The Lounge"...Where the parking lot of the Igloo meets the concourse of the Nassau County Coliseum and the bathroom line of the Skyreach..." - Wickedbsfan
Overdraft is so you can avoid those fees. If you don't want NSF fees than you either need to make sure you have the money in your account when a payment is coming out or you need overdraft. Overdraft is an insurance policy to protect for being an idiot and having insurance/cell phone/gym/rent payments being pulled when there is no money there.
BTW I have worked in banking. NFS(non sufficient funds) causes havoc for both the bank and the companies on the opposite end. The bank has to refuse the payment return any money back the account and instruct that the payment has been refused. They also have to finance the negative account balance until it has been brought back to a positive balance.
Bouncing a cheque is the most basic form of bankruptcy. What you are saying is that your wife went bankrupt several times throughout the year and is complaining that she has to pay for it. The majority of people who complain about high banking fees are almost always the ones who are constantly bouncing cheques or are living in overdraft they don't have. It doesn't take a rocket scientist to know that you should have an appropriate amount in the account so that the obligations you have made get paid. Most banks allow free chequing if you carry a certain balance. If you are employed you shouldn't have any issues keeping a balance in the account but I guess that requires too much personal responsibility.
Also if you are using non bank or private arms, it tells you right on the receipt that banks fee. If you check your own bank records it will show the fee as well. If you went a full year without checking your bank statements or looking at the receipt every time you used a non bank atm then you have no one to blame but yourself.
Oh yeah, good luck suing the bank. I'll bet they'll be biting their tongues trying not to burst out in laughter when you threaten to sue them over bank fees.
QFT
If your wife continually overdrafts her account...why would she not want overdraft protection???
I'm sorry, but if you don't even know how much you have in your account, know how much your student loan payment is going to be and take out, and can't figure that out in relation to the purchase you're making that you're relying on your bank card to be declined if you don't have enough in there.......well, that's just a dumb way to manage your money and asking for trouble.
I knew approximately how much I had, but not an exact dollar amount... but regardless of what your opinion is, no, money I spend AFTER my student loan comes out should NOT prevent my student loan from coming out.
To the poster before that said the 28th was probably a weekend, no it was a Thursday.
Overdraft is so you can avoid those fees. If you don't want NSF fees than you either need to make sure you have the money in your account when a payment is coming out or you need overdraft. Overdraft is an insurance policy to protect for being an idiot and having insurance/cell phone/gym/rent payments being pulled when there is no money there.
I'm too lazy to read it all (sorry KM) but this is so true. I pay the extra overdraft protection fee so that if my paycheque doesn't coincide with rent payment or if I forgot to move over funds from my savings then I'm OK. It's more expensive on average to not have overdraft and bounce cheques than it is to have it. No offense (even though I know this is kind of offensive) but it sounds like you're worried about her spending more than you are about these fees.
Not to the OP: Furthermore, have people not tried phoning the bank and explaining their situation? I have before (before overdraft protection) and paid a nominal amount to make sure my rent has gone through. There are ways around these problems but people seem to be too lackadaisical to even attempt it.
So my wife has had some problems with her bank (we use different banks). She opened her account and signed an opt out agreement to NOT allow the bank to overdraw her account. She has had issues in the past with overdrawing. Fast forward one year later and she received over $300 in insufficient funds fees. At some point the bank allowed the overdrafts despite the law that states you must opt in. Talking to the branch manager and many other (supervisors, IE. collectors) she was refunded $74 but that does not cover all fees. We have our signed contract denying overdrafts and I intend in the next couple days to have our bank served with a small claim case. I will update this thread as we go and hopefully provide some info to others to do the same.
You explain why you are sueing your wifes bank. But you never explained why you are sueing yours?
A lot of interesting replys here and cant reply to all of them. Some of you may not know since this is a US bank but the law requires your consent for overdrafts. Also this is not a bill paying or check writing account. It is only for debit/ATM/spending. There is no bouncing checks. Its about being charged $40 for a $5 order at Wendys and other non important spending. Assuming you read below you would see that banks are not allowed to overdraft without your consent. Hence I am suing for breach of contract.
Under new 'opt-in' overdraft rules that go into effect on Sunday, banks will have to get consent from their customers in order to charge fees for debit and ATM overdrafts. The new Federal Reserve rule will provide additional consumer protections, says Consumers Union.
So my wife has had some problems with her bank (we use different banks). She opened her account and signed an opt out agreement to NOT allow the bank to overdraw her account. She has had issues in the past with overdrawing. Fast forward one year later and she received over $300 in insufficient funds fees. At some point the bank allowed the overdrafts despite the law that states you must opt in. Talking to the branch manager and many other (supervisors, IE. collectors) she was refunded $74 but that does not cover all fees. We have our signed contract denying overdrafts and I intend in the next couple days to have our bank served with a small claim case. I will update this thread as we go and hopefully provide some info to others to do the same.
did you bounce some cheques? or use a credit card that was max?
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trying to fend off exwife number 2
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A lot of interesting replys here and cant reply to all of them. Some of you may not know since this is a US bank but the law requires your consent for overdrafts. Also this is not a bill paying or check writing account. It is only for debit/ATM/spending. There is no bouncing checks. Its about being charged $40 for a $5 order at Wendys and other non important spending. Assuming you read below you would see that banks are not allowed to overdraft without your consent. Hence I am suing for breach of contract.
A lot of interesting replys here and cant reply to all of them. Some of you may not know since this is a US bank but the law requires your consent for overdrafts. Also this is not a bill paying or check writing account. It is only for debit/ATM/spending. There is no bouncing checks. Its about being charged $40 for a $5 order at Wendys and other non important spending. Assuming you read below you would see that banks are not allowed to overdraft without your consent. Hence I am suing for breach of contract.
Your are the one in breach of contract not the bank. You declined to have overdraft then you proceed to make a payment while not having sufficient funds leaving the bank to finance your deficit. Because you decided to decline overdraft protection it is your obligation to make sure you have sufficient funds in your account.
If you opted out, the card would have been declined automatically (unless they simply forgot to tag your account as such). However, you can still overdraft, even if you are not writing checks. You can still with ACH transactions and with recurring payments (netflix account, phone bill).
Figure out exactly what type of transactions lead to your overdraft. If its specifically a one-time card use, call customer service.
I worked as a teller while in school and we got this all the time. Usually the people coming in don't have much of a case. Just from my experience, I am 99% sure you have no leg to stand on. But I suppose its possible.
A tip. Managers are usually pretty nice about giving back fees, if you ask nicely, if you are not a recurring problem and if you come up with a some sort of excuse. The key here is that at most banks managers only have a small amount of fees they could refund, this amount is replenished monthly. Usually its all gone by the end of the month. Always, always, always try to get your fees refunded at the beginning of the month.
On a related note, I've been trying to find an excuse to talk about these ads I've been seeing lately from some company named "Western Sky." Look at the APR
I would take them to small claims court for the amount owed. They will probably settle and pay you the full amount since paying a lawyer is more expensive for them. Your bigger problem is that your wife cannot manage her money properly. You should focus on that.
I would take them to small claims court for the amount owed. They will probably settle and pay you the full amount since paying a lawyer is more expensive for them. Your bigger problem is that your wife cannot manage her money properly. You should focus on that.
Unfortunately, big banks have huge retainers for lawyers on their coffers...going to court actually costs them literally nothing.
You realize that you taking any money as a refund for overdrafts counts as consideration right? There's bound to be some lawyer around here to explain that even if you had a case to begin with, which you don't, you shot yourself in the foot by accepting that refund.
1. The $74 refund was supposed to be a full refund. It was not.
2. It doesn't matter what you call the fee, you cannot charge a fee when you have paid a customer into the negative on an ATM or one-time POS item without an opt in.
A financial institution may pay overdrafts for ATM and one-time debit card transactions even if a consumer has not affirmatively consented or opted in to the institution’s overdraft service. If the institution pays such an overdraft without the consumer’s affirmative consent, however, it may not impose a fee or charge for doing so. These provisions do not limit the institution’s ability to debit the consumer’s account for the amount overdrawn if the institution is permitted to do so under applicable law.
Your are the one in breach of contract not the bank. You declined to have overdraft then you proceed to make a payment while not having sufficient funds leaving the bank to finance your deficit. Because you decided to decline overdraft protection it is your obligation to make sure you have sufficient funds in your account.
You may want to familiarize your self with the laws here in the US. The laws in place protect us from Unfair, Deceptive or Abusive Acts and Practices (UDAP). All it takes is for us average people to stand up for our rights and make sure the banks are following the laws.
