Comments on: Should You Be Able to Overdraft Your Checking?

By: chuba

chuba — Sun, 28 Feb 2010 07:17:58 +0000

Thank God!!!! Thank God!!! Thank God!!!
Congress is taking a closer look into this matter. I have been affected so many times on the overdraft protection charges. The dubious thing about overdraft protection is that the system is setup to cause you overdraft fees regardless of how you spend your money. I have a purchase that was place on hold for about two weeks, immidiatly my account went over, all the charges on hold posted and cost me close to $500 in fees.

I am so sick of it.

By: The Sad Tale of Gansel and Hetel | Money Smart Life

The Sad Tale of Gansel and Hetel | Money Smart Life — Tue, 29 Sep 2009 12:58:23 +0000

[...] by signing up for new checking accounts and earning bank bonuses each month. Of course their checks almost always bounced so the bank overdraft fees quickly ate away the [...]

By: Linkworthy: Raises, Tips, and a Dead Horse | Personal Finance Firewall

Linkworthy: Raises, Tips, and a Dead Horse | Personal Finance Firewall — Sat, 26 Sep 2009 18:56:54 +0000

[...] Mrs. Micah discusses the new legislation about overdraft fees in Should You Be Able to Overdraft Your Checking? [...]

By: Friday Linkfest: Smoke & Fire Edition

Friday Linkfest: Smoke & Fire Edition — Fri, 25 Sep 2009 13:49:07 +0000

[...] Should You Be Able to Overdraft Your Checking? – Mrs. Micah. By now you probably all know how I feel about this subject. [...]

By: PK

PK — Fri, 25 Sep 2009 13:46:07 +0000

FYI, my ING overdraft credit line is and has always been $1000, though I’ve never used it.

By: TGIF: Birthday edition! — Living Well on Less

TGIF: Birthday edition! — Living Well on Less — Fri, 25 Sep 2009 12:02:48 +0000

[...] Should bank overdrafts be legal? – Mrs. Micah [...]

By: Mrs. Accountability

Mrs. Accountability — Thu, 24 Sep 2009 00:43:16 +0000

I guess you just have to ask, because there doesn’t seem to be any hard and fast rule for any bank or credit union. Wells Fargo first lowered my $5000 line of credit down to $2000, and then took it away. It was my overdraft protection account, so I asked if I could attach to the savings, and they allowed that. They charge $10 to overdraft. I have a personal account with a credit union that gave me a $5000 line of credit; no overdraft fees. I am not sure about my husband’s business accounts at a different credit union, but I learned recently they that charge a fee for cash deposits! He doesn’t get paid in cash very often, and so far never over $300 in cash. It’s not like he’s bringing in a ton of coins or anything.
Mrs. Accountability´s last blog ..$500 in Prescriptions – Payment Denied

By: Jesse

Jesse — Wed, 23 Sep 2009 16:09:38 +0000

How bout people just start paying more attention to their accounts and stop bouncing checks or spending more than they have just cos its easy…can the Govt pass legislation on that? haha
Jesse´s last blog ..Modest Meals: Homemade Fajitas

By: Miranda

Miranda — Wed, 23 Sep 2009 12:52:51 +0000

Many banks won’t even allow you to use a savings account as a back up. I know. I’ve asked. And the fees charged for overdraft protection, plus the interest, can be ridiculous. But I do think it is nice that Congress is forcing banks to rethink their policies. I’m not sure how I feel about an actual law, but at least banks know that they need to make a change.

By: The Financial Blogger

The Financial Blogger — Wed, 23 Sep 2009 10:07:51 +0000

An easy way to avoid those fees is to use a line of credit as a main bank account. Actually, your line of credit can show a positive balance.

If you ever “go under”, you won’t have overdraft fees since it is normal to go negative on a line of credit
The Financial Blogger´s last blog ..Top Ten Canadian Dividend Stocks