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Sunday, November 01, 2009

Comments

LD

I think people will be upset by this and just do not realize it yet LOL. For example, places that do a transaction as a credit does not, currently, show up on your account for 2-3 days. I have often taken advantage of this. With the new structuring this will not be the case. If you have a debit card it will always be used like a debit card and if you do not have the money there you will not make that purchase. I think it would have been more beneficial to consumers to put a limit on fees. They should be monitored like interest rates. You can overdraw by $3 or $300 and the NSF charge is the same (one a single transaction). The fees should be based on the amount overdrawn and be similar to current interest rates. After all when you overdraw your account that is what you are doing, borrowing money.

Tim Bratcher

There will always be the problem of gas stations. You go to fill up your tank and they put on a hold for $1 on your account. You check your balance after and think you still have money when you don't... the computer thinks you have money too, so it lets you buy stuff. Then the gas bill comes through and BOOM you're overdrawn.

There is no substitute for KEEPING RECORDS OF YOUR PURCHASES. If people would just stop trying to pass the blame this wouldn't be a problem. If you overdraw your account, it is YOUR fault, not the bank's. If you keep a register of your transactions you will always know to the penny how much money you REALLY have in your account.

Brian Wolfman

Hello. After many years at Public Citizen, I have moved to Georgetown law school, where I will be a co-director of the Institute for Public Representation (IPR) and head IPRs Civil Rights Clinic. You can reach me at 202 661 6582 and wolfmanb@law.georgetown.edu.

If you want to contact the Litigation Group, contact Litigation Group Director Allison Zieve at azieve@citizen.org.

Brian Wolfman

reply-3P3ND8VUHUI4_4A78YFI937RE 11/30/09 21:34

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A new comment from ptj was received on the post Federal Legislation Pending Regarding Bank Overdraft Fees of the blog CL&P Blog. If you would like to post a reply to this comment you can do so at the following URL:

http://pubcit.typepad.com/clpblog/2009/11/federal-legislation-pending-regarding-bank-overdraft-fees.html?cid=6a00d83451b7a769e2012875f5411a970c#comment-6a00d83451b7a769e2012875f5411a970c


Comment:

 ptj

Hell yea Its about time. Banks can take money out of your account at will, but you have to wait for your money to post. In a high speed society such as the banking industry claims to be, why cant transactions take place in real time. Why cant they say no, no you don't have enough for that. They think you have enough money to pay the overdraft fees. There isn't any real time purchase legislation to help a person from making a mistake. Don't tell me this cant happen, because this is America and it can happen. The banks, bank on people being human. Pun intended!!! If you don't have 20.00 dollars in your account the computers should be able to tell you that and not let you make that purchase. Gee!!! who writes down anything anymore? We are to busy. I know that I live in the moment just trying to make it. Why cant the banks get there too. You have to have a checking account in order to buy things in this country.
Some employers will not let you receive a paper check anymore. Everything is electronic, but if you check has been deposited and the bank has paid the big check first and bounced all the little checks, you may loose your entire pay check. I have had to go to a paycheck debit card system in order to not have the bank take out money when ever they want if I make a mistake, to which the bank holding the card charges me 3.00 dollars a transaction. Even dead beat dads get money to buy food. Don't you overdraft because in the eyes of the banking industry you have now become a bottom feeder. All of this because you forgot to write down a transaction buying food at the grocery store. Better go get food stamps!!! But wait these programs don't have enough funding because all the banks have been bailed out due to sub prime loans !!!! Who's supposed to be running this country. Again the little hard working people have been taken advantage of, because they forgot to write something down.

Brian Wolfman

Hello. After many years at Public Citizen, I have moved to Georgetown law school, where I will be a co-director of the Institute for Public Representation (IPR) and head IPRs Civil Rights Clinic. You can reach me at 202 661 6582 and wolfmanb@law.georgetown.edu.

If you want to contact the Litigation Group, contact Litigation Group Director Allison Zieve at azieve@citizen.org.

Brian Wolfman

reply-3P3ND8VUHUI4_4A78ONKDI7RE 11/17/09 21:01

NEW! More options for replying to comments via email:
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A new comment from Robin Massie was received on the post Federal Legislation Pending Regarding Bank Overdraft Fees of the blog CL&P Blog. If you would like to post a reply to this comment you can do so at the following URL:

http://pubcit.typepad.com/clpblog/2009/11/federal-legislation-pending-regarding-bank-overdraft-fees.html?cid=6a00d83451b7a769e2012875af75c3970c#comment-6a00d83451b7a769e2012875af75c3970c


Comment:

Robin Massie

Overdraft fees can be reduced by banks paying checks from lowest to highest. For example, if an account has $1,300 and the checks presented that day are for $1,400, $500 and $600, a bank will pay the $1,400 check first so three overdraft charges can be charged. The bank could pay the $500 check first, followed by the $600 check and then the $1,400 check. Therefore, only one overdraft charge would be incurred by the consumer. Bank presidents are not going to voluntarily pay the checks to favor the consumer. Congress needs to regulate the order of how checks are paid. The technology is there to pay consumer checks in steps as opposed to the current method.

elizada

Well it's about time!!! I think it's ridiculous for the bank to pay a $3 dollar charge and then charge $38.00 in overdraft fees. You are right! Don't do me any favors!!

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