How to lose money you haven't made yet

Red King · 04-18-2010, 02:39 AM

So I have a bank account with BB&T. Lately bills have been getting kinda bad, and so it's hard to keep a sturdy track of my finances. Well, it seems I made an overdraft on my account. No big deal right? I'll just pay the usual 35$ fine and go on my way, right? HAHAHAHA NO. Instead I pay the 35$ fee for the overdraft, 4 other 35$ fees for things bought the day BEFORE I made the overdraft, and another 35$ for something bought before I made the overdraft, but only finalized the day after, which, after my check arrived today, left me with 60$..owed. That's right. They took my entire check, and I STILL owe them 60$. I'm going to try and sort this out monday, but it doesn't look good, and for right now, I'm penniless.

So, has anybody else here been royally screwed by the banks? And if not, what bank do you use? I think it's time for me to switch. This isn't the first time they've done this.

Viridis · 04-18-2010, 07:17 AM

Yeah, they like to apply charges from the largest to smallest, instead of in the order you purchased thins, for exactly this reason.

I'm thinking the Consumerist might have more information about this practice.

Seil · 04-18-2010, 08:30 PM

Credit Cards suck.

Red King · 04-18-2010, 10:19 PM

Quote:

Originally Posted by Seil

Credit Cards suck.

That's why I don't use them. I use a Debit Card though. But that's what got me into this trouble. I may have to revise my thinking.

Viridis · 04-18-2010, 10:28 PM

They're changing the rules, if that helps. Banks will have to warn you about these fees and let you opt out.

So you can choose between letting a purchase go through and dealing with the fee, or the purchase being declined due to insufficient funds. Talk to your bank about it. Let me dig up a Consumerist link.

Edit: This and this might help.

Quote:

Starting on July 1st, the Federal Reserve has required banks to get consent from customers before enrolling them in overdraft protection programs so they can experience the excitement of cascading overdrafts.

Everything else with the tag 'overdraft fees'.

Krylo · 04-18-2010, 10:30 PM

Quote:

Originally Posted by RoyoR

That's why I don't use them. I use a Debit Card though. But that's what got me into this trouble. I may have to revise my thinking.

Pretty sure if you are spending money you don't have it doesn't matter if you're using a debit card or checks.

I guess you could go straight cash, 'cause the bank wouldn't let you take money you don't have then, but on the other hand, what are you some kind of caveman?

04-18-2010, 02:39 AM	#1
Red King I knew youd say something like that Join Date: Dec 2008 Posts: 161	How to lose money you haven't made yet So I have a bank account with BB&T. Lately bills have been getting kinda bad, and so it's hard to keep a sturdy track of my finances. Well, it seems I made an overdraft on my account. No big deal right? I'll just pay the usual 35$ fine and go on my way, right? HAHAHAHA NO. Instead I pay the 35$ fee for the overdraft, 4 other 35$ fees for things bought the day BEFORE I made the overdraft, and another 35$ for something bought before I made the overdraft, but only finalized the day after, which, after my check arrived today, left me with 60$..owed. That's right. They took my entire check, and I STILL owe them 60$. I'm going to try and sort this out monday, but it doesn't look good, and for right now, I'm penniless. So, has anybody else here been royally screwed by the banks? And if not, what bank do you use? I think it's time for me to switch. This isn't the first time they've done this.

04-18-2010, 08:30 PM	#3
Seil Super stressed! Join Date: Feb 2007 Location: British Columbia Posts: 8,081	Credit Cards suck.