deposit disappeared from my bank account?

[Anonymous]

OP, is there a credit union you can join? It's really the only way to avoid these shenanigans.

[Anonymous]

not associated with my place of employment....is there another way to gain access to a credit union?

[Anonymous]

What about a credit union at your college or grad school?

[Anonymous]

Anonymous wrote:OP, is there a credit union you can join? It's really the only way to avoid these shenanigans.

I wouldn't be so anxious to go to a credit union either. Back in 2002-3, before I married again, I was in financial despair. The credit union started covering my acct with overdraft protection. When I realized that the overdraft was adding to my despair, I BEGGED them to stop because my budget allowed me to pay my bills, all of them but it would have been tight. The overdraft fees WIPED me out, and I never caught up. My best friend, now my husband, tried to sort through the bullshit of my acct, and was in disbelief when he a up the fees totalling 8K for 6 months. They did exactly what someone else wrote, they would deduct their fees, sometimes totally up to $500, when the checks I had written were coming in. Finally, my husband told me to stop the deposits, immediately and go with cash. Those assholes tried to suck another $2200 from me after they realized there wasn't any deposits being deposited. So, in the end, they took almost $12K and wanted more. About 8 months later, I never heard from them again but a creditor called me in '07 asking for the $. I explained I never signed for the overdraft, begged them to stop, and no one was getting another dime me.

So beware, all banking institutions are deceitful. I get sick just thinking about it!

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP, is there a credit union you can join? It's really the only way to avoid these shenanigans.

I wouldn't be so anxious to go to a credit union either. Back in 2002-3, before I married again, I was in financial despair. The credit union started covering my acct with overdraft protection. When I realized that the overdraft was adding to my despair, I BEGGED them to stop because my budget allowed me to pay my bills, all of them but it would have been tight. The overdraft fees WIPED me out, and I never caught up. My best friend, now my husband, tried to sort through the bullshit of my acct, and was in disbelief when he a up the fees totalling 8K for 6 months. They did exactly what someone else wrote, they would deduct their fees, sometimes totally up to $500, when the checks I had written were coming in. Finally, my husband told me to stop the deposits, immediately and go with cash. Those assholes tried to suck another $2200 from me after they realized there wasn't any deposits being deposited. So, in the end, they took almost $12K and wanted more. About 8 months later, I never heard from them again but a creditor called me in '07 asking for the $. I explained I never signed for the overdraft, begged them to stop, and no one was getting another dime me.

So beware, all banking institutions are deceitful. I get sick just thinking about it!

This makes no sense.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP, is there a credit union you can join? It's really the only way to avoid these shenanigans.

I wouldn't be so anxious to go to a credit union either. Back in 2002-3, before I married again, I was in financial despair. The credit union started covering my acct with overdraft protection. When I realized that the overdraft was adding to my despair, I BEGGED them to stop because my budget allowed me to pay my bills, all of them but it would have been tight. The overdraft fees WIPED me out, and I never caught up. My best friend, now my husband, tried to sort through the bullshit of my acct, and was in disbelief when he a up the fees totalling 8K for 6 months. They did exactly what someone else wrote, they would deduct their fees, sometimes totally up to $500, when the checks I had written were coming in. Finally, my husband told me to stop the deposits, immediately and go with cash. Those assholes tried to suck another $2200 from me after they realized there wasn't any deposits being deposited. So, in the end, they took almost $12K and wanted more. About 8 months later, I never heard from them again but a creditor called me in '07 asking for the $. I explained I never signed for the overdraft, begged them to stop, and no one was getting another dime me.

So beware, all banking institutions are deceitful. I get sick just thinking about it!

This makes no sense.

The fees do seem high.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP, is there a credit union you can join? It's really the only way to avoid these shenanigans.

I wouldn't be so anxious to go to a credit union either. Back in 2002-3, before I married again, I was in financial despair. The credit union started covering my acct with overdraft protection. When I realized that the overdraft was adding to my despair, I BEGGED them to stop because my budget allowed me to pay my bills, all of them but it would have been tight. The overdraft fees WIPED me out, and I never caught up. My best friend, now my husband, tried to sort through the bullshit of my acct, and was in disbelief when he a up the fees totalling 8K for 6 months. They did exactly what someone else wrote, they would deduct their fees, sometimes totally up to $500, when the checks I had written were coming in. Finally, my husband told me to stop the deposits, immediately and go with cash. Those assholes tried to suck another $2200 from me after they realized there wasn't any deposits being deposited. So, in the end, they took almost $12K and wanted more. About 8 months later, I never heard from them again but a creditor called me in '07 asking for the $. I explained I never signed for the overdraft, begged them to stop, and no one was getting another dime me.

So beware, all banking institutions are deceitful. I get sick just thinking about it!

This makes no sense.

Because 12K wasnt just for fees, this poster was using it as sort of a line of credit but "didn't know". When you spend your line of credit you have to pay it back over and over again. 12k in fees is CRAZY.
The fees do seem high.

[Anonymous]

The Federal Reserve on Thursday released a new rule to prohibit banks from automatically enrolling customers in overdraft protection programs, which charge fees when consumers spend more than they have.

Starting on July 1, 2010, all banks will have to ask their customers to opt in to overdraft protection plans for ATM and most debit card transactions.



Currently, more than 75% of banks automatically sign customers up for overdraft programs, according to a study by the Federal Deposit Insurance Corp.

The new rule only affects overdraft fee services on ATM and one-time debit transactions. Banks will still be allowed to automatically enroll customers in overdraft services for personal checks and automatic transactions like monthly bill payments.

Congress is also weighing action to clamp down on overdraft fees. On the legislative agenda are proposals to force banks to ask customers before they automatically enroll them in overdraft programs.

The congressional bills are tougher than the Fed's rules.

The Senate would empower banking regulators to set overdraft fees in a way that is "reasonable and proportional" and disclose to consumers details about how an overdraft charge was incurred and what can be done to fix an account balance on the same day the overdraft fee is charged.

The House would cap the number of times banks can charge overdraft fees at three a year. It also would force banks to tell customers when an account is on the verge of being overdrawn, so they can decide whether a purchase is worth an overdraft fee.

Yet, the current congressional proposals wouldn't go into effect until one year after passage, though they would prohibit banks from increasing overdraft fees in the wait time.



For banks, overdraft fees are a big revenue generator because so many people rely on debit cards.

Some 75 out of 100 financial transactions are electronic, according to Moebs Services Inc., an economic research firm. The financial services industry is on track to make $38.5 billion this year on overdraft and non-sufficient fund fees, up 38% from $27.9 billion five years ago, Moebs estimates.

The banking industry was not pleased by the Fed's move.

"It radically changes and alters the overdraft services for consumers," said Scott Talbott, chief lobbyist for the Financial Services Roundtable. "The result will be confusion and embarrassment and frustration." To top of page


http://money.cnn.com/2009/11/12/news/economy/overdraft_fees/index.htm?cnn=yes