as far as overdraft fees - fine, I didn't have enough money in my checking account, money isn't free, etc. that's not what bothers me.
This is what bothers me. Say I have $1000 in my savings account, $99 in checking (I get paid at the end of the week). I have my account with Bank of Assholes. I miscalculate a little, and write a $100 check to pay some bills, spend $40 on gas, $20 on food, and $5 and $1 on misc. crap. B of A charges $35 for each overdraft.
How do they order the transactions? They put the largest charge FIRST. that way, I now have -$1 plus -$35, and I'm fucked. I get charged $75 for my gas, $55 for the food, $40 and $36 for the misc crap. They won't put the $40, $20, $5 and $1 first, because then they would only be able to charge for ONE overdraft fee, but now they get to charge me for FIVE. that's $175 vs $35. A bit of an extreme example, but it's happened to me before, and lots of people I know.
BoA does this all the time - and the $1000 in savings? meaningless. They won't set it up to transfer from savings, but they will offer you overdraft protection with a credit card. And then not approve you for it.
My credit union charges $1 to transfer from savings to checking in $100 increments. if you don't have any money at all, the overdraft fee is $10. And I doubt they will purposely order the transactions in a way to extort the maximum overdraft fee they can, unlike Bank of Assholes.
Banks are losing their customers to credit unions in droves, and for good reason. better service, better interest rates, lower fees, etc. etc. etc. They're scared, and fuck them - especially BoA (I had an account with them for over 10 years).
This is what bothers me. Say I have $1000 in my savings account, $99 in checking (I get paid at the end of the week). I have my account with Bank of Assholes. I miscalculate a little, and write a $100 check to pay some bills, spend $40 on gas, $20 on food, and $5 and $1 on misc. crap. B of A charges $35 for each overdraft.
How do they order the transactions? They put the largest charge FIRST. that way, I now have -$1 plus -$35, and I'm fucked. I get charged $75 for my gas, $55 for the food, $40 and $36 for the misc crap. They won't put the $40, $20, $5 and $1 first, because then they would only be able to charge for ONE overdraft fee, but now they get to charge me for FIVE. that's $175 vs $35. A bit of an extreme example, but it's happened to me before, and lots of people I know.
BoA does this all the time - and the $1000 in savings? meaningless. They won't set it up to transfer from savings, but they will offer you overdraft protection with a credit card. And then not approve you for it.
My credit union charges $1 to transfer from savings to checking in $100 increments. if you don't have any money at all, the overdraft fee is $10. And I doubt they will purposely order the transactions in a way to extort the maximum overdraft fee they can, unlike Bank of Assholes.
Banks are losing their customers to credit unions in droves, and for good reason. better service, better interest rates, lower fees, etc. etc. etc. They're scared, and fuck them - especially BoA (I had an account with them for over 10 years).
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