Wiithin about 3 months time, I was charged over $2,000 in "overdraft fees". I put the term "overdraft fee" in quotes because it is not a fee but interest because they are in fact loaning me the money. Sometimes, WaMu loaned me $5 and charged me $32 in interest. That comes out to about 650% in interest. MUCH MORE than a loan shark or the mob would have charged me.
The banks like to throw around terms about financial responsibility and making you feel bad about what you did. Did you know that "overdraft fees" are one of their biggest money makers?
In my particular case, a simple mistake of "overdrafting" an account by less than a $1 in some instances has pushed me into a corner and possibly filing for bankruptcy. Once I made the very simple mistake, and did not correct it within the first 12 hours of it happening, dozens of charges went through. This caused an onslaught of "overdraft fees" to post to my account. When I put the money in a day later, it was immediately confinscated by WaMu for "overdraft fees" (interest on the money they loaned me). Now, when additional charges came through after I thought I thought I had money in the account, I went back into the dark world of "overdraft fees" once more.
They have charged me so much in interest that there is simply no way for me to pay them as well as my current bills. All because of their loan sharking fees and tactics.
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