Submitted: Wednesday, October 14, 2009
Posted: Wednesday, October 14, 2009
Ronny g
North hollywood
USA
"I am waiting for the Obama administration to address the fact that
banks make 60% of their profits in predatory fees. I fear I wait in
vain."Now I am no big fan of Obama..and I am an independent Libertarian..I normally don't agree with either of the "main" parties..I lump them into one actually.."Republicrats".
But there is notice by this administration..and some members of congress regarding certain tactics and policies the banks have used to yield excessive fees. Some banks have already put changes into effect voluntarily..some will by next year..and legislation as well as lawsuits could bring on even more changes to better protect our money..and be more fair to the customer..nothing unreasonable.
Has far as the specific issue you had..yes..if those are Government regualtions..we can't blame the bank..no can do. I never had the issue of worrying about any "fees" from withdrawing too much money at once..so I never looked into it..I can't debate the issue with integrity.
If you really do want full control of all your money these days....I think Karl is on to something..simply avoid these butthole banks altogether.
Submitted: Tuesday, September 29, 2009
Posted: Tuesday, September 29, 2009
Robert
Irvine
U.S.A.
I thought this sounded preposterous and was incensed that the bank was telling me what I could and couldn't do with my own money
-Preposterous or not the bank was right. If you have a problem talk to the Government about Regulation D(Reg D). That specifically limits the withdraws you can make out of an "Interest Bearing Account". I am actually happy to hear that they at least notified you of this in advance and didn't just start hitting you with the fee.
I inadvertently withdrew 40 dollars from my savings at the ATM. I meant to withdraw from my chequing account. I was charged a 45 dollar excessive withdrawal fee!
- That was your mistake and as they notified you they are required to do this by Government regulations. The same thing would have happened at any bank.
I once had someone deposit two cheques concurrently. A supposedly lost cheque, and the replacement I had given them.
- Your problem is the person that cashed BOTH checks. Unless you had put a Stop Payment on the check, the bank has no idea that it should not be paid. In that case it would be a case of a Bank Error, and they should make it right. But if there was no Stop Payment you need to go after that person for not only the extra $325 but ALL of the fees they caused.
Even with the fact that it is Government regulations and another person that caused your fees. I will leave it to other well meaning people to post how you are still a victim of the banks policies.
Submitted: Tuesday, September 29, 2009
Posted: Tuesday, September 29, 2009
Karl
highlands ranch
U.S.A.
WORLDWIDE WEB!
A good place to do it is at BusinessWeek.com because they are the #1 Business magazine, according to a report I read, with readers from all over the world. Anyone can go to BusinessEeek.com and read the articles, & even post comments in the 'comments section'.
If you 'Google' this- SOCIAL MEDIA WILL CHANGE YOUR BUSINESS, you can read that BusinessWeek article and you can also read all the comments. I believe on March 31st 2008 at 6:00 PM, a song was posted there that's entitled- 'WEB SONG'.
Sing a song- you can't go wrong!
Good luck to you.
Submitted: Tuesday, September 29, 2009
Posted: Tuesday, September 29, 2009
Flynrider
Phoeix
U.S.A.
What you experienced with the savings account holds true at any bank. There are federal rules which limit the number of transfers out of a savings account in a given month. They're spelled out in the terms and conditions for the account and are pretty much the same for any savings account in a U.S. bank. You should consider making fewer, larger transfers to stay within the limit. Or, if your planning on closing the account, just have them close the whole thing and move the entire balance to your checking account.
From the Wachovia savings account FAQ :
Federal regulation limits outgoing transfers to third parties or pre-authorized transfers (including overdraft transfers), or transfers made by telephone or personal computer, to six per statement cycle. No more than three of these transfers may be by check, draft, or check card. A fee may apply for exceeding withdrawal transaction
Submitted: Tuesday, September 29, 2009
Posted: Tuesday, September 29, 2009
Karl
highlands ranch
U.S.A.
Simply take ALL of your money out of any bank account you have. It's YOUR money! You can do whatever you'd like with it. You can put it in a box & bury it somewhere. At least you'll know where it is and you'll be able to get it whenever you want, right? And you won't be assessed any fees! I have all of my money buried in a box somewhere in the mountains of Colorado. I'm 100% certain that the bears, mountain lions, squirrels, & other critters won't touch it. I TRUST them!
Have a nice evening.