Edgeman
Chico,#2Consumer Comment
Tue, April 14, 2009
I reread every post in this thread and didn't see anyone claim that all banks charge an $8 daily negative balance fee.
Chris
Chesterfield,#3Consumer Comment
Tue, April 14, 2009
I've had accounts at 4 other major banks (besides US Bank) and 2 smaller banks due to military travel. I also know people that bank with institutions other than those seven and US Bank is the only one I've ever seen that charges a daily fee for a negative balance so no, not all banks do this.
Edgeman
Chico,#4Consumer Comment
Fri, February 20, 2009
"Some people on here need to work on their vocabulary" And you need to work on your reading comprehension. She asked if it was a legal scam, I replied that it was legal and not a scam. Two separate answers. I never defined a scam as being illegal. "Just because it's legal doesn't make it any less of a scam." For the record, here is the definition of a scam according to the Meriam-Webster dictionary: A fraudulent or deceptive act or operation. The $8 daily negative balance fee is disclosed when the customer opens the account. I have accounts at US Bank and for each account they give you a thick blue envelope with the account agreement, fee schedule and other information. That $8 fee is right there on the fee schedule and I can take a photo to prove it. If the fee is disclosed and the customer agrees to it, it is neither fraudulent or deceptive. Calling it a "scam" simply doesn't work. "I know of a company that will attempt to sell you a 'Free CD', all you have to pay is shipping and handling for 2.50. Some customer see it, is interested, and gives up their credit card information, and gets charged the 2.50. 14 days later, there is a transaction of 150 dollars on their account, they freak out, and call this company that was offering them a 'Free CD', only to get turned down and no refund.. guess why... because in the 'Terms and Conditions' says they can, and you 'agreed' to them by giving them your credit card info." That reminds of the deal going on at www.freecreditreport.com. They get you a copy of your report but you agree to their protection service. This is all the more reason to read up on the terms and conditions before you agree to these things. For example, last week I registered a new domain name. I thought about registering it through Yahoo because it was only $1.99. When I read the terms & conditions, I saw that the renewal fee would be $34.95 per year. I rejected it as a bad deal and went elsewhere. Now if I had accepted that deal, I wouldn't have much room to complain next year when they charge me $34.95 for a renewal, would I? Another example might be a seller on eBay who charges a low amount for an item but a high shipping charge. "Is this legal? Yes. Is this the customers fault for not reading the 'Terms and Conditions'? Yes (Because we should all be forced to read 10 pages of legalese before we get our dollar menu at )." That's a silly analogy. Fast food restaurants don't enter into a recurring financial arrangement with you before they allow you to order off of the dollar menu. "Is it right? Hell No. Is it ethical? Hell no." There comes a time when we can't rely upon others to take care of us. When I signed the documents for my auto loan, I went over the whole thing until I understood exactly what I was getting myself into. Same things with credit cards or even a music subscription service. Don't get me wrong, if someone said that they would send you a genuine Willie Mays baseball card and you wound up receiving a replica, I'd help you fight that seller until you got your money back. I spend quite a bit of my personal time trying to educate people about scammers and frauds. However, this report does not fall under "scam". "Is it a scam? Hell YES." No, it's not a scam when the fee is disclosed up front and the customer agrees to it. If you rented a house to me and the agreement said that you would charge me a $50 late fee if I didn't pay by the fifth, it wouldn't be a scam for you to assess that fee if I was in fact late with the rent money.
Windigo
Murray,#5Consumer Comment
Fri, February 20, 2009
Some people on here need to work on their vocabulary, A Scam is not somebody breaking the law, if that were the case, then we'd be in court, not on RipOffReport and the BBB. Just because it's legal doesn't make it any less of a scam. I know of a company that will attempt to sell you a 'Free CD', all you have to pay is shipping and handling for 2.50. Some customer see it, is interested, and gives up their credit card information, and gets charged the 2.50. 14 days later, there is a transaction of 150 dollars on their account, they freak out, and call this company that was offering them a 'Free CD', only to get turned down and no refund.. guess why... because in the 'Terms and Conditions' says they can, and you 'agreed' to them by giving them your credit card info. Is this legal? Yes. Is this the customers fault for not reading the 'Terms and Conditions'? Yes (Because we should all be forced to read 10 pages of legalese before we get our dollar menu at ). Is it right? Hell No. Is it ethical? Hell no. Is it a scam? Hell YES.
Windigo
Murray,#6Consumer Comment
Fri, February 20, 2009
Some people on here need to work on their vocabulary, A Scam is not somebody breaking the law, if that were the case, then we'd be in court, not on RipOffReport and the BBB. Just because it's legal doesn't make it any less of a scam. I know of a company that will attempt to sell you a 'Free CD', all you have to pay is shipping and handling for 2.50. Some customer see it, is interested, and gives up their credit card information, and gets charged the 2.50. 14 days later, there is a transaction of 150 dollars on their account, they freak out, and call this company that was offering them a 'Free CD', only to get turned down and no refund.. guess why... because in the 'Terms and Conditions' says they can, and you 'agreed' to them by giving them your credit card info. Is this legal? Yes. Is this the customers fault for not reading the 'Terms and Conditions'? Yes (Because we should all be forced to read 10 pages of legalese before we get our dollar menu at ). Is it right? Hell No. Is it ethical? Hell no. Is it a scam? Hell YES.
Windigo
Murray,#7Consumer Comment
Fri, February 20, 2009
Some people on here need to work on their vocabulary, A Scam is not somebody breaking the law, if that were the case, then we'd be in court, not on RipOffReport and the BBB. Just because it's legal doesn't make it any less of a scam. I know of a company that will attempt to sell you a 'Free CD', all you have to pay is shipping and handling for 2.50. Some customer see it, is interested, and gives up their credit card information, and gets charged the 2.50. 14 days later, there is a transaction of 150 dollars on their account, they freak out, and call this company that was offering them a 'Free CD', only to get turned down and no refund.. guess why... because in the 'Terms and Conditions' says they can, and you 'agreed' to them by giving them your credit card info. Is this legal? Yes. Is this the customers fault for not reading the 'Terms and Conditions'? Yes (Because we should all be forced to read 10 pages of legalese before we get our dollar menu at ). Is it right? Hell No. Is it ethical? Hell no. Is it a scam? Hell YES.
Windigo
Murray,#8Consumer Comment
Fri, February 20, 2009
Some people on here need to work on their vocabulary, A Scam is not somebody breaking the law, if that were the case, then we'd be in court, not on RipOffReport and the BBB. Just because it's legal doesn't make it any less of a scam. I know of a company that will attempt to sell you a 'Free CD', all you have to pay is shipping and handling for 2.50. Some customer see it, is interested, and gives up their credit card information, and gets charged the 2.50. 14 days later, there is a transaction of 150 dollars on their account, they freak out, and call this company that was offering them a 'Free CD', only to get turned down and no refund.. guess why... because in the 'Terms and Conditions' says they can, and you 'agreed' to them by giving them your credit card info. Is this legal? Yes. Is this the customers fault for not reading the 'Terms and Conditions'? Yes (Because we should all be forced to read 10 pages of legalese before we get our dollar menu at ). Is it right? Hell No. Is it ethical? Hell no. Is it a scam? Hell YES.
Edgeman
Chico,#9Consumer Comment
Mon, December 08, 2008
Hi Tanya, I'm sorry to see that this fraudulent charge has been such a nightmare for you. The $8/day fee is actually legal and not a scam. I have accounts at US Bank and when I opened each one I was given a packet that contained a fee schedule among other things. The daily negative balance fee is listed in there. Every bank that I know of has a similar fee. I am surprised that the bank wouldn't remove the fee that the fraudulent check generated. Earlier this year I had a fraudulent charge on my checking account and later a merchant accidentally charge a $1250 transaction twice. In both instances US Bank reversed the overdraft charges that would have been applied. The best advice I can offer is to go over all of the details before signing any kind of financial or legal agreement. Best of luck to you.
Edgeman
Chico,#10Consumer Comment
Mon, December 08, 2008
Hi Tanya, I'm sorry to see that this fraudulent charge has been such a nightmare for you. The $8/day fee is actually legal and not a scam. I have accounts at US Bank and when I opened each one I was given a packet that contained a fee schedule among other things. The daily negative balance fee is listed in there. Every bank that I know of has a similar fee. I am surprised that the bank wouldn't remove the fee that the fraudulent check generated. Earlier this year I had a fraudulent charge on my checking account and later a merchant accidentally charge a $1250 transaction twice. In both instances US Bank reversed the overdraft charges that would have been applied. The best advice I can offer is to go over all of the details before signing any kind of financial or legal agreement. Best of luck to you.
Edgeman
Chico,#11Consumer Comment
Mon, December 08, 2008
Hi Tanya, I'm sorry to see that this fraudulent charge has been such a nightmare for you. The $8/day fee is actually legal and not a scam. I have accounts at US Bank and when I opened each one I was given a packet that contained a fee schedule among other things. The daily negative balance fee is listed in there. Every bank that I know of has a similar fee. I am surprised that the bank wouldn't remove the fee that the fraudulent check generated. Earlier this year I had a fraudulent charge on my checking account and later a merchant accidentally charge a $1250 transaction twice. In both instances US Bank reversed the overdraft charges that would have been applied. The best advice I can offer is to go over all of the details before signing any kind of financial or legal agreement. Best of luck to you.
Edgeman
Chico,#12Consumer Comment
Mon, December 08, 2008
Hi Tanya, I'm sorry to see that this fraudulent charge has been such a nightmare for you. The $8/day fee is actually legal and not a scam. I have accounts at US Bank and when I opened each one I was given a packet that contained a fee schedule among other things. The daily negative balance fee is listed in there. Every bank that I know of has a similar fee. I am surprised that the bank wouldn't remove the fee that the fraudulent check generated. Earlier this year I had a fraudulent charge on my checking account and later a merchant accidentally charge a $1250 transaction twice. In both instances US Bank reversed the overdraft charges that would have been applied. The best advice I can offer is to go over all of the details before signing any kind of financial or legal agreement. Best of luck to you.