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I thought ppl were DONE with NSF fees - 4/1/2010 10:43:01 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		http://consumerist.com/2010/04/i-spent-94-and-was-stuck-with-nearly-500-in-overdraft-fees.html

I guess not.

And to think- they still are not solvent.
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RE: I thought ppl were DONE with NSF fees - 4/1/2010 11:02:29 AM   
mnottertail


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Status: offline 		lott things you think aren't true.



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RE: I thought ppl were DONE with NSF fees - 4/1/2010 11:05:29 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		well then.  don't just sit there.

come up with a decent thread.

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RE: I thought ppl were DONE with NSF fees - 4/1/2010 12:02:58 PM   
sirsholly


Posts: 42360
Joined: 9/7/2007
From: Quietville
Status: offline 		"This transfer Occurred on a Thursday at approximately 5 PM. I made a series of purchases over the weekend (Friday, Saturday) with the card, and spent about $270 dollars, or so I thought. When i went to the bank this morning, I found out the following. The transfer that occurred on Thursday didn't post until the middle of the day on Friday, after I had already used the card several times resulting in a 35 dollar overdraft fee each time I used the card."


Why wasn't the card declined at the time of purchase?


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RE: I thought ppl were DONE with NSF fees - 4/1/2010 12:21:17 PM   
pahunkboy


Posts: 33061
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From: Central Pennsylvania
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quote:

ORIGINAL: sirsholly
Why wasn't the card declined at the time of purchase?



Good question.  I do more and more with cash and money orders.  Last time I had an account go crazy- I just walked away.   Luckily- I have not had this happen alot.

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RE: I thought ppl were DONE with NSF fees - 4/1/2010 12:31:27 PM   
Honsoku


Posts: 422
Joined: 6/26/2007
Status: offline
quote:

ORIGINAL: sirsholly

"This transfer Occurred on a Thursday at approximately 5 PM. I made a series of purchases over the weekend (Friday, Saturday) with the card, and spent about $270 dollars, or so I thought. When i went to the bank this morning, I found out the following. The transfer that occurred on Thursday didn't post until the middle of the day on Friday, after I had already used the card several times resulting in a 35 dollar overdraft fee each time I used the card."


Why wasn't the card declined at the time of purchase?


Most debit cards 'allow' you to overdraft rather than have your purchase declined, just as if you were writing a check. The bottom line is that he was careless, and it cost him. If he is going to intentionally keep a near zero balance in that checking account (which he states in the article that he was doing), then it behooves him to be diligent about how much is in the account. While what happened is certainly unpleasant, I don't feel terribly sympathetic. When you shave closely, you sometimes cut yourself.

< Message edited by Honsoku -- 4/1/2010 12:32:15 PM >

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RE: I thought ppl were DONE with NSF fees - 4/1/2010 12:33:24 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		which is why up to 10% of the US is unbanked.

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RE: I thought ppl were DONE with NSF fees - 4/1/2010 12:59:44 PM   
LaTigresse


Posts: 26123
Joined: 1/15/2006
Status: offline 		If you do not have sufficient funds, you will get a NSF.

Create a savings account to compensate for 'just in case'. Or keep better track.

Pretty simple really.

< Message edited by LaTigresse -- 4/1/2010 1:01:37 PM >

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RE: I thought ppl were DONE with NSF fees - 4/1/2010 1:06:22 PM   
thornhappy


Posts: 8596
Joined: 12/16/2006
Status: offline 		After all the bad press from various consumer agencies, banks are beginning to simply reject the transaction instead of running up the fees, which were a large source of profits.

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RE: I thought ppl were DONE with NSF fees - 4/1/2010 1:13:28 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		cash and carry- my dad always said.

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RE: I thought ppl were DONE with NSF fees - 4/1/2010 4:47:20 PM   
gobsmack


Posts: 56
Joined: 8/11/2008
From: Mars
Status: offline 		This whole thing could have been preventable by not using a debit card in the first place. He was keeping the bank account empty to prevent fraud, so when he did a transfer and it didn't post in time before he started using the card, he ended up with all those overdraft fees. What he should have done was use a credit card instead. If fraud happens on a credit card, it is the bank's money that gets stolen. What gets some people in trouble with credit cards is when they spend more than they have. Pay off the credit card in full every month and it is like a debit card but better.

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RE: I thought ppl were DONE with NSF fees - 4/1/2010 6:15:54 PM   
thornhappy


Posts: 8596
Joined: 12/16/2006
Status: offline 		True, and they don't have a daily limit like debit cards - I tried to buy a dvd/vcr player one day with a debit card and it wouldn't go through because it was just over 300 bucks.

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RE: I thought ppl were DONE with NSF fees - 4/1/2010 6:20:41 PM   
KatyLied


Posts: 13029
Joined: 2/24/2005
From: Pennsylvania
Status: offline 		I work in banking and prefer not to educate people, but, really, you can get credit lines that will cover your overdrafts.  Of course there is a fee for them.  Banks make money off fees, shocking!  With the advent of on-line banking, there is no reason to be overdrawn when you can check your balance.

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RE: I thought ppl were DONE with NSF fees - 4/1/2010 6:24:32 PM   
DomImus


Posts: 2004
Joined: 3/17/2009
Status: offline
quote:

ORIGINAL: Honsoku
When you shave closely, you sometimes cut yourself.


Yep. If you are going to kite money between accounts in the fashion that he did you have to be uber careful about your balances. I honestly quit reading as soon as I got to "Thursday at 5pm". Valuable lesson learned about money management but I can't blame the bank.




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RE: I thought ppl were DONE with NSF fees - 4/1/2010 9:09:11 PM   
Arpig


Posts: 9930
Joined: 1/3/2006
From: Increasingly further from reality
Status: offline 		I use cash for everything except the rent (check) and the hydro (online payment), and oddly enough I am never overdrawn.

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RE: I thought ppl were DONE with NSF fees - 4/1/2010 10:54:47 PM   
ShaharThorne


Posts: 11071
Joined: 2/24/2009
From: Somewhere in TX
Status: offline 		I have 2 checking accounts, one of which I get my SSDI on and one that has a debit card.  I try to stick to a budget and let the debit card one handle my bills and try to accure a savings with the SSDI account.  I have 4 entities that will draw from my debit account so before these bills are due, I go ahead and transfer the funds with no problem.

Just simple budgeting.

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