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colebolegooglygoogly... | Why do banks charge overdraft fees? ? |
Why the large amounts of money? Say, for instance, you overdrew yur checking account by $3--you would get a $35 overdraft fee. Isn't the insufficient funds a fault between you and the merchant (yes, it definately is not fair to the merchant, it's like stealing from him.) But why is this something that banks charge so much for? I could understand if they paid the insufficient funds to the merchant for you and THEN charged the overdraft fee, but usually they don't. Then the merchant charges you for a bad check (understandable) and so does the bank. I can't see where it hurts the bank all that much to get a check that has insufficient funds and refuse it. All it takes is a few minutes of an employee's time and maybe a stamp.
But, of course, you will be charged, and you are not going to get that money back--your hard-earned money. What you have busted your butt for, put your kids in daycare to earn, and need to buy food and pay rent.
So, how is this ethical? Don't say it just is because it is the way it is. I am wondering why it is--if there is a reason, I'm dying to know. Explain to me why there are large amounts of money involved in having a check refused? Is it just because banks can do it? Is it just a way for them to make money?
Additional Details
So--basically, you all are saying that it is not ethical but it is legal. Interesting how something that is not ethical can be legal just based on the fact that you signed a contract. I mean, the mafia operates this way too, doesn't it? |
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terribrooke
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If you don't like the fees, then why did you agree to them when you opened your account? Fees have been around for years. Banks are a business, first and foremost. Just like any other business in the world, they are there to MAKE A PROFIT!
It takes more than 1 person and much more than the cost of a stamp to process each transaction that goes through a bank each day; at least 3 at your bank, 3 at any other bank involved and employees at the Fed Reserve. Also, NSF checks are not sent back through the mail. They have to be taken by courier or electronically transferred since the information on the checks is so sensitive and the banks don't want to take the risk of someone else getting your sensitive bank account information. Also, the cost does not come from paying the employees' salaries. Trust me, a bank employee doesn't get paid all that well unless he or she has been there 50 years and has a title like Vice President.
I suggest you close your account and go to Walmart to cash your paychecks. Tell all your friends and family members not to write you personal checks because you won't have a way of getting them cashed. You also won't have the chance of earning a little interest from your little bit of money. Granted, it's not a lot of interest, but every little bit helps. When someone steals your money, the chance of you getting it back will be slim to none. You won't have a debit card so you'll always have to have cash on you. Without a debit card, online purchases will be harder to make, unless you plan on racking up a lot of credit card debt.
And before you start spouting out that I'm brainwashed (because that seems to be your response to everyone else), I'll tell you that no I'm not. I've just taken the time to become educated on subjects like this, so that I don't end up paying money for fees that could have been avoided. And I did this before I was a bank employee.
If you plan on keeping your bank account, and I feel sure that you will, you should make time to go in and talk to a customer service rep who will explain how everything works and why their fees are as high as they are. |
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STEVEN F
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When YOU overdraft your account, the BANK is out the money until you make it good. YOU agreed to the fees when you signed the signature cards accepting the 'terms and conditions' in the booklet your received and most likely ignored. This is both legal AND ethical. The amount of the fee is based on the PAPERWORK they have to do and PUNISHING you for violating your agreement. The amount of the overdraft has no effect on either of these.
If you don't like the fees, don't overdraft your account. ALL bank fees are 100% avoidable. ALL the 'problems' you describe result directly from YOUR not paying enough attention to YOUR money. |
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Red
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Because, technically speaking, the other people got paid, you borrowed money from them. It's basically the 'convenience' fee for not just having your check bounce or your card being flat out denied.
Think of it this way, you buy a car, take out a loan, did you pay interest on it? Yeah.
If you don't like overdraft fee's, don't take more money then you have. Keep a closer eye on your finances, YOU are the only one to blame for being charged for overdrafting.
Additional Details: If you find it so unethical, WHY do you continue to use that bank? *facepalm* |
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jfcruzr
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The high overdraft fee is punishment for you and profit for them. |
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Automation Wizard
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"just because banks can do it" and "just a way for them to make money"
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Jewels
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Its not ethical..But truthfully that is how they make their money. They have fees for everything..because they know that no one is perfect and somehow they will get their money..That's why they get paid interest on things and have all their crappy little fees.
I think its screwed up too..but unfortunately its the only safe place for money..
Their assholes and they know it. Sorry if it happened to you..I completely understand.. |
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Angie
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Why do they do it? Because it's just another way for them to make money from their customer -- basic greed. How can they do this? Because they put all this stuff in the fine print of their agreements and no one ever reads that stuff. |
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Worldly25
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When you have insufficient funds in your account you are actually taking a loan and using the banks money. Your lack of good record keeping caused the problem or did you intentionally write the check knowing you did not have enough money? Which is unethical and quite possibly criminal. You created extra paperwork and bookkeeping for the bank. You most definitely should be paying the fees. |
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Hen
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to get more money |
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Bored Housewife
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Its a way for them to get money...flat out. http://www.youtube.com/watch?v=vVkFb26u9g8&feature=related this video may explain how banks work, there are 5 of them alll together. |
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j2biggie
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Because like any other business their a bunch of thief's and like to feed of the public which, by the way if you are like me hardly make it by, well is bs |
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short cake
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It may not be ethical, but it is legal. You signed something at your bank that says if you overdraft your account you will be charged a fee for it. I'm sure the bank is charged something for you overdrawing your account. Because now they have to use their own funds to cover you. They have a right since you signed something that said they could take that money from you.
The best way people fix this is to have overdraft protection by linking it to a credit card. I would never do this, but I know my account balance all the time.
I don't like this policy either, but they do have a right. |
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