees. I was shocked this month to find that my bank charged me $10 each time it had to transfer funds from savings to checking. FU, Wachovia.
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Prephd, in all that black, you are like the anti-pink-me. Freewill is a beeyaaatch
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punchnpie
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« Reply #12 on: March 11, 2011, 06:54:39 PM » |
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I thought I was nifty when I linked my savings to my checking to prevent overdraft fees. I was shocked this month to find that my bank charged me $10 each time it had to transfer funds from savings to checking. FU, Wachovia.
They charged to transfer funds? Not only charged, but charged $10? Dayum. I really didn't care about credit unions until recently, but considering the posts here, they may be worth looking into. I know I like the nice dividends I get from mine and I haven't found any bizarre charges...yet. |
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What about all them other professors – ain’t they your kin? Good God, no. I loathe them and they loathe me. – Sunset Limited
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oldadjunct
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« Reply #13 on: March 11, 2011, 07:36:51 PM » |
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I thought I was nifty when I linked my savings to my checking to prevent overdraft fees. I was shocked this month to find that my bank charged me $10 each time it had to transfer funds from savings to checking. FU, Wachovia.
Wachovia was absorbed by Wells Fargo about two years ago. If you don't know that, don't blame anyone but yourself for not knowing your own transaction fees. Banks are businesses, certainly they take advantage of people and that should be looked into. But all businesses make money by providing services, that is what they do. Money for service = business model. You want the service of, for example transferring money from one account to another, then expect to pay for it. If you feel your current bank charges too much for a particular service, then change banks. But if you figure a bank is in business to, well, just keep you happy then change universes. BTW, I had a similar argument with my bank once. But my back up account had $100's k in it (business account), so I actually had some leverage. |
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« Last Edit: March 11, 2011, 07:40:00 PM by oldadjunct »
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Everyone is entitled to his own opinion, but not his own facts.
Daniel Patrick Moynihan
Fiction is baseball; Rhetoric is football.
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pigou
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« Reply #14 on: March 11, 2011, 08:08:42 PM » |
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I thought I was nifty when I linked my savings to my checking to prevent overdraft fees. I was shocked this month to find that my bank charged me $10 each time it had to transfer funds from savings to checking. FU, Wachovia.
https://www.wachovia.com/overdraftprotectionThey're exceptionally transparent in disclosing their fees online. The fee is less than the Insufficient Funds Fee, which according to some googling seems to be $22. I haven't seen their printed material, but it should be pretty clear that this doesn't mean you don't have to transfer money to your checking account... I'm sure this is going to be the same at a credit union, and it's how all other banks handle overdraft protection as well. Also, I've never heard of a bank that charges a fee for an electronic transfer between your own accounts. Chase and Citibank (and I imagine other banks, too) also don't charge for electronic transfers to your accounts with other institutions. I got hit with an overdraft fee by Citibank once and, after a call, got that refunded. My account with them is in the low 5 digits, so not exactly big bucks. I don't think you'll have a problem getting an overdraft refunded if it happens once or twice a year. If I were you, I'd call Wachovia and say you weren't clear about how the protection works - which I think is obvious from having been hit with multiple charges while having money on your account. See if they're willing to refund the charges. Tell them that not doing so is completely unreasonable and you'll otherwise close your account with them. They should offer to refund at least most of the charges. Finally, you should drop the overdraft protection and opt out of overdrafts in general. That way the bank will decline the transaction if you don't have sufficient funds, which doesn't result in any fees. You may also want to sign up to mint.com, a budgeting site that will also send you an e-mail whenever the bank hits you with a fee. At least you'll know right away when something is off. |
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