Abolish overdraft fees?

[SevMax2]

Yes or no?

 

[KeithD]

Back to another strange premise of yours. Overdrafting is playing with someone else's money. First, justify doing that. This is sort of like those TV commercials by companies ready to help you not pay the taxes you owe. It's supporting letting others who do pay their taxes carry you.

 

[Fuzzy1975]

I have never had or used a personal overdraft in my life. So no, don't abolish them.

 

[doowdniw]

OD fees can be avoided simply by not writing hot checks. A bank paying a check into overdraft is the extension of an unsecured credit, to someone who is already having a cash flow problem. There is nothing, absent a contract to the contrary, that requires a bank to pay an insufficient funds check into overdraft. They could return it unpaid and let the depositor work it out with the payee which will almost invariably result in other returned item charges from the payee, and possible referral to the local DA for theft by check charges if they knew it was a hot check at the time they gave it for payment. So yeah, a reasonable fee is appropriate. Pick your poison.

 

[SevMax2]

OD fees can be avoided simply by not writing hot checks. A bank paying a check into overdraft is the extension of an unsecured credit, to someone who is already having a cash flow problem. There is nothing, absent a contract to the contrary, that requires a bank to pay an insufficient funds check into overdraft. They could return it unpaid and let the depositor work it out with the payee which will almost invariably result in other returned item charges from the payee, and possible referral to the local DA for theft by check charges if they knew it was a hot check at the time they gave it for payment. So yeah, a reasonable fee is appropriate. Pick your poison.

You do realize that people are suddenly having financial woes through no fault of their own, right? Also, the fees are typically higher than justifiable even by the risk, the depositor is otherwise a lender to the bank for the very profitable loans that they issue to others, they don’t always get the interest that other lenders would get, and the banks are also increasingly monopolies and money laundering operations for organized criminal activities, not to mention much poverty is lingering from the Great Recession from which the underclass has never truly recovered thanks to the bankers, who we bailed out, by the way. After the criminal malfeasance of the financial services sector then and now, bankers have no moral standing to condemn the newly impoverished.

 

[Pookie]

I could maybe see a bank giving a "pass" on the first time. Many provide overdraft protection. But, bouncing checks isn't something that can go on without consequences. However, the overdraft fees should be reasonable, which many aren't.

 

[SevMax2]

I could maybe see a bank giving a "pass" on the first time. Many provide overdraft protection. But, bouncing checks isn't something that can go on without consequences. However, the overdraft fees should be reasonable, which many aren't.

Bouncing checks is a separate issue, because innocent third parties are involved. Merchants don’t deserve to suffer, either. That said, fees are increasingly about recurring charges (never do those), unexpected shortfall due to furlough, that kind of deal. Checks are less of a factor than hidden charges, fees, etc. I would recommend, again, don’t do recurring charges, read the fine print, and beware of scammers. You don’t know what income you will have tomorrow. Also remember things like service fees and other unexpected charges that the bank might impose on top of overdraft fees.

 

[SevMax2]

Also a good alternative solution would be postal banking. Any thoughts?

 

[FescueFan]

Back to another strange premise of yours. Overdrafting is playing with someone else's money. First, justify doing that. This is sort of like those TV commercials by companies ready to help you not pay the taxes you owe. It's supporting letting others who do pay their taxes carry you.

So is your whole political philosophy but you don't have a problem with that.

You do realize that people are suddenly having financial woes through no fault of their own, right?

Bouncing checks is your fault bro.....not anyone else's and not the banks who TOLD you there would be fees for fucking them. That's not stealing from anyone.

I fucked up once when I was like 19...I paid the fines for my fuck up and moved on, never to do that stupid shit again. EVERY SINGLE card swipe or check written since I've 100% know the account was good to cover it.

IF you don't like having to follow some basic rules with the bank then don't use a bank.

I could maybe see a bank giving a "pass" on the first time. Many provide overdraft protection. But, bouncing checks isn't something that can go on without consequences. However, the overdraft fees should be reasonable, which many aren't.

Reasonable enough to keep bouncing them?? LOL

It needs to be traumatic.....it's supposed to hurt.

Bouncing checks is a separate issue

SevMax doesn't even have a basic understanding of what he's complaining about.

Shocking.

Also a good alternative solution would be postal banking. Any thoughts?

Yea...let's go back to the 1970's because SevMax can't fucking count or keep his bank account in order.

Thank god we don't have him as the communist dictator of his dreams and fantasies.

 

[Pookie]

Reasonable enough to keep bouncing them?? LOL

It needs to be traumatic.....it's supposed to hurt.

I suppose we should just cut off his check writing hand then. Not totally unappealing to me.

 

[FescueFan]

I suppose we should just cut off his check writing hand then. Not totally unappealing to me.

Nah....it's not like he got violent.

I like keeping my crime/punishments separate.....I think civilized/white collar shit should get civilized/white collar punishments. Paying fees, doing time....nice stuff.

Violent/threatening offenses.....arson, assault, rape, murder? Time to go full on Medieval and chop em' up

I think NSF fees are pretty fucking fair for bouncing a check and causing the bank trouble. They are a bidnizz after all, you dent it you buy it.

I think it far more appropriate that banks should just be able to black-list people who are so economically illiterate and backwards they can't be trusted with their own bank accounts. No more banking for SevMax

 

[great lover]

Yes or no?

No. Overdraft fees abolished will wreak havoc on the economy.

 

[LLCox]

If you can't manage your money there should be a penalty.

 

[great lover]

If you can't manage your money there should be a penalty.

That is very easy to say. People fall sick and get medical bills beyond their ability or capacity to pay.

 

[SevMax2]

That is very easy to say. People fall sick and get medical bills beyond their ability or capacity to pay.

And that is part of my point. Also, too much focus on checks, which are fading as a factor here. As I noted, hidden charges can cause a bank account to go red and then the bank imposes said fees, often on top of charges that caused the overdraft in the first place. My sister in law’s old bank did this.

In any case, the banks have no moral high ground here. Most only exist because the People bailed them out indirectly through the Federal Government, after they played fast and loose with funds.

 

[SevMax2]

Plus, how greedy do you have to be to take away from people who literally have no money already?

 

[SevMax2]

Restricting overdraft fees to actual bounced checks and capping them at ten dollars per check might be one solution. That’s likely a tiny minority of overdrafts these days, anyway. Who writes checks anymore but the elderly and you don’t want to put Granny out on the street, do you,especially during a pandemic.

 

[LLCox]

That is very easy to say. People fall sick and get medical bills beyond their ability or capacity to pay.

You can pay $25. a month on a medical bill and they can do nothing.

 

[FescueFan]

If you can't manage your money there should be a penalty.

How REICH-wing and racist of you....Trumps attitude exactly.

That is very easy to say. People fall sick and get medical bills beyond their ability or capacity to pay.

So don't pay them, sometimes you have to put bills off so you can eat, sometimes it gets so bad you have to sort it in court, that doesn't excuse bouncing your account.

Plus, how greedy do you have to be to take away from people who literally have no money already?

Can't take what they don't have....so that's not even actually happening.

It's seriously not hard to avoid over drafting your account, pretty much every bank out there even offers protection in case you think you MIGHT be too stupid to manage your own money.

Is their any level of stupidity/incompetency you people won't excuse??? Any level of stupid you won't push the responsibility of onto everyone OTHER than the idiot who did something stupid??

 

[KeithD]

You do realize that people are suddenly having financial woes through no fault of their own, right?

More not the fault of anyone else. So, why should they be able to ride on someone else's money? Yes, it's too bad they are poor or just have lost track of their finances. But that's an entirely different problem. Again, your apparent premise that their floating a bad check being anyone's problem/responsibility other than their own is defunct.

 

[SevMax2]

You can pay $25. a month on a medical bill and they can do nothing.

Again, checks are only a fraction of overdraft fees anymore. Often it’s bogus charges imposed by banks themselves that cause the overdrafts in the first place. Another way to nickel and dime an already impoverished underclass. Also, recurring charges, which I never permit someone to charge me because I can’t predict future financial woes.

 

[SevMax2]

In any case, the taxpayers who paid for the bailout should get a bit more consideration from the people who they bailed out. Talk about actual fiscal irresponsibility! The poor have nothing on banks in terms of recklessness.

 

[LLCox]

Again, checks are only a fraction of overdraft fees anymore. Often it’s bogus charges imposed by banks themselves that cause the overdrafts in the first place. Another way to nickel and dime an already impoverished underclass. Also, recurring charges, which I never permit someone to charge me because I can’t predict future financial woes.

Checks are the only way a bank deals with me and I with them. They have no way to nickle and dime me. I use them and they don't like it. On top of that I am tight with my money. I have way more money under my mattress then in the bank. Why, possession is nine tenths of the law.

 

[LLCox]

Trumps attitude exactly.

lmao, trump owes over 400 million at least. He hasn't balanced a check book since his daddy gave hm millions.

Your drivel is so laughable.

 

[Sean Renaud]

Back to another strange premise of yours. Overdrafting is playing with someone else's money. First, justify doing that. This is sort of like those TV commercials by companies ready to help you not pay the taxes you owe. It's supporting letting others who do pay their taxes carry you.

I haven't written an actual check in probably twelve years or more. This is false. All it takes is something as harmless as having your bank set to pay your minimum on a credit card or other payment on a monthly basis and having some kind of fraud take place. Happened to me twice and while the banks somehow found MOST of my 3k at the time the 3gs because I didn't have money for a minute they were less forgiving of.