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Author Topic: ATM & Overdraft fees at record highs  (Read 541 times)
allthingsbtc
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January 20, 2016, 10:20:16 PM
 #1

The banks are basically making free money off of us. This article explains it well:

http://money.cnn.com/2016/01/14/investing/atm-overdraft-fees/index.html

When are we going to see mass bitcoin solutions to these problems?

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January 20, 2016, 11:18:42 PM
 #2

The banks are basically making free money off of us. This article explains it well:

http://money.cnn.com/2016/01/14/investing/atm-overdraft-fees/index.html

When are we going to see mass bitcoin solutions to these problems?

I thought about overdrafts earlier today, how archaic they could become when Bitcoin takes over.  So much about the banks is predatory, especially on people that are middle class.  I remember in college I got 2 overdrafts totaling 70.00 for a pack of gum and a sandwich. 

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January 20, 2016, 11:37:16 PM
 #3

The banks are basically making free money off of us. This article explains it well:

http://money.cnn.com/2016/01/14/investing/atm-overdraft-fees/index.html

When are we going to see mass bitcoin solutions to these problems?

I thought about overdrafts earlier today, how archaic they could become when Bitcoin takes over.  So much about the banks is predatory, especially on people that are middle class.  I remember in college I got 2 overdrafts totaling 70.00 for a pack of gum and a sandwich. 
Yep, I just had a bank account closed on me because I refused to pay $30 for an overdraft where I had a cash deposit in their night deposit box.  Fuck em.  And it was for something like a $3 item.


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Yassarsian
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March 10, 2016, 08:24:21 AM
 #4

The banks are basically making free money off of us. This article explains it well:

http://money.cnn.com/2016/01/14/investing/atm-overdraft-fees/index.html

When are we going to see mass bitcoin solutions to these problems?

I thought about overdrafts earlier today, how archaic they could become when Bitcoin takes over.  So much about the banks is predatory, especially on people that are middle class.  I remember in college I got 2 overdrafts totaling 70.00 for a pack of gum and a sandwich. 
Yep, I just had a bank account closed on me because I refused to pay $30 for an overdraft where I had a cash deposit in their night deposit box.  Fuck em.  And it was for something like a $3 item.

We need banks which adopt bitcoin. Using bitcoin will reduce their cost. So they might pass some of the cost saving to customers.

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ObscureBean
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March 10, 2016, 11:28:59 AM
 #5

The fees may be bad but the overdraft itself has got to be the student's best friend  Cheesy The number of times I would've gone without food at uni lol, man it's hard to beat the joys of withdrawing money you don't have and enjoying a good meal  Roll Eyes
Seriously life would be a lot harder without overdrafts. The headaches about fees and repaying your debt only comes much later anyways so it's all good  Grin
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March 10, 2016, 09:26:24 PM
 #6

These little fees taken off lots of people add up to massive amounts of undeserved profits. Banks shouldn't be expected to be saints, but the fact that American's accept such heavy and consistent costs to access their own money at ATMs is rubbish. Are there no free ATMs at locations other than banks? They seem available free of charge across Europe, with the occasional convenience ATM's having fees

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March 10, 2016, 09:35:39 PM
 #7

The whole system is nickle and dime crap and they all have their hands out.
Getting a toll system on all our bridges here and will we see wage increases to counter it?NO!
Will we still drive between jobs for work crossing those damn bridges? Yes!

Banks piss me off to no end,especially when you connect your bank to tax returns. Advice never do this,it just allows the government to lock up your account because they some how lost your phone number! Uh oh ranting...

Really not in favor of banks running huge profits on the back of the rest of us. Sours me big time.

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cooldgamer
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March 10, 2016, 10:29:12 PM
 #8

Overdrafting is the biggest bullshit ever... you get to make money off holding onto our money, then if we try to spend a bit more than we have you let us do it and then charge over 30 bucks, rather than simply declining the transaction.

It's designed to take advantage of the poor like everything else the financial elite does.  If you have enough money to not overdraft you're not going to get the fees, meanwhile they hit the poor people with them time and time again.

I can't wait to switch to a bank that doesn't fuck you in the ass with them...  Fuck Wells Fargo

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March 11, 2016, 08:30:36 AM
 #9

I am more surprised that people are so blind to see this and continue to live while being exploited. Also it shows how big banks are keeping the power and there is very little free market in bank sector.
In other markets there will be competition and companies with better offers would take over the market - that is not the case in financial sector as we can see.
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