Voice Your Opinion About Bank Overdraft Fees

Ok, I am a slow learner, but I do learn. I have not gotten any overdraft checking fees in the last two weeks. Hooray for me! (Telling myself to keep it up!)

But apparently, I am not the only one with the problem. As a matter of fact, there is a hearing going on about these deceptive bank practices. Complaints include banks charging you fees for overdrafts before the transactions actually clear (I don't think my bank does this, but some do. I have time to make a deposit the day the transaction will probably clear to avoid overdrafts. My problem is I forget to make the deposits on time. ).

Another problem is that banks will clear the checks from high to law amounts. This is the one that enrages me. For example, if you have $200 in your checking account, and transactions totalling $220 you are going to be screwed. But the way they clear the checks is what really screws you. Say you wrote a big check for $175, and you have a bunch of small purchases making up the other $45. If they all come in at once, you would think they would clear in the order they are presented. So, maybe all your little purchases could clear first, and you would only get one overdraft fee for the $175 purchase.

BUT NO! The bank always presents the largest check first, no matter in what order it came in. I complained about this to my bank once, and they said they "were doing it for the consumer's sake, to make sure they got that big item paid."

Baloney. They present the highest amount transaction first, because then all the smaller items don't clear, and they rake in many more fees.

See how clever this all is?

If you want to complain to the Federal Reserve about it, you have until Monday to do so.

Go to the this link and let your voice be heard!

http://www.federalreserve.gov/generalinfo/foia/usr_agrmt.cfm?url=ElectronicCommentForm.cfm?doc_id=R-1314%26doc_ver=1%26name=Regulation%20AA%20-%20Unfair%20or%20Deceptive%20Acts%20or%20Practices%26date=20080502a

And again and again

A few more payments have been made to my favorite charity: Regions Bank. I know they love me! A week to go until the bar exam, and then I am determined to get my financial head on straight.

Still Stumbling

I am not paying tuition anymore, but am still making regular payments to my favorite charity: Regions Bank. They are so lucky I am one of their customers. I help make sure they have a roof over their heads and get a lot of plucky benefits! Kidding aside, I am still not paying attention enough. My last two paychecks, I didn't also transfer over enough from my credit union and bounced some checks. Well, not really bounced. You know the drill--they were paid, but I paid a nice little tidy sum to Regions. They must really love me. I will not let this happen again. I repeat--I will not let this happen again.

The Gas Problem

My car is very fuel efficient, and I am so glad. I didn't buy it for that reason, but am grateful now. Things are getting very bad, and I worry about the people who are already on the poverty line. Many of them have already had to decide between paying bills and buying food, and now they have to worry about paying for gas in the mix???? It doesn't bode well for our economy. I wish we were like Brazil and had been proactive about the oil problem. Their gas totally comes from sugar cane, and they are not reliant on the middle East at all for oil. I wish we had already taken care of that.

Paid My Last Tuition Check

About two weeks ago, I paid my last law school tuition check. That was such a nice feeling! Now I can save more money every month and put more towards my debts. I have been waiting four years for this, and I am so excited! I really want to see some progress financially now.

I Got My Stimulus Check Today!

The money was deposted in my account--the last day they had to deposit it. That is great, because I was afraid I might bounce some checks. Or really, not bounce as the case may be. But I would still get insufficient funds fee. But now I don't have to worry about it, because I am covered. And I am going to withdraw most of that money next week and deposit it into my credit union account. Have to start reviving my emergency fund!

Was I Just Born Yesterday?

OK, I have admitted I am far from being a financial genius, but at least I do have some awareness. I just got a sales call on my cell phone (I had heard these were going to start.) The sales pitch goes like this: I get a $1,000 shopping spree online if I buy some magazines. Of course I don't know where online I can do this shopping. What if it is restricted to some kind of website I don't like? Like it wouldn't benefit me to get a $1,000 shopping spree for a camping gear site, for example, because I would have no need for that. I asked the woman what the site was and she wasn't going to tell me. The catch is I have to buy 4 magazines at $24.98 a month for 60 months. Guess what? Of course that adds up to more than $1,000! I guess they thought I was born yesterday. I feel sorry for people who have to work at places like that. Imagine having to make your living by peddling back schemes like that?