Republic Bank & Trust Company Overdraft Protection ripoff Louisville Kentucky

Congratulations to Striderq on a well-mannered, reasonable reply. I for one am not for whitewashing the OP here. There is fault, no question about it. You are 100% correct when you say the check should have been posted in the register when written and the money kissed good-bye. The only problem I have with the bank is its pouncing on her and capitalizing on her weakness. They could pay the transactions in time order as they come in. Instead they pay the largest one first and down the line. Therefore a $1.49 transaction at 7/11 for a coffee can make a $35 whammy for them.

A decent compassionate bank would pay them in order, not take advantage of her mistake and milk it for all it's worth. That's where they need to be called into question. It's like kicking someone who's down on the sidewalk and reaching into his pocket and taking his wallet when he can't fight back.

And I hope that the Higher Power who oversees all this will see to it that all who agree with this way of doing business will have a belly full of same happen to them -- all the days of their miserable lives.

I don't know if the OP is still reading here, but I know what the real problem here is. The OP stated that they had a balance of $135 and then made transactions totaling $58. The $100 check went through causing the overdraft. Herein lies the problem and solution. Your balance wasn't $135. It was $35. You need to subtract the check when you write it not when it posts to the account. If you had done this, your register would have shown the correct balance of $35 and you and your spouse would not (hopefully) have spent $53 to cause yourselves these fees.

No one else is. You allow the bank to collect fees by overdrafting and giving it to them. There are millions of customers that do not. It is your fault and not the bank's. Try to blame them as you may but they do not make you spend money you do not have. It HAS to start with you first - no two ways about it. Your rant is as idiotic as your self-victimization.

"If you overdraw, you overdraw..Stuff happens, life is tough....deal with it, move on and stop blaming someone else...."

Quit blaming the banks for being parasitic leeches who prey on other people's mistakes and failings, pouncing on the weak and devouring them to the fullest extent of the law.

Quit trying to make this a better world while you're at it. Live and let live, especially when it comes to the unconscionable, the heartless, the abusive. They are the only ones who should have any rights, right? We lambs are supposed to be led to the slaughter without so much as a murmur. When they take us to the cleaners, and especially when they even consciously put stumbling blocks in our path, we should just shrug and say "stuff" happens.


Or, we can say we lambs have had enough and start growing teeth and claws and learn from our abusers, fighting them on their terms and with the same amount of compassion and mercy and heart they showed us.

You lost and credibility when you wrote:

"Some may think that the bank account holder is responsible for keeping up with the money that's in their bank account. I agree to a certain extent."

It's YOUR money, you are responsible for keeping an accurate register, reading the TOS of your bank and abiding (or going elsewhere).

Short and simple....

If you overdraw, you overdraw..Stuff happens, life is tough....deal with it, move on and stop blaming someone else....

Consumers who think the current system is unfair should write to the Federal Reserve and complain, file a complaint with the OCC, http://www.occ.treas.gov/customer.htm and write to their congressional representatives asking them to support the "Consumer Overdraft Protection Fair Practices Act".

No one knows exactly how much money banks are making this way, but there are some good guesses. Fees make up about one-third of bank revenue at this point, and overdraft fees make up a large chunk of that. The Center for Responsible Lending estimates that banks collected $10 billion in overdraft fees during 2005.

Banks ignore customer data
Many banks now allow consumers to withdraw money from the kitty included in the automatic overdraft protection. Bank customers hate this idea only 2 percent said they wanted banks to permit such withdrawals and tack on their overdraft fees. Most said they'd rather the withdrawal was rejected.

Instead, banks seem to be encouraging the use of these short-term loans to get cash, perhaps as a way of competing with the tide-you-over short-term loans offered by various paycheck advance loan retail stores. There are reports that banks even pad the "available balance" displayed on ATMs with amounts from the courtesy overdraft kitty. In other words, a consumer might only have $50 in their account, but an ATM might indicate a $250 "available balance." Then a $100 withdrawal would incur that $39 overdraft fee.

http://redtape.msnbc.com/2007/06/bank_overdraft_.html for more info.

And Jim, there are plenty of scams that are legal, until groups people like Holli speak up and fight against the elitist special interest groups (Banks) who pay off our legislators so they can scam us, screw us. I don't wonder which group you belong to.

Or I guess you think slavery is OK as long as it's legal! You are a wack.

No, not a scam. Just a ploy by some unconscionable types in positions of power. Just a way to extract some ill-gotten gains from some who have fallen into their web of control. We heard from a couple of banking drones who took it personal, but I suspect they like where they work and they need to justify their staying there. If they don't defend the antics of the monied higher-ups they have to shoulder the blame for the bank's tactics, because they are unwilling to quit and get an honest job where they actually serve the public without having to make excuses for those who ride around in limos.

We heard from two bank stooges who have been manipulated to speak out against the customer for her failing. One even blew smoke by injecting a false premise into the mix, stating that the bank was doing her a favor by not bouncing her mortgage check.

My, how crooked, how dishonest can you get? The stupid bank bounced NOTHING!

Now, of course, we can hearken back to the original fix for all this OD stuff, that of always making sure the money is there before one spends it. I've heard about living from paycheck to paycheck, but this living from debit and credit to debit and credit is carrying things to extremes. This is living frantically, not in control of one's finances. Yes the banks capitalize on this aspect of people's frenetic pace, no question about it. And sometimes one can even go over one's balance with even the best of intentions....

But just to be fair here, let's not forget that this gal's spouse didn't have the courtesy, or the communication skills, or the closeness to her, or whatever the problem was, to tell her that he had made some withdrawals. Clearly these two do not communicate well when it comes to finances. He did not know the money was tight, or did not care to find out, or was blissfully ignorant, or lives in his own widdle world, or doesn't get a necessary briefing/heads-up from the money-manager spouse as needed, etc.

Fair game then for any greedy bank ogre who s****.> Maybe this is a relationship of convenience, I don't know. Maybe the answer is to get separate accounts. Have an account for the house/shared payments that nobody touches for mad/bagelStarbucks/donuts/gas money etc. perhaps?

Our lives are hard enough. We shouldn't make ourselves easy prey for the loan sharks out there who get rich at our expense.

Dot, you can not refer to it as a scam if it's legal for the bank to do what it is they do. We often scam ourselves into thinking we can beat the bank and when we can't, it somehow gets turned on the bank as the scam artist. All of what they do is discosed to the account holder and the courts have ruled the banks can charge their fees in any manner they wish - provided their rules are adhered to. The consumer can best defend themselves by educating themselves and honoring the rules the account holder agreed to follow. In this case, the account holder spent money on a bank holiday and somehow figured that since it was a banking holiday, that she could overdraw her account without a penalty. Pretty ignorant thinking.

Unless a human can run faster than the speed of light, there's no way she could race to the bank to deposit money and beat the transaction hitting her bank. If someone travels with a bank account with a balance that thin should cease using bankcards - period. Doing that will allow consumers to keep more of their money.

Figures that last comment was from a low level brainwashed employee. The truth is no matter how the debits are incurred the bank has a policy of deducting the largest first - check your statement - all the charges are always listed in order of their size and that is how the bank chooses to deduct them. They have total control and if they wanted they could have them deducted with the smallest charges debited first - don't buy this crap from an employee. I have been told by a bank manager it is the banks discretion and they choose to deduct the largest first, in order of their size regardless of when the debits were incurred because they believe customers would rather have the largest more likely important payments (ie:mortgage, car payments) paid even if it means they'll get charged multiple overdraft fees because of it. Yeah, seems like that logic isn't in the banks best interest, is it? If you believe that I have a bridge to sell you.

The scam is their policy - there is no one, like the employee wants you to conjure up in your mind checking to see you get screwed. It is built into the system by some rich elitist policy maker there who is "laughing all the way to the bank" so to speak.

Excuse me, but there is no scam going on here at all.

I work at a bank and I have to deal with people who sound just like the one who filed this complaint everyday. The bank is not purposely clearing items in a manner that causes you to get overdraft fees; the bank has to post items in a certain order depending on what TYPE of transaction it is.

Electronic items, or purchases you make with your debit card are presented last unless they are done as a debit using your PIN number. Checks are presented nin the evening and the system determines whether or not to pay those items depending on your relationship with the bank and how often the account stays funded and in good standing.

There is not an individual that is sitting behind a computer looking at your account saying "hmm, I think I'll have all these purchases clear first and these clear last so we can give people fees." That is not the case and such a though is laughable; transactions are posted in the order they are received and according to transaction type.

The fees are system generated and are determined based on whether or not you had the funds available for the item you authorized. THAT'S IT. Don't blame your bank for charging you fees when you overdfraft your account.

Excuse me, but there is no scam going on here at all.

I work at a bank and I have to deal with people who sound just like the one who filed this complaint everyday. The bank is not purposely clearing items in a manner that causes you to get overdraft fees; the bank has to post items in a certain order depending on what TYPE of transaction it is.

Electronic items, or purchases you make with your debit card are presented last unless they are done as a debit using your PIN number. Checks are presented nin the evening and the system determines whether or not to pay those items depending on your relationship with the bank and how often the account stays funded and in good standing.

There is not an individual that is sitting behind a computer looking at your account saying "hmm, I think I'll have all these purchases clear first and these clear last so we can give people fees." That is not the case and such a though is laughable; transactions are posted in the order they are received and according to transaction type.

The fees are system generated and are determined based on whether or not you had the funds available for the item you authorized. THAT'S IT. Don't blame your bank for charging you fees when you overdfraft your account.

Excuse me, but there is no scam going on here at all.

I work at a bank and I have to deal with people who sound just like the one who filed this complaint everyday. The bank is not purposely clearing items in a manner that causes you to get overdraft fees; the bank has to post items in a certain order depending on what TYPE of transaction it is.

Electronic items, or purchases you make with your debit card are presented last unless they are done as a debit using your PIN number. Checks are presented nin the evening and the system determines whether or not to pay those items depending on your relationship with the bank and how often the account stays funded and in good standing.

There is not an individual that is sitting behind a computer looking at your account saying "hmm, I think I'll have all these purchases clear first and these clear last so we can give people fees." That is not the case and such a though is laughable; transactions are posted in the order they are received and according to transaction type.

The fees are system generated and are determined based on whether or not you had the funds available for the item you authorized. THAT'S IT. Don't blame your bank for charging you fees when you overdfraft your account.

Excuse me, but there is no scam going on here at all.

I work at a bank and I have to deal with people who sound just like the one who filed this complaint everyday. The bank is not purposely clearing items in a manner that causes you to get overdraft fees; the bank has to post items in a certain order depending on what TYPE of transaction it is.

Electronic items, or purchases you make with your debit card are presented last unless they are done as a debit using your PIN number. Checks are presented nin the evening and the system determines whether or not to pay those items depending on your relationship with the bank and how often the account stays funded and in good standing.

There is not an individual that is sitting behind a computer looking at your account saying "hmm, I think I'll have all these purchases clear first and these clear last so we can give people fees." That is not the case and such a though is laughable; transactions are posted in the order they are received and according to transaction type.

The fees are system generated and are determined based on whether or not you had the funds available for the item you authorized. THAT'S IT. Don't blame your bank for charging you fees when you overdfraft your account.

Ironically, not only did I just happen to get hit with another round of overdraft fees this week but they happened on VETERANS DAY!! As I past by several banks on my way to the grocery store to make my deposit, I noticed all banks were closed for Veterans Day. So, thinking I would be safe because nothing could clear that day nor would they receive my deposit, I waited until the next morning. Well, low and behold, I HAVE OVERDRAFT FEES!! I am now -$300. How did this happen? Well, in talking to Republic Bank, they were the only bank in town open on this holiday. So all my debit purchases cleared with flying colors and a $29 fee on all of them.

So I call Customer Service in Louisville and this is what they tell me when I ask to opt out of OverdraftHonor, as they call it. Point of Service (POS) transactions will clear no matter what. Opting out of this "courtesy" service, will not decline your debit card. They would always be accepted and there was nothing Republic Bank and Trust could do to have those declined. What?

How is the hapless consumer going to pay the mortgage or the car note *next* month when they're deep in a hole from cascading bank fees? It isn't helping anyone except the bank! It would be much better for them to to suffer ONE overdraft charge and possibly ONE penalty fom the lender than to get into what can quickly become an endless cycle.

A "profitable conspiracy" is exactly what I'd call it. Part of this conspiracy is to almost always approve every small check (debit) card purchase, even if the balance is already below zero. They'd gladly give a coffee shop $5.00 in exchage for the near-certainty of collecting $40.00 from the account holder later. Also there is a latency, maybe sometimes unavoidable but often just intentional, between the charge and the deduction from the account. Consumers are led to believe that a check card won't let them spend money they don't have. This is not the case.

So a check card is NOT the consumer's friend if there is any risk of running out of money. If that is your situation, it is much better to withdraw relatively large amounts of cash from the ATM (at infrequent intervals) for everyday spending. With fewer withdrawls, it is easier to keep track of the balance and make sure it stays above zero. It is also easier to coordinate with your spouse instead of having them out charging an unknown amount at the same time.

Mostly though, it is enlightening to see actual money leaving your wallet at an alarming rate rather than just handing over a plastic card. Seemingly insignificant "this and that" stuff adds up rapidly. Using a cash-only system often helps to control spending.

I have heard this all before. MANY people go over their bank account balance accidently. Actually, there is no benefit for ME. If the bank is going to clear all my transactions anyway, then why should it matter to the bank other than to make a profit? This is why they call it bounce protection, so nothing bounces. The mortgage company will never get a NSF check from me because my bank is, again, going to pay it anyway whether it clears first or last.

For example, say Republic Bank decided to pay all transactions from lowest to highest. Everything would still get paid, yes, even my mortgage, yet I would only have to pay one overdraft fee instead of 4! Which I would be content with because I did spend money that wasn't in my account...but only once.

I'm still not convinced. Try again.

Completely glossing over the fact that this situation only occurs when the account holder uses money they don't have, let's focus on another important point: banks clearing from high to low.

You seem to feel that it is some kind of profitable conspiracy. On the contrary, it actually benefits YOU. Are you actually suggesting that you would prefer that your mortgage payment, car payment, whatever, bounce so that all your little incidental checks could clear?

Good luck! If you think the bank is bad, wait till you see what's going to be on your next statement from the mortgage company, GMAC, etc., after they get an NSF check from you!