Wednesday, January 28, 2009

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I am irate because my son just lost an entire week's pay to bank overdraft fees, thanks to a $2.10 miscalculation that he didn't even know about. I would prefer the banks notify us before paying overdrafts and taking outrageous fees out. Better yet, how about not paying even small overdrafts. If there's not enough money in the account, don't pay. That way, you don't get stuck with all those fees. We've probably lost thousands of dollars we cannot afford to lose over bank fees charged that way. Apparently, you make a tiny error. The bank goes ahead and pays; if you're using your check card, they just pay and don't bother to let you know you're overdrawn. They they take out immediately a $35 fee. That fee triggers another overdraft, which triggers another fee. And so on. They still don't bother to let you know what's going on. Next day a new fee gets taken out, which triggers another overdraft signal and another fee. Something needs to change or there's liable to be a major uprising in this country over that practice.

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