I'm just venting here....
My company has a deal with the bank they use, if you open an account, you get different perks, deals, extra points on your debit card, etc. So I opened a checking account up a few months back and had payroll direct deposit of a few dollars each pay. My great idea was to keep depositing in the account and then I could have a little stash for emergencies. Well, last month, I wrote a few checks and afterwards, I started figuring it up that I was a dollar and change overdrawn, but figured it was a couple days till payday and it would be covered. The check couldn't or wouldn't come back that quick. WRONG! Two weeks after the last check cleared, I was finally notified that I was overdrawn, they charged my account $34 overdraft, plus $10 fee for dipping into the savings account. In the letter, it said that if the account was overdrawn more than 4 consecutive days, an $8 overdraft fee would be charged. So I had to take money out of my other account ($60 on a Friday) thinking it would cover it.. asked the teller for my balance - it was -5.60. So going on my misinterpretation of the letter, figured I had a couple days to get $5.60 back in.. I deposited $7 and then my payroll deposit came in. I never heard anything and just figured that everything was taken care of. Yesterday, I got my statement in the mail...my balance was -$90.00!!! Plus, it only showed through 6/12.. I got my letter out about the overdraft fee.. and then I realized it said $8 fricken dollar fee EVERYDAY it is overdrawn!! I miss read it and thought it meant I would be charge $8 every 4 days it was overdrawn. I was so upset and then furious then in about tears. I called them today and told them what I really thought about they're stupid $8 a day overdraft fee, and that I wanted to close the account so that I didn't get anymore charges, I would pay it, just close it so I'm not charged anymore. The girl told me "We can't close it without a $0 balance." How does this bank think people can pay back hundreds of $$$ like that when in the first place didn't have enough money to begin with!!? I asked her that.. she said she would talk it over with the president (who actually signed me up and I have never been able to speak with her since). I got a call later and the girl told me they waived all the charges AND I had a $20 balance. THANK GOD! I told her to just close the account and send me a check. So now I am happily waiting for my $20 check and thanking God for not having to pay all that money out in fees!!

that is just horrible. I have never heard of an overdraft at a per day rate!!! I would have hit the roof. I amglad tht they waived the fees and that you closed the account.

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I 'm sorry you had so much trouble with this bank. Can I ask if it was Fifth Third Bank? It just sounds like a 5/3 thing. I'm also happy you got it all resolved.

That doesn't make sense that they would charge you $34 overdraft PLUS another $10 to take the money out of your savings account. With our bank, if you have your checking account hooked up to your savings account, it's just the $10. Good thing you're ditching the bank! They sound a tad bit crooked.

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BofA had sent out a notice a couple of years ago that they were going to charge a per day fee, too. There was such a backlash against it that they didn't implement it. Same thing w/their charging to use a live teller. They stopped doing that. Speak up - you can get heard, people.

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Wow, that's nuts. I don't know if it's different in the U.S. compared to here in Canada but my bank has automatic overdraft. If I did go into the minus', they would charge me $5.00That's all.

It's a hard lesson to learn, but another reason to keep good tabs on our checkbooks so we don't get caught in the banks small print.

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We have "overdraft protection", too. They will pay up to $500 overdrawn, but at $31 a pop. So, if you have 10 transactions that lead up to that $500, you pay $31 x 10. If it's only one transaction, it's only the $31 x 1. If you have it hooked to your savings account and they have to draw from that, it's $10.00. I think our overdraft protection is more of an excuse to take our money. It has helped us a couple of times, when an automatic debit has come through and DH didn't tell me he had left less than what the debit is. But for the most part, it will let you just keep taking money out and keep charging you more and more money.

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I was thinking the same thing, gosh I've got long horrible stories I could tell about 5/3 bank!

I am glad they took care of it for you though, what a mess!

My DH & I have been rather pleased with United Federal Credit Union (formerly First Resource Federal Credit Union). We love the instant updating of their online access, the Visa debit cards, and the ability to prevent a card transaction from going through if there isn't enough $$$ in the account to cover it! Plus, if a check does clear before the deposit gets put in or is just a little over the balance, our fee is only $25--that's it--and we have 30 days to fix it without consequence. Otherwise, they just charge $5 to make one transfer per day from the savings to bring our checking to $0.

I left one local bank a few years ago that had great service simply because they raised their NSF fee from $23 to $28, and I recently left another one because theirs went up to $27 and they didn't post deposits until after all other transactions for the day. (My DH deposited $500 one morning, I made a debit transaction at 5:15 PM for ~$70, the bank charge me an NSF fee for the transaction.) UFCU doesn't do that; they post your deposits the moment you make them.

Also, a few years ago, DH had a small account with Bank of the Ozarks, and a check at Wal-Mart was 7 cents short. BoftheO not only returned the check, but they also charged him a $50 NSF fee! He sure gave them an earful when he went in to close that account, to be sure!

No, it was National City Bank.. the local Credit Union has only charged me $20 for an overdraft charge only if there wasn't enough in the savings.. no other charges.. I have never heard of charging per day like that, it IS totally ridiculous!

Normally, I am very careful to not write checks out of that account, but that month I thought I had more in it.. and it was only $1.12 over ..

I already have accounts with the local Credit Union and another bigger bank here, but was seriously considering switching everything over to this bank since they had more perks. Not now..

I feel sooo much better now. It was actually becoming more tempting to me having that little extra put aside, than helping me in anyway, KWIM??