Oh cool, overdraft protection

Is another line of credit I don't qualify for.

Does credit get any shittier?

"Sorry man. You might bounce some checks so, like, instead of charging you $5 we're gonna charge you $28 per check. I mean yeah you'll still have to pay em either way lolz. Good luck next time noob."

I'm not surprised but I am p****d. Seems very catch-22. What else is new with banks though?

You can only get a loan for as much money as you already have.
If you put money in, take it out, count it, change its shape, look at it funny, or even mention it: You are hit with a service fee of some sort.

Love em. Really.

just be a hobo... or a h**o

ONG ONG LARVIE!

WTFSSSSSSSSS

HOW DO YOU KNOW MY SECRET IDENTIFIER.

Can't you just link youir savings account to overdraft protection?

My credit union allowed that, afaik my bank(s) didn't.

Why would they offer a service that costs them money??? I guess that's the question....

The last time I overdrew, was about 6-7 years ago when I was in college. I had $19.68 in my bank account and took out $20 at an atm. BankOne's atm didn't notify me that I would be overdrawn, so I was charged a $20 overdraft fee on 32 cents. f*****g banks. It's always been my dream to rob one. One of these days I'll be pushed too far...

Akronn wrote:

My credit union allowed that, afaik my bank(s) didn't. Why would they offer a service that costs them money??? I guess that's the question....

They make money on it. Here's how.

Overdraft "protection" does the same thing bouncing checks does. You go below $0. They pay the person you tried to pay. Then they charge you money for the "work" they did.

The difference?

Overdraft protection is $35 or so per year and $5 per bounced check.
Not overdraft protected is $28 per bounce.

So either way they make money. No matter how you fight a bank, you lose - because by even coming in contact with those pieces of shit you are entering into the quagmire of greed and sin.

If it weren't for direct deposit and auto-withdrawal of things like insurance, I would not have a regular checking account. I'd have nothing to do with banks except let them sit on my money and invest it as they choose while I suck up their reliable-but-s****y 4.25% CD rates.

WheresNWS wrote:

The last time I overdrew, was about 6-7 years ago when I was in college. I had $19.68 in my bank account and took out $20 at an atm. BankOne's atm didn't notify me that I would be overdrawn, so I was charged a $20 overdraft fee on 32 cents. f*****g banks. It's always been my dream to rob one. One of these days I'll be pushed too far...

FUICKING BANK ONE SUCK MY f*****g c***s YOU p****s. I HATE YOU ALL

Banks are made by the man to f**k over the brothers and sisters of the society we know as US of A. Thus giving the government the power to rule us once again in order to keep track of our money so that they can bring the taxes higher to rob us of what it naturally ours. Down with banks and down with the Man.

Right on my brothas. FIGHT TEH POWAH!

Dunn wrote:

Akronn wrote: My credit union allowed that, afaik my bank(s) didn't. Why would they offer a service that costs them money??? I guess that's the question.... They make money on it. Here's how. Overdraft "protection" does the same thing bouncing checks does. You go below $0. They pay the person you tried to pay. Then they charge you money for the "work" they did. The difference? Overdraft protection is $35 or so per year and $5 per bounced check. Not overdraft protected is $28 per bounce. So either way they make money. No matter how you fight a bank, you lose - because by even coming in contact with those pieces of shit you are entering into the quagmire of greed and sin. If it weren't for direct deposit and auto-withdrawal of things like insurance, I would not have a regular checking account. I'd have nothing to do with banks except let them sit on my money and invest it as they choose while I suck up their reliable-but-s****y 4.25% CD rates.

So basically you're expecting to bounce at least 2 checks a year??

us banks let you add a credit line to your checking acount .

IF you dont get credit you have noone to blame but yourself.

You're sort of right brash - a persons credit rating is /typically/ their own doing. In my case it's totally under my own control. however, my anger is not about blame. It's about 2 simple facts:

* If I know I am going to bounce some checks (shit happens), and I want to do whatever I can to minimize fees, etc, I am being pro-active and responsible. The bank doesn't like this because this will cost them money.

* Shit happens, and the bank always profits. Lets say you belong to three organizations which auto-debit you $30 monthly. Now lets say you're f*****g poor, like me, and something unexpected comes along and costs you a f*****g lot of money. Dental work, vandalism on my car, broken toe, whatever.

The bank won't let me pro-actively say, "Hey this month is going to suck, please charge me $5 instead of $28 per bounced check okay?" No way. And why should they? What are they going to lose - the services of a customer with a $0 balance? oh no!

But look at the intent behind it. I know I had extra expenses and I'm trying to prevent them from costing me even more money. Prevent. Like, you know, plan ahead and recover from disasters.

There's no way 3 checks at $33 each is going to cost me /less/ than $99. Whether I bounce them or not, I have to pay the $99, right?

So does it matter if I go to negative $1600 or negative $99? Not really. I still owe the bank that much, and they can still contact the IRS or whomever and have my posessions taken away if they'd like.

It's all about greed versus assistance. I'm going to pay my bills either way, but the bank wants to make sure they rake me for as much as they can along the way.

Go with a small bank. After my Bank of America crap, I went with Fidelity National, a small local bank 19 branches. I never pay any fees, have interest checking and to date have never had a problem.

Nevermind. It wasn't even that amusing to begin with.

Banks only have two ways to make any money from current accounts.

1. By loaning money and receiving interest
2. By charging for services

Now in order to do number 1. the bank requires to have deposits (the Basle convention is that all banks must hold at least 5% of their lendings as cash. This means that the average punter who gets a wage paid in and draws it down is virtually worthless to the bank. The people who really matter to banks in this sense, are those in Private Banking with large deposits of cash and savings.

Nowadays everyone expects free current accounts Partially, the banks do it as marketing - it enhances their chance of selling a loan if they hold a current account. But the account itself is a liability.

So in order to actually make an income, they need to charge. And this works best for those on low incomes who break their account limit (either zero balance or whatever agreed overdraft they have). Ironically this means that the two most valuable customers to a bank are the relatively rich and the relatively poor with people in the middle being virtually worthless in terms of their current account.

At the end of the day, *you* chose to f**k up your account and incur charges, if you don't like the charging scheme find another bank service provider. Otherwise, STFU.

Regards,
Eduin

Eduin wrote:

Banks only have two ways to make any money. 1. By loaning money and receiving interest 2. By charging for services Now in order to do number 1. the bank requires to have deposits (the Basle convention is that all banks must hold at least 5% of their lendings as cash. This means that the average punter who gets a wage paid in and draws it down is virtually worthless to the bank. The people who really matter to banks in this sense, are those in Private Banking with large deposits of cash and savings. Nowadays everyone expects free current accounts Partially, the banks do it as marketing - it enhances their chance of selling a loan if they hold a current account. But the account itself is a liability. So in order to actually make an income, they need to charge. And this works best for those on low incomes who break their account limit (either zero balance or whatever agreed overdraft they have). Ironically this means that the two most valuable customers to a bank are the relatively rich and the relatively poor with people in the middle being virtually worthless in terms of their current account. At the end of the day, *you* chose to f**k up your account and incur charges, if you don't like the charging scheme find another bank service provider. Otherwise, STFU. Regards, Eduin

You're fat.

i have a bank of america account with my BoA credit account linked too it. for the times i do overdraw, the funds are jsut transferred from my credit account to my bank account. i get hit with a $5 charge plus it looks like a cash advance so i pay interest starting at that point.

it ends up saving me money though because i pay off that account every month and it helps me cover the overdraft.

i don't overdraft as much anymore since i do everything electronically, back when i was living at college though i did quite often. no income and i wrote checks so i'd forget about htem and use hte money =P

Eduin wrote:

...So in order to actually make an income....

You seem to be forgetting one very obvious fact: The two largest buildings in /any/ city are always a church and a bank.

I don't think you are arguing against the evil of either institution, but you're still foolish.

Dunn wrote:

Eduin wrote: ...So in order to actually make an income.... You seem to be forgetting one very obvious fact: The two largest buildings in /any/ city are always a church and a bank. I don't think you are arguing against the evil of either institution, but you're still foolish.

and very fat.