Payroll Deposit Question

[Black Bart]

Originally Posted by JohnH

Heres a further discussion about your pet peeve, written by someone much more knowledgeable that I. Although I question the conclusion that any meaningful help is actually on the way. (As I said, lots of discussion by the politicians & regulators, but no real action.)
http://redtape.msnbc.com/2007/06/bank_overdraft_.html

Interesting article but, as you said, no action apparently since he wrote it in 2007 and fees still exist. They're usually just an occasional bother but I once had a client who routinely paid $300-$400 per month (said he considered it "just another operating loan"). I know some will say "just manage your checking account and there's no problem," but I think that's missing the point -- banks shouldn't possess a license to steal when people/dopes aren't always careful (the bank gouged me once this year, so I'm takin' this personally).

I was surprised about the processing sequence of checks by amount -- hadn't heard of that one. Very resourceful fellows, those bankers, eh? I did hear of some banks who processed all checks first and then all deposits last.

American Bankers Association spokesperson Nedda Feddis' OD fee defenses were quite original and creative -- to wit:

"ATM screen overdraft warnings are not technically possible" (Gosh -- sounds like a huge technological challenge, doesn't it?)

"Publishing (interest) rates would only confuse people. People understand dollars. The rate would be misleading to consumers. It's not a loan, it's a service fee." (Yes, yes, I've got it-- it's a fee and those 1,000% interest rates are soooo confusing; why, it's just more than our li'l ol' brains can figure out).

Our ex-payday loan guys should have hired that gal.