A friendly reminder from your bank - who doesn't want you to be embarrassed...

[Matariki]

Don't know about the rest of you, but I'm getting reminders from my Credit Union(!) every three days or so about the approaching opt-in deadline for overdraft 'protection' on ATM transactions.

They must make BUCKETS of money from those fees. I've never had so much communication from them.

I sort of expected better from a Credit Union, I imagine that for-profit banks must really be spamming their customers.

I find their desperation sort of amusing...

[Uben]

1. Don't say you weren't warned....

...they are required to have a signature if you opt in. I haven't paid a bank/CU fee in 20 yrs, but I remember the days when I did.
Today, these fees are just outrageous.

These guys (banksters) spend more time figuring out ways to take your money than trying to make you money.

[Matariki]

2. $38 billion from overdraft fees last year...

wonder how they're going to make that up...?

[kirby]

3. Haven't you heard?

They are using a whole new raft of tricks to replace the older rip-off tricks.

"They are increasing the annual fees."

"Other banks are ramping up their marketing of so-called professional cards. These are like corporate cards but can carry the same terms as consumer cards—and aren't covered under the new law. In the first quarter of this year, issuers sent out 47 million professional-card offers to U.S. households, up from 13.2 million in the corresponding period last year, according to research firm Synovate."

"Citibank rolled out rebate-card offers to some of its customers last fall, offering to refund up to 70% of finance charges when customers pay on time. The problem: Rebate offers aren't governed by the Card Act, and an issuer can revoke them suddenly and hit cardholders with high charges."

Source: http://online.wsj.com/article/NA_WSJ_PUB:SB10001424052748704895004575395823497473064.html

[zipplewrath]

4. Actually, they just want you to know

The effectiveness rate of any notification method is horribly low. People have had protection for years in many cases and they desperately want you to know that they are being forced into dropping it unless you take ACTIVE steps to prevent it. My credit union doesn't make a dime off of the service (at least in the form I get protected). Now, my CU stopped notifying me once I had opted in, via the web, so there may be some value there in taking care of it in a web based manner so that it can be "recognized" by their system.

[damntexdem]

5. Well, I'm realistic, so opted to keep overdraft protection.

Paying outrageous fees is better than the alternative when I screw up.

But I tend to see the reminders as fiendly, nor friendly, reminders. ;-)

[Matariki]

7. What is the alternative, in your opinion?

The legislation only covers ATM charges, not checks or online payments. You won't end up paying $30 for a $2 cup of coffee.

[dixiegrrrrl]

6. The bank teller was pushing the opt in form at me, hard, today.

I went to bank to withdraw the automatic account overdraft fees that they have on all 3 of our checking accounts.

Somehow I do not remember asking for overdraft, yet sure enough, we got dinged 35.00 per account last month for a year's protection.
I insisted the bank mail me confirmation letter on each account, too. Will call next week if I do not get it.

Yet, the clerk jumped in with trying to get me to fill out opt in forms for ATM/Debit card protection.
Three times.
Even grabbed the forms and shoved them at me.
I figured she got a bonus for each sucker she signed up.

Came home and told Mr. D. that if we could not figure out we did not have money in each of our accounts to buy something on a debit card, we deserved to be hit with a fee.

I am starting to think that buying money orders would be cheaper.

[Matariki]

8. You're paying annually for overdraft protection!?

Do they also charge you a fee if you use it?

[dixiegrrrrl]

9. 35.00 annually for overdraft protection for checking accounts.

They instigated that fee a few years ago.
except I only signed up for one of the accounts,then found the fee had been
applied to all 3 accounts ( mine,his, and ours).
Now they are trying to charge for overdraft protection on ATM/Debit cards,but those come from the same accounts,so isn't that double billing for the same protection?
I also took out all of our savings when I found out this local bank,which I have used since 1993,is rated 2 out of possible 5 stars on bankrate.com.

they are desperately trying to create money to cover their bad loans.

[Matariki]

10. Wow. That sounds kind of bad.

What do you get for that paid 'protection'? Are there additional fees if you overdraw an account?

I'd be looking for a good local credit union if I were you.

[dixiegrrrrl]

11. The blackmail is that if we did overdraw we would not incur the 35.00 per check fee

and by now we are all aware that banks pay checks in a sequence which will trigger overdraft if one is running a
tight balance.
Which is our protection, we keep an extra month money in the bank.

Nearest credit union is 90 miles away.