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  1. #1

    Question How Much Can Banks Charge In Fees?

    Illinois

    Hey!
    I just want to warn You all for Bank53:s ridicilous Fee:s
    What is the maximum You are allowed to charge BTW ,or is it up to the bank?
    And are the Bank Staff allowed to take money out from Your account and put them into wherever they decide without my permission or even me knowing anything about it?
    A few months ago I opened up a Checkingaccount at Bank 53 and also asked about getting a secured Creditcard since I have bad credit, I opened up a Savingsaccount and deposited $500 to secure the card. A few weeks later I was denied the Creditcard and went to the bank to release the $500 from my Savingsaccount and told them to link my Savings to my ATM and also link it to my checking if that was overdrawn.
    On 5/25 I receive a letter telling me that my Checking was overdrawn of $19.38.
    And I figure that it was odd since I had $500 in my savings account so I did go online to see what had happened and this is it:
    5/17 Balance $21.20
    5/18 Debitcard $40.88
    5/21 Debitcard $6.53
    5/21 Debitcard $16.00
    5/21 Debitcard $43.07
    5/21 ATM Cash $42.00
    5/21 ATM Cash $200.00
    5/21 Overdraft Fee $33.00 Daily Balance ($360.25)
    5/22 Funds Transfer $+387.28
    5/22 Overdraft Fee $165.00 Daily Balance ($138.00)
    5/23 Debit Card $27.00
    5/23 Daily Overdraft fee $6.00
    5/23 Daily Overdraft Fee $36.00
    5/24 Overdraft fee $33.00 Daily Balance ($ 240.00)

    And it goes on and on like this and still continuing to add up. And when i found out on 5/25, I was told to read the rules and regulations but this would never had happened if my Savings account would have been linked to my Checking and if it isn't are they allowed to take money out of my Savingsaccount and put it in my Checkingaccount without my knowledge or approval since the deposit on 5/22 in the amount of $387.28 came from my Savingsaccount? And since it came in so late it didn't even cover all of the FEE:s that has been applied to my account.
    Really pissed off here.

  2. #2
    Join Date
    Jul 2006
    Posts
    5,437

    Default Re: How much can Banks charge in Fee:s?

    If they followed what you agreed to, then it's legal.

  3. #3

    Default Re: How much can Banks charge in Fee:s?

    Since I told them to link my accounts this would never had happened but how can I prove that I asked them to do that?
    But then if the accounts were not linked how can they allow You to go over and take money out if there isn't any, since I only have a Debitcard?
    Also, If I didn't link my accounts, how can they be allowed to transfer money between my accounts without my knowledge or approval? I mean it was a "manual" transfer with a slip and everything, not an automatic transfer that happens if You do have Overdraft protection on your account which the computer do the moment it's on the negative, and then continue to let me use the card even if I still owe them money?

    That doesn't make any sense to me!

  4. #4
    Join Date
    Mar 2006
    Location
    I live here. Actually in a little area called the Knob. In Ohio
    Posts
    292

    Default Re: How Much Can Banks Charge In Fees?

    It's called making a buck. Banks are in the business of making money and if they make it by loan interests or overdraft fees its all the same to them. Of course they will allow you to become overdrawn on your account then charge fees on each transaction that you are in the negative on. It's nothing personally against you it's just business. I use to work for a bank and I would have to process the transactions and then deposits and occasionally apply fees.

    You may want to talk to the manager of the branch where you opened the account and ask them if they will waive the fees on some of the transactions. Sometimes they will. Sorry this happened to you.

    My husband keeps $250.00 over his written balances in his accounts so he isn't caught short and I being more limited on my funds keep a extra $50.00 in my accounts.

  5. #5

    Default Re: How Much Can Banks Charge In Fees?

    I've had problems with the overdraft fees at BofA and did a search of the internet to find that there are class action lawsuits against the banks for doing this. Regardless of contracts signed and laws written there are clearly cases in US history where a citizens right to not be cheated or overcharged have been upheld by the courts (such as if a salesman promises people a Lincoln Memorial for $20 and sends them each a penny).

    Law or no law, overpricing is the same as theft, and it produces the same effects. The value of the worker who rightfully earned that money is depreciated and the value of the money (which represents how much that worker worked) is also depreciated, thus causing more inflation. This is simple common sense but most of the people, including supposed experts in economics, fail to realize this reality because it's become so damn taboo to question the wealthy. We don't have to become socialists to protect people's rights to not be cheated. We only have to stand up for the same reasons why we don't favor monopoly in this country (despite how many people get away with owning them).

    If anyone has advice for myself and the original poster, I'd like to know if there's any way to track down the class action lawsuits against the banks and get our share of the claim. Also, I'd like to know if anyone has advice on where to help focus legislation in the right direction, whether by harassing them with letters or using activism to help them get the point. This is their country and your country too, and if you continue to just shrug and look the other way while the working poor get raped, you are only prolonging the inevitable fact that sooner or later the poor working citizen will be you or your close family (assuming rebellion doesn't break out and destroy our nation, like it did the Greeks and the Romans, before that happens). Does anybody else have a real working and efficient brain here? Lets fix this shit already.

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