BF2S Forums Banks win Supreme Court case on overdraft charges

So you get charged for spending money you don't have? Wow, what an unfair system ... A penalty for breaking the rules, so scandalous!

I can see some cases where banks overdraw accounts automatically when they shouldn't, but I think you can lock your account to not allow overdrafts of ANY kind, right?

baggs wrote:

Yeah kinda, the banks have used some pretty crafty methods to generate charges on people's accounts, this is what the whole affair is about.

Classic example of that is charges when you use an ATM. It actually saves the bank money when you make an ATM transaction, because the money transfer is made that much simpler and they don't have to deal with employing tellers. And when you electronically deposit into a bank, they also have extra because they can immediately earn interest on a payment that would otherwise have taken more time to process. It might not be much, but when plenty of people use it the amount is quite high.

Yet they will still charge for an ATM transaction.

lol.... i took all the money out of my old account except for $5

which i knew would get me a service charge of $1.50

what i didnt know is that they had recently put in a new system without informing anyone

so after that i got a "low balance fee" of $2 and then a "monthly service charge" $3


which clearly i didnt have enough in there for, so they charged me a $42.50 NSF fee and then a $5 overdraft fee........ which bounced as well, so another $42.50 fee for me



and that was the last day i was a member of their bank

menzo wrote:

so this is for using  atm machines?  and use ur Debit card?

i can pay things without charge from 0,01  and up

No, not exactly. It's just how unscrupulous banks can be when it comes to charges and how the OFT deemed the charges to be illegal and unfair. Which in most cases they are, the banks were very nasty when it came to it making charges which pushed people further into problems therefor taking them weeks/months to dig themselves out of.

Like what Krazed posted, exactly that, just low down dirty money grabbing bankers.