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 mushroomhunter10
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 Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. 
#10275739 - 05/02/09 10:35 PM (14 years, 11 months 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
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: mushroomhunter10]
#10275794 - 05/02/09 10:43 PM (14 years, 11 months 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
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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 01:17 AM (14 years, 11 months 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
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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 01:58 AM (14 years, 11 months 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.
--------------------
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KetamineKatalyst
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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 03:47 AM (14 years, 11 months 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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mushroomhunter10
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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 03:50 AM (14 years, 11 months ago) |
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Signed an NDA because I installed one of their networks. 
Just watch your bank, believe me guys.
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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: mushroomhunter10]
#10277512 - 05/03/09 10:08 AM (14 years, 11 months 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 11:43 AM (14 years, 11 months 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
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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 11:53 AM (14 years, 11 months 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.
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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 03:22 PM (14 years, 11 months 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 07:57 PM (14 years, 11 months 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 08:06 PM (14 years, 11 months 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.
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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 08:30 PM (14 years, 11 months 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
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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 08:34 PM (14 years, 11 months 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 11:40 AM (14 years, 11 months 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 02:15 PM (14 years, 11 months 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 03:46 PM (14 years, 11 months 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 04:14 PM (14 years, 11 months 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.
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Doc_T
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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 05:54 PM (14 years, 11 months 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
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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 05:59 PM (14 years, 11 months 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.
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Doc_T
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: mushroomhunter10]
#10298493 - 05/06/09 06:26 PM (14 years, 11 months ago) |
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No, you are missing our point.
1)It's been like this since before there was software.
2)It's totally optional. Don't like it, don't pay it.
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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: mushroomhunter10]
#10298502 - 05/06/09 06:27 PM (14 years, 11 months ago) |
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I'm not missing your point. It's bullshit but if you read the fine print in your paperwork from the bank it should tell you that they do it so its your responsibility.
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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]
#10298733 - 05/06/09 07:00 PM (14 years, 11 months ago) |
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It's robbery.
Just look at my examples, that should be illegal.
If I spend 10, 20, 30 out of my pocket then that's how I spent it. I didn't spend 30, 20 then 10.
Fuck bankers.
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Doc_T
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: mushroomhunter10]
#10298790 - 05/06/09 07:07 PM (14 years, 11 months ago) |
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You give them your money, and call it robbery?
If you can't balance a checkbook, then you deserve to fail.
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Doc_T
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: Doc_T]
#10298843 - 05/06/09 07:16 PM (14 years, 11 months ago) |
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And let me add this- I'm about to pay one of these fees myself. My rent check is going to almost clear- but not quite.
Know what? I'm happy with the overdraft.
Bank charges $29+2/day.
Landlord charges $50+5/day.
It's like a payday loan. A valuable service that I use from time to time.
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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: Doc_T]
#10298865 - 05/06/09 07:19 PM (14 years, 11 months ago) |
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Yeah but you're not following me...
If you spend 10, 10, 10, 10, 40 then you should only be charged for the 40 overdraft charge.
However, the software rearranges it and now you have three overdrafts.
40,10,10,10,10
It should be displayed how it left, not rearranged.
And balancing a checkbook is easy, but sometimes you run into an emergency...
I'm just saying, there should be a law against the rearranging so that they maximize their chances of getting overdraft fees!
--------------------
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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: mushroomhunter10]
#10298924 - 05/06/09 07:26 PM (14 years, 11 months ago) |
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Congress has talked about making that very practice illegal but they decided against it. I agree with you the rearranging does suck but they normally tell you up front even if its in some paperwork you never read.
Just find a bank or credit union that doesn't do it.
What really sucks in when you use your debit card for a bunch of little purchases. I did that once and got hit with 5-$35 fees when if they took it out in the order I had made the purchases it would have been one fee.
I called and complained and they credited my account back with all but one of the fees.
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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]
#10298946 - 05/06/09 07:29 PM (14 years, 11 months ago) |
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Yeah you know?
I just looked at my account, -$40 bucks!! Fudge!!
I forgot that tips for waitresses aren't immediately taken into consideration!
--------------------
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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: mushroomhunter10]
#10299059 - 05/06/09 07:55 PM (14 years, 11 months ago) |
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Tips are one of the few things I still use cash for. The waitresses always seem to appreciate them more in cash.
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drwatson
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: No Agenda]
#10299118 - 05/06/09 08:04 PM (14 years, 11 months ago) |
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Just keep track of your purchases the way people used to when they used checks for everything. WRITE IT DOWN AT THE POINT OF SALE in a check book, that's what I do and it works perfectly.
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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]
#10299123 - 05/06/09 08:04 PM (14 years, 11 months ago) |
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Yeah. Easier to hide from the IRS.
Can't blame 'em.
--------------------
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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: drwatson]
#10299216 - 05/06/09 08:18 PM (14 years, 11 months ago) |
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Quote:
drwatson said:
Just keep track of your purchases the way people used to when they used checks for everything. WRITE IT DOWN AT THE POINT OF SALE in a check book, that's what I do and it works perfectly.
I didn't even do that when I only had a check book. Your right though that would work great. Personally I hate stores and sometimes have panic attacks when I am in one especially big stores. So I am in a big hurry to get the hell out of there as soon as I can and then I forget once I leave to right it down.
I just use online banking now and it keeps track of everything pretty efficiently.
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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]
#10299403 - 05/06/09 08:50 PM (14 years, 11 months ago) |
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I've found two things that can come back to bite you with just using a check card.
1. Sliding your card into a gas pump. It will only charge your card $1 to make sure it's a valid card. Then when they run the sales it shows up.
2. Gratuity almost anywhere when you have to write it in yourself.
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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: mushroomhunter10]
#10299436 - 05/06/09 08:55 PM (14 years, 11 months ago) |
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Gas pumps use to take out $50 or $100 dollars on debit cards and not credit the difference back for a couple of days. I like how it works now much better.
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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]
#10299453 - 05/06/09 08:58 PM (14 years, 11 months ago) |
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Take your card into the store and swipe it at the register, prepay inside.
Avoid that whole scenario of the "Oops, I forgot about the $20 in gas, now I owe $60 in fees.".
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Doc_T
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Registered: 03/06/09
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: mushroomhunter10]
#10299605 - 05/06/09 09:25 PM (14 years, 11 months ago) |
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Or just make sure to press the 'credit' button, and that it doesn't go as a debit. At least that works at 7-11, which is the worst offender as far as the pre-authorization goes.
And I don't think the store even gets that money for the three days- I think the bank holds it the whole time. Now, that's crooked.
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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: Doc_T]
#10299638 - 05/06/09 09:29 PM (14 years, 11 months ago) |
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Three days worth of extra interest on billions.
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Doc_T
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: mushroomhunter10]
#10299910 - 05/06/09 10:27 PM (14 years, 11 months ago) |
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Plus fees by people who get surprised by this the first time.
Like me. 
But now I make sure to hit the right button, they charge me the right amount, it's all good.
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wasjosh
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: Doc_T]
#10874129 - 08/17/09 01:48 AM (14 years, 7 months ago) |
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Doc_T,
There are numerous responses of yours in this thread I disagree with, but for the sake of time, here's a couple.
Quote:
No, you are missing our point.
1)It's been like this since before there was software.
2)It's totally optional. Don't like it, don't pay it.
No, as clearly stated in the opening post, this is new software that has been making it's way across the globe since the end of the 90's.
It's not optional, hell even having a bank account isn't optional. Try getting a car loan without.
Quote:
You give them your money, and call it robbery?
If you can't balance a checkbook, then you deserve to fail.
If you're one of the people who cannot maintain stable employment at a decent rate of pay, where's the cut off for who deserves to fail?
It's not always a choice, sure millions have lived just like you, but your life isn't the only mold people fall out of.
These banks don't work us, which they should. Ergo, they state to provide a service that we require.
These governments don't work for us, even though, what's the line... 'For the ______, by the _____'?
Defend what keeps your warm at night, just know that the same forces also puts people into the cold, damp streets.
Edited by wasjosh (08/17/09 01:50 AM)
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legallyhomeless
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Registered: 07/01/05
Posts: 4,051
Loc: EZRA for the Refuge
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Re: Interesting information on how the scumbags rip you off at your bank. Should be ILLEGAL. [Re: mushroomhunter10]
#10874692 - 08/17/09 08:13 AM (14 years, 7 months ago) |
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Quote:
mushroomhunter10 said:
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.
They spend our money that we put into our accounts every day. Thats how they make money. A bank around here right now is giving a whopping .02% interest.
Maybe thats what they should charge on overdrafts.
I went over $1 before because Im a sucker for tacobell. Bank charged me $35! Needless to say I closed my account. I should have offered them $2 and they would have DOUBLED their money!
Quote:
Ojom said:
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.
I asked my bank about this. I went under one time $300. They charged me an over draft.
They ALSO charged me another fee because they used "their" money to pay the bill and not let the check bounce. This would be good if I wanted this sort of thing but I didnt. You cant turn off features that make them money.
They said its in the fine print that we will back your account up to $500 but we will charge you a fee plus an over draft for the ammount.
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Edited by legallyhomeless (08/17/09 08:24 AM)
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