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

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  •  That's fine if you're not living close to the edge (1+ / 0-)
    Recommended by:
    bablhous

    every month like many of us.  The less you have, the more the screw you over.  Word.

    The bottom 1% are the most egregious victims of Wall Street's class war. We 99% must not abandon them.

    by NM Ward Chair on Mon Nov 14, 2011 at 06:20:40 PM PST

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    •  I understand (0+ / 0-)

      But writing checks for money you don't have is illegal. In many places you can end up in jail for it. I really don't see how this is any different.

      It is theft.

      •  Bullsh*t! (1+ / 0-)
        Recommended by:
        bmcphail

        The difference between a mistake and a fraud is intent.  Overdrafts aren't like checks you don't intend to cover.  They usually occur because you (or the bank) have made a math error, or some automatic deposit didn't happen at the intended time, or an unexpected withdrawal (even if temporary) happened.  For example, Chevron temporarily debits your account $100 to cover the gas you're pumping, even though your ultimate bill is far less.  If you don't have $100 in your account, guess what happens?  You're overdrawn.  The bank charges you.  Then the next check you write, thinking you have the money in your account, also bounce.  That's a mistake, not a fraud.  It's not even your fault; Chevron doesn't tell people that they're debiting more from your account than for the gas you're pumping.

        This happened to me.  Since I have a credit union, they reversed the NSF fee when I asked WTF I was being charged for.  If I had a bank, especially a big one, do you think that would have happened?  No way.  Not with the banks I used to deal with, anyway.  if you can keep $500 in your checking account to avoid monthly fees, you'd never know all the ways less affluent people are vulnerable.  If you want to talk theft, that would be the egregious fees banks charge for minor mistakes, or the deposit/withdrawal reordering swindles they pull, as explained elsewhere in the comments.  

        The bottom 1% are the most egregious victims of Wall Street's class war. We 99% must not abandon them.

        by NM Ward Chair on Mon Nov 14, 2011 at 09:37:03 PM PST

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        •  My GF had about $600 in penalties for essentially (1+ / 0-)
          Recommended by:
          NM Ward Chair

          one check.

          Compass Bank in Mobile, AL put a hold on a monthly check that had been depositing without incident for months.  Several small checks bounced, but that was not the kicker!

          The bank debited a $35 OD charge, which hit the empty account, so the bank debited a $35 OD charge, which hit the empty account, so the bank debited a $35 OD charge, which hit the empty account, so the bank debited a $35 OD charge, which hit the empty account...etc.

          over $600 and they adamantly refused to fix it.  I got a small "courtesy" (HAH!) payment of about $80 by sitting in the branch manager's office and politely refusing to leave, but no real redress of the obviously bogus situation.

          We no longer bank there.

          We are the principled ones, remember? We don't get to use the black hats' tricks even when it would benefit us. Political Compass: -6.88, -6.41

          by bmcphail on Mon Nov 14, 2011 at 10:07:18 PM PST

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        •  Easy solution (0+ / 0-)

          For the authorization holds. Nearly every bank gives you a checkcard that can be used as debit or credit.

          If you use debit, you don't have this problem.

          If you are running so close to the edge financially that this type of thing is a concern for you, you should either be using cash, debit, or an actual credit card that isn't maxed out.

          By all means, find a bank/credit union with the most favorable terms, but getting mad at something like this that isn't the bank's fault is a stretch. It isn't their responsibility to float you money month to month. That's what loans are for.

          •  Incorrect. It was a debit card. (0+ / 0-)

            I had over $100 in the bank at the time.  I wasn't that close to the edge.  You are clearly ignorant of the financial challenges working people face every day.  Mine aren't all that severe.

            The bottom 1% are the most egregious victims of Wall Street's class war. We 99% must not abandon them.

            by NM Ward Chair on Tue Nov 15, 2011 at 12:40:12 PM PST

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            •  Lazy (0+ / 0-)

              "oh you have no idea the struggles people go through!"

              What an intellectually lazy and disingenuous argument based on absolutely nothing.

              I've quit a job and started a business that was funded mostly on running up credit cards and trying to scrape by without pay for months.

              I've been furloughed and unemployed for months because of the economic black hole we are in.

              My wife is working full time and putting herself through school.

              I've spent a week eating peanut butter and crackers because I didn't have enough money to buy food. She lived her car for several months.

              So tell me please, about the struggles you have being unable to manage your bank account. Please. I'm all ears. Tell me about how it is the bank's fault you overdrafted your account because you didn't want the inconvenience of using cash. Tell me all about it.

              I know it is shocking that someone can look at the same information as you and come to a different conclusion. This is so impossible to comprehend that clearly, I must be an out of touch 1%er. Obviously.

              Give me a break.

              •  Excuse me, you were the one who said (0+ / 0-)

                an overdraft was the same as theft.  This incident was not in fact the credit union's fault, and they did refund the overdraft charge.  This was Chevron's fault, because they debit people's accounts without notice for money they did not agree to spend.

                The bottom 1% are the most egregious victims of Wall Street's class war. We 99% must not abandon them.

                by NM Ward Chair on Tue Nov 15, 2011 at 12:59:39 PM PST

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              •  I should have said (0+ / 0-)

                you have no sympathy for the financial challenges working people face every day.  Even though you face them too.  IMHO lack of empathy is far worse than ignorance.

                The bottom 1% are the most egregious victims of Wall Street's class war. We 99% must not abandon them.

                by NM Ward Chair on Tue Nov 15, 2011 at 01:35:26 PM PST

                [ Parent ]

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