[Bud Hibbs]

Is your bank pressuring you to opt-in to overdraft protection?

This allows them to charge high fees for over-drafts or bounced checks.

Under the new federal law, you have the right to opt-out (refuse) this expensive service.

If you are being pressured to stay in, please contact us, we want to talk with you about your options.

cap@budhibbs.com

[bestgirl21801]

Bud Hibbs, on 21 July 2010 - 09:11 PM, said:

Is your bank pressuring you to opt-in to overdraft protection?

This allows them to charge high fees for over-drafts or bounced checks.

Under the new federal law, you have the right to opt-out (refuse) this expensive service.

If you are being pressured to stay in, please contact us, we want to talk with you about your options.

cap@budhibbs.com

I have been called several times. I have told the CSR's in no uncertain terms that I will not be opting in. I am sure that they will come up with some fee for my checking account since I will not allow them to rob me with overdraft protection. One CSR hung up on me when I told her that this new way of doing business will help me to spend my money within my means.

[scrat]

scrat has been getting emails from his credit union about every other day wanting him to opt in (by July 31, 2010). The large print 'sez' I should opt in so if I ever make an error with my finances, it could save me the embarassment of a declined transaction.

The fine print states that they pay overdrafts at their discretion and they reserve the right not to pay. Fees that may be charged in connection with overdraft; Overdraft Privilege Fee - $25. Premium OD Usage Fee - $25. Management Hold Fee - $25. Uncollected Funds Charge - $25. Insufficient Funds Charge - $25. These fees are not explained well, it looks like if I overdraft, they are going to hit me with multiple fees at once.

Its very rare I thank the government for regulation, most of it has been against the consumer. But this time, I have to say thank you.

This post has been edited by scrat: 23 July 2010 - 08:51 AM

[AlfRed]

Bank of America is going to start declining charges that would overdraft you... but still charge a $35 non-payment fee! F*** you very much!:

"...
Keep in mind, you will be charged a $35 NSF: Returned Item fee for each transaction that is not paid, including checks and certain other electronic transactions. Plus, some merchants also charge additional fees for returned checks.
..."

learn.bankofamerica.com

[Linx04]

I have a Bank of America FREE checking account. I have had this account for over a year now and have NEVER been charged a main fee. Well when I told them I was opting out and I did NOT was my savings account linked to it, nor would I fill out a credit app for OD protection I got charged a main fee the next month.

Yeah slimy chits! Of course I get on the horn and tell the CSR I have a FREE checking account. She tells me "Mr. Linx04 I have GREAT news for you. I am able to waive the maint fee." I said I do not know why it is so GREAT, it should have never been charged in the first place.

[Dare]

Linx04, on 22 August 2010 - 06:35 AM, said:

I have a Bank of America FREE checking account. I have had this account for over a year now and have NEVER been charged a main fee. Well when I told them I was opting out and I did NOT was my savings account linked to it, nor would I fill out a credit app for OD protection I got charged a main fee the next month.

Yeah slimy chits! Of course I get on the horn and tell the CSR I have a FREE checking account. She tells me "Mr. Linx04 I have GREAT news for you. I am able to waive the maint fee." I said I do not know why it is so GREAT, it should have never been charged in the first place.

:lol:

We are too much alike. Last week I sent a mad email to a copier company salesman after receiving an invoice for a monthly maintenance agreement. He'd quoted the monthly fee as $20. The invoice amount came to $24.95 - because there was this little processing fee he hadn't mentioned. Sure it's only $5 but that increased the monthly cost by 25%, which imo is unacceptable. I ripped him pretty good about shady business practices and refused to pay the processing fee. Ever. So this fool writes back, "I'm sorry, I didn't know the processing fee. It's just a standard fee we charge everyone. I didn't mean to hide anything." Um. NO. I said, that's the point. If it's a standard fee you charge everyone you SHOULD know and you should DISCLOSE that in your quote. Get rid of that fee or you can take this monthly service contract and ram it down your throat dry. The company then chose to waive the fee - permanently. At least on my account. ^_^