http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/show/110_HR_946.html#43190 The Bank is supposed to be providing a service to you. Fees are the way they prosper in doing so. But greed has corrupted this institution and the government has sat twiddling their thumbs as BILLIONS of dollars are stolen from the American workforce. This bill may be a kind sentiment but is too little too late in my eyes. How a government can investigate payday loans (which costs about $40-60 a week for a $500 loan) as a potential rip off, and not look at bank fees (which charge $20-45 per transaction for overdrafts and non-sufficient funds) is insane. The banks are not looking out for their customers, and the government has failed its people regarding regulating the finance and insurance industries.... 43190@http://www.washingtonwatch.com Thu, 18 Sep 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_946.html#42387 What I don't understand is how can they charge a fee for a check clearing because of a "pending" transaction". Then, charge a fee for the "pending transaction" to clear. It is like they charge for it 2x. If using a debit/credit card immediately is going to charge your account and immediately withdraw the money. If you then have a check clear, you deserve an OD. However, you don't deserve the OD on the charge because it happened first, right? Not the way the bank sees it. They are charging 2x for the same issue.... 42387@http://www.washingtonwatch.com Mon, 15 Sep 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_946.html#41865 I am trying to help my brother manage his finances so I opened a spending money account for him so that he could spend money from that account using an atm card without worrying about the balance. All his bills would be paid from another account and this account would just receive a fixed amount electronic transfer each week. I also specifically said I did not want this account to be allowed to overdraft. Wachovia set it up so that he could withdrawal money from it through ATMs even when he had no money so they could collect overdrafts. He now is out a whole pay check because of overdrafts. People who are criticizing this bill don't understand the situation. Banks are purposefully allowing people to overdraw their accounts using atm cards even when the accounts have no money. Banks say they are doing this for the consumers but consumers overwhelming say they don't want this.... 41865@http://www.washingtonwatch.com Thu, 11 Sep 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_946.html#41703 No one today takes responsibility for managing and balancing thier check book. Instead, as soon as a check bounces it is someone elses mistake - not mine. Further, when my bank paid a check of mine that overdrew my account it actually saved me embarrasment and additional fees that would have been incurred by me by the retailer. Ina ddition, you can go to jail for passing bad checks.... 41703@http://www.washingtonwatch.com Mon, 08 Sep 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_946.html#41724 Most people don't use checks anymore so acurate account balances are not readily available. All banks now days promote debit card use for a particular reason....profits. The real problem is debit cards and the lack of controls that banks purposely keep out during purchases for the simple reason of ensnaring consumers into over drafting their accounts and collecting hefty fees for it. Banks could easily have alerts warning consumers that their account will be overdrawn during these transactions and give an option to the consumer of whether or not to continue with the transaction and give notice that a liability will be incurred. For heavens sake this is the computer age it can very easily be done but banks don't want to for the simple reason that its a form of legal robbery on their part....period!... 41724@http://www.washingtonwatch.com Mon, 08 Sep 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_946.html#40982 This mugging and raping of the consumer has got to stop. The banks claim it's up to the consumer to know how much they can spend, but how could they when most consumers rely on banks account balances on the banks internet websites for their balances BUT these balances are NOT displayed in real time. Some times two or three days behind. If a consumer does not have sufficient funds during a purchase a warning message should pop up on the screen telling the person that they will be overdrawn and subject to a fee. I suggest that these criminal banks should be made to reimburse all these fees they robbed from the consumers from the last 3 or 5 years. Let these fat cats feel the pinch that so many of us have felt.... 40982@http://www.washingtonwatch.com Mon, 25 Aug 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_946.html#40065 My account balance was $310.94. They processed a check for $159 and a check for $110.12. I also had charges that had not posted for $48.16. This made me -6.34? They didn't post, I couldn't be negative. At 8:30 on 8/9, I deposited $700 into my account. On 8/11 they charged me $37.50 overdraft. When I inquired they said that they place a hold onto your account for that amount from the time they recieve the notice until the item is presented or 3 business days. During that time, suffiecient funds wouldn't be available to pay checks. If you used a regular charge card on Monday, and your bill was processed on Tuesday, but the charge company didn't receive the actual charge you wouldn't be charged, nor would you be charged interest for not paying that amt Banks offer debit cards and tell you to use it as a credit card otehrwise they will charge you for debit transactions. If you use it as credit, they will charge you overdrafts, so where are you benefiting from their services?... 40065@http://www.washingtonwatch.com Tue, 12 Aug 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_946.html#40020 I don't have a problem if I am charged an overdraft fee when my account is really overdrafted. If I have "pending" credit transactions, this should not go against my balance until these are posted. This week, I had pending transactions, which caused at the time of my last real transaction to be -29.82. I did go to the bank that same evening and deposited a payroll check for $265, however, it didn't post until the next day because I was there only 10 minutes before closing so it showed being deposited the next day. I was then charged $187.50 for overdraft fees...what a racket. They had the money, but apparently the overnight hours didn't count? If I wouldn't have deposited the money, I would still have been charged the $187.50. I agree that consumers must be responsible, but it does get to the point that they are a bit ridiculous. When I contacted US Bank they said although they were sorry, this was in their policy. Understood, it just seems nuts.... 40020@http://www.washingtonwatch.com Mon, 11 Aug 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_946.html#39721 "Don't abuse the legislative system to get revenge for your mistake!" This argument by the "personal finance" proponents grows weaker every day as more algorithms are created by the banks to maximize overdraft loan interest, not "fees". These tactics will only get worse as the banks are unable to make money in the loan market and seek to maintain revenue. They are eroding faith in the banking industry and therefore many deserve to fail without a bailout from the Feds. WaMu and BOA are notorious for fee origination tactics and the overdraft "fee" is their primary weapon. It is time our do nothing Congress begins paying attention to the 68% of Americans who live paycheck to paycheck and restore faith in our banks by assuring us they are no more than predatory lenders. Most of those in representatives have proven time and again they are afraid of the banking lobby. Those preaching financial accountability have little understanding of the level of account manipulation.... 39721@http://www.washingtonwatch.com Fri, 01 Aug 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_946.html#39722 Want to discuss this as a personal finance management issue? Listen to this: On 7/30 I had $68 in the bank. On midnight 7/31 my direct deposit went into WaMu. On their website the deposit showed as "pending" but the balance showed as "available" at 7 AM 7/31. Therefore the funds are available correct? Wrong. I used a debit card twice that day for transactions of $160 and $208. The following morning, 8/1, both of them showed as negative transactions ans corresponding overdraft fees of $34 each. So, WaMu can legally show funds with a label of "available balance" and charge overdraft charges when the "available" funds are used. They base this on the fact that they claim the "post debits before deposits" but somehow show the deposit in the "available balance" first. This is immorally corrupt on a new level. It should be a crime and WaMu should and most likely will fail soon. They're desperate and they've lost a customer as on Monday morning.... 39722@http://www.washingtonwatch.com Fri, 01 Aug 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_946.html#39657 I just got hit for the $12 overdraft transfer fee on my Wamu account. It was actually my error that this happened because I didn't check my paycheck had cleared before using my debit card and I knew that the savings overdraft transfer activated according to "available balance". However, I got paid that night at midnight so only for a matter of hours my available balance was overdrawn by $29, and not my actual balance mind. The problem is it's just unfair. The actual cost of making this transfer has to be nothing. It’s surely a few lines of code that they apply when you opt in, a few volts of electricity and an automatically generated e-mail. Does that really cost Wamu $12? It can’t. A successful challenge to unauthorized overdraft fees was mounted in the UK in the past few years with millions claiming back excessive fees levied by the banks. Surely a patently ridiculous charge for moving a number from one column to the next should not be allowed! Will this new law prevent this?... 39657@http://www.washingtonwatch.com Thu, 31 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_946.html#39095 Ignorant people state – “IT’S YOUR OWN FAULT”. “THERE FOLLOWERS AND NOT LEADERS” They only repeat what’s been told to them. Bottom line is – banks want your money. Banks want your money, even if they have to steal it. TRUTH - Law’s have changed several times over to speed up the process of withdrawing funds from your account but deposits haven’t changed in almost 20 years. BOTTOM LINE IS THIS – IF YOU HAVE LIMITED FUNDS AND CAN’T AFFORD TO LEAVE AT LEAST A 1,000 – 3,000 BUFFER IN YOUR ACCOUNT, USE CASH. THIS IS THE ONE THING THAT BANKS CAN’T DO ANYTHING ABOUT. OTHERWISE, BANKS WILL TAKE ATVANTAGE OF ANYONE WHO DOESN’T. I’VE BEEN A SELF EMPLOYEED CONSULTANT FOR OVER 8 YEARS. I WRITE THE PROGRAMS THAT BIG BANKS USE TO SCREW OVER THE CONSUMER. THEY USE MY DATA TO MONIPULATE THE BANKING RULES TO GET MORE FEE’S FROM YOU. THERE YOU GO – STRAIGHT FROM THE HORSES MOUTH. PUT THAT IN YOUR PIPE AND SMOKE IT BANKERS.... 39095@http://www.washingtonwatch.com Thu, 17 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_946.html#38899 I have been reading all comments posted here. You all have (1) thing in common! You must not be aware of applying for a "credit line" to protect against overdraft. It's much cheaper than paying NSF fees! Apply for a line today!!! I did.... 38899@http://www.washingtonwatch.com Fri, 11 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_946.html#38368 i check my account online and via phone several times a day, if an overdraft looks possible i make sure to transfer enough money in time to cover it, last week i was charged 5 fees by bank of america when my account was never even overdrawn. when i checked online at the items i was charged the fees on my available balance was still positive after the transactions cleared. when i called the bank they said that there was an item in pending that would have overdrawn me if it cleared, they charged me 5 fees of $35 because i had the potential to be overdrawn.....how can that be allowed, how can i be charged a fee for something that never even happened. oh and i am also switching all my banking to my local credit union, bank of america is crooks!... 38368@http://www.washingtonwatch.com Fri, 27 Jun 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_946.html#38144 I mistakenly used the wrong bank card and Wachovia charged NSF ($39) as a courtesy for me. The stated they authorized the purchase although that account has had a balance of $1.96 for months. They stated that because I'm such a good customer they allowed a purchase on my card even though the balance was low for months. Tomorrow I will go and close the account at Wachovia. My internet bank does not charge ridiculous fees and actually pays me interest on my checking balance. I urge every one to close your Wachovia accounts.... 38144@http://www.washingtonwatch.com Wed, 25 Jun 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_946.html#37862 For the most part, I agree with those who say that consumers should balance their checkbooks. However, I'm a conscientious, anal-retentive consumer who did just that and was $60 in the black when I mistakenly used the wrong debit card the following day (oops) which put me $50 in the red. My stupid but honest mistake was manipulated in such a way that I got hit with 4 NSF charges ($152) on a transaction that should have been declined in the first place. I'm willing to pay 1 NSF charge, but not the other 3. Small Claims Court here I come.... 37862@http://www.washingtonwatch.com Fri, 20 Jun 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_946.html#37865 This durn bill ain't gonna do no good fer us nohow. If this gits law-like we're gonna hafta done shut our doors down. We needs them fees so's we kin pay fer "free" checkin' and feed the hawgs.... 37865@http://www.washingtonwatch.com Fri, 20 Jun 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_946.html#37751 The bank purposely withholds the debits hoping for you to make an error and then they process all the previous debits after the one that took you over at a cost of $30 - $35 fee per debit. When you call them on it, they say they have no control over how and when the debits are completed. If you check your account electronically each day, you expenditures show they are held in a "pending" status and at the same time they are subtracted from your available balance as if they were completed. THIS IS A SCAM THAT IS PROBABLY CONTRIBUTING TO THE HIGH RATE OF FORECLOSURES IN AMERICA. We are not dumb. We write down our transactions in our balance books, we check our accounts electronically, and we check our accounts through receipts at the banks.... 37751@http://www.washingtonwatch.com Thu, 19 Jun 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_946.html#37614 I'm reading a lot of anger here (duh - right?) but here's the thing: 1 - if you don't reconcile your checking account and don't keep tabs via your bank's online service on what hasn't cleared - and keep on spending money - you're going to OD your account and get charged fees 2 - transactions are cleared against our accounts based upon when transactions are presented for clearance - which may bear no resemblance to the order in which, say, checks are written. Banks typically prioritize a day's worth of items highest $$ to lowest, the thought being consumers probably want their mortage/larger items to clear before the small ones 3- read the inserts that come with your bank statement - don't just toss them (I guess if you don't reconcile your account, you're tossing the statement, too) 4- NSF/OD fees are just that: fees - not interest on a loan. These fees recoup the cost of rehandling items that don't clear and notifying consumers of the event... 37614@http://www.washingtonwatch.com Tue, 17 Jun 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_946.html#37397 Overdraft is a service. Customers have the right to opt out. Opening a checking account w/ a debit card is exactly that per se. I did not sign up for such service hence I'm not going to pay for it. I did not authorise the bank to overdraft my account and technology is there to show I have no available funds. I do not expect any restaurant to charge me for smtg I didn't order. Simple as that. Overdraft Protection is a meta-service but after I agree to OD. To keep a register is a moronic advice - then better keep cash and don't bank. OD requires class action lawsuit.... 37397@http://www.washingtonwatch.com Sun, 15 Jun 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_946.html#37185 I needed money 2 days before my payroll check was direct deposited into my acct. So I agreed to pay the 35.00 overdraft fee and withdrew 400.00 When my check was deposited, they had gone back up to 5 days prior and hit me with 9 overdraft pen's. I had enough money in the bank to cover all of my debits until i withdrew the 400.00 I should have been charged 35.00 not 315.00 I have to go get a pregnancy test now, because I was f----- by Suntrust...... 37185@http://www.washingtonwatch.com Fri, 13 Jun 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_946.html#36025 The "predatory" actions adopted by financial institutions of all types has skyrocketed in past years and it MUST come to a HALT! I was recently shocked by an overdraft fee yet my account was NEVER negative. Calling for correction of what surely was a mistake, I was informed the overdraft was for a pre-authorized payment (an online bill pay pre-scheduled in advance) and being applied because my account did not have funds to cover the debit on the day submitted...not when it processed, but on the day weeks earlier when I pre-scheduled the payment!! If I honestly overdraft my account, I am not opposed to paying a fee reasonable to the services rendered; I am highly offended by banks / credit account lenders who forget all promises to the consumer & manipulate any means they can if it brings in a buck with no overhead and the legal department thinks they will get away with it.... 36025@http://www.washingtonwatch.com Sat, 31 May 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_946.html#34174 I had money in my account at Wachovia.. enough to cover my charges and suddenly all my money was gone.. they charged me overdraft fees when money was in my account.. the first was in a set of 3 overdraft fee of 105 which even left me a balance of a positive 12 dollars which i have on a statement ... then i actually did have overdrafts b/c of the money they stole.these people are criminals.. theft by deception and they are getting away with it.. they need to be in jail.... 34174@http://www.washingtonwatch.com Wed, 07 May 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_946.html#33892 I really hope this passes. Banks will just keep right on screwing people as long as it is allowed. It's terrible!... 33892@http://www.washingtonwatch.com Mon, 05 May 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_946.html#33265 I am tired of US Bank manipulating the order that checks are cashed so that the maximum number of checks can be overdrafted and charged for in their favor, cash the dam checks in the order they were written, no the bank can make more money. Thank you!!!... 33265@http://www.washingtonwatch.com Mon, 28 Apr 2008 00:00:00 EDT