Bank of America to End Most Overdraft Fees

[Ben Kenobi]

That I understand. The bank I have up here has never done that kind of crap. Surprising, usually we are behind you folks instead of ahead of the game.

[Asher]

That I understand. The bank I have up here has never done that kind of crap. Surprising, usually we are behind you folks instead of ahead of the game.

You clearly don't understand the Canadian banking system.

While the US and most of the world was imploding with their ****ed up banking system, Canada stood out as a nation of reason with a stable banking system.

Just because the US does something doesn't mean they're ahead. They sometimes step out in the wrong direction and don't realize it til it's too late.

[trev]

Many banks in Australia several months ago dropped or lowered drastically their overdraft fees, NAB moved first dropping them totally, other major banks either dropped them or lowered them to $5 from about $30. So overseas banks are starting to catch up.

[Patroklos]

Pattycakes, Bull****. I know for a fact that banks will often do charges from high to low because it has been in multiple reports for years now. That you don't know this is happening exposes you as the intellectually lazy numbnut we've all known you to be.

Not only does my bank not do what you described above, but it also doesn't charge overdraft fees for the first two times a month. And if you are really in danger of doing so more than that, for a $3 a month fee you overdraft as much as you want (they only let you go negative once, so you have go back into the black before you can overdraft again). Not that it matters to me, unlike you I am not a moron living at the edge of my finances.

However, if you are buying a cup of coffee, a porno mag, or paying your rent which of the three would you want the bank to process first in order to ensure payment?

If you really want to avoid what you describe, simply avoid large national banks. Using something like BoA is stupid, I am sure you are a loyal customer.

[N35t0r]

However, if you are buying a cup of coffee, a porno mag, or paying your rent which of the three would you want the bank to process first in order to ensure payment?

Umm.. if they are charging you for overdraft, then it's because they debit all three off your account.

[Patroklos]

No, most banks have an overdraft limit and will just deny charges after that point (and if they are BoA charge you for that too probably).

[N35t0r]

If a charge is denied, then it is denied on the spot... So there's still no point, other than to charge more fees, in processing payments from largest to smallest.

[Patroklos]

It is not always denied on the spot, and even if it is if it is an auto draft directly from a checking account for say mortgage/rent/power/water/cable/whatever you won't know until you check your account/the company contacts you.

Which do you think is a greater concern to you in addition to the question I asked earlier, paying the fees for an overdraft or accepting the consequences of a late mortgage payment?

[Provost Harrison]

Why do you so often pretend you are an expert in something when you obviously have no idea what you are talking about?

Hey, I've run afoul of these crooked charges before and I am no idiot, despite your kissing the arse of the corporate world as per usual. For large, bureaucratic organisations, banks are surprisingly crooked. I am having a dispute with one now. I won't go into details, but their antics would make anyone throw their arms up in amazement.

[Dauphin]

I've never come close to having an overdraft, so I can't really understand people falling foul of these charges from a practical point of view, nor do I have much sympathy. I thought most bank accounts gave you a nominal $100 overdraft precisely to avoid this kind of thing. Guess not - or maybe they do and it's that limit that people are going over.

The banks in the UK recently won a case justifying the charges (well that's not what the Court said, but that's how people read it).

[Patroklos]

Hey, I've run afoul of these crooked charges before and I am no idiot, despite your kissing the arse of the corporate world as per usual. For large, bureaucratic organisations, banks are surprisingly crooked. I am having a dispute with one now. I won't go into details, but their antics would make anyone throw their arms up in amazement.

How exactly am I kissing corporate ass (in this case banks) by advocating you avoid the large ones wholesale?

Or in other words read what I say. However, whether or not the corporations are villians is irrelevant as to whether or not you are stupid when it comes to finances. Overdraft charges affect morons in general, and they lead to financial hardship in morons only.

[Patroklos]

I've never come close to having an overdraft, so I can't really understand people falling foul of these charges from a practical point of view, nor do I have much sympathy. I thought most bank accounts gave you a nominal $100 overdraft precisely to avoid this kind of thing. Guess not - or maybe they do and it's that limit that people are going over.

Many banks do, especially the local ones. However, idiots simply count that $100 as part of their balance instead of using that as a margin for safety. Again, this affects idiots.

[DaShi]

Many banks do, especially the local ones. However, idiots simply count that $100 as part of their balance instead of using that as a margin for safety. Again, this affects idiots.

Which banks in the US do this? BoA doesn't.

[Ben Kenobi]

You clearly don't understand the Canadian banking system.

Canada is behind the USA in most consumer goods, including banking. I don't see why this is considered to be a controversial statement.

While the US and most of the world was imploding with their ****ed up banking system, Canada stood out as a nation of reason with a stable banking system.

Mostly because we are behind the curve. There's something to be said for being Conservative wrt to our banking system.

Just because the US does something doesn't mean they're ahead. They sometimes step out in the wrong direction and don't realize it til it's too late.

That's part of being the trendsetter.

[Patroklos]

Which banks in the US do this? BoA doesn't.

Check your local banks. Mine has all sorts of little things like that which you will never get from a BoA and the like.