For a bunch of people who whine and complain about banking, you shouldn’t spend money when you don’t have it. If you know proper money management techniques, you will never overdraft. Yes banks do have regulations that may seem unfair, but it comes down to one simple thing:
When you overdraft, you spend money you don’t have. (You spend the banks, and be happy they honored your transactions)
You spend more money then you have. (see above)
You aren’t patient enough to study bank processing order.
(Open a fucking book.)
Banks offer to pay your items, WITH THE BANK’S MONEY. They are going to charge you. but who would be the same people calling their bank if they were declined at a restaurant?
Spend some time reading up your bank’s fine print. It may save you the $40 you’re upset because you decided to spend $200 when you only had $150. Or when you’re check is returned because the funds aren’t there.
Would you rather pay $40 because you didn’t have all the money, or have your mortgage check returned at two fees, plus late mortgage fees because you were off by a few bucks in your account?
Im not saying that banks are completely legit. Of course they do what they can to make their money, just like everyone else.
But remember, you put your money at the bank. You don’t put your money in a box for others to manage. Only you know where you swipe your card and what transactions are coming in and out of your accounts. If you can’t handle money management, then don’t put it in a bank.
You forget, banks hold your checks for both your account’s safety, and their own. They put it on hold because if they get presented with a bad check, that’s your fault. You put your trust in banks to keep your money safe, but people (not everyone) still bring in bad checks. They put your money on hold to make sure everyone gets theirs. If you don’t like it, cash your check, then deposit it. Let your bank deal with the check after that.
I have worked and banked for numerous banks. Trust me, if worked on both sides like i have, you start to realize people cannot manage money efficiently. They call in to have OD fees reversed because they can’t manage their money.
People call in because they know they spent $600 dollars when they only had $200 because their “ATM told them they still had $200 every time they checked.” And they get mad because the bank won’t give them any more fees back?
ATM’s aren’t completely accurate. Keep an accurate check register and you’d know that. Same with online banking.
Holds are a HUGE complaint. Yes the bank lets merchants place holds on funds. WHY? Because you’d spend it if they didnt. Not all debit transactions are immediate. Swiping your card only means your authorizing a transaction. Merchants can collect at anytime. Its part of your bank agreement, which im sure ALL of you read.
Just because you write checks, does not mean banks know you did. Dont complain when the bank receives the check a month later. If you kept an accurate check register, you’d have already accounted for that. (Dates are no longer a binding agreement)
So the bank places holds on your checks? I would too if i was trying to make sure the people paying my customer had the funds to do so.
What would you complain about more? getting charged back for the amount reg cc gives you for presenting a check to the bank? (AKA getting the funds as a credit from the bank then getting the funds removed because the check was bad) or waiting a few days for that check to clear?
People are greedy and they want to spend as much free money (over-drafting then complaining to the bank about getting fees reversed) as they can.
If you don’t like the way your bank processes, switch banks. You’ll find that nothing will fit your perfect needs.
However, if you learn your bank processing order, and follow that, you will never overdraft your account.
Read the fine print on your account setup, it helps.
And trust me, if you sit around whining and complaining and expecting the perfect bank, you gotta be the perfect customer first. And vise versa.
Banks make a lot of mistakes, when are you going to realize you people do too?
Im not perfect, but neither are you nor banks. But you can educate yourself in the bank’s regulations and federal regulations to be damn near close to perfect banking.
