Re: do banks conspire to FIX high checking overdraft fees ?

The banks probably don't cover their costs with bad check processing.

What costs are those? AFAIK, practically all such mundane processing
tasks are completely automated, with only the software configuration
(like the amount of overdraft charges) subject to human input.

Finding the guy who cashed an overdraft check and skipped town is
not something that can be automated. Getting the money out of the
guy after you find him living in a cardboard box not only can't be
automated, it's probably impossible.

As far as I know, there is no automated process where you can get
the fees cancelled because of a genuine bank error (e.g. losing a
digit off the amount on your paycheck), and many of the people
writing bad checks tie up live person time trying to use this process
also.

In any case, they're entitled to profit from bad check fees.

The masked man with the gun is entitled to your wallet, but that doesn't
make it right.

No, the masked man with the gun is *NOT* entitled to your wallet,
unless you agreed to that when you opened up an account with him.

Overdraft fees are a cost of your checking account (especially with
"free checking"). Except under extraordinary circumstances, like
being forced to withdraw money at gunpoint at an ATM (some banks
charge overlimit fees for attempting to overdraw your account with
cash withdrawls, *AND* they don't give you the cash), they are
entirely avoidable. And if you can prove you were acting under
duress, you can probably get the fees cancelled.

Better the "overdraft fee" than the "monthly account fee" or
the fee for each check used.

Gordon L. Burditt
.

Relevant Pages

  • Re: Bank Charges - reclaim or dont pay?
    ... day living, and since it had no overdraft facility, it would be ... As it happened, the account does allow me to go overdrawn, which I ... I intend to challenge these charges when they are applied, ... to cover the fees. ...
    (uk.legal)
  • Re: do banks conspire to FIX high checking overdraft fees ?
    ... (even with late fees). ... mail") And pay attention to bank rules on funds availability. ... In that situation you can't afford to piss away money on overdraft ...
    (misc.consumers)
  • Re: Fined =?ISO-8859-1?Q?=A330_for_=A33_overdraft?=
    ... I'm a bit unhappy with my bank, ... fees then make it up on what I call 'sin' fees - overdraft fees, ... fees, honour fees, credit card over limit fee, credit card failure to pay ...
    (uk.legal)
  • Re: Overly overdrawn?
    ... US bank, though, that allows an overdraft of any amount. ... An account can be set up to take money from a separate ...
    (alt.usage.english)
  • Re: Citizens Bank giving misleading account balances?
    ... overdraft fees in the hundreds and aven $12-1500 range. ... that pending transactions are not mentioned when customers call them ... debit card and todl erroneously that the card was to be linked to ... overdraft charges even though bank personnel admitted their error. ...
    (misc.consumers)