BTW - good movie public enemies, saw it last night

You better believe it and Citizen's Bank is at the top of the list. What happened to banks invest the money and then they pay you a cut of the dough? Now you put in your money and they charge you to do anything with it.

That's not really the same thing. Just taking the money is the same and if that's the business model then why are these fools being bailed out with taxpayer money again?

In Soviet America, banks rob you!

I have nothing smarmy or sarcastic to add.
Banks just suck, vampires off the blood of America. Only credit card companies are dirtier.

Regions got me will a 235.00 OD Fee for 45.00 overdraft. They would not help me out and said sorry about your luck.

Banks got on the "negative activity fees" profit train back in the 1990s when they started upping all the ATM fees after having this service for free to get people to adopt using ATMs - which supposedly saved money over using a live teller. Then the banks began raising bounced check fees and then the scheme with taking the largest debit first in order to bounce alot more smaller items versus one larger item.

And don't even ask if a bank gives interest on a savings account anymore. What does 0.025% interest to a customer's savings account actually mean when the bank is charging $39 for each bounced check in another customer's account?

@I Love New Jersey: Another mindless talking point from the conservative echo chamber... um, it's YOU PEOPLE who think the banks should be left alone to their own devices, to do whatever the hell they want. Congratulations, now you're seeing the result of 8 years of it. Blame yourselves. And stop complaining about "fascism" when the Obama administration attempts to clean up the mess his corrupt predecessors made, by finally making some damn rules for these vultures. You can't have it both ways.

I'm surprised there hasn't been a credit union suggestion in the comments yet. I personally don't hate banks enough to switch to a CU yet, but by all means, if you're running into a bunch of fees, ditch the bank!

@jwillys1:

Are you sure that was one overdraft? Are you sure it wasn't... seven overdrafts?

Back when I got my first checking account (back when there were ATM cards but no debit cards yet), banks would charge you a service charge of about 10c for each check you wrote, plus a monthly account maintenance fee. Then you would pay the bank to print you more checks. It would all show up as fees on your monthly statement. Having a checking account was not cheap or free.

Then free checking went from being a marketing gimmick to an expected service. I don't know how today's banking fees compare to the old per-check fee, because I've managed to stay on the free side of banking for some time now. Years later, looking back, that 10c per check fee, and monthly service charge still seems like reverse bank robbery--low tech style. But today's overdraft charges and fee stacking schemes seem unconscionable to me. Those bankers have become reverse loan sharks--they already have your money, and they do whatever they can think of to keep from having to give it back to you.

@I Love New Jersey: dammit beat me to it!

@Radi0logy: Funny that you say that. Credit card companies are almost indistinguishable from the banks; like a set of diabolical siamese twins.

Financial fees should have been frozen or even throttled back through the bailout. There is absolutely no reason why transactions that cost financial firms pennies should cost consumers several dollars. Consumers are now being whipped into propping up balance sheets and make all the smimy bankers look smarter than their pea-brains really allow them to be.

Bank here recently hit my girlfriend for an overdraft, because of a simple screwup that overdrew the account by $3.00. Fair enough, it was her mistake. But then they rearranged the order of payments cleared so that it would generate 4 more overdrafts, plus 2 more overdrafts for being overdrafted. We had proof of this right from their website. She went in, showed them the printout, asked why the re-ordering was done, and why they were charging her overdrafts because of the overdrafts.

The girl at the counter that day reversed the entire lot. No explanation, but still a full reversal. Mostly (we think) because we got the impression that she had recently been screwed on her own accounts and was, in a way, getting even with the bank. Had someone else been working there that day instead of her, I'm not sure we would have the same end result.

Point is, they CAN reverse these things any damn time they want. There is no "policy" or anything else preventing them from doing it. Other than greed that is.

@BZMedia: Sure, it's not like the overdraft costs them anything--it 100% profit.

@Radi0logy: I was just reading an article about how the student loan program is bleeding people dry through excessive fees tacked onto their balances making their debt balloon. Now add to this insanely expensive health insurance and high out of pocket medical costs. Then your bank feels the need to fleece you too. Oh and your cable company. Then people are getting pay cuts and wages have been stagnant for years.
No wonder the economy is dying, nobody has any money left after they get shaken down for their last penny.

@BZMedia: Evidence is always good especially if it is a printout of their website, however it doesn't always work. I wish I could remember the exact circumstances but I showed BOA my account activity from their website along with receipts and the smarmy jackass branch manager admitted they were wrong but pretty much said "too bad so sad". I closed out my account that day.

@econobiker: I was under the impression that either the EU or the UK has govt. regulated fees that banks can charge. IE: they can't charge ATM fees, can only charge a set amount for an overdraft, can't do the largest check first to bounce more checks etc. Can anyone with experience in these banking systems shed some light?

@Adrienne Willis: That was exactly what we expected to happen. I even told her going into it, "you're most likely not going to see a dime of that back".

Not to defend banks being greedy, but let me shed a little light here. As a former bank manager for a large east coast company let me explain the excessive teller idea. I know it is our job to help customers, so I get it, but the company expects the staff to do more and more, and often with less staff due to layoffs and not replacing positions. We had people that came in every other day to withdrawal $20, and others that refused to get direct deposit due to their own ignorance. This ties up the tellers for customers who really need help and need personal attention. If you can do the transaction at the ATM, please do. Even with the scams going around, a customer is NEVER held to unauthorized transactions through their ATM cards.

@Adrienne Willis: Wells Fargo not only did the same thing, but they decided to announce in a loud voice "maybe you should be more careful with your limited funds!" in the middle of the bank lobby on my way out. I went to another branch, closed out my account and put in a complaint about the other branch.

Everyone, on this subject: Remember that Chase promotion? You open a checking account and get $100.00 that was featured on here a month ago? Well, this idiot (ME) decided to open an account with them and get the lovely free money. The conditions were: you had to make at least 5 debit transactions (easy) OR set up a monthly Direct Deposit (not as easy but no real problem). I went with the 5 debit transactions.
So I got my account opened, received my Chase debit card in the mail and used it 5 times. True to their word, in about 5 business days I had $100.00 deposited in my account.
You know those little deposits banks make into another bank to be sure you have an account there? They are always less than a dollar. Well, Chase deposited .49 and .43 into my REAL checking account and then promptly took them back out. I have never seen a bank do that before. Still, it was not a big deal.
However, when I transferred some of the $100.00 into my REAL bank account here in Savannah Chase charged me $3.00! I have done business with several banks and none charge to do an electronic transfer. A wire transfer is what most banks charge for.
Also, if you close your Chase account within 4 months they will take their $100 back! LOL!
Anyway, I know I will never do business with them again and plan to close my account in 5 months. I will probably be charged one of those "closing fees", too.
I really have to blame myself for thinking I could get free money when dealing with a bank and not reading their 1000 page booklet on using my account. LOL!
It was a fun experiment and I learned my lesson.

@coolteamblt: Printouts can be easily doctored, why would they accept it as 100% proof?

I've been telling people for YEARS: want to be 100% certain to have your money stolen from you? Put it in a bank. Your mattress is much safer (except when your sister throws it away for you). Even then, the risk is much less. Banks are thieves: ATM? $3.00. Talk to a teller? $2.00 Cash your CD? $10. Bank check? $5.00 want an overdraft account? $30/year + $5.00 for us when you exercise that feature + the interest. We change your terms of service on that statement savings account, $5/mo. Bounce a check? $27 each item. Overdraw your account? $27 each time. If we screw up and do something wrong that causes a charge, we charge you anyway. If we make a mistake and it takes you too long to find it, too bad, we charge you. If we make a mistake we are made whole anytime we want. No limit. Sure, if you have the time, you can avoid most of the thefts, but really....

You're right. I live in Belgium and the I can take money from any bank's ATM or make debit card purchases with zero fees. I also get 3% interest on my basic savings account. They also regulate fees when you withdraw in other EU countries. +1 for socialist Europe eh?

I read all this and can't help shaking my head.

I don't understand why people put up with this.

When I started using a Credit Union 15 years ago, I checked to make sure that it had reasonable fees and good customer service. It did.

I don't pay any fees other than ATM fees. (about 5 dollars a month)
There is an overdraft line of credit so if I do overdraft, it costs me $20. The max fee for this in one year is $20. Twenty overdrafts: $20.

No teller fees
No whatever the hell we want fees

I deposited a check from my brokerage account two weeks ago and the bank "held" the deposit for five business days while the check cleared.

Now in this day and age of electronic transfers (Wal-Mart can do it, why can't my bank), why does it take five days for a check to be actually deposited into my account, but money comes out my account the same day when I do transactions on it?

Sounds like a free loan to the bank to me.

Some people snap, they can't take it anymore walk into current or former workplaces and shoot everybody. I'm surprised that it hasn't happened yet at banks, especially in light of "sub-prime" loans and the fee gouging that's going on.

Sooner or later, somebody is going to be charged hundreds of dollars in excessive fees (or be thrown out of their own home), walk into the bank and go postal on everybody. The fact that there are armed security guards won't deter people from it (re: James von Brunn).

I'm not advocating it nor do I want to see it. I'm just saying I won't be surprised if it happens. On The Comsumerist, we've seen reports of employees being kidnapped (cable and TV installers) and frustrated people committing other violence (a power-tripping cop assaulting an old man at walmart). It's only one step from there to shooting somebody.

I received a collection call the other day. Apparently, my Wachovia account had been charged off and I owed them $53. I told the man that I hadn't used my Wachovia account since last summer so there must be some mistake. He told me to call the bank for clarification. When I called the bank I spoke to a woman who cheerfully explained that Wachovia began charging a $5 monthly fee for not using my account. After a few months (I didn't keep very much money in the account, I just left it open to transfer money into when I was in places with no Chase banks) all the money was gone and they charged me an overdraft fee. There was never a courtesy call, or an 'open now for important information about your account' letter. Just charging me money because they could and then charging the account off when I didn't pay them.

I was transferred around a few times and then finally transferred back to the collections agency. I told the man that I had been ripped off and he AGREED with me and gave me a different phone number to call to speak with someone at Wachovia. I called and this time spoke to a woman that didn't seem very nice. After explaining to me that Wachovia can charge any fee they want to at any time for any reason she agreed to waive all the fees, but I can't get my money back because the account is closed and I still have a charge off on my otherwise pretty good credit score.
So basically Wachovia hosed my credit over $50.

@starrion: I don't understand why people put up with paying $5/month just for ATM use. Especially when I've never been hit with a fee from any large bank I've responsibly used.

@Radi0logy: Politicians have them both beat.

@savdavid:

Please don't think that I am flaming you , but you were warned on this site that the Chase promotion was a trap. I distinctly remember reading a post or two from people that went over the terms and conditions with a fine tooth comb and pronounced the deal a piece of dogshit.

These people (Chase ,BofA etc...) do this for a LIVING. Of course they are going to write the rules in a way that favors them. Just don't believe their advertising or promotional bullshit and you should be fine.

Again , no flaming from me.

@kc2gvx: That's a great idea, until your bank loses your paycheck that you deposited at the ATM, demands that your employer put a stop on the first check and issue a new one, and then manages to lose the second check.

@Swizzler121: rofl! ... made y orning!

@TakingItSeriously: Stupid M key ... please insert M's in above statement where appropriate

@dragonfire81: because it is impossible for you to profit by overdrafting your account and having the fees reverse.

@vastrightwing: but then of course you're left going home every time you need to get more money or carrying a truly unwise amount on your person each day, it's harder to move it around into investments, you can't buy things online... etc.

11. Born into debt. Federal Reserve? Anyone ... anyone.. is anyone listening?

My old credit union that I hadn't used in about a decade was bought and sold to another credit union. I only had the minimum in savings, like $50 or so since I was living half way across the country, I just let it sit there.

Apparently in hopes of getting rid of some of those oddball, low end hangers on accounts, they started charging an inactivity fee of like $7. After how ever many months, but balance zero'd out and they closed the account, no extra fees just a little letter. Wasn't a big fan of losing $50, but I didn't get charged fees and felt lucky...

I don't think feeling lucky is how I should be feeling...

@dragonfire81: It wasn't just the printout from online I brought. I showed them my receipts that, in the order spent, I was in the black. The first printout from the beginning of the weekend agreed. Sunday's printout showed them taking out my insurance draft a full week early, leaving me about ten bucks overdrawn, giving me one overdraft. Monday's printout showed them moving my insurance to Friday, giving me something like ten or twelve overdrafts. I called my insurance first and had it reversed, but the overdraft fees were so heinous I was still about $200 overdrawn. That's when I went in and got humiliated.

for the second time in less than a year, my bank misread my check, for $35.02 instead of $35, even though it was CLEARLY written out as 35 and 00/hundred dollars.

I won't even bother to complain, b/c last time I was told nothing could be done, tough titty.

But hello, if I overdrew my account by two cents, you can be darned sure that SunTrust would penalize me for that "trivial" 2 cents.

I hate BANKS and CREDIT CARD comapanies and INSURANCE companies. They are legalized loan sharks all. They make Tony Soprano envious.

misdirection -focus on the nickel dime stuff while missing the bigger picture.... Goldman Sachs can manipulate stock valuation on the NYSE without public oversight.
The Federal Reserve (controlled by private banks) can manipulate US Dollar currency valuation without public oversight.

Reminds me of the E-Trad ad:

@HiPwr: Not even close. I'd trust a politician over a banker any day of the week and twice on Sundays. And I really don't trust politicians very much.

@Cant_stop_the_rock: Or.... One over draft counted seven times?

@sinfonian94: Very much? Well, you have a lot more faith than I do!

@kc2gvx: Great idea... blame the customer. Your comments lack anything resembling common human decency, sir.

@supercereal: People "put up with" paying a small amount for ATM fees because credit unions will not rearrange, take out, put back in again and add extra fees to maximise the amount of overdrafts a customer will incur.

And even with BofA I still get charged $4 ($2 by the ATM, $2 by BofA) at non-BofA ATMS, which can often be unavoidable. I'd rather pay $1 extra FOR THE ENTIRE MONTH than have to deal with this bank's underhanded and disgusting policies.

@P_Smith: I won't be surprised, either. In fact, there's a tiny part of me wishing it would happen so the banks would effing get the message not to screw with people.

@lodleader:

MMmmmm, Johnny Depp and Christian Bale. If I hate the movie, at least I have something to look at!

*droooool*