The banks are a criminal organization. Just look at how they operate and what they 'do' to make money. They take your money, and lend it out on a 10:1 (or much worse) ratio. If they lose it...oh well they blame it on a bad economy, pocket the tons of money they've made and ask the government for a bailout.
And all those profits, which nsf fees are just a small part, help them pay off government officials and lobbyists to get laws passed that makes what they do even more official.
The truth is, people don't need banks. They don't build roads, grow crops, transport product, teach, clean the environment, research, feed the hungry or even produce art and entertainment.
All they do is take your money, smile, and turn around and gamble with it. And we all have to use banks because how else are you going to pay for anything digitally? I'm not saying they shouldn't get paid for their time...but there's no way they are worth the kind of money they get. Rich bankers do nothing but cause trouble in the world anyway.
Because it supposedly cost them so much money to not pay a check that is NSF. It is a rip-off and is grossly overcharging of the customer. It is all a computer transactions but they insist that it is the time and cost of processing this NSF and then again for having to send you the notice. Usually they will not only charge this fee then they charge you again for the bounced payment. Double-dipping! The banks invented the term and act like it hurts them so much? It is simply robbery.
If you don't have $5.00 in your account, then how in the world do you have $40.00? What did they do, draw the figure out of hat? With the amount they charge for nsf, you'd think the banks wouldn't be in financial troubles. If they charged all their customers a $35.00 fee maybe it would solve their problems and be able to start a new business, because all their customers would quit and they would then realize what went wrong.
I have a dental account where the monthly fee is taken out on different days, unlike other recurring monthly fees that happen on the same date of each month. I heard its hard to cancel or stop an online payment from your bank account.
The banks do this because they can. It has become an industry standard where all banks act in the exact same fashion. It is a deturent to keep people from making them (the bank among its "banking peers" )look bad, as well as a money maker for the ones they collect from. It has become common place where all banks charge it, there for you can not get around it with the exception of not being insufficient! Chances are if you are insufficient, you can walk away from the bank without causing them any this comfort. Where as a client that has sufficient funds consistently has money the banks "borrow" to satisfy others short term needs> Those are the clients the banks want to keep more!
Its a way to rip you off legally. They also charge you a return deposit item fee of $35.00 so for each nsf you could pay $70.00. My bank withholds checks from posting. The check comes in on monday night, you don't see it until wednesday after 10 am therefore giving you a false balance( even though you're suppose to be keeping trac of your finances) but sometimes you're broke and need that last 20.00 and then you find out the check that came in two days ago but was placed in the secrect folder put you over and oops! We have to charge you $70.00. Its all an enron scam.
Thomas Jefferson said in 1802:
'I believe that
banking institutions are more dangerous to
our liberties than standing armies.
If the American people ever allow
private banks to control the issue of their
currency, first by inflation, then by
deflation, the banks and corporations that will
grow up around the banks will deprive the people
of all property - until their children
wake-up homeless on the continent their fathers
I hate banks, I close my account with bank of america, and I feel release from a big trouble!
Banks do not always account for the yearly turn back clock change,they can use as a excuse to charge overdraft fees. Thus steals from customers.
Example turn clock back one hour! Checks held longer thus not entered same day rollover fees scam by banks. Legal stealers.