For instance, when a large check bounces at the end of a day, they'll pile all the smaller transactions from earlier in the day after that larger transaction is accounted, resulting in not just one but, perhaps, a dozen overdraft charges.
And debit card charges? If that check bounced yesterday (which they'll notify you about by US mail, of course) they'll do you the "service" of allowing you to purchase that $1 hamburger with your debit card with no indication to the purchaser or the vendor that the account is overdrawn. The attempt to stave off starvation (okay, the shakes and blurred vision from extreme hunger a.k.a. blood sugar imbalance) by going cheap in dire situations costs what? $36!!!
And do your bank the favor of paying down a higher balance card at a fine rate, how do they reward you? Cutting the credit line to a tiny fraction of the original balance.
I'd like to say I hate all banks, but there's one I can count on. I even visited their only branch while passing through San Antonio in order to say I've visited it. It's the only bank I've come across that appears to actually care about the customer, experience after experience.
For instance, when a large check bounces at the end of a day, they'll pile all the smaller transactions from earlier in the day after that larger transaction is accounted, resulting in not just one but, perhaps, a dozen overdraft charges.
And debit card charges? If that check bounced yesterday (which they'll notify you about by US mail, of course) they'll do you the "service" of allowing you to purchase that $1 hamburger with your debit card with no indication to the purchaser or the vendor that the account is overdrawn. The attempt to stave off starvation (okay, the shakes and blurred vision from extreme hunger a.k.a. blood sugar imbalance) by going cheap in dire situations costs what? $36!!!
And do your bank the favor of paying down a higher balance card at a fine rate, how do they reward you? Cutting the credit line to a tiny fraction of the original balance.
I'd like to say I hate all banks, but there's one I can count on. I even visited their only branch while passing through San Antonio in order to say I've visited it. It's the only bank I've come across that appears to actually care about the customer, experience after experience.
PM if you want names.
I hate banks too.
At my bank, when I pay a bill 'online' from my checking account, it may say it takes 5 business days for the check to arrive, BUT the money comes out of my account IMMEDIATELY. Where does it go? It wasn't IMMEDIATELY deposited into the company I sent the check to. If you take all the checks that are NOT paid 'electronically', where there is an actual paper check mailed, and add them up over the period of time, they must take those $$ amounts, put into a 'holding' account and the BANK DRAWS INTEREST off of that until the actual check is deposited or cashed.
Nice racket, huh? BANKS.....I hate them but I guess they're a necessary evil.....
For instance, when a large check bounces at the end of a day, they'll pile all the smaller transactions from earlier in the day after that larger transaction is accounted, resulting in not just one but, perhaps, a dozen overdraft charges.
And debit card charges? If that check bounced yesterday (which they'll notify you about by US mail, of course) they'll do you the "service" of allowing you to purchase that $1 hamburger with your debit card with no indication to the purchaser or the vendor that the account is overdrawn. The attempt to stave off starvation (okay, the shakes and blurred vision from extreme hunger a.k.a. blood sugar imbalance) by going cheap in dire situations costs what? $36!!!
And do your bank the favor of paying down a higher balance card at a fine rate, how do they reward you? Cutting the credit line to a tiny fraction of the original balance.
I'd like to say I hate all banks, but there's one I can count on. I even visited their only branch while passing through San Antonio in order to say I've visited it. It's the only bank I've come across that appears to actually care about the customer, experience after experience.
PM if you want names.
Right with you JohnI had big issues 2 years ago when my wife was handling the finances with bouncing checks. More importantly the issue of We have $00 in the checking account and two checks clear that Friday for $500, but on Friday and Saturday we used a debit around town never being aware of out account being depleted. The 2 big withdraws clear but the 6-10 little purchases don't and we are looking at $20-$35 per debit purchase in fees.
I heard a discussion between a bank rep and a consumer advocate on this issue. Turns out 1/2 of those little shops taking your debit card are not getting direct approval from the bank. They just store up the purchases from the day and run a batch at night. So that $1 Burger just cost you $36.In order to fix this problem all merchants need to have direct access to be able to give you the opt out option. At least give me the option to pull out that $20 in my wallet I was saving to save me $35 in fees
A nasty trick that used to happen was a merchant would put a pending $ amount on your account holding the funds, and them run the actual money from your account before releasing the original funds. When you had $200 in your account and you purchased $120 in groceries this would put you down by $40 and suddenly you would be up the next day, less any fees you got hit with because you didn't know you were down. I haven't seen this happen in a year. I think they got rid of that "glitch"
Last edited by forestacademy; 10-12-2009 at 12:08 PM.
At my bank, when I pay a bill 'online' from my checking account, it may say it takes 5 business days for the check to arrive, BUT the money comes out of my account IMMEDIATELY. Where does it go? It wasn't IMMEDIATELY deposited into the company I sent the check to. If you take all the checks that are NOT paid 'electronically', where there is an actual paper check mailed, and add them up over the period of time, they must take those $$ amounts, put into a 'holding' account and the BANK DRAWS INTEREST off of that until the actual check is deposited or cashed.
Nice racket, huh? BANKS.....I hate them but I guess they're a necessary evil.....
Now that Im watching the accounts on line I have learned to play games with some accounts.
The Morgage is Due on the first. If I use my onlineI'mMortgage bill pay from the bank I have to pay it on the last day of the month and it shows at my lender on the first. But if I go to my lenders site and tell them to take the money out of my bank I can do this on the first and it doesn't come out until the 2nd or 3rd. Suddenly I have the money in two places at once. One earning a very small % and another keeping me from paying a larger % for 2 days.
Now that Im watching the accounts on line I have learned to play games with some accounts.
The method you suggest may or may not be referred to as "check kiting" which may or may not be prosecuted under several existing laws including those against bank fraud (18 U.S.C. § 1344), misapplication (18 U.S.C. § 656), or required entries (18 U.S.C. § 1005) and may or may not draw a fine of up to $1,000,000.00 and/or imprisonment for up to 30 years.
The method you suggest may or may not be referred to as "check kiting" which may or may not be prosecuted under several existing laws including those against bank fraud (18 U.S.C. § 1344), misapplication (18 U.S.C. § 656), or required entries (18 U.S.C. § 1005) and may or may not draw a fine of up to $1,000,000.00 and/or imprisonment for up to 30 years.
I'm just saying.
Or maybe I'm not.
Either its sitting in two of my accounts at the same time or its sitting in their two accounts at the same time like it does with Pandas method. Why is it Illegal for me but not for them?
No checks are actually harmed in the making of these payments
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