Maybe the first step would be to make all financial insttitutions regulated by one agency. When there are many government regulation entities then no one knows what the other(s) is doing and there is no oversite of violations.

Consumers need protection from these predatory banks. I hear more and more stories where banks have taken advantage of people who just don't have the means to pay off their credit cards and should not have been given one in the first place. These people get into trouble because of all of the fees imposed on them. On a recent bill Bank of America did not process my check correctly. I had paid the balance in full. They then proceeded to charge my account $14.00 in finance fees. When I called them to complain they said no problem we will adjust the charge. No problem. It is a problem. It was their mistake and had I not caught it and just paid my bill they would have taken advantage of me. How many times does this happen to people? MBNA was a nice bank to deal with. It is too bad they sold out to Bank of America.

That's why I use my credit union. The fees are low and they never hide them from me. The bank wants to serve it's stock holders but the credit union serve me.

This article is fraught with inaccuracies. For example, it says, “Lack of a clear and conspicuous fee schedule violates the 1991 Truth in Savings Act and Federal Reserve Regulation DD.” This part is true but in the next paragraph it says, “In other words, it's far more likely that you'll get a parking ticket for breaking parking rules outside a bank than it is the bank will be fined for disobeying federal lending laws.” Regulation DD, while germane to the topic has nothing to do with lending.
I was also particularly interested in this point, “The GAO investigators spotted an interesting trend in analyzing bank fees over the past six years – the lower the interest rate set by the Federal Reserve, the higher the fees charged by the banks.” Obviously, the GAO really doesn’t know much about the banking industry. For most, not all, of that six years, banks were facing an inverted yield curve which tends to significantly dilute it’s spread. Banks probably did indeed see and increase in fee income but it was not due to “lower rates” but rather an unusual rate environment.
Any consumer can, with a cal or a visit to their local branch figure out which fees are which and probably avoid most, if not all of them, by being smart. In fact, thought there are more fees out there, banks give you plenty of ways to avoid them all together. Lets hunt a different witch shall we?

The consumer ripoff known as "bank fees", particularly overdraft fees are immoral if nothing else. I have five checking accounts for personal & business and it's inevitable that sooner or later I will incur an overdraft fee given their "inhouse" debit & credit proceedure. I have averaged about one every two or three years. I makes me so sick I have to go home and lay down. Thats ok though, since there is no obligation for the bank to pay my insuffecient check, however; I recently incurred an outright theft by my bank. The bank is Riverside Bank of the Gulf Coast in Cape Coral Florida. While in Tennessee recently on business a check was presented for payment and my account was insuffecient. (The overdraft fee was more than the insuffeciency) When I returned I discovered I had been charged an overdraft fee, which I paid with no complaint whatsoever, but was also charged $7.95 per day for "continious overdraft". I explained that I could'nt attend to this oversight while in Tennessee since it was a local bank with no branches in Tennessee. The bank employee explained that if I had read my material when I opened my account I would have been aware of their policy regarding "continous overdraft". Later I did read the information in my file regarding my account, some I actually had to use a magnifying glass to read; and found no mention whatsoever of this charge. I caused such a commotion in the bank that one of the bank officials later called me and said that the bank had decided to reverse the charges and credit my account. I'm grateful that someone is looking into this practice and hope my experience will help add some insight.

And there is some suprise in this. This is the same industry that is crying for bailouts for the problems they contributed to while making a fortune on the backs of the poorest in our society. You expect them to operate honestly ???? I don't think !

Banks are the biggest theives in our society. They take advantage of the poorest and line the pockets of the rich. The credit card companies are raping the public and the regulators are turning a blind eye to this travisty.

And you surprised because..............?
Banks & politicians, they both lie & cheat, we all know it, act accordingly.

I signed up for a free checking account at my local bank a number of years ago. After I refinanced my home and took out $50K in equity, I deposited this into my free checking account, I then began to spend this equity on home improvements to my house. Without my knowledge the bank changed my account type to one that provided free checking for accounts with balances in excess of $20K. As soon as my account balance went below the $20K amount, they started taking $20.00 a month as the fee for this account. Shame on me that I didn't catch it until the end of the year, which was 10 months and $200.00 later.

I went down to the bank and had the account switched back. The bank played stupid, wouldn't refund the money and wouldn't even pretend to investigate who had changed the account.

Needless to say, I would love to have a different bank to do business with but who do you go to? They are all basically the same. So I am still with the same shitty bank as when I started.

It's a shame that there is nothing that I can do aside from rants like these.

Thanks for reading!!

I finally wised up to these horrible practices and decided to leave my current back. The wave on true online banks, such as ING Direct, offer interest accruing checking accounts and will, hopefully, persuade enough people to switch. Only by taking the money out of THEIR own accounts will anything change.

I recently visited two branches of North Fork and called their customer hotline to get this information. It was like dealing with the FBI. The branches said the info. was not available and the hotline promised it would be "in the mail." I was informed that new customers received this information. I responded that, as a customer of many years, my business is still with them so am I not entitled to find out the fee penalties that might affect my account? Apparently, once you lose that welcome packet, you are out of luck! Oh, so just ask for a welcome packet, right? Wrong, I demanded one and they still refused to give it to me! I felt that my money was being held hostage and I had no rights - in a bank! I have to say - this report is dead-on in revealing this disturbing phenomenon!

Fees fees fees. Simply do not overcharge your account and you have nothing to worry about.

The Federal Credit Unions are the best and easiest to understand than the large banks. They do not use the "high to low" posting system. Transactions are posted quickly and there fees are much lower. Anyone living paycheck to paycheck should switch. The "high to low" system is not much more than a scam and trap.

I am not only concerned about the issue you raise but about the fact that banks are robbing people blind because charges to your debit card might not be 'posted' to your checking account until some number of days after you charge something. The bank supposedly will prevent you from charging with your debit card if you unwittingly go overdrawn, but you could end up using your debit card several times before the charges get 'posted' before they then block the card. That can run up to hundreds of dollars in fees just because you paid for a burger with your debit card! This is disgraceful!

"So when interest rates are down, banks don't make as much money from loans, and have to compensate by raising fees, the report suggested." So by comparison, perhaps I can say that since my job is making me take "flex" time to save money and is giving raises that amount to cents, and the costs for goods and services has risen above my cost of living, and I am not making much money from my job, I would "have to compensate" by stealing from others. Thanks, banks, you've just given me the answer to MY money woes! Yet I'd be thrown in jail for doing what these banks are doing LEGALLY. Well, what do we expect, with a dishonest president who has allowed businesses carte blanche during her terms in office?

Have we forgotten how to ask questions these days? If you want to know a fee, ask before you run to complain. And a better hint: If you want to avoid fees, keep a checkbook register, know your balance, and don't spend money you don't have. Personal accountability people...it's a beautiful thing.

Another banking article for you two to take a look at.

Congress getting involved with more disclosures will just increase the fees again. Every time a new disclosure is required, fees go up. Congress needs to eliminate disclosures not add more.

Mr. Sullivan,

You ought to cover the cosumer's side of this "perceived issue in your mind". Ms. Maloney is only one half and extremely liberal and biased in her thoughts/beliefs. Overdraft Programs serve a very useful purpose in banking if run like a line of business. In this country you have a negative savings rate and 90-95% of Americans live in some way, shape or form paycheck to paycheck. These Americans also do not qualify or apply for a line of credit and do not have an asset sweep set-up to cover unforseen circumstances in their life and therefore a courtesy overdraft program is their only line of defense.

It might benefit you to study a few community banks Courtesy Overdraft Privilege Programs. These programs are awesome for the consumer and if managed properly through the bank, serve an extremely important purpose in banking. Contact me if you would like help in finding those banks.

I wish I could withdraw my business from banks. Many Creidt Unions aren't much better. One I am with is OK, but they are back in my home-town.

Banks have 3rd parties calling me, tricking my kids into agreeing to scam insurance over the phone, tripled the rate for when overdraft protection kicks in ... the list is endless.

I am going to get out of debt, and when I can, kiss the banks goodbye. Credit Cards are the biggest ripoff of all. I wish all of America could go cold-turkey on them.

I signed up for a free checking account at my local bank a number of years ago. After I refinanced my home and took out $50K in equity, I deposited this into my free checking account and then began to spend this equity on home improvements to my house. Without my knowledge the bank changed my account type to one that provided free checking for accounts with balances in excess of $20K. As soon as my account balance went below the $20K amount, they started taking $20.00 a month as the fee for this account. Shame on me that I didn't catch it until the end of the year, which was 10 months and $200.00 later.

I went down to the bank and had the account switched back. The bank played stupid, wouldn't refund the money and wouldn't even pretend to investigate who had changed the account.

Needless to say, I would love to have a different bank to do business with but who do you go to? They are all basically the same. So I am still with the same crappy bank as when I started.

It's a shame that there is nothing that I can do aside from rants like these.

Well, well...Imagine that. The two most fundamental aspects of our society (money and government) unwilling and unable to ensure fairness to We The People. Today there is news about a Hepatitis scare (tip of the iceberg, no less) at another foundation of our society, public health. Dare I go on about killers at schools, the mortgage crisis, gas prices, toxic waste, the collapse of the family the disappearance of the Ozone layer? Of course not. We Americans - now clearly conditioned to the pain of our ills - go back to our rooms and take our pain killers: Neurotic sitcoms, biased news and violent drama. Oh the luxury of life in the 21st Centuries. The founders are surely looking down on us and smitten with envy.

I have two suggestions. First, if you don't want to pay overdraft fees then don't spend money you don't have. Two, financial institutions are in the business of protecting your monetary assets; you are more than welcome to take your deposits and hide them under your mattress if you are unhappy with your bank. Idiots!!

It is insane how the deregulation of banking in the 80's has resulted in these ridiculous banking fees. The idea behind deregulation was to create competition in the baking industry to benefit the consumer. However, banks are raking in billions from consumers with their fees. It costs a consumer $35 if they bounce a check. The banks put the larger drafts through first, regardless of what order they come into the bank, and thus allowing the smaller drafts to create the opportunity for overdraft revenue. It can wipe your account out.Usually it affect those who can afford this the least. I don't believe congress is not aware of this, but they take their donations at election time, so who's fault is it? The american people lose again !!!

Overdraft Fees as I've found out, is a Banks way of *legally* stealing your money..
As I recently found out WACHOVIA, charged Me with a overdraft fee, when the Monies were THERE! Then charged a additional 167.00 in *overdraft fees*!
When I called about the discrepency, They shut down My account after aknowledgeing I was right!, Yet Kepted those overdraft fees..

All you need to do is keep better track of your money. Figure out the rules to the game, and pick your strategy. If you don't have it don't spend it. Your whining inicates the issues with our society. Want to fix it, take responsibility for yourselves and keep better track of your money!! Simple!

People...as stated above personal accountability. Many people want the convenience of debit cards and while some think a burger results in hundreds of dollars; it is not the burger purchase that caused it. You did. What people fail to realize is that if you have a check coming in on the same day these debit authorizations are being held or if a debit charge like a gas purchase (by the way, a gas purchase at the pump only authorizes for a $1.00)posts to your account, of course anything authorized afterwards exceeding your balance will trigger an overdraft fee. And by the way, banks can send you another client manual that clearly shows the fees imposed for overdrafts.

People now a days take no personal responsibility for their own money. It is blame someone else first when they do not realize what they have purchased. If you had sufficiet funds to cover every purchase or check you write in your account, you would not have to worry about an overdraft fee. I don't believe the mentality of people today, why did I get charged this fee is what they ask? C'mon America show the world that we are accountable for our own actions.

WAL-MART are you getting this??! Re-invent your self as a global leader in banking! I'm sure your fees would be lower than any bank where I live. And you are already global.. makes since to me...

Banks Top Executives pockets are flooding with trillions of dollars,and millions of bank customers are sinking in Atlantic.Congress (world largest rubber stamp factory).US Congress is sponsoring world most dangerous (economic)terrorists,of the world.This corporate imperialism is destroying the life of 300 million people,day in and day out.
US congress is enjoying the lust,while 300 million people are loosing their livelihood.

Capitolisim at work.

The biggest crime is that once you have been charged a "fee" you then pay interest on it!
If that's not anti-constitutional then what is.

People only have themselves to blame. The Republican mantra is pro-business not pro-consumer and they also want "less government." They got what they wanted.

Happy Bank Customer: What Bank are you an executive of?
[Regulation DD, while germane to the topic has nothing to do with lending.] You’re clearly blurring lines to justify your position (gee sounds like a description of a Bank’s Terms and Conditions, doesn't it?). I can think of one perfect example that totally refutes your (and I am sure you know it as well).
[The GAO investigators spotted an interesting trend in analyzing bank fees over the past six years – the lower the interest rate set by the Federal Reserve, the higher the fees charged by the banks.] "Obviously, the GAO really doesn’t know much about the banking industry" Obviously you cannot distinguish the difference between merely 'spotting an interesting trend' and establishing causality.
Finally, why not identify yourself? Such a sophisticated apology on behalf of the banking industry warrants an open and legitimate registration of your views. Banks salivate to cite in such in their marketing campaigns.

If someone were to walk into a Bank and rob it they would be hunted down but if the Bank is robbing their customers.....nothing! 24.5 % on any credit card is stealing.

First, I don't think it's fair that this article, along with the majority of these posts, lump "all banks as the same." That is just simply not true. By making that statement, you are stereotyping all banks to be like the big banks - like the Banks of America or the Key Banks of the world. Have you ever thought of dealing with a local community savings bank? I work for a savings bank in Maine and I can testify to the fact that for EVERY account we open a customer receives a copy of our fee schedule. I can also speak to the fact that we take the time to really get to know our customers so that when the issue arises like it did for Mr. Felts or Bob from Rockport above we have no problem rebating fees if the situation calls for. Bottom line is - as consumers we need to make a conscience decision when choosing our bank!! If customer service is something important you need to know where you're going to get it and where you are not. It's not always about the bootom line.

I second the comment of B. Six. I transferred my long standing account with a bank to a credit union 10 years ago when I felt like I was being taken for granted. I suggest to any and all to check out the availabilty of a credit union in your area. Credit unions treat the small customers better.

As banker I'd have to say you are half right. At my bank we "auto decision" overdrafts paying high to low in dollar amounts and we cap to a max of four fees per day, it's a big piece of my revenue, I get paid to work here, I don't volunteer. Yes you are right it is all about the stock price. However there are people out there who think as long as they have checks they have money. You would also be surprised how much money banks charge off everyday to overdrawn accounts, its hundreds of thousand of dollars everyday.

Reg DD does require disclosure of fees in a clear and conspicuous manner, but it doesn't say they have to be posted for public view. You should get these disclosures when you open the account, but like most things you don't read them and then blame the bank when you incur a fee. For those of you out there who still believe the subprime crisis is because of banks, if you read the news, you would know that few banks took part in this practice except for the large banks such as BofA, Wells Fargo, etc., it was usually mortgage brokers, and they haven't been regulated properly to begin with. Banks aren't out to deceive you and take all of your money. As for the OD fees, why would you ever spend more than you have? If you balance your checkbook to all debits/credits, you wouldn't have OD fees to worry about. If you don't want OD protection then call your bank and ask that it removed but be aware that if you do initiate a debit at the store or via a check be prepared to pay the merchant for a return fee which is usually much more than the bank fee and also be ready to face the embarrassment and work to clear it up with the merchant. It does no good to complain, if you don't like your bank, then move on or initiate a change with your local senators and congressman.

I am the contrarian. Why do we need more laws and more regulation to protect us from ourselves? What about PERSONAL RESPONSIBILITY? rEMEMBER "BUYER BEWARE?"

Ok , here is the worst BS fee of all. I pay my rewards card off every month in full. Somehow my payment arrived 1 day late. I was charged 35.00. the payment due if I didnt pay off the card was only 20.00. This a BS to the fullest. If you ask me the Karma is paying banks back with the sub prime mess for trying to screw people over with loans they couldnt afford

While it may be the consumers fault at mismanaging the account two banks who regularly come up in these stories are Bank of America and Wachovia. I wouldnt give money to these people if my life depended on it

While it may be the consumers fault at mismanaging the account two banks who regularly come up in these stories are Bank of America and Wachovia. I wouldnt give money to these people if my life depended on it

I think on July 4th 2008 we should all make a statement to the financial institutions, first everyone should remove any money they have in the banks and second everyone should stop paying their overinflated mortgages,its about time they feel what a crunch feels like!!!

When you deposit a check and the check bounces, the bank charges you a fee for the bounced check.

My biggest beef is the uncollected charge of $30 that Rockland Trust bank robs me of whenever I make a deposit and write a check against it before the deposit has cleared! I HAVE THE FUNDS - AND I STILL GET THE FEE!!!!!! The bank maximum is $120 uncollected charge per day of this fee - but in a day in age where everything can happen automatically, why my deposits can not be cleared immediately to avoid this fee is curious. And I will be changing banks when I find one without all of these fees.

Isn't an overdraft like stealing money from the bank? Your spending more money than you have. Let the bank charge what they want for providing the service of an overdraft (essentially an unapproved loan) instead of bouncing your check. And regarding credit cards, I was carrying a $1000 - $2000 balance when Citibank raised my rate (from 9.9 to 14.9) for no reason. That's their right to charge what they want for their loan to me. If I don't like it, I can pay off the laon and walk away. I paid off the balance, and though I still carry a balance, I pay in full each month and now they float me a free loan each month.

To the ones who say we are whining, (Probably bank lobbyists). We should not whine, we should switch to the Credit unions. Yes we should be responsible,but the Bank of America's,Wachovia"s and the like posting systems are schemes and traps and prey on those who are on tight budgets. SWITCH to the RESPONSIBLE and ethical co-op banks.

People be aware Credit Unions DO NOT pay income taxes!! Who's fooling who?

People be aware Credit Unions DO NOT pay income taxes!! Who's fooling who?

Want to avoid big bank fees? Bank with your local credit union. I have been a credit union member since I was 14 years old. Credit unions are not-for-profit, member-owned financial cooperatives. They are ran by volunteer boards unlike profit driven bank stock holders. Banks have enjoyed record breaking years of profit. It's time for people to do their homework - check out a local credit union - and stop complaining. We live in a country with many choices. Do your research and make a better choice. Choose a credit union.

Personally, I have no problems paying overdraft fees on items that I overdraft. I made the mistake and I will pay for it, fair enough. What I cannot stand is the other fees that they tack onto them. Once I overdrafted for less than 5 dollars and it cost me almost 200 dollars in overdraft fees because they had already set aside money for items that had not come out (the reason I overdrafted) and then charged overdraft fees when they actually came through (even though the money had already been set aside) Strange.

I keep very close track of my balance so was quite surprised last year to encounter an overdraft. I contacted the bank and discovered that they post the debits BEFORE the credits and the deposits made after 2:00 p.m. are not credited till the next business day. Consequently, even though I had made a substantial deposit the day before I got hit.

SO. . . if you have $50 in your account Tue. morning, make a $500 deposit Tue. afternoon (after 2:00 p.m.) and use your debit card for a $51 dinner Tue night, you are overdrawn.

more of the rich pigs in this country ripping people off....the rich cause all the worlds ills

First, the biggest theives in the land are insurance companies. They take advantage of the fact that people are required by law to have insurance and gouge the people. Then they do everything they possibly can to avoid paying or delay paying any claim even if the insured is desperately in need and then many insurance companies drop the insured because they had a claim. They base their rates on your credit score as well, what does that have to do with insurability, if you don't pay the policy premium they drop you.

Second, high to low or whatever doesn't really matter. What it boils down to is that you as a bank account holder are responsible for knowing how much money you have and how much you spent at any given time. It's called 'balancing your checkbook'. It is not the banks fault that people can't be bothered or that they are living beyond their means.

Community overdraft protection ought to be illegal. There is no valid reason why I, as a responsible banking customer, should have to pay to bail out someone who isn't regardless of their income.

How can you take personal account for your own money when you do not have it. Most of these people are not complaining about just overdraft fees if you care to acutually read what they wrote. It's about banks screwing around with your account until you have nothing left.

Yesterday, I got my credit card statement from HSB_ and notice my interest rate which was 14.9% and went up to 29.9%. I couldn't believe it, since 2005 when I opened my account, I was late one time and that was only a day late. I called and they said there is nothing I can do for you. I told them I was late one day on 1 billing cycle since I opened my account and you raise my interet rate to 29.9%? I'm sorry, etc...I gave it to them and said I would like to close my account and call them thieves and they are no different a person with a gun robbing people at gunpoint and stealing their money. I said to the customer rep, stop reading from the manual and you yourself are a crook for working for a bank who constantly steal money from people.

Dave Ramsey making any sense to anybody now!!!! In order to live like no one else, you need to live like no one else! Bravo Dave, you're the best! Keep it up!!!! It will sink in with the average American credit card holder some day soon! Bank offer their credit card scam to draw you into to being a serf and most Americans bite!

Banks are usurers. They create money from debt. There money is backed by nothing. And by nothing I mean nothing. Your 'promise' to repay is the new 'gold' reserve of the old. So basically banks are making interest off...yes that is right NOTHING. Money they never had. But of course on a 30 year mortgage they will make 3 times in interest off the money they created out of thin air. Overdrafts? If you deposit cash in the morning and try to use a bank card at night..you will get overdrafted, yes they are as crooked as they come. Is it just me or is the ability to create money from nothing the biggest fraud and felony in the world today? For more information see this clip before my post gets erased. Do a google search on "Money as Debt' is a 47 minute or so explanation on everything you will ever need to know about banks.

The Banking industry is getting just like the gasoline industry. Remember the early 70's, Self Service Gasoline was done to be more convenient for the consumer. Big Oil's way of eliminating dealers was to buy back all the stations but a few. By going self service they eliminate manpower, reduce benefit cost, w/c cost and lessen their liability at the pump island. Last 2 years they now have auctioned off the stations and storage facilities to eliminate more liability. Banks are getting same way, they want everything self service. They couldn't give rats behind if a customer ever walked into a bank. Less Employee's, Less Benefits Cost, Reduce Workers Comp Cost, & Increased Bonus Packages fot the Top Dogs.

I took a check drawn on Compass Bank to Compass Bank in Dallas Texas to be cashed. They charged me 10.00 to cash their own check. Gives a whole new slant on Bank Robber.

As stated above, "banks send these credit cards to people who have no means of paying them off and should have not been sent to them in the first place". "These people get into trouble because of the fees imposed on them". I cannot agree with those statements at all. Did the bank force them to use the credit card? Who decides who gets credit cards? Well, the answer to that are the banks. Then you decide if you can afford to use it. People know good and well if they can afford to use them or not.

I'm not surprised by people being so angry about banks. From the obvious state of our economy right now, partially brought on by people who have no clue how to manage their finances, it is easy to see why people would be irate.
However, overdraft fees are charged when you DO NOT HAVE ENOUGH MONEY. Yes, there are instances where there is a mistake but the vast majority of the time it is because if it wasn't for overdraft, the check would bounce. So, if you'd rather bounce checks, tell your bank you no longer want overdraft protection. If it is something that comes with your account automatically, manage your finances better. If you keep track of the money you spend, you will have no need for overdraft protection nor will charges come as a surprise. If you have any fiscal responsibility at all, the vast majority of bank fees don't apply to you because you would never have to pay them. So, stop complaining about bank fees and keep better track of your money.

It's not about personal responsibility, it's about common sense with these banks and these banks doesn't have any at all. All of these banks charge people tons of fees and make all of this money. When the CEO leave the bank, the CEO will get over $100 million for what? I think Congress should regulate all of these banks and pass a law protecting the people from these crooks.

Whatever happened to taking individual responsability? Folks, don't blame the banks nor the credit card companies for your irresponsible spending. It's simple: DO NOT SPEND MONEY YOU DON'T HAVE. If you do, you will pay overdraft fees, interest, and late fees.

I work for business customer service for a large bank, and I have got to say Henry from San Antonio is quite right. I've dealt with so many customers who call to bellyache about an overdraft fee when we've just paid a mortgage payment of 1500.00 to an account with 200.00 in it. Learn to manage your accounts for the love of Pete! Most banks offer several ways to track your accounts whether it is online, over the phone, with atm statement print outs, or asking at the bank. Most banks also offer some sort of overdraft protection as well, ask about it!
Those that complain the loudest to me at customer service are usually the worst offenders. We do keep track of how many times you overdraft your account. If you're a repeat offender and you've overdrawn your account 30 days in the last year, it's not really the bank's fault, is it?
In short, don't spend money you don't have.

Watch out for some banks, such as Compass Bank. If you make a deposit, but have an overdraft later the same day, the overdraft is done first, resulting in a fee. Then, they credit your deposit...What a racket!

Hey, It doesnt matter (really original) which bank do you work for? These fee practices are crap and you know it. It's about time the people of this country did something about this. Unfortunatly we are to set in our ways of instant gradification otherwise actual currency would still be the preferred means of paying. Instead we allow banks marketing sceams to convince us otherwise. Banks generally don't allow you to withdraw what you dont have. You want to put it to the banks, go back to cash people.

Happy Bank customer obviously hasn't tried to call their local bank lately. Try to find a local # that actually rings to their local bank. More likely you will be routed to a call center, often overseas. If everyone would just join a credit union, the problem of banks taking advantage of customers would be solved.

CORPORATE GREED is the biggest cause of middle and lower class suffering in America and the world today. Perpetrators hide behind the corporate veil and care nothing for individuals and suffer no consequence. some good examples: Insurance companies that stuck it to hurricane victims, The Oil companies who are benefiting from the flow of Iraq oil subsidised by the American taxpayers are then having us pay $100.00 to fill our tanks. The pharmaceuticals and the Healthcare industry. Corporations buy companies, lay off American workers and outsource the work to what amounts to slave-labour. We need to get back to a one-to-one business structure.

If you really want to know about a rip off, when my daughter was born I put two hundred dollars into a savings acount for her. The reason for this was I wanted her to have some seed money when she got older and started to earn money so that she would also learn saving. Her statements would come and I would just put them in the drawer, after all I was not adding anymore and not taking any out. I thought the bank was just paying interest BIG MISTAKE, because I was not "doing anything" with the account it was listed a dormant and they started charging for me to save with them. By the time I checked on this there was only $50.00 left in her account, I withdrew all of it and put it in her piggy bank (It was safe there). They were using our money to make money and charging us for the privalage. The bank was Sun Trust Bank, I am now a credit union member.

The same industry that was given the stricter bankruptcy laws in the midst of a mortgage balloon reportedly induced at times by fraud.

I'm amazed how Congress took no time to follow up on the findings. However, they did find time to follow up on Steroid use!!!!!!!!!!!!!
$36 Billion dollars and no follow through on regulatory requirements??????

As with everything, there are consequences, and when one reads the news--including The Red Tape Chronicles--every day, it is not so difficult to observe consequences. One of the great aspects of Bob's information is that it provides a bit of an early warning, so that you can start looking for reports of consequences in a few months or, in some instances, years . . .

Banks have been sneaky weaseling virtually since the beginning of time, but back in those days common folk were smarter, and the nearest thing to an ATM was an apple tree. Yet, there was a serpent in the apple tree, and bright folks know the way that story developed . . .

If one uses the fabulous biochemical computing device located generally between the ears, it is not so difficult to discover the reason that banks virtually fight tooth and nail to provide common folk with so-called "free checking" accounts, often to the point of requiring no minimum deposit or balance . . .

Why do banks do this, and how can they make money doing it?

The answer is that when common folk open a "free checking" account with the $4.27 in pennies they have managed to save over the past decade, the sneaky weasel bank immediately sends its happy new customer a debit or check card which typically features a VISA logo and has a tiny bit of what in the banking industry is called "float", since in some respects it actually is a credit card (rather than a debit or check card) . . .

Fabulous! But, where is the trickery in this?

Great question!

The entire system--which is very elaborate and based on the most advanced mathematics, probability, and statistics available on this planet--is designed to be a money factory for the sneaky weasel bank, and the way it makes money for the bank is one of the marvels of modern accounting . . .

The bank not only knows but also expects that sooner or later its "free checking" customers will spend a little bit more money than they actually have in their "free checking" accounts, at which times the bank makes a typically small and short-term loan, perhaps of $10 to $100, for which the bank charges its not so clearly stated or even discoverable by the government (apparently) "overdraft fee", which in some instances is $35 and, as a Sneaky Weaseling Hall of Fame bonus, most likely causes additional overdrafts and even more $35 "overdraft fees"--all on a "free checking" account that has a plastic card with a VISA logo that is not really a credit card but just happens to have just enough "float" to make it possible to generate a sufficient number of small dollar-amount "overdrafts" . . .

As I recall, Bob explained this years ago, which is the way I learned about it . . .

The bank "loans" you $100 for two or three days, charges you at least one $35 "overdraft fee", and most of the time, you find a way to deposit $135 to cover what clearly is your mistake, plus the $35 "overdraft fee" the bank charged . . .

Fabulous!

The bank loaned you $100 for two or three days and charged you $35 . . .

Presuming that you stayed awake during elementary school arithmetic classes, over a year, this maps to somewhere in the vicinity of 2,000 to 3,000 percent interest, which for sneaky weasel banks is a gold mine where the gold digs itself and serves tea and cookies to the miners . . .

The sneaky weasel bankers already have found ways to get credit card interest into the 30 to 40 percent interest range, which is USURY, and our thoughtful and gracious government goes along with it, and so forth and so on . . .

Yet, there are consequences, and sooner or later what goes around, comes around . . .

Banks, brokers, financial advisors, mortgage companies, and all the rest got a bit too greedy in the subprime mortgage arena, and now they are being hoisted on their own petards . . .

This also will happen with banks, but it takes a while . . .

Now, you know about it--and, there you are . . .

The reality at the dawn of the early 21 century is that Bob loves you almost as much as Bill, Hillary, and Chelsea do, and this maps to a bit of hope that sometime in the not so distant future things will get better and you might even be able to get a job in our great nation . . .

Thanks!

JD

Despite clear and full disclosure of fees and APRs, check cashing and payday advance providers have been vilified, condemned (and outlawed in some states) despite providing financial services at costs much lower than banks, considering banks' undisclosed fees and effective APRs for overdrafts.

Basically, overdrafts are loan that a person makes (if the bank covers the check) or attempts to make if the bank does not cover the check. Either way, the bank 1) did not approve the 'loan' unless a person has overdraft protection in place 2) the bank has additional expense in the handling of the overdraft. People need to be responsible in the handling of a checking account and not blame the bank for their mistakes or lack of paying attention to their account. In my experience, smaller community banks treat customers much, much better than the large regional or national chain banks do.

Basically, overdrafts are loan that a person makes (if the bank covers the check) or attempts to make if the bank does not cover the check. Either way, the bank 1) did not approve the 'loan' unless a person has overdraft protection in place 2) the bank has additional expense in the handling of the overdraft. People need to be responsible in the handling of a checking account and not blame the bank for their mistakes or lack of paying attention to their account. In my experience, smaller community banks treat customers much, much better than the large regional or national chain banks do.

And to "it does not matter" what does it say where it says PLEASE READ in red.....it says not to attack the comments of others...and your calling everybody idiots...learn how to read and follow rules you moronic degenerate!

I have filed banking complaints with both the Comptroller of the Currency and the Federal Reserve Board...both agenccies are essentially incapable of resolving issues, have convoluted enforcement powers, and are unwilling to promote revised legislation to clearly address problems. There is no clear definition of "fixed" or "variable" interest under federal banking law. I have also written to the U.S. Senate and House respective banking committees on these issues, and the Congress is not "getting it" i.e. the need for clear reform and definitive laws with clear enforcement responsibilies.....

Banks are a business and like any business, needs to make a profit. When a customer is overdrawn and the bank pays the check instead of returning it, it is costing the bank so a fee is charged. The bank is doing the customer a favor in paying the item. I don't see anyone complaining about the fees the business charges their customer when they receive the check back. If you have a checking account, you shouldn't overdraw it. All fees are disclosed at the account opening. For those who say they have their accounts at their Credit Union because the fees are less or none at all, there is a good reason for it. Credit Unions don't pay taxes like the banks do. If the day comes and Credit Unions are looked at the same way banks are, you will see them charging fees.

"...charges to your debit card might not be 'posted' to your checking account until some number of days after you charge something."

This has nothing to do with the bank. The retailer is the one responsible for when your debit comes out of your account. If they balance their credit card terminal daily, then you will see the debit come out of your account quickly, but if their procedure is to balance every other day or once a week, then you will see that charge "hanging" for several days.

Just because the charge has not "officially" come out of your account doesn't mean you can go out and spend that $4.99. Simple process, people, don't spend more money than you have in your account!

I agree with most of the above comments. My bank actually holds off debitting withdrawals/purchases from my account over the weekend. Then they process them Monday night, after 12:00 am, and I incur multiple overdraft fees. Regardless of how carefully I keep track of the 'available amount'. I am switching to a credit union. Yes, this is 'legitimate theft' on the part of the banks, and owes much to the deregulation in the 80s. And it seems that they cater to people who can afford to deposit $10,000 or more. Not your average American.

I agree with most of the above comments. My bank actually holds off debitting withdrawals/purchases from my account over the weekend. Then they process them Monday night, after 12:00 am, and I incur multiple overdraft fees. Regardless of how carefully I keep track of the 'available amount'. I am switching to a credit union. Yes, this is 'legitimate theft' on the part of the banks, and owes much to the deregulation in the 80s. And it seems that they cater to people who can afford to deposit $10,000 or more. Not your average American.

Not only banks, but mortgage companies too. How many people out there with escrow accounts have had their monthly payments go up because of arbitrary extra funds required to pad the account. My insurance did not go up last year, but an extra $600 was required by the mortgage company to "pad" the account. I feel this is a sneaky way for them to raise cash and it is perfectly legal (up to a certain limit).

Are Credit Unions really less expensive. Do the comparing.

The due date on my Bank of America credit card was on a Sunday. I paid the balance in full on the preceeding Friday in the 4:00 hour at BOA. BOA charged me a $40 late fee ... for paying two days early. Apparently, in the world of banking reality, anything paid after 4:00 counts on the next business day, which in my case was Monday. If I hadn't have been paying attention, taken the time from my schedule to go to the bank and complain, BOA would have stolen $40 from me. And the really sad part was that the bank stood by their practice. I told the bank manager that if BOA wanted the bill paid by 4:00 Friday, then put BY 4:00 FRIDAY on the bill. Then, he had the gall to ask me if I wanted to open an account with them. All I could do was walk off.

There is a *staggering* amount of ignorance revealed in many of these comments. Banks do not "make a fortune on the backs of the poorest." In fact, customers with low balances and small/no loans are a NET DRAIN on banks. They lose money on them most of the time.

And the whining about overdraft fees is sad, yet funny. If you don't want to pay those fees, keep your account balanced. If you can't keep your account balanced, set up an overdraft protection loan (essentially a line of credit - almost all banks have them). If you don't want to do that, stuff your money under your mattress and avoid banking altogether.

And to all the people who claim their bank changed their account type or added fees not in the original agreement, I encourage you to take legal action. I'm sure you all kept a copy of the original documents, and it will be simple to prove the bank was at fault.

WOW! I did the math. On a $10 overdraft, Donald W's bank charges 290% APR on overdrafts.

I have NEVER ad an overdraft fee, that still doesn't make what the banks are doing right. Everyone preaches "personal accountability" but that doesn't make the "high to low" or astronomical fees right. So what if you've never been hit with them? What about the one time when you deposit money and withdraw money in the same day and they choose to add the deposit last, therefore charging you an overdraft for the withdrawals? You had enough money, they just chose to overdraft you instead of doing the ethical thing.

Spend less than you earn. Don't use credit cards, use debit cards. Live within your means. Shrugs - is any of this a problem?

Jesus turned over the moneylender's tables, has no-one learned anything? In Islam by the way, it's forbidden to earn money from money.

It never ceases to amaze me how much people complain about bank fees (overdraft fees in particular), but the simple fact of the matter is that all of these fees are completely avoidable. I will be the first to admit that I have made the occasional mistake and had to pay fees, but it was due to MY mistake. The fact of the matter is this…People want a free account, with free debit cards, and free checks, and free online banking and free bill pay and free customer service, all of which are provided with terms of use that include not spending more than what you put in. I am not aware of any other industry that you can utilize a business’s services and never pay a dime for it! If you truly don’t think that the bank’s overdraft fees are fair than the way I see it you have two choices. You can either keep good records of what you have and don’t overdraw the account (hint, you may have to spend the 15 seconds when you swipe that card or write that check to put it in your ledger), or you can stop using banks and work in cash only (however, if you choose the second option please don’t bitch about it not being convenient). Banks are a convenience people, and largely a convenience you do not have to pay for! If you don’t like the rules of the game, don’t play

I believe it was Thomas Jefferson who said "Banks and bankers are more to be feared than standing armies" Amen!

I am just so sick and tired of all of big business running government. All the way from oil,medical,medication and banks. I think it is about time that these crooks and all who benefit from there business should be outsourced. I wonder how much they would be welcomed in the Middle East.I just can't wait until we getg some leaders that understand big business don't shouldn't control government, the general public should.

These problems seem to stem from a new way to do banking. Most of my banking is done online, where I tranfer funds from accounbt to account as needed. What banks typically do is adjust your account with all the debits first, then the credits later, no matter when during the daily cycle these debits and credits occurred. Thus, if a transfer was made at mid-day or overnight, and the spending happened to cumulatively be more than the transfer, a hefty overdraft fee is charged for each transaction over balance. Since debit cards are used for small purchases, I once incurred $145 on overdraft fees for 5 transactions that totalled under $30. All these transactions occurred after 2pm, including the deposit transfer. So I was stuck. I pleaded with the bank, agreeing that an overdraft fee was inevitable, but to have such a large cumulative fee was, in my mind, excessive and not customer friendly. The bank did not lose any money as sufficient funds was in the account by the beginning of the next business day. If I had made the transfer at 1:59pm instead of 2:05pm, there would be no problem. Of course, the bank said there was nothing they could do because it was not their mistake. I closed that account a few days later and began banking at an institition that counts the credits first, and the debits last. Happily, I have not had an overdraft fee since.

Spend less than you earn. Don't use credit cards, use debit cards. Live within your means. Shrugs - is any of this a problem?

Jesus overturned the moneylenders tables, has no-one learned anything? In Islam by the way, it's forbidden to earn money from money.

What concerns me about banks the most, is their practice of re-organzing transaction amounts from greatest to least (AKA posting highest to lowest). This practice maximizes the instances of overdraft fees. How is it legal for banks to post transactions outside of the order they are authorized? A ledger showing one instance deserving a $35 overdraft fee results in a bank statement boasting $300 in overdraft fees made possible by this method of organzing posts. I am very committed to bringing federal attention to this unethical banking practice.

I agree with comment no. 2 regarding the merge of MBNA bank with Bank of America. Years prior, I had set up two IRA bank CD accounts with MBNA whereby there were no fees, just like a non-IRA CD account. However, after the merge with Bank of America, suddenly an annual $30 maintenance fee is applied to each account. I called BofA to complain and found that I am now stuck with these fees. I cannot transfer these IRAs to another bank (without penalty) until the CDs mature.

I work for a bank and agree with both sides of this problem. I feel that banks should pay charges as they are incurred and if an item comes in while you have debit card charges on hold that the funds are not available for they should refuse it, or charge the fee for that item, not pay it and charge fees for the items that were being held. This is where the majority of fees come from. But, Also, we have to have personal accountablility in our finances and we must keep a check register and add deposits as they are posted and subtract checks and debit cards as they are written/spent. We cannot rely on computers or phones to keep an accurate total. They are only as good as the people entering the information. If you keep up with it yourself you will know when you have money or you are out of money to spend. I just found a $200 mistake that I made in my register. If I had not kept one and checked my acct. daily online in a few days I would have been in trouble with these fees. Yes, employees get charged also plus we could lose our jobs. It only takes a few minutes out of your day to write items down in a register. Isn't it worth the time!

I would just like to say, as someone who works in a Maine based savings bank, that consumers need to be accountable and responsible for their actions and decisions. We give out a disclosure with a fee schedule included to EVERY person that opens an account with us. If the customer does not take the time to familiarize themselves with the disclosure or the fee schedule, than you certainly can't place the blame on the financial institution. I would also like to say that the bank I work for also does FREE ATMs WORLDWIDE, not only do we not charge our customers, but we REBATE the other financial institutions fees. If consumers would take the time to do their research and be aware then it would elminate their element of surprise when they get charged a fee. As far as overdraft fees are concerned, the bottom line is, don't spend money you don't have. I know that at my institution, we take the time to really know our customers and listen to their needs to look out for their best interest. Not all banks are the bad guys, and take a second before you place all the blame on "the other guy" to see what you could have done to educate yourself.

Modern banks have evolved into sanctioned theft. Once again, deregulation was a mistake. So many little tricks and schemes, they steal millions everyday. The biggest problem is that most Americans are too lazy to care or do anything about it. The banks will continue with highway robbery because they can get away with it. There needs to be a social/educational/economic revolution. I am certain the current economic crisis has bank leaders crying and hiding. Why? They know now that they have screwed the pooch and now most Americans will have to watch every dollar. It's hard to steal when someone is paying attention.

Spend less than you earn. Don't use credit cards, use debit cards. Live with your means. Shrugs - is any of this a problem?

Jesus overturned the moneylenders tables, has no-one learned anything? In Islam by the way, it's forbidden to earn money from money.

Folks, when did we lose the right to insist on enforcement of regulations? Our tax dollars pay these regulators and there is legislation pending that will eliminate even more competition for our banking crooks. Our first mistake was accepting these practices in our government and in the financial industry. We don't need new laws, just enforcement of the ones we have.

Regulation in banking grows tighter every day and costs of forced changes are in the billions across the industry. For all those people looking for someone else to blame when they mess up, here's an easy, very old rule to follow when banking and in life itself: Don't write checks your ass can't cash. For some reason, most people feel that their bank is somehow obligated to cover for them when they can't afford their spending habits. Why is it the bank's responsibility to cover for you when you don't know how to work your finances? The real problem we have is consumers who abuse their credit and strech themselves beyond their means. The mortgage mess was created by consumers who were "betting on the come", and its just sounds ridiculous to hear people say "the bank screwed me on my interest rate, that's why I'm losing my home". No, you couldn't handle your finances to begin with and had a terrible credit score which is why you received a less than favorable rate. The bank took a chance on you, loaned you the money, and gave you a chance to rebuild that credit score which would have allowed you to eventually refinance at a decent rate, but you kept your spending habits and stretched yourself far beyond your means. Your bad decision making is somehow the bank's fault? The bank surely never wanted to take that home from you (bank's take huge losses when they foreclose), and I assure you, Everything was disclosed to you by the closing of the your loan. Otherwise, you may be entitled to keep that house free of your loan obligations. This blogger seems to be misinformed of what the banking regulations actually allow and don't allow. I'm not saying there aren't any banks who do wrong, but in general, banks are scared to death of violations which is why they spend billions every year to be sure they follow them correctly.

Your right about Compass Bank. I got an overdraft letter showing I was charged $76.00 in overdraft fees when the money was there. The same letter showed a positive balance after the checks cleared. They said the checks hit at night. I said the checks have to go on one bank day or the next. Seems that Compass has half days, these are days between real days. They are just crooks.

I work for a bank and agree with both sides of this problem. I feel that banks should pay charges as they are incurred and if an item comes in while you have debit card charges on hold that the funds are not available for they should refuse it, or charge the fee for that item, not pay it and charge fees for the items that were being held. This is where the majority of fees come from. But, Also, we have to have personal accountablility in our finances and we must keep a check register and add deposits as they are posted and subtract checks and debit cards as they are written/spent. We cannot rely on computers or phones to keep an accurate total. They are only as good as the people entering the information. If you keep up with it yourself you will know when you have money or you are out of money to spend. I just found a $200 mistake that I made in my register. If I had not kept one and checked my acct. daily online in a few days I would have been in trouble with these fees. Yes, employees get charged also plus we could lose our jobs. It only takes a few minutes out of your day to write items down in a register. Isn't it worth the time!

Personal responsibility...what a novel concept. May I introduce all habitual overdrafters to an obviously little known process known as SUBTRACTION. Considering that every overdraft essentially constitutes an unsecured loan,the fees are minimal and totally avoidable (see SUBTRACTION from above).

Changes to your accounts are likely sent with account statements. Is it possible these notices are offhandedly discarded (presuming the statement is even opened)?

Get a grip, take care of business, and take charge of your financial health!

As the bankers are reporting record profits and blaming average Americans for the "sub-prime mortgage" problem, as there are more than 35 Billion dollars paid in "bonus" to these snake-oil sales people, perhaps we should start assasinating 8 or 9 or 20 of the top, tell why they are being killed, maybe then they wouldn't be so eager to cheat you "legally".

Banks are for profit entities, who's primary existence is to maximize profits for their share holders. Credit Unions are not for profits who's primary mission is to offer the lowest loan rates and fess and the highest savings rates to its member owners. This is why I will never, do business with a bank again. Once you go Credit Union, you will never go back to a bank. In my household, the word Bank is a four letter word.

All this concern about fees and propping up the banking system could easily be fixed if the Feds would eliminate income taxes on savings and CD's for a 3 to 5 yr period. Think of how many boomers would jump on that; providing money banks could turn into profitable loans.

Perhaps the esteemed inspectors can explain the perfectly logical banking practice of randomly raising credit card rates on cards that have never been overdrawn, paid late, or used fraudulently.
Several of the cards which I unfortunately have not paid off, coincidentally raised my rates within 60 days of their own announcement of multi-billon dollar losses due to their managements decision to offer home loans of a questionable success rate.

It is clear in the small print that the bank can raise rates whenever the see fit, and proceed to notify me. Why do I need a rate increase when I didn't participate in their decisions, nor did the rate change for the years before their poor business choices?

For the usual assortment of "it's all your fault for overdrafting your account" self-righteous prats: Banks do "creative accounting" specifically in order to GENERATE overdraft fees. It doesn't matter HOW "careful" you are. Unless you are able to consistently maintain at least a $1000 cushion in your account; which most struggling, barely-middle-class, "living paycheck to paycheck" people can NOT; you WILL wind up with an overdraft fee at some point, no matter how closely you monitor your finances, or how obsessively you balance your checkbook, or how often you go over your statements with a microscope. BoA and Commerce Bank pioneered this morally-corrupt crap, but it has caught on throughout the industry, and any more, you can't find any bank which doesn't rig low-balance accounts in order to generate overdraft/overlimit fees. The only way to avoid it is using ING or a credit union. I recommend both.

It is clear to me that the people who responsed with be accountable are not living pay check to pay check. I am very happy for you!! So that gives you the right to blame people for being upset that banks are taking $32 to $192 out of people accounts weekly or biweekly however that person is paid. Oh, but they are not being accoutable for their action. Yes I'm sure the person want to spend $37.00 in gas (when they only got $5.00 in gas and $32.00 in fees.) to get to work or to pick their child up from school because their sick just because the bank didn't put the transaction thur that day they waited till the other transaction came in and that one was the first to happen, but was the last one they put thru. It's nice to sit on your big fat bank accounts and judge others because it is not something you are going thru. Well as an american I'm proud of your thinking the american way!!! If I don't have that problem then whoever does is stupid. I pray nothing happens in your lives that decrease your bank balance, I not sure your empty heads could handle it!!!

Perhaps the esteemed inspectors can explain the perfectly logical banking practice of randomly raising credit card rates on cards that have never been overdrawn, paid late, or used fraudulently.
Several of the cards which I unfortunately have not paid off, coincidentally raised my rates within 60 days of their own announcement of multi-billon dollar losses due to their managements decision to offer home loans of a questionable success rate.

It is clear in the small print that the bank can raise rates whenever the see fit, and proceed to notify me. Why do I need a rate increase when I didn't participate in their decisions, nor did the rate change for the years before their poor business choices?

Bank of America played a big number on me once. They had offered me $60.00 credited to my account just for signing up, that would appear after 90 days. Well 90 days came and went never saw that credit. I called, they says I had to provide the code which the agent gave me to recieve this credit. The agent never gave me such code, so I lost $60.00. Then I can understand that using another ATM to withdraw cash garners a fee, but $2.00 just to check your balance? I complained LOUDLY about that one, and got that fee reversed. Then the big kicker, it turns out I was overdrawn once, by $0.07. 7 CENTS MIND YOU!!!, which was available in my savings account! But I was charged $20.00 in overdraft fees. $20.00 for 7 cents!! I was outraged, and they would not reverse that charge. Their so called overdraft protection means that instead of $20.00 I'd pay $10.00 (at $5.00 a month mind you). Then the Kicker, their keep the change program which they supposedly match a percentage of what you save and give it to you yearly, never seemed to match up. Then I recieved a notice that I was getting $51.41 for this years keep the change, but because I closed my account 6 days before the year, they refused to give that money as well. I will NEVER bank at Bank of America again, all they do is get rich off of fees. I'll stick with my Credit Union instead.

This happened to someone I know. They rented some movies using the big red box and were late returning it. Using her ATM card for this, there was extra charges when the movies were returned. When these movies were returned, her bank account was $1.00 shy of the amount she owed. On payday when she went thru the drive up window and gave the teller her pay check for deposit, she owed more than her pay check so she could not get $50.00 she ask for out of her check. Her pay check was for over $500.00. She was forced to walk away from that bank as the charges were over $300.00 after they took her pay check.

It is clear to me that the people who responsed with be accountable are not living pay check to pay check. I am very happy for you!! So that gives you the right to blame people for being upset that banks are taking $32 to $192 out of people accounts weekly or biweekly however that person is paid. Oh, but they are not being accoutable for their action. Yes I'm sure the person want to spend $37.00 in gas (when they only got $5.00 in gas and $32.00 in fees.) to get to work or to pick their child up from school because their sick just because the bank didn't put the transaction thur that day they waited till the other transaction came in and that one was the first to happen, but was the last one they put thru. It's nice to sit on your big fat bank accounts and judge others because it is not something you are going thru. Well as an american I'm proud of your thinking the american way!!! If I don't have that problem then whoever does is stupid. I pray nothing happens in your lives that decrease your bank balance, I not sure your empty heads could handle it!!!

We shouldn't whine. WE SHOULD SCREAM. The large commercial banks posting systems are traps and scams.
Switch now to Co-op credit unions. You will be glad you did.

You whiners make me sick! You live in the greatest, most prosperous country in the world. But that is not enough for you. Oh no, you want the government to protect you from your own stupid selves and your inability to manage your own affairs and money. Get a life! Are you supposed to be working while you're blogging? In addition to being stupid, are you also stealing from your employer? I know why the banks take your money: because they can!

Many Americans have difficulty adjusting to (or even understanding that) doing business with what used to be considered respectable institutions is now the equivalent of swimming with sharks in what used to be a dolphin encounter tank.

Before venturing from their homes all Americans with homes and other means required to do so should view John Carpemter's classic eighties documentary entitled "They Live".

I have worked in the banking industry for over four years. There are always ways to avoid fees. No one is interested in "screwing you over". You have to be an informed consumer. Do you really think it is the bank's fault when you can't balance your own check book or buy something when you know you can't afford it?

Due to gaming and the transient nature of our community, Nevada has different banking laws than every other state. I contacted every agency listed in regards to Wells Fargo when I had problems. They all said I needed to be a more informed customer and that the bank was within legal bounds to take 1/2 of my earnings for 3 months even though I requested the account closed and was denied it by the bank. To make a long story short - myself and my friends and co-workers have all either moved to a non-profit credit union or stopped using banks altogether. Most markets or 7-11's have money orders for fifty cents each. It is an inconvenience of time but you make up for it on savings. The only way to get through to business people is to stop using their service. If they loose their customer base they will once again listen and provide "CUSTOMER SERVICE". If you choose to use a banks service then it is your responsibility as the customer to know how your bank works and keep a minimum $500.00 balance to avoid any problems. That is what the regulatory agencies will tell you. Trying to fight will get you nowhere. Not using banks for checking and only savings or IRA's will save you alot of money. It is a huge adjustment but well worth it in the long run. Whatever you do - write a check and quit using your debit card. Balance your checkbook. Yes it is the individual's responsibility to not overspend, but once the bank fees kick in it will take months to un-bury yourself. With current computer systems the banks no longer enter overdrafts by hand. They are automatically generated by the computer. If you have a Visa or MC debit card and the money is "ON HOLD" you will still be charged overdrafts even if the transaction is canceled. Once your account goes red - you are charged - it is that simple. Be responsible with you account or get out of the system. Open an account with a non-profit credit union. They still charge fees, but not as high and they are more willing to work with the customer. Unfortunately you as the customer have no leg to stand on until the Government abolishes deregulation. Don't count on this happening anytime soon. The more hi-tech we get, the more it costs us in the long run. You as the consumer have the choice to use a service or not. It is your hard earned money. Are you willing to sacrifice a little time to save hundreds? If not then you will just have to play by their rules. The choice was clear for me and my friends. Like I said, it is not an easy transition but well worth it in the long run.

Last night I finall cancelled my chase card due to hidden fees and the poor customer service skill of their reps. I'm using mu local credit union who appreciates my business and dont fee me do death

This Country is nothing to the middle/lower class anymore. If the people of this one time Geat Nation don't stand up it will be over soon. Nothing but corruption anymore politicians, bankers, CEO's. Doesn't matter which party runs what, it's all corrupt. We're a Nation of 2 party system, I call it brainwashing, neither deserve to be in charge. It's time the people take it back and start firing the people involved in the "political machine" that don't work for the average person. Quit telling us what we need to hear and start doing what's right or you're out of a job!!

It is coming to the point where we All are going to Have to start keeping our money at Home under our mattresses. The banks (like everything else in our society these days) are set up to serve the very rich Only. The working class are SOL even though it is Our blood, sweat & tears that built this country and keep it running. Those of you ranting about
'personal accountability' are only showing how totally out-of-touch you are with the Real World & how the Rest of Us (who Are Not Independently Wealthy) have to Live on a Daily basis. These banks whole systems of credits & debits are Set Up to Create Overdrafts in your accounts. And if it still doesn't happen they'll Hold your Deposits Indefinitely Until It Does. We have had banks hold our deposits for up to two weeks or longer waiting for our account to go insufficient & then when it does of course the fees eat up the whole deposit. Pretty clever, huh? And Legal! It isn't going to stop until people get Fed Up enough to STOP Using banks At All. Wise up people. It's your Money. Take it Back. We should all go back to living the old ways before Insurance companies (another consumer rip-off), Mortgage companies (don't even get me started), Credit cards (trust me, you Can live without them), & Banks.

I was charged for 10 overdraft fees (at $38/each) for money being "on hold" to be taken out of my account.

It didn't matter to my bank that I had made a CASH deposit (that covered well more than I had charged) BEFORE the money was taken out of my account. To make this simple for you all, I made the charges the SAME DAY I made the deposit. EVEN THOUGH it was CASH, my bank didn't "approve" the deposit for a day or two.

My account is now well over $600 in the red, accruing "sustained overdraft charges" every three days ($35/each).

I have no job right now, and am unable to fix my account. When I should have had money left in my account to feed myself for a few weeks, my bank has taken everything I have plus more.

I have fought tooth and nail to try and get any of these fees reversed, but to no avail.

I put CASH in my account to cover the charges I was GOING to make.

Will someone please explain to me (because my bank sure as hell can't) why this is happening???

Overdraft Fees as I've found out, why Banks (or only WACHOVIA) sort your daily DEBIT transactions in ASCENDING MODE by the DEBIT AMOUNT instead of sortign them by the REAL TIME they take place???

Because, what happens then is that YOUR HIGHEST DEBIT AMOUNT transactions debits FIRST making all of the other LOWER DEBIT transactions FELL into the OVERDRAFT FEES.

Why BANKS make that to customers??? Is that LEGAL??

it's amazing the amount of erroneous information out there about banks and the mortgage "crisis". first, no bank is affected by the subprime mortgage crisis, since they do not write subprime mortgages. regulators would require them to write those loans off, and if the bank had too many of them, the bank would then be insolvent. the subprime mortgage problem has its origins in 1993 legislation signed by president clinton, requiring mortgage brokers/lenders (ie, the countrywides, midlands, etc) to suspend normal underwriting standards "normally applied to applicants of European descent" so as to lend to more "inner city residents" and "people of color" (legislative language in quotes). in other words - vote buying.

as to banks serving their shareholders first, well that's what they were formed to do. furthermore, since the top 200 banks are incorporated in delaware, be aware that delaware fiduciary law REQUIRES corporate management to maximize earnings, or be subject to nefarious shareholder lawsuits. presently delaware chancery courts have over 100,000 pending lawsuits for said purposes?

is it any surprise that the federal mortgage legislation was passed by, and signed by, a democrat? that the delaware state assembly is controlled by democrats? and their biggest source of campaign contributions is - SURPRISE! - trial lawyers?

you people deserve what you voted for.

If we just stand up against "THE MACHINE" start firing these idiots things will have to get better. If we're going to make another Country follow OUR rules for Democracy then we, our illustrious Goverment, need to get a grip ourselves!

The days of banking, law and medicine being noble professions are long gone. It's more like wrestling today. It's the hype. Every business is just looking for the dollars.

One of my client's ( a consultant to a bank) was reviewing the viability of a loan and said to the loan officer that he didn't think the loan should be made as it would not perform by the third year. The loan officer said, I don't care I won't be here then and we need to generate fees.

We as consumers need to know our rights. Don't be afraid to take on a bank. I've done it and won twice.

TRY THIS ONE @ MANY OF THE LOCAL BANKS SMALL TO LARGE YOU CAN GET CHARGED OVERDRAFT FEE FOR A "PENDING CHARGE" SO IF MY GAS BILL IS AUTOMATICALL TAKEN OUT ON THE 8th & MAY PAYCHECK IS DIRECT DEPOSIT ON THE 7TH NO PROBLEM RIGHT! WRONG THE PROSSES IS STARTED ON THE 6TH & SHOW AS PENDING ,YOU STILL GET HIT WITH 35$ OVERDRAFT FEE

Well said! Funny how banks get the rate cuts from the Feds but those cuts never translated across for consumers shopping for mortgage loans or to refinance! The only rate cut I saw for consumers lasted litteraly about 2 days here in Ohio and the rate has been rising ever since....hummm just like gas prices and everything else and folks wonder why the economy is in the toilet!

Doug Murison, Mooresville, NC (Sent Mar 4, 2008 8:58:07 AM)

And there is some suprise in this. This is the same industry that is crying for bailouts for the problems they contributed to while making a fortune on the backs of the poorest in our society. You expect them to operate honestly ???? I don't think !

While we were told deregulation of the banks in the 80s was to increase competition for the benefit of the consumer, if you'll check it out it was to bail out one of the Bush boys who had an S&L problem in Texas. Banks had to be deregulated to get him out of that one. This mortgage crisis? Look closely for the underlying reason. Only 2% of all mortgages in this country are in foreclosure.....go figure.

in over forty years i have not paid a cent in fees or on credit cards interest. I dont even care what the rate is on my crdit cards because I never charge what I cant pay in full in 30 days. People refuse to hear they cant have what they want right now. Every mistake they make is some one elses fault. Why are they out buying rich peoples cars and homes when they have middle class jobs? Why are most people driving gas hog SUV's with gas at $3 a gallon? The devil made me do it??

Having worked in the banking industry, I find the GAO's findings hard to believe. Perhaps an article could be published as to how they arrived at this 22% who tried to "find fee schedules at banks around the country came back empty-handed". If anyone thinks it is common for banks purposefully ignore or disobey federal regulations, think again. The amount of work done by banks to ensure compliance to regulations is staggering and to imply that banks routinely try to hide fees is ridiculous if not irresponsible.

To the Happy Bank Customer: you should disclose your affiliation(s). "but it was not due to “lower rates” but rather an unusual rate environment". Wouldn't lower rates be an unusual environment for banks?? Banks use our own money to constantly & consistantly screw us out of our money, I mean lets call a spadea a spade. Banks have no incentive to save us money. They have manipulated our gov. as well as the oil guys have, to drain the people they depend on, of their money. Talk about biting the hand that feeds you....share holders........ppfffft.

I have heard over and over again, mostly with young college kids withdrawing money from ATM's. The bank gives them the money and then charges over the limit fees and overdraft fees. These kids never recover.
The law should be, like when we were young. IF YOU DON'T HAVE IT, YOU DON'T GET IT. The government needs to step in, and not allow this practice.

I'm guessing the majority of the Pro- Bank commentary is from people that ether work at a bank or are so well off that the word Overdraft might as well have been written in Korean. I myself keep track of my payments and have all my transactions documented.
Unfortuantely that hasnt saved me. Just last week my bank sent me a notice advising me that my interest rate on my bank credit card has risen from 20% to 25% with no justification what so ever. My credit is outstanding, my accounts are on point and I have never been late on a payment or switched any of my previous accounts. Regardless of the bank, their intentions are to take as much out of your funds as humanly possible. For all those who continue to suck up to these theives remember that no matter what interest you have for doing so, your exploiting your people and promoting white collar crime, though you might not pay for it in this lifetime you you will eventually have to explain your action when all is said and done.

My favorite, my bank takes out withdrawls on your account at midnight and credits your account at 6am for deposits. So if you deposit something at 3pm on the day before and a withdraw (or check clears after three) you may be overdrawn. The you get an over draft fee of $