US Bank's negative balance fees are a blatant money-grabbing ripoff!
I have no problem with overdraft fees. If I happen to overspend out of my checking account, I should expect to get an overdraft fee, and it should hurt. But the daily negative balance fees do not encourage me to get the account out of arrears any faster than the arrival of my next payday.
I can even understand the need for negative balance fees after say, 15 to 30 days. Because customers should not be allowed to let an account stay in arrears forever. But to keep charging daily negative balance fees when they know I can't take care of it right away, is a blatant ripoff, and should be illegal. The bank can easily look at my deposit history, calculate the day of my next deposit, and start levying negative balance fees the day after. THAT would be fair. I could accept that.
This is the equivalent of double indemnity, and I'm not an insurance company. Apparently US Bank has decided they need my money more than I do, so they just make up extra fees that they can charge; knowing that I cannot stop them until the next payday. Anyone have a suggestion on how to stop these charges?
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