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View Full Version : Regions stole $210 from me!



AINTEZ86
July 5th, 2009, 07:21 PM
I figured I would let everyone here know what my bank (soon to be previous bank is up to)...Attached is an actual copy of a portion of my bank statement...everyone feels like they get screwed when they get hit with overdraft charges but regions put overdraft charges on a positive balance (becuase I had things that had not cleared and they said those were going to make me negative... but they wouldn't have if they did not charge me) and refuses to do anything about it except blame me....I am switching banks soon and I recommend anyone currently banking with regions to watch for this and anyone not banking with regions to never start!

Dawei87
July 5th, 2009, 07:43 PM
unfortunately all of the banks will do this to you. just six weeks ago BOA stole $384.00 from me and i still cant figure out how they validate their charges. i would switch banks but i actually dont trust anyone to handle my money but me, but i am forced to use banks anyway. sometimes i hate society...

hanzomon4
July 5th, 2009, 07:52 PM
I made Chase give me a refund.

KiwiNZ
July 5th, 2009, 08:38 PM
that does not happen here . We have a strictly regulated banking industry. But to avoid the risk of Bank charges it is a good best practice to maintain a higher average daily balance.

A rule of thumb I use is to maintain at least a balance of 2 months income in your current account.

lisati
July 5th, 2009, 08:48 PM
The nearest to this I can think of that hasg happened to me was nearly 20 years ago. The bank I was using at the time included the withdrawal fee in their calculations for what to charge for the number of withdrawals. If, say, I'd made four withdrawals in a month, they'd count up my four withdrawals, plus the fee they were about to take out, and charge me for five withdrawals. I've since changed banks.

Marlonsm
July 5th, 2009, 09:00 PM
Many banks do things like that. You just need to call them (if you have time to do so) and cancel the "service".

Gizenshya
July 5th, 2009, 10:09 PM
unfortunately all of the banks will do this to you. just six weeks ago BOA stole $384.00 from me and i still cant figure out how they validate their charges. i would switch banks but i actually dont trust anyone to handle my money but me, but i am forced to use banks anyway. sometimes i hate society...

^^^ what he said.

slightly more detail...

non interest (aka fee-based) income is a hot topic these days in banking management. It is the most effecient way to increase capital-asset ratio without risk. Larger banks are especially bad about it, as their leverage ratios were hit the hardest with the unexpected decline in many marked-to-market asset categories (which banks loved originally, and invested too much into.. because they didn't think the economy could turn for the worst...). You might be able to find a smaller bank that still has generous policies with regard to OD and other fees.

An especially controversial version of the OD fee is this (doesn't have a generally accepted name): You have $50 in the bank, and want, say, $40 in gas. When you swipe your card, the station pre-approves you for X amount, usually like $70 (varies depending on the station and/or bank). Then after you get your $40 in gas, you head inside and grab some chips and a drink, for $5. So, you're thinking you're fine, because you have $5 in your account.

WRONG! When the station pre-approved the amount, even though it wasn't withdrawn, the bank hit you with an overdraft charge (say, $40). Then it actually withdrew the $40 for gas. So you're at -30. then the chips and drink. They hit you with another OD charge because you bought them when you were in the negative (due to the first OD charge). So that's another $40, plus the $5 for the chips and drink. Added on top of the $30 you're already in the hole, brings you up to $75 in the hole, even though you originally had $50 in there, and only spent $45. Sucks, eh? But, atm at leaast, it is perfectly legal (well, not criminal). And as long as they stay under the ~$1000-$2000 mark, you'll lose money if you sue (civil litigation).

They've had those little rules for forever... but have only recently begun to enforce them (because of the capital adequacy problem). They are essentially writing checks to themselves.

I've never had an overdraft charge. Although, one time (at about 2 am), an ATM claimed I had a negative balance. I went into the bank the next day asking about it, and nobody had a clue why it showed a negative balance (I brought in the receipt). They apologized for the inconvenience, but they couldn't really do anything about it because everything was correct the next day. I later found out that during the night they do all sorts of things to accounts, and they can be very wrong if checked at the wrong time.

SoftwareExplorer
July 6th, 2009, 12:35 AM
I'll say that in my experiece, most of the time credit unions are better than banks. Better interest on the money I've saved and better service. At least where I am.

Jackelope
July 6th, 2009, 02:40 AM
I'll say that in my experiece, most of the time credit unions are better than banks. Better interest on the money I've saved and better service. At least where I am.

+1. Try a local credit union, preferably not a chain.

Gizenshya
July 6th, 2009, 05:37 AM
only problem with that is that most credit unions are tied to some sort of worker's union. It might be hard to get in. Although I heard many are becoming more lax about that, so it might be worth checking out. (although.. the more lax about that they are, the more like a bank they are... and theyy hold fewer and fewer of the desirable traits). ohh, well.

Giant Speck
July 6th, 2009, 05:40 AM
I never have to worry about overdraft fees with my small town bank or USAA. But then again, I keep my balance above $250.

stwschool
July 6th, 2009, 05:51 AM
My approach is simply to have an account with no overdraft facility and no credit card, and always deal in cash. It makes it easier to track my money, and ensures I don't spend what I don't have, which is a nice bonus.

haemulon
July 6th, 2009, 06:27 AM
that does not happen here . We have a strictly regulated banking industry.

In the U.S.A we hardly have any consumer protections of any kind.

Everything is geared toward protecting the interests of large businesses, corporations and those with large amounts of money.

stwschool
July 6th, 2009, 06:49 AM
In the U.S.A we hardly have any consumer protections of any kind.

Everything is geared toward protecting the interests of large businesses, corporations and those with large amounts of money.
Same all over the world. The UK's pretty crappy in that regard and obviously Thailand's rampantly corrupt, though they're not quite as good at it as the UK are, so it's easier to make it work for you and not against you.