Overdraft fees of $225

Lulz...no. never

That to me is what was so unbelieveable is they said the average overdraft fee is between $25-$35. If you assume that 1/2 the customers have no overdraft fees, it would equate to the other half paying over $50 per month in fees, 2 overdrafts per month.

quote:

---

it would equate to the other half paying over $50 per month in fees, 2 overdrafts per month.

---

That number is definitely believable. I was a bank teller in college and there were a good number of customers that seemed to be perpetually overdrawn.

I can't remember if this has changed or not, but banks would charge you for each item that hit after you went negative and they would have the largest debits hit your account first so they could maximize the number of items that hit after you go negative. So if your balance is $10 and you swipe your card for $1, $1, $1 then $10, they made sure that $10 item hit your account first so they could charge you three fees.

I still work at a bank but far removed from branch life so I'm not sure if the CFPB has put an end to this.

Must be lots of people living paycheck to paycheck. I haven't overdrawn in probably fifteen years if not more.

quote:

---

Must be lots of people living paycheck to paycheck

---

God, I couldn't sleep at night living that way. My version of "okay" is so much different than 90% of my friends and family.

I had one my freshman year of college when my mother bought something on eBay and it was hooked up to my debit card...

quote:

---

I'm not sure if the CFPB has put an end to this.

---

I'm pretty sure that they can't do that anymore. In fact, the banks typically got sued and had to settle class action claims at pennies on the dollar for their "mistakes." So they were punished but not really.

while this isn't a story about bank overdraft fees, I did get charged a late fee and penalty apr of almost 30% (for a 6 month review period) because I accidentally paid my American express card 1 day late. just got off the phone with them. not only did I get them to cancel the penalty apr but they took the interest off from the past two months as well as the late fee.



though it was my fault, I was ready to cancel my card (or at least threaten) and go with chase sapphire or capital one venture if they didn't do what I wanted. 1st world problems

Side note:

I made the mistake of opening a bar tab with my debit card at the strip club, while in college, and buying 1 beer. Had no idea that the strip club could automatically withdraw or hold an amount of money in your bank account... $300.00 to be exact.

This lead to an over draft.

I over drafted in college a few times and would just call the bank and tell them my pops transferred money late. They always returned the OD fee.