Comments on: Sneaky Games Banks Play to Suck You Dry http://www.debtreductionformula.com/blog/sneaky-games-banks-play-to-suck-you-dry/ Reduce Expenses + Increase Income + Discipline = Get Out of Debt Fri, 14 Oct 2011 01:06:08 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Ryan Healy http://www.debtreductionformula.com/blog/sneaky-games-banks-play-to-suck-you-dry/comment-page-1/#comment-108 Ryan Healy Sun, 18 Nov 2007 02:12:37 +0000 http://debtreductionformula.com/blog/?p=71#comment-108 John - That's a good plan to prevent overdraft fees. I have an overdraft account attached to my checking. If I go over limit, it simply pulls from the line of credit (LOC) without charging me any fees. Of course, if I don't pay back the LOC immediately, it accrues interest. Amanda - My sister is college age. She goes overdraft almost every month. Glad to hear you've changed. :-) And yes, never hurts to call the bank and use your records to get them to reverse an overdraft fee. John – That’s a good plan to prevent overdraft fees. I have an overdraft account attached to my checking. If I go over limit, it simply pulls from the line of credit (LOC) without charging me any fees. Of course, if I don’t pay back the LOC immediately, it accrues interest.

Amanda – My sister is college age. She goes overdraft almost every month. Glad to hear you’ve changed. :-) And yes, never hurts to call the bank and use your records to get them to reverse an overdraft fee.

]]> By: Amanda http://www.debtreductionformula.com/blog/sneaky-games-banks-play-to-suck-you-dry/comment-page-1/#comment-107 Amanda Sat, 17 Nov 2007 15:57:08 +0000 http://debtreductionformula.com/blog/?p=71#comment-107 Oh yeah, I've definitely noticed that. While I was in college I had a terrible habit of overdrafting, ugh. Everytime the largest amount would be taken off first, never failed. Wow, I almost forgot about those days. Its been years since my last overdraft. Wish I would have had the mindset then, that I have now. They would not get away with that now... I would have dated, timestamped receipts to backup my arguments. Back then I didn't even think to call. Oh yeah, I’ve definitely noticed that. While I was in college I had a terrible habit of overdrafting, ugh. Everytime the largest amount would be taken off first, never failed. Wow, I almost forgot about those days. Its been years since my last overdraft. Wish I would have had the mindset then, that I have now. They would not get away with that now… I would have dated, timestamped receipts to backup my arguments. Back then I didn’t even think to call.

]]> By: John Roney http://www.debtreductionformula.com/blog/sneaky-games-banks-play-to-suck-you-dry/comment-page-1/#comment-105 John Roney Sat, 17 Nov 2007 04:04:32 +0000 http://debtreductionformula.com/blog/?p=71#comment-105 Boy, Ryan really has my number. I'm now 3 for 3 on doing stupid things financially. I'm guilty of having this happen to me on multiple occasions, including the most recent of just two weeks ago. One of my accounts was quite low and two things came through, a larger check and a $5 check. According to the bank rule, the larger would get cashed first, which completely wiped out the account, causing not just one bounced check fee (of $35) but a second as well. Imagine, a $35 bank fee on a $5 check that I had forgot that I wrote... Very frustrating and very foolish of me to leave myself in that position. The lesson I learned and the action plan I set as a goal for myself to prevent this from happening again was to re-establish a savings account with some money off to the side with overdraft protection; just in case it were to happen again, I would be charged $5 instead of $35. Anyway, I'm grateful that the $35 went to someone at my bank, maybe someone's bonus for the holidays. And maybe that wealthy banker will donate it to some meaningful charity and I'll be happy. =) another lesson learned the hard way. (sigh) -john Boy, Ryan really has my number. I’m now 3 for 3 on doing stupid things financially. I’m guilty of having this happen to me on multiple occasions, including the most recent of just two weeks ago.

One of my accounts was quite low and two things came through, a larger check and a $5 check. According to the bank rule, the larger would get cashed first, which completely wiped out the account, causing not just one bounced check fee (of $35) but a second as well. Imagine, a $35 bank fee on a $5 check that I had forgot that I wrote…

Very frustrating and very foolish of me to leave myself in that position. The lesson I learned and the action plan I set as a goal for myself to prevent this from happening again was to re-establish a savings account with some money off to the side with overdraft protection; just in case it were to happen again, I would be charged $5 instead of $35.

Anyway, I’m grateful that the $35 went to someone at my bank, maybe someone’s bonus for the holidays. And maybe that wealthy banker will donate it to some meaningful charity and I’ll be happy. =) another lesson learned the hard way. (sigh) -john

]]>