Ken
Randolph,#2Consumer Comment
Wed, September 10, 2008
First of all, the program is disclosed in your literature that you received when you opened the account. Beyond that, where's the beef? If you overdraw your account (which you did) and you have the program, they pay your check and charge you the overdraft fee. If you opt out of the program, they bounce your check and charge you the overdraft fee. You pay the fee in either case, but in the latter case you also have to deal with an angry creditor. If you are overdrawing with your debit card, it's another story. You may or may not be able to opt out of this type of overdraft protection, but the actual debit may not hit the bank until after you have completed the transaction. Not every debit is pre-approved. Nonetheless the bank is obligated to pay it. For this reason, the larger banks have chosen a policy where you are charged for an overdraft if there are not sufficient funds at the moment you swiped your card. It is always the depositor's responsibility to know what their balance is, and to keep an accurate track of it. Debit cards merely replace checks. Just like no one would have stopped you from writing a check that exceeded your balance, you shouldn't expect the system to stop you when you use your debit card.
Edgeman
Chico,#3Consumer Comment
Wed, September 10, 2008
It is the act of a consumer causing their account to reach a negative balance. The overdraft fees were authorized when the consumer opened the account.
Robert
Irvine,#4Consumer Comment
Wed, September 10, 2008
It is interesting how you are blaming the bank for not notifying you in a timely matter that an account has been overdrawn. Where is the PERSONAL responsibility of keeping your own accounting in the form of a check register? You see if you keep a check register and never go below 0 you can't overdraft the account. While you are trying to be cute with all of these conspiracy theories of "overdraft-3" and "overdraft-2" even that is incorrect. A bank will charge you a fee and that is what it is a FEE and not a loan of $35(may vary depending on the bank) if you do not have overdraft protection. It does not matter if you Overdraft by $1 or $100 the amount is the same. Now if you do have Overdraft Protection where your account is linked to something like a checking account. Some banks charge a set fee per year, others charge a fee per transfer. But this fee is usually less than even 1 regular overdraft fee. If a person can not handle a debit card, they need to go back to the days before debit and ATM cards and use cash. If you have cash in your wallet it is impossible to spend more than you have. After all when was the last time your local coffee house will take $1 for a $5 cup of coffee?