How do you amass $500 in bank fees in two weeks?

[tjdee]

:grr:

I think I was overdrawn about $6 bucks--somehow, in two weeks, that grew to $500. I just got a raise, but you'd never know it! Methinks I will stroll into the bank and curse them, take my money, and close my account there.

Then I come here and read the news....wow, this day is pretty shitty and it's only 5 am!

[fleabert]

1. yes, change banks!

and get overdraft protection, much cheaper for those of us that have money but don't keep a good eye on the calendar.

[KT2000]

2. Wow!

First of all - talk to the bank nicely. Maybe they will remove the fees.

If not, I think I would report them to some state agency and make them account for those fees. Then, write your state rep (or federal congresspeople if it is a federal bank.) Then write a letter to the editor.
This may all be OK but those politicians need to see what they are doing to us by approving those fees.

[ET Awful]

3. That happened to me just a couple of weeks ago, and not because

of me causing an overdraft. What happened is the company that does my school loans double-dipped my account for a payment. I would have had plenty to cover all my outstanding checks, etc. if they hadn't blew it and run my payment through twice.

That started a chain reaction of course. Fortunately I was able to convince the bank to credit me for some of the fees (not all).

[Spinzonner]

4. Sue the loan processor in small claims court for the difference

[ET Awful]

5. It would cost me more in fees, time and effort than I would actually

gain by doing so.

[Spinzonner]

6. Well, time and effort is for you evaluation

but the fees are payable by the losing party if you request them.

The laws and limits vary by state.

With a big corp there's a good chance they wouldn't send anyone to defend unless significant amount of money is involved. In such cases you generally win by default.

Collecting is the plaintiff's responsibility but there are ways to coerce payment by making property claims.

In Calif - for example - you must make a 'Demand' for the payment ebfore filing the case and only then take them to court in case of non-fulfillment. That might get their attention and make them cough up without actually going to court.

[ET Awful]

10. As a veteran paralegal, I know all the ins and outs of small claims

court. It's rarely worth the effort unless you're dealing with over $1,000.

You aren't going to get a property claim against the US Department of Education :).

[BlondieK143]

7. Been there, done that.

My stupid car payment AND rent lady took out a payment twice in the same week (for which only one payment each was supposed to come out). We won't EVEN go into how much I was screwed for two months.

Seriously though, I really hope you get things worked out. Make them print out a list why it got to that much.

[MercutioATC]

8. Ever consider a credit union?

Since they're officially owned by the members, they tend to offer better rates and services. I love mine.

[unhappycamper]

11. A Credit Union is the way to go.

I have my savings, (9.9%) credit card & mortgage with mine. I love these guys!

[MercutioATC]

12. Same wih me...

My divorce 9 years ago forced me to go through a bankruptcy. My credit union allowed me to reestablish my credit. FICO score be damned, they loaned my money when I wanted it because they knew me and they knew I was good for it.

Without them, I would have taken much longer to get to sound financial ground again.

[China_cat]

9. Easy to do

First they hit you $30/day overdraft fee. Any checks coming in and bouncing are another $30 (per day in some banks until picked up). After a certain level of overdraft, the charge goes up per day. Anywhere from $50 to $100/day depending on the bank.

I think you're lucky that you got off with only $500 in fees. (Not that it doesn't still suck...big time.)