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View Diary: The big banks aren't done screwing you over (181 comments)

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  •  Mine charges $0 for the overdraft, too. (1+ / 0-)
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    lgmcp

    They maintain an "overdraft loan" fund, built with the same credit check they used when I opened the account, that will automatically initiate a $500 loan if I overdraw.  The rate on the loan is their standard short-term loans rate (about 5%) and there's no origination fee.  I'm charged nothing for overdrafts that pull money from one share account to another, whether it's checking, savings, or loan overdraft.  It's actually cheaper for them to do it now than it was when I opened the account, too--all automated--so they rightly and loudly tout that they don't have any fees for moving your money around inside their institution.  The only fee I've ever seen is their "returned check fee" if you are also out of loan overdraft funds--and that's $20, not the $40 my sister's bank charges her.

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