garylsmih1973
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yes it is legal, not moral but legal.
if you think the charge was unfairly applied try writing to your bank manager and requesting they revise the charge or preferably drop the charge all together.
some banks will listen to your complaint and will in some situations refund the charge.
however the bank charges should have been clearly explained to you when you opened your account. if they were not then again you have cause for complaint to your bank manager. if you have a normally good relationship with your bank (this is your first indiscretion for example), consider threatening to move your account to another bank if the charge is not refunded to you. |
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chocogirlate
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Ya same thing happened to me except for $1.07. My bank was cool though because they fixed it for me. They do it as a 'courtesy' they said for their customers. You should definitely ask them. Mine did it. If they don't, tell em you're signing up at USBANK! |
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Homer J. Simpson
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it doesn't violate usury because it does not represent interest- it is a penalty fee that resulted from an action. |
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ME
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I believe it is legal but is it ethical or good business practice? One would have to wonder.
Banks are out to make money and it is not their fault if you have some reason to not have enough money in the bank. It stinks, yeah!
I'd look into opening a savings account; one with OD protection on your checking account. |
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T****A
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wow id be changing banks real quick. they are a bunch of jerks for doing that. but in the future does your bank have overdraft protection you can get mine does. |
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Classy Granny
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It's legal, but if they want to keep your business, I would think they'd forgive it. |
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issa r
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yes it is get over draft protection is only 12 a month and talk to your banker about |
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Mom
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its an overdraft, doesnt matter how much it is, its OVER |
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vdubbchick
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I've been in banking for four years..and I will tell you that yes it is legal. Banks have what is called "Rules and Regulations and disclosures" that they should be giving to you at the time your account is open. These books describe things such as fees for overdrafts and things like that. I know it is a large charge..the reason it is so large though is because they have to pay their employees to process not only the transaction, but the paperwork etc...and they have to pay for the cost of the purchase out of their own "funds". My best advice for you would be to get some sort of overdraft protection just in case it happens in the future..(hopefully it won't)...if your account is generally in good standing though-such as you've been there for a while and this kind of thing rarely happens-I would talk to the manager of a branch and see if they can do a courtesy fee reversal for you this one time. Good luck. |
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Mx2
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I have worked for many banks, and yes unfortunately it is legal, no matter how large or small is the item that cause the overdraft.
If you dont have a history of being constantly overdrawn, banks will usually give you a refund of the 32.00 as a courstesy, especially since it was only.99. As a general rule however, banks will most likely not refund the fees unless it is a bank error.
ALL banks offer overdraft protection for checking accts, either thru a line of credit or thru your savings acct. Consider setting that up.
Also, get online banking, it is free thru most banks and it allows you to see the activity on your acct 24/7. Best thing ever, that way you know how much money you have, and can avoid overdrafts.
Fee income is the number one way for banks to make their money, and they are restricted as to how much they can refund every month, they need to stick to a budget.
Hope this helps !! |
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maylandchastity
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Yeah its legal...and it sucks! Its happened to me too. |
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< Roger That >
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Yep, it's all legal. Even if you overcharged a penny they could charge you $32.
Try to find a bank that has free overdraft protection. |
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Mr. Spin
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Your bank sucks!
There's nothing you can do. it is all in the fine print when you opened the account. |
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alfjr24
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find your rules they gave you when you opened your account... |
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Pancakes
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Yes. Banks tell you up front what overdraft charges are. Including 1 penny overdrafts. If you have good standing with your bank, ie. no history of overdrafts, a phone call usually is all that's needed to cancel the charge. Especially if you suggest you move your account to a competitor. |
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Stuart
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Banking is a service that you pay for. If you have questions about the various charges for the bank's services, you'd do well to call your banker and arrange a time to sit down and get on the same page so you both know what your expectations are and what the bank's expectations are.
If you are not satisfied with the charges that your bank has in place, you may want to shop around for a money manager who has more reasonable charges.
I'd strongly recommend that you read about and know what various financial responsibilities you can get into BEFORE signing on the dotted line. Finding out later and saying it's not fair is silly...you should have read all of that before you opened your account. |
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BRITCOURT
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Yes, banks can charge whatever they want. I'll tell you something else, overdraft protection only covers the amount of the check, they can still charge the overdraft fee. Try not to bounce your checks. |
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tardis1977
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Is your bank Chase by the way? |
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Philana
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yes actually, regardless of the amount. Its an ISF charge that you agreed to upon opening the bank account, read the fine print. It would have been the same for an amount of 1,000,000. Other chrages that may apply can be charges for a bounced cheque or not maintaining a balance of x amount. |
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Credit Expert
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Usury applies only to INTEREST RATES!
This is NOT an interest rate. These fees had to be mentioned in your fee disclosure brochure when you opened the account. The fees can, and will be increased annually.
If you can not keep enough money in the account to cover checks it's best to just close it.
Usually, if this is a first time overdraft the bank will credit your account.
With the fairly new banking regulations having been put into place about 3 years ago, you can no longer "float paper". Your check is presented for payment overnight.
If there is not enough $ to cover it, the check will bounce! A pending deposit is not going to help. The deposit has to be POSTED, before you write the check.
If you close it, and don't pay the nsf charges they will turn it over to a collection agency, and you won't be able to open an account with another bank.
This is serious. Close the account if you can't make it work for you now. Maybe you can later with a higher income. Don't mess up your checking and savings opportunity for later. |
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natty
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havent we all been in that same situation, and might i add it sucks but completely legal.
i would just try and talk it out with a bank rep and see if there is possibilty for resolution. They are usually really good when it come to a small mistake like that.
i do agree though it is rediculous, but banks are businesses too, and all they want is "our" money honey!
good luck, i hope it works out in your favor =) |
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simple one
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Perfectly legal! All banks have fees they charge for overdrafts and to argue is pointless cuz it is bank policy and the bank can be fined for not following there policy which is stated when you open and sign for your account. You might try going in to the bank in person and talk to a manager and rxplain your story and maybe they will reverse it for you but it is a managers decision only not customer service they are just doing there job following the rules and can do nothing really for you. Try the manager and good luck!!! |
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Jylsamynne
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Your bank will more than likely waive this fee if you just call them and ask them too. I am with Bank of America and they have done that for me on a $0.19 overdraft The first couple times, they'll usually let you slide. They would rather have your long-term business than your $32. |
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