Comments on: You Tell Me: Overdraft Opt-In Rule http://beingfrugal.net/2009/11/13/overdraft-fee-opt-in-rule/?&owa_medium=feed&owa_sid= Save Money @ BeingFrugal.Net Wed, 01 Feb 2012 18:52:59 -0800 hourly 1 http://wordpress.org/?v=3.3.1 By: yky http://beingfrugal.net/2009/11/13/overdraft-fee-opt-in-rule/#comment-29547 yky Fri, 19 Aug 2011 12:26:16 +0000 http://beingfrugal.net/?p=2576#comment-29547 I have been exploring for a little bit for any high-quality articles or blog posts on this sort of area . Exploring in Yahoo I at last stumbled upon this website. Reading this info So i’m happy to convey that I have an incredibly good uncanny feeling I discovered exactly what I needed. I most certainly will make certain to don’t forget this web site and give it a glance regularly. I have been exploring for a little bit for any high-quality articles or blog posts on this sort of area . Exploring in Yahoo I at last stumbled upon this website. Reading this info So i’m happy to convey that I have an incredibly good uncanny feeling I discovered exactly what I needed. I most certainly will make certain to don’t forget this web site and give it a glance regularly.

]]> By: Texan http://beingfrugal.net/2009/11/13/overdraft-fee-opt-in-rule/#comment-27642 Texan Fri, 03 Dec 2010 03:32:38 +0000 http://beingfrugal.net/?p=2576#comment-27642 How right you are, this is happening now. How right you are, this is happening now.

]]> By: Texan http://beingfrugal.net/2009/11/13/overdraft-fee-opt-in-rule/#comment-27641 Texan Fri, 03 Dec 2010 01:00:58 +0000 http://beingfrugal.net/?p=2576#comment-27641 This will soon be the norm. CHASE is already doing this and come February will do it with former Washington Mutual Free Checking accounts as well. Once this goes into effect I will no longer be their customer. I already pay cash for most things, so I will just go back to sending money orders for bills that I can't pay in person. This will soon be the norm. CHASE is already doing this and come February will do it with former Washington Mutual Free Checking accounts as well. Once this goes into effect I will no longer be their customer. I already pay cash for most things, so I will just go back to sending money orders for bills that I can’t pay in person.

]]> By: Texan http://beingfrugal.net/2009/11/13/overdraft-fee-opt-in-rule/#comment-27640 Texan Fri, 03 Dec 2010 00:38:32 +0000 http://beingfrugal.net/?p=2576#comment-27640 Lonnie, it IS an Obama issue. With the most recent banking regulations nearly every one of the major banks are raising fees to their customers in direct response to the government's action. I just received a letter from CHASE that new fees will be added to my account as of February 8th, 2011. Basically waht CHASE is doing is imposing a $12 monthly maintenance fee on the former free WaMu accounts which were promised to remain unchanged as they were grandfathered in when CHASE aquired WaMu back in April of 2009. There are ways to keep it a free account but of course there are certain requirements that most people, like myself, won't be able to meet. I will be changing my direct deposits to another bank and once I have pulled all my money out I will close my account with CHASE. The new law is hurting the very people it was intended to help. Thanks alot Obama! Lonnie, it IS an Obama issue. With the most recent banking regulations nearly every one of the major banks are raising fees to their customers in direct response to the government’s action. I just received a letter from CHASE that new fees will be added to my account as of February 8th, 2011. Basically waht CHASE is doing is imposing a $12 monthly maintenance fee on the former free WaMu accounts which were promised to remain unchanged as they were grandfathered in when CHASE aquired WaMu back in April of 2009. There are ways to keep it a free account but of course there are certain requirements that most people, like myself, won’t be able to meet. I will be changing my direct deposits to another bank and once I have pulled all my money out I will close my account with CHASE.

The new law is hurting the very people it was intended to help. Thanks alot Obama!

]]> By: Lonnie http://beingfrugal.net/2009/11/13/overdraft-fee-opt-in-rule/#comment-25194 Lonnie Thu, 01 Jul 2010 02:35:54 +0000 http://beingfrugal.net/?p=2576#comment-25194 Chris please turn of Glenn Beck and Rush, how is this an Obama issue. Its the banks charging you not the president, REALLY CHRIS!! Chris please turn of Glenn Beck and Rush, how is this an Obama issue. Its the banks charging you not the president, REALLY CHRIS!!

]]> By: Jack Smith http://beingfrugal.net/2009/11/13/overdraft-fee-opt-in-rule/#comment-22994 Jack Smith Tue, 09 Mar 2010 21:32:03 +0000 http://beingfrugal.net/?p=2576#comment-22994 Before any of you start to think that this will be a great relief for the consumer, brace yourself for the bank counter attack. Overdraft fees have been the reason why checking has been "Free" for the last several decades. When that goes and consumers do not respond to the banks attempt to get them to "opt-in" for overdraft, you will start to see new and more nefarious fees on your accounts. There is no way that the banks will let billions in revenue go, just because the government intervenes. You will see new higher fees, higher loan rates, and less free stuff. Enjoy! Before any of you start to think that this will be a great relief for the consumer, brace yourself for the bank counter attack. Overdraft fees have been the reason why checking has been “Free” for the last several decades. When that goes and consumers do not respond to the banks attempt to get them to “opt-in” for overdraft, you will start to see new and more nefarious fees on your accounts. There is no way that the banks will let billions in revenue go, just because the government intervenes. You will see new higher fees, higher loan rates, and less free stuff. Enjoy!

]]> By: donna http://beingfrugal.net/2009/11/13/overdraft-fee-opt-in-rule/#comment-22972 donna Mon, 08 Mar 2010 20:40:08 +0000 http://beingfrugal.net/?p=2576#comment-22972 Elisabeth You are not going to win , with your husband. IF it is his paycheck paying the fees, let him be responsible for his actions (actions and consequences). I believe that debit cards were created NOT to make it easier on consumers, but to actually get us in the mind set of using "CREDIT". Think about it. Easy to charge on a credit card unless you have a limit, easy to whip out the debit card (visa or mc logo) and swipe that also. CASH, you are limited to what you have on your person. Your idea of keeping your paycheck may appear devious, BUT it is a protection for yourself and your family if your husband doesn't reign in his debit card use, and his attitude. I took my husbands debit card away from him (he is more compliant than your hubs). I take x amt of dollars out of the checking account for the week, give him his "allowance" and that is it. We are digging ourselves out of debt as i write, but we are also able to pay cash for any future purchases also, and i use my credit card first and write the check for the total when it comes due the next month. There is something underlying with your husbands use of the debit card this way. He is struggling with the reality of his income, and outgo ratio. Is he trying to impress his guy friends? That could be insecurity, but also the media likes to make us all feel that if we don't have something, we are worthless? You need to find out why (truth) he gets so angry, really find out the truth... Mine knew that i had money hidden in the acct, and that any transactions would be covered, so he never paid attention and yes, he didn't always give me all the receipts either...so that stopped when i took his card.... ;-) Elisabeth
You are not going to win , with your husband. IF it is his paycheck paying the fees, let him be responsible for his actions (actions and consequences). I believe that debit cards were created NOT to make it easier on consumers, but to actually get us in the mind set of using “CREDIT”. Think about it. Easy to charge on a credit card unless you have a limit, easy to whip out the debit card (visa or mc logo) and swipe that also. CASH, you are limited to what you have on your person. Your idea of keeping your paycheck may appear devious, BUT it is a protection for yourself and your family if your husband doesn’t reign in his debit card use, and his attitude.
I took my husbands debit card away from him (he is more compliant than your hubs). I take x amt of dollars out of the checking account for the week, give him his “allowance” and that is it. We are digging ourselves out of debt as i write, but we are also able to pay cash for any future purchases also, and i use my credit card first and write the check for the total when it comes due the next month.
There is something underlying with your husbands use of the debit card this way. He is struggling with the reality of his income, and outgo ratio. Is he trying to impress his guy friends? That could be insecurity, but also the media likes to make us all feel that if we don’t have something, we are worthless? You need to find out why (truth) he gets so angry, really find out the truth…
Mine knew that i had money hidden in the acct, and that any transactions would be covered, so he never paid attention and yes, he didn’t always give me all the receipts either…so that stopped when i took his card…. ;-)

]]> By: Elizabeth http://beingfrugal.net/2009/11/13/overdraft-fee-opt-in-rule/#comment-22970 Elizabeth Mon, 08 Mar 2010 20:04:20 +0000 http://beingfrugal.net/?p=2576#comment-22970 The problem with debits and overdraft can happen, no matter how careful you are, if the other spouse is debit card crazy. He literally hands me a stack of receipts a couple of inches high every couple of weeks, and often it isn't all of them. He also seems to feel it is a point of honor or something to buy what he wants and I had better not "embarrass him." That is how a very expensive gun was bought from a friend without discussion. If he says he wants something, I better not object if it is in front of someone else. He won't give up or cut back on debit because he says it is safer than cash, but we keep getting hit by overdrafts. Unfortunately, he is the primary wage earner, too. He was really mad a few years ago when he found out I set up a little account that my paycheck would go into first in another bank, but right now that is almost all the money we have because of horrendous cascading overdraft fees. If he wants pizza and is out of cash, he debits it. Most things I have seen seem to assume the overspender is the wife and is not the primary wage earner. How do you put the brakes on in this case? The problem with debits and overdraft can happen, no matter how careful you are, if the other spouse is debit card crazy. He literally hands me a stack of receipts a couple of inches high every couple of weeks, and often it isn’t all of them. He also seems to feel it is a point of honor or something to buy what he wants and I had better not “embarrass him.” That is how a very expensive gun was bought from a friend without discussion. If he says he wants something, I better not object if it is in front of someone else. He won’t give up or cut back on debit because he says it is safer than cash, but we keep getting hit by overdrafts. Unfortunately, he is the primary wage earner, too. He was really mad a few years ago when he found out I set up a little account that my paycheck would go into first in another bank, but right now that is almost all the money we have because of horrendous cascading overdraft fees. If he wants pizza and is out of cash, he debits it. Most things I have seen seem to assume the overspender is the wife and is not the primary wage earner. How do you put the brakes on in this case?

]]> By: Donna http://beingfrugal.net/2009/11/13/overdraft-fee-opt-in-rule/#comment-21858 Donna Wed, 20 Jan 2010 22:26:30 +0000 http://beingfrugal.net/?p=2576#comment-21858 Thanks Lynnae I round up any checks written as well as any debits made with debit card and deduct them all... * had over $3,000 hidden in the account when my husband was temporarily taken out of service. I also spend paper/save change to pay as extra towards the snowball debt reduction and now am able to stash $5 bills for more savings! It adds up quickly. You really do have to come to YOUR SENSES when it comes to your life AND your money. Some of us are wise when we are young, some of us have to learn the hard way, but we reap what we sow. I had a good example for work and obligations through my parents. Thanks Lynnae
I round up any checks written as well as any debits made with debit card and deduct them all… * had over $3,000 hidden in the account when my husband was temporarily taken out of service.
I also spend paper/save change to pay as extra towards the snowball debt reduction and now am able to stash $5 bills for more savings! It adds up quickly.
You really do have to come to YOUR SENSES when it comes to your life AND your money. Some of us are wise when we are young, some of us have to learn the hard way, but we reap what we sow. I had a good example for work and obligations through my parents.

]]> By: 13lastedJuan http://beingfrugal.net/2009/11/13/overdraft-fee-opt-in-rule/#comment-21854 13lastedJuan Wed, 20 Jan 2010 22:00:31 +0000 http://beingfrugal.net/?p=2576#comment-21854 Hi everyone, It seems that there is one important thing being missed in all the posting. Banks are businesses. Banks operate to make money, not improve neighborhoods, build schools, help the homeless or keep kids away from drugs and out of gangs. (some kid came to my door today asking me to buy an $8 candy bar for that last reason, ?) Has anyone heard of a mechanic “fixing” a car to get the owner back into his shop? Some banks operate the same way. Most don’t, but there is a lot of pressure to make money, so some do. There are financial studies that have determined a customer will not leave a bank once they have more than 7-8 points of contact or relationships (DDA, SAV, COD, car loan, mortgage, safe deposit box, etc) no matter how bad the customer is treated. Care to spend a nickel and guess why? Only your first guess counts. Drum roll please. People are lazy and deem it too much work to switch financial institutions once that magic number of relationships is met. The increased Nanny state that most people publically abhor, but would accept if offered, is a direct response to American individuals, as a group, (ha) inability to demand better service. You should be a greedy with your money, as you are with you time, love of your life or whatever turns your crank. (mine is bourbon) And for goodness sake, if you think your bank is screwing you, call them and speak to a person. Chances are good you can get the fees-charges waived. If you, can’t get no satisfaction, find another bank or credit union. As of August 22, 2008 there were (some have failed) 8,430 FDIC-insured commercial banks (credit unions) in the United States. I bet that if everyone reading this post, bought a bad crunchy-soft-cheesy-spicy-mild taco at Uncle Juan’s House of Crabs and Gentleman’s Club, 75% would go back for the same nasty taco next weekend. After all, that kind of service is what you’re putting up with at your bank of choice. Maybe Uncle Joe’s needs a bailout as well. –The End. Hi everyone,
It seems that there is one important thing being missed in all the posting. Banks are businesses. Banks operate to make money, not improve neighborhoods, build schools, help the homeless or keep kids away from drugs and out of gangs. (some kid came to my door today asking me to buy an $8 candy bar for that last reason, ?)
Has anyone heard of a mechanic “fixing” a car to get the owner back into his shop? Some banks operate the same way. Most don’t, but there is a lot of pressure to make money, so some do.
There are financial studies that have determined a customer will not leave a bank once they have more than 7-8 points of contact or relationships (DDA, SAV, COD, car loan, mortgage, safe deposit box, etc) no matter how bad the customer is treated. Care to spend a nickel and guess why? Only your first guess counts. Drum roll please. People are lazy and deem it too much work to switch financial institutions once that magic number of relationships is met.
The increased Nanny state that most people publically abhor, but would accept if offered, is a direct response to American individuals, as a group, (ha) inability to demand better service. You should be a greedy with your money, as you are with you time, love of your life or whatever turns your crank. (mine is bourbon) And for goodness sake, if you think your bank is screwing you, call them and speak to a person. Chances are good you can get the fees-charges waived. If you, can’t get no satisfaction, find another bank or credit union. As of August 22, 2008 there were (some have failed) 8,430 FDIC-insured commercial banks (credit unions) in the United States.
I bet that if everyone reading this post, bought a bad crunchy-soft-cheesy-spicy-mild taco at Uncle Juan’s House of Crabs and Gentleman’s Club, 75% would go back for the same nasty taco next weekend. After all, that kind of service is what you’re putting up with at your bank of choice. Maybe Uncle Joe’s needs a bailout as well. –The End.

]]>