I overdrew my checking account in the amount of nine cents, and was charged a $30 overdraft fee, which then bounced four other checks/debit card transactions totalling $15, so I had to pay $150 for my nine cent subtraction error.
Even title pawn and cash advance and paycheck loan companies are not allowed to charge fees this excessive. Figure out the percentage they are making on my subtraction effor.
Stupidly, a few months later, I made a %3.33 error, and the overdraft fees again cascaded, resulting in $600 of charges for 20 overdrafts resulting from the first.
So far this year, I have been charged a total of $750 for my free seniour citizen checking account. If they had simply called me when I overdrew a total of $3.42, or bounced those two items back to the merchant, I could have lived with that.
Now, on my limited income, I am paying more to that multibillion dollar bank than what I pay in rent to live for two months, more than what I pay in food expense for two months, and it is nearly ALL PROFIT to them, since no action was taken by them other than to have their computer charge me the excessive fee.
I am taking steps to see that I do not make any more "human" subtraction errors. I will strive to be perfect. But this bank will NEVER be recommended by me to ANYONE for mortgage or car loans. If they charge these fees for nine cent errors, imagine what they will charge for late fees on a house or car loan.
Our state banking commissions should be ashamed for regulations holding title pawn companies and cash advance companies and paycheck advance companies to maximum interest and service fee caps, while allowing these robber-baron banks to rip off their customers with impunity.
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