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 mushroomhunter10
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Registered: 10/04/08
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 Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. 
#10275739 - 05/03/09 12:35 AM (4 years, 23 days ago) |
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So, I know this company that installs software on the servers of banks.
They assure said banks that this software will earn the $5 million plus, per year.
They charge the bank half of those profits for 2-3 years then they're out of the picture.
Here's how it works, and how they manipulate your transaction times to scam more money out of you.
Let's say you have $50 dollars in your bank account. All will be spent, and then an overdraft incurred during the following examples.
Example 1:
$50 Balance
Spend $10
Spend $10
Spend $10
Spend $10
$10 Balance
Suddenly an emergency bill, or something comes along that requires you to make a $50 dollar payment. Which is 1 overdraft that day, and takes you $40 dollars negative. So now you're thinking 1 overdraft fee. So it's all good.
Back to example 1:
$50 Balance
Spend $10
Spend $10
Spend $10
Spend $10
$10 Balance
Spend $50
Balance: -$40 + Overdraft Fee
Now midnight comes around and your day's transactions are tallied by the aforementioned software, and REARRANGED to give you more overdrafts than the one you expected.
When you see your statement after midnight it will be the following, and this software is so simple, yet so unethical, it creates millions per year by committing fraud against their own customers.
How the statement looks when the day is complete:
Spent $50
Spent $10 + Overdraft Fee
Spent $10 + Overdraft Fee
Spent $10 + Overdraft Fee
Spent $10 + Overdraft Fee
You now have FOUR overdraft fees instead of ONE!!! 
This is theft, and fraud, yet they claim that "It's for the benefit of the customer. Arranging from greatest to least makes their accounts more manageable.".
Doesn't anybody think that how you spent your money is EXACTLY how it should leave your account at the end of the business day?
I mean, if you have $50, then spend $10 and checked your bank account. You'd see that you have $40 left...
But at the end of the night just after midnight, it's displayed way out of chronological order, and instead, from greatest to least in order to get the maximum amount of overdraft fees from EACH AND EVERYONE OF YOU!
Watch how you spend for one day, then check your statement after midnight for that day!
I hope you all tell other people about this, and perhaps we can start a movement to make this form of theft completely illegal.
Thanks everybody.
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 mofo
Hobby Jingoist
Registered: 04/05/08
Posts: 2,232
Loc: Donkey Kong Kill Screen
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: mushroomhunter10]
#10275794 - 05/03/09 12:43 AM (4 years, 23 days ago) |
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I overdrafted a month and a hald ago, and they didn't charge me a thing. 
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mushroomhunter10
Jack-Of-All-Trades
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Posts: 3,357
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: mofo]
#10276403 - 05/03/09 03:17 AM (4 years, 23 days ago) |
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If you normally do not overdraft it can be waived, but this is for that one person that can get totally owned by overdrafts, and incurring fees because they had an emergency and were expecting only one overdraft fee. Usually the fees get so bad that they can't even deposit to cover them and from there it culminates.
The software is fraud software, and it's so simple.
If you spend 2, then 5. At the end of the night it shouldn't say 5 then 2. 
--------------------
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mushroomhunter10
Jack-Of-All-Trades
Registered: 10/04/08
Posts: 3,357
Loc: Midwest
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: mushroomhunter10]
#10276523 - 05/03/09 03:58 AM (4 years, 23 days ago) |
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Oh.
And this is a fairly newer thing they're beginning to install, but I know for a fact that every single bank will allow this software to run on their systems.
Just beware and observant. It's the newest scam, and can cost you thousands if you live check-to-check and overdraft even just once.
--------------------
Imagine if you needed it and it wasn't there... GIVE BLOOD
Get a free (PAINLESS) bone marrow testing kit and help save lives HERE.
Jesus if you're reading this, please come back already. We need you now more than ever!
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MY TRADES
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KetamineKatalyst
Skyhighatrist
Registered: 01/26/08
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: mushroomhunter10]
#10276739 - 05/03/09 05:47 AM (4 years, 23 days ago) |
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I have noticed a LOT of people getting fucked this way lately but I hadn't heard of this program they've installed, what company is it?
That's buku bucks!
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"Cosmic Love is absolutely ruthless and highly indifferent: it teaches its lessons whether you like/dislike them or not." John C. Lilly
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mushroomhunter10
Jack-Of-All-Trades
Registered: 10/04/08
Posts: 3,357
Loc: Midwest
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: KetamineKatalyst]
#10276746 - 05/03/09 05:50 AM (4 years, 23 days ago) |
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Signed an NDA because I installed one of their networks. 
Just watch your bank, believe me guys.
--------------------
Imagine if you needed it and it wasn't there... GIVE BLOOD
Get a free (PAINLESS) bone marrow testing kit and help save lives HERE.
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Hotnuts
old hand
Registered: 02/26/05
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: mushroomhunter10]
#10277512 - 05/03/09 12:08 PM (4 years, 23 days ago) |
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Last week I went to convert USD's to NZD's via a wire to a bank in NZ, so they could convert them and then on to a bank in the US. No money comes out of my account until the bank in NZ accepts the transfer and converts. Well, they returned the wire for reasons unknown, charged me 5 bucks for doing so and then my bank charged me 25 bucks for the wire and a 12 buck return fee for money that never left my account in the first place. Needless to say, I was pissed as hell and got my money back, with the exception of the 5 bucks the bank in NZ ripped me off for. These guys around the world are a f'n joke in most instances.
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Druggie04
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: Hotnuts]
#10277830 - 05/03/09 01:43 PM (4 years, 23 days ago) |
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I use a credit union, and debt cards. They charge me 1$ a month, and that is it. Most of my freids that use banks have been fucked over plenty. It just makes sense to me to give my money to a union, owned by its investors, rather than a bank, which is just out for profits.
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mushroomhunter10
Jack-Of-All-Trades
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Loc: Midwest
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: Hotnuts]
#10277868 - 05/03/09 01:53 PM (4 years, 23 days ago) |
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Quote:
Hotnuts said:
These guys around the world are a f'n joke in most instances.
You got it dude. 
Yeah credit unions are much better.
--------------------
Imagine if you needed it and it wasn't there... GIVE BLOOD
Get a free (PAINLESS) bone marrow testing kit and help save lives HERE.
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suburbanned
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: mushroomhunter10]
#10278838 - 05/03/09 05:22 PM (4 years, 23 days ago) |
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Yep, I bought a haircut, filled up my gas tank, and got some food on the same day once and got overdrafted by about 43 cents, got charged a $35 dollar overdraft on each one because it all went through at the same time (what happened was, an old charge that I thought had been taken care of roughly ~2 weeks before showed up way late and screwed me over), I called and BITCHED, told them i refused to pay them over $100 in fines for 43 cents I basically borrowed from them. They tried to say they couldn't do anything about it, and I told them if that was the case I would be withdrawing my numerous CD's and switching banks, and not paying the overdraft fees because they are unjust. Worked it out with the bank manager to pay one overdraft fee, and that was that. Haven't had a problem since.
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Mushymorgy
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: suburbanned]
#10280240 - 05/03/09 09:57 PM (4 years, 22 days ago) |
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I hate overdraft fees, but I have to admit, the concept itself is fair. I didn't have the money in my account, and the bank covered me. They paid part of that bill for me. I owe them. I hate to be a skylock, butI have a free checking account. They are giving me a free card that I can use for credit or debt, and give other people my money for things I buy with the card, no charge to me (the buniness might pay a little). I'm ok with give them a little extra off the top for doing all that for me.
If I send a friend out for food, and don't give him enough money to pay for it, and he pays out of his pocket, I'll pay him back, but I'm still not going to be upset if he eats a few fries...
THAT being said, banks are dirty bastards for taking 35 out of our account every day for owing them one cent! Banks make enough money from loan interest to completely wave the overdraft fee, and do fine. THis is just them trying to squeeze every penny out. I've always said accounting majors are evil. It's highway robbery! It's criminal! Someone needs to open a sensable bank, or a good Credit Union, One time, low charge for overdraft. 1% interest, compounded monthly.
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mushroomhunter10
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: Mushymorgy]
#10280303 - 05/03/09 10:06 PM (4 years, 22 days ago) |
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Sure, the concept of the overdraft is totally fair. Simply because it's not your money that you used. However, the rates are still too high IMHO.
BUT
My point of this post is the software. For instance, in my examples. The way you spend it, is the way it should leave your account, even after midnight. Thus the first example incurred one overdraft fee.
The second example shows how they rearrange it for their benefit, maximum overdraft fees.
It should not be allowed to be rearranged, and should remain in the exact order that you spent your money. They claim it's for our convenience, but I've seen it... It's to rip us off.
--------------------
Imagine if you needed it and it wasn't there... GIVE BLOOD
Get a free (PAINLESS) bone marrow testing kit and help save lives HERE.
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Ojom
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: mushroomhunter10]
#10280455 - 05/03/09 10:30 PM (4 years, 22 days ago) |
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If banks are going to "loan" you money and then charge you a fee for doing so, it should be considered exactly that. A loan on which you pay interest. Interest rates on loans are regulated in many states, and as such, a $35 fee for a .43 cent loan should be against the law.
I think banks should give people the option of opting out of the ability to overdraft an account. Any transactions which would overdraw an account should simply be denied.
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Doc_T
Random Dude
Registered: 03/06/09
Posts: 42,395
Loc: Colorado 
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: mushroomhunter10]
#10280478 - 05/03/09 10:34 PM (4 years, 22 days ago) |
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Don't want to pay fees, don't overdraft.
If you can't afford $29 in fees, then keep $50 in your account. It's pretty simple.
And don't forget that aside from these fees, most checking accounts are free. Anybody remember when it was $5 a month + 10 cents a check, and you wrote a lot of checks because there were no such thing as debit cards?
I'll take my current account, thank you.
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Hotnuts
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: Hotnuts]
#10283245 - 05/04/09 01:40 PM (4 years, 22 days ago) |
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Quote:
Hotnuts said:
Last week I went to convert USD's to NZD's via a wire to a bank in NZ, so they could convert them and then on to a bank in the US. No money comes out of my account until the bank in NZ accepts the transfer and converts. Well, they returned the wire for reasons unknown, charged me 5 bucks for doing so and then my bank charged me 25 bucks for the wire and a 12 buck return fee for money that never left my account in the first place. Needless to say, I was pissed as hell and got my money back, with the exception of the 5 bucks the bank in NZ ripped me off for. These guys around the world are a f'n joke in most instances.
I'll take that back. Sumbitches kept the 25 dollar wire fee. 
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eric111e
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: Hotnuts]
#10297140 - 05/06/09 04:15 PM (4 years, 20 days ago) |
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Thats like fuckin suntrust, they gave me over $300 in overdrafts when I took out $20 over my balance. I didnt ever pay them back, I know its gonna hurt my credit but thats ridiculous.
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No Agenda
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: eric111e]
#10297582 - 05/06/09 05:46 PM (4 years, 20 days ago) |
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Quote:
eric111e said:
Thats like fuckin suntrust, they gave me over $300 in overdrafts when I took out $20 over my balance. I didnt ever pay them back, I know its gonna hurt my credit but thats ridiculous.
Not only will it hurt your credit it will make it hard for you to get a bank account in the future.
I eventually paid mine when I did that and two years later when I went to get a savings and checking account somewhere else they pulled it up. I had to get a special checking account and they would not even let me have a savings account until my probationary period was up.
Also to this thread in general. Every bank I have ever banked with has processed transactions this way. The only place that didn't was at my credit union.
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mushroomhunter10
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: No Agenda]
#10297723 - 05/06/09 06:14 PM (4 years, 20 days ago) |
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Yeah they do it because it increases the odds of them being able to charge overdraft fees.
About the unpaid checking account, yes, your name is with ChexSystems for at least seven years.
--------------------
Imagine if you needed it and it wasn't there... GIVE BLOOD
Get a free (PAINLESS) bone marrow testing kit and help save lives HERE.
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Doc_T
Random Dude
Registered: 03/06/09
Posts: 42,395
Loc: Colorado
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: mushroomhunter10]
#10298361 - 05/06/09 07:54 PM (4 years, 20 days ago) |
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Banks have been doing that since long before there were overdraft fees.
Back in the day, if you bounced a check you had to go pay a fee wherever you bounced the check. Sometimes a big fee.
Overdraft protection is pretty new- as recently as 15 years ago, it wasn't standard.
Do banks make money off it? Only from people who bounce checks.
It's a crime to write a check you don't have funds for, not to mention dishonest and a bit foolish. If you don't want to pay the fees, don't bounce checks. It's as easy as 2+2 = 4.
There's a lot of crappy things in the world, but this... is avoidable.
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mushroomhunter10
Jack-Of-All-Trades
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: Doc_T]
#10298388 - 05/06/09 07:59 PM (4 years, 20 days ago) |
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You guys are missing my point.
There is software designed to maximize overdraft fees. My point is that your money should show up EXACTLY how you spent it.
--------------------
Imagine if you needed it and it wasn't there... GIVE BLOOD
Get a free (PAINLESS) bone marrow testing kit and help save lives HERE.
Jesus if you're reading this, please come back already. We need you now more than ever!
The U.S. Constitution!
Best WBS Tek
Potato-Honey Agar Tek
MY TRADES
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