Federal judge kicks Wells Fargos butt!!!!!!!!! (lobby, compared, financial, money)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Well WF is appealing. And all the other banks did it too so I imagine they will rally round WF on this one and get their lobby support in DC behind this as well.
WF is small compared to the likes of BofA and JPM.
They can drag this appeal for years if need be.
Funny thing is though..once you get hit with that first overdraft fee and are caught by surprise you can go into the bank and get it changed. That happened to my son when he got his student account at BofA. Overdraft had become the default rather than an option you asked for but that wasn't found out til he did his first overdraft and got hit. I went with him to BofA and we had the account changed.
Why didn't others do that ? Simple trip to the bank and a 5 minute chat with the teller and voila..no overdraft allowed.
This is good. If you want overdraft protection you have the option of linking to another account or a credit card. If you don't, then the bank should reject any transaction that you don't have the money to cover.
Well WF is appealing. And all the other banks did it too so I imagine they will rally round WF on this one and get their lobby support in DC behind this as well.
WF is small compared to the likes of BofA and JPM.
They can drag this appeal for years if need be.
Funny thing is though..once you get hit with that first overdraft fee and are caught by surprise you can go into the bank and get it changed. That happened to my son when he got his student account at BofA. Overdraft had become the default rather than an option you asked for but that wasn't found out til he did his first overdraft and got hit. I went with him to BofA and we had the account changed.
Why didn't others do that ? Simple trip to the bank and a 5 minute chat with the teller and voila..no overdraft allowed.
I love overdraft , it keeps my credit score high . As you say , you can get it changed . One time at ( one of the worst) Capital One bank , they sat with me and made sure I knew what overdraft was and that I wanted it . I thought this was funny . I guess many don't understand. I don't trust any bank , I read all the fine print.
This is good. If you want overdraft protection you have the option of linking to another account or a credit card. If you don't, then the bank should reject any transaction that you don't have the money to cover.
That's how overdraft started but it changed a number of years ago to be the default when you got a debit card.
Rejecting the card was an option you had to ask the bank to do when you got the debit card. Many didn't know this until they withdrew too much and got hit with fees.
Why they kept doing it time after time is beyond me though.
They could and should have just had their debit card account changed to reject the purchase if it went over their balance.
But, of course it's the bank's fault for letting them accrue that much in overdraft fees..right ?
That's how overdraft started but it changed a number of years ago to be the default when you got a debit card.
Rejecting the card was an option you had to ask the bank to do when you got the debit card. Many didn't know this until they withdrew too much and got hit with fees.
Why they kept doing it time after time is beyond me though.
They could and should have just had their debit card account changed to reject the purchase if it went over their balance.
But, of course it's the bank's fault for letting them accrue that much in overdraft fees..right ?
I would think the defalut was to not give people money they didn't have. It's essentially a loan with a huge cost, and banks know better than anyone that if someone overdraws it's probably becasue they don't have financially sense so they preyed on the ones who could least afford it. It's not like this was all some crazy mix up with the customers best interests in mind, it's was done on purpose to generate income for the bank.
I'm not supporting those who have no sense and continue to have no sense, some people are just stupid, but now that it's become an issue this practice should end. And the stupid people will have their cards rejected, as it should be.
I would think the defalut was to not give people money they didn't have. It's essentially a loan with a huge cost, and banks know better than anyone that if someone overdraws it's probably becasue they don't have financially sense so they preyed on the ones who could least afford it. It's not like this was all some crazy mix up with the customers best interests in mind, it's was done on purpose to generate income for the bank.
I'm not supporting those who have no sense and continue to have no sense, some people are just stupid, but now that it's become an issue this practice should end. And the stupid people will have their cards rejected, as it should be.
Thanks you just said it all in a nutshell. How right in what you say, The banks know darn well if a person overdraws, it is because they don't have financial sense at all, and yes these are the ones they prey on, do they really ever have the customers best interest in mind.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
