It is completely understandable when banks charge a customer a fee when they have overdrawn their account or a check could not be paid due to insufficent funds. However, there should be a limit to what the banks are permitted to charge a consumer for those problems. I think it is absolutely ridiculous that banks charge anywhere from $27.00 to $39.00 per bad check or overdrawn item. That number is quite out of control when you think of how bad the economy already is and how Americans are struggling just to survive.
How is it that these banks can charge their customers these crazy amounts and there are no government restrictions on how much they can do this to the public. They already make a ton of money on people by charging to have accounts period, then they charge for you to take your own money out of the bank. They have a fee for just about every type of issue or product that you can think of.
I want to give you a experience I personally am struggling with currently. I was in the hospital, this happens to people all the time. I was unable to find anyone to take care of my bank account while I was in the hospital and so my account was overdrawn by $100.00 and then I figured that three checks were ” bounced” as they call it today. Well I went through every single check and figured out that I would be okay when my next check came within 1 week to take care of it. I even talked to the people at my branch and on the toll free main bank customer service number and was reassured that it would defintely be worked out and no other outrageous fees would incur. What happened with in the week will make you sick. It ended up someone charged even more fees and what should of and was promised to be fine, was anything but fine. The bank kept finding more fees to charge me until a $100.00 overdraft turned into $780.00 fees.
Immediately I called the bank and was told that they have the right to charge me on a daily basis for everyday it was overdrawn and not taken care of. I said I called and spoke with a supervisor and also spoke with the manager and she also reassured me as long as I took care of it in the time I promised that no other fees would be made to my account. So angry I say to this manager how the heck do you expect me to catch up if you keep telling me it is okay and then keep charging me $37.00 each time you feel like it. I had three outstanding checks and no other checks came in and so obviously I was real upset when these fees kept coming at me. I can not figure out how they think I am supposed to take care of a bill for nearly $800.00 when I could barely pay the $100.00. Also when someone is in the hospital or there are circumstances that are beyond a person’s control, then there should be a way to work with that individual in order to please their debt. Honestly I know I am not the first person that this has happened to. What I ended up having no choice but to do is closing the account and now nobody will open an account anywhere else for me. Now I have to pay to have a check cashed anytime I need to cash one. Last time I had a check cashed for school which was $1300.00 it cost me $130.00, 10% of the check which is also ridiculous. I can not imagine that the banks are not rolling around in money since they charge people for having an account, they charge them for retrieving their money once they need money, they charge you for checks, checking your account at an ATM machine, and the list of things they charge for go n and on. It is a neverending supply of money coming in for all banks, that causes annimosity between the consumer and banks all over. I can not tell you how bad it feels to be charged for wanting to get a hold of my own money. They make an excuse for what they do, but don’t dare make an excuse for your mistakes. I think the government gets involved in peoples lives in just about every aspect imaginable, why can they not do it when it comes to banking policies? It is not a fair practice at all. In fact it is complete and legal way to steal peopl’s hard earned money from them. I think the public should petition the banks to be held accountable for everything they do. Really we are all at their mercy if we want to have any money at all. Think about it!