Thread: Debit card overdraft fees...evil bank or irresponsible consumer?

Quote: How many laws do you think protect you in many different aspects of your daily life? WAAAAY TO MANY, in my opinion. The government needs to stop worry about the different aspects of my daily life, and start worrying more about things like ballooning deficits and a huge national debt. Besides, they can pass any foolish old law they want and it won't matter. People will keep doing stupid things and blaming someone else for it. You...

Quote: Originally Posted by HappyTexan The problem is that overdraft used to be the extra you signed for. Now it's the default and you have to opt out...pretty sneaky on the part of the banks. Quote: Originally Posted by treasurekidd WAAAAY TO MANY, in my opinion. Quote: I have sneaking suspicion that a lot of the folks who are crying the loudest about these fees would feel VERY nervous if they knew the bank was going to start declining...

Quote: Originally Posted by berdee Then I guess by your logic state and fed should have absolutely no laws to protect the people. How many laws do you think protect you in many different aspects of your daily life? There is a law. The banks have to disclose what happens to you if you are irresponsible enough to overdraw your account. They can't just willy-nilly throw fines at you without setting up an 'if-then' contract. I...

Quote: Originally Posted by lolita305 The banks never lose though, they just have a few billions in bailouts and 0% interest from the Fed. The banks knew this was gonna happen and were handing out loans they knew people couldn't afford because they knew the taxpayer would get the bill at the end(or end up "holding the bag"). I never said that lenders and banks weren't responsible for loaning money to people who...

Quote: Originally Posted by stan4 People are ignorant and stupid so banks have an obligation to protect them? What the heck kind of looney logic is that? No they do not have to protect them but they also do not need to do things just to get fees out of them. The transaction should be declined so the person learns not to spend more money that they have.

Quote: Originally Posted by neil0311 However, many people took mortgages they couldn't afford, under false pretenses or without proper qualification, and it took very little for them to be in a position that anyone should have seen coming, with or without a recession. The recession just hastened things. Many blame the banks and "predatory lending" but it's really irresponsibility on the part of the borrower. The...

Quote: Originally Posted by mommytotwo At one point in time, prior to the debit card, when it was checks that were "bouncing", I would definitely say it was the fault of the consumer, not the bank. Was the bank fully capitalizing on the mistakes of the consumer? YES. Was it the consumer's fault? YES. However, in this day and age, I am more likely to say "evil bank" for several reasons. Not everyone is...

Quote: Originally Posted by lolita305 I agree with your post except with this part. I think everybody should use their credit cards and pay them at the end of the month. It will create less charges than using a debit in case of an error That false sense of financial freedom with debit cards is what banks are capitalizing on. Most wealthy people use credit cards not debit cards. People need to think with their heads not with their hearts, no...

Quote: Originally Posted by berdee My opinion is that I believe that banks should not allow debit charges to be made on an account that does not have the funds (is that such a difficult concept to grasp?). It's overdraft. Banks CAN do it if you sign the paperwork for it. If not then you get that infamous "declined" . The problem is that overdraft used to be the extra you signed for. Now it's the default and you...

Quote: Originally Posted by treasurekidd You're all totally missing my point. As I said before, you all understood the rules before you signed up for these cards. True enough, point well taken. I have had my bank account with the same bank for 16 years. Many things have changed since then, that I didn't know would change when I opened the account. For instance, there were no electronic funds transactions back then (e.g. you write a...