The overdrafts were going to happen. The banks would maximize the number of OD items though. Pay the big check first and then OD the next several items. That’s how it works.
What are you going to do with your Covid check?
- Thread starter UncleMark
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The overdrafts were going to happen. The banks would maximize the number of OD items though. Pay the big check first and then OD the next several items. That’s how it works.
I get it. 13M Americans irresponsible for both their debit balances and statements (not noticing the alteration of sequence, resulting in more fees). 45 cents on the dollar at most sounds fair although caveat emptor might have applied after the first $35.
13,000,000 * $35 = $455,000,000, 100 cents on the dollar, without lawyer fees. Hm...sounds like it pays for lawyers to overdraft accounts at all banks. Just in case.
Chorus: Americans are stupid.
there's usually a group of parasites waiting around to say the class action isn't fair to the class members. so they'll hold up the settlement until they get paid off separately.
The problem is that the $100 checks were written first but the bank processed the $500 first in order to make all the others bounce. NO where did I blame the banks for someone writing a check for money they didn't have but people do make mistakes (well most do at least) and banks manipulating transactions to maximize overdraft fees is just plain wrong to me.
I know how overdraft fees work but that doesn't mean that I think it right to manipulate transactions to maximized overdraft fees.
Yes I know. I’m not talking about you blaming the banks, I’m talking about the people overdrafting their accounts. And their lawyers. Of course I agree that banks changing the time sequence of the transactions is wrong and should be illegal if it isn’t. Evidently the courts considered it illegal.
I agree with that....people know the rules and then gripe when they are enforced. I think that I've had one check bounce in my lifetime and I knew that I didn't have the money to cover it when I wrote it but thought that I had enough time to get it into the account. However, I had it set up so the CU just took enough out of savings to cover it so I guess it really didn't bounce... it just cost a few bucks (3 or 4) to get it covered.
Judging from the math I did above, I doubt Bank Of America took a loss on that settlement. That’s just one overpayment fee per customer.
If you want to get annoyed, that’s the real annoyance, these robbers get rich even when they get caught and penalized, so called.
you're right. i despise banks. F the little guy at every available turn. get massive bailouts. the crooks that run them somehow wriggle out of criminal consequences. just fines. IGW finish this for me....
