Scott U
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It's in the contract. Banks are open to make money. Its probably the same reason that credit cards send offers for "no interest" to people with terrible credit histories...so they miss a payment and the interest rate can jump to 21%. Money...Money...Money! |
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smile
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cause they can make 50$ in 3 seconds that way. |
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G.O.A.T.
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This charge is a penalty for overdrawing your account. Just think about how many people would do this all the time if there were no consequences.
Also, banks are there to make money... while the most often offer free checking, this is a way to bring in more cash to the bottom line. |
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wish I were
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So they can make money on your stupidity! It's up to you to keep your account in the good! |
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rima331
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Thats how banks make money, even though the bank may "know", you are the owner of your account and therefore it is your responsibility to know, thats why you have a check balancing book or spreadsheet to record every transaction. |
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vamedic4
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They want you to be aware that it's your responsibility to be more, well, RESPONSIBLE. That way they can make money off your stupidity for not making sure there was money in the account before you wrote a check. I've bounced more checks than I care to remember and it took me getting married to get responsible. BE CAREFUL WITH YOUR MONEY...they (the bank)' just hoping you don't catch a clue and they can make more money off you. |
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ejohns1970
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It is a HUGE money maker for banks |
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Troy G
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In the long run, your bank is doing you a favor. The insufficient funds fee is a charge placed on you for the bank paying your debt for you since you didn't have enough money in your account. If they didn't do this, then the retailers would have to track you down, and would more than likely charge you way more than what your bank does. I'm sure too that if you purchased an item from a retailer knowing that you didn't have the funds to pay for it that this could be considered a form of shoplifting (help me out other Yahooers if I'm wrong). By your bank "lending" you their money to pay for your transaction, then only you and the bank are aware. A persons inability to properly handle their finances always comes with a hefty price....but a small price to pay considering what other actions could be taken against you. |
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Mrs Apple
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It's because there's a lot of paperwork involved to fix the problem. Besides paperwork, you need to pay someone to fix it. Nothing is free. |
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bbsieye
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To defer further similar no fund transactions and to offset some of the cost that the "insufficient funds" incurred. |
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Franco
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1) They receive your cheque and examine it visually.
2) Put it through their system.
3) It gets rejected marked insufficient funds.
4) They check to see if that is correct.
5) They refer it to the manager to see if you are an important person and he wishes to make an exception.
6) They stamp on it insufficient funds.
7) They put it in an envelope.
8) They type the address,
9) Put a stamp on it.
10) They take it to the post
Every one who handles the cheque has to be paid a salary and eventually a pension. Would you like to do that for nothing? |
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Citygirl
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lol a very good question. they have to make their money somehow, and they know that the deeper into debt people get, the longer it will take them to get out. |
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Tom S
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thats how they legally rob us. |
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Frank Castle
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Because they need to make more money. |
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braneez
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im not sure |
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shadowalker
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there GREEDY!!!! |
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QueenKoopa
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I guess cause its costing them to attempt to make the purchase for you. |
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