More news that needs to be repeated and seen, this one refers to only one MORE bank doing whatever they can for profits regardless of the costs in public confidence or trust of their customers, as they lose them to their greedy schemes to once more 'game' The American Public.
Must be that bank officials and owners think of the customer public as "stupid" enough and illiterate to keep on agreeing to their continual unethical maneuvers and newly created ways to CHARGE MORE in fees and take away prior promises of 'good services'.
Each bank or financial institution that plays these games AGAINST it's own earning-base, the customers that utilize their services instead of another businesses' [yes, banks and other financial groups are all just businesses with same frauds, fake promises, small print almost-illegal charges,and almost no regulation by what we hoped was OUR government agencies.
Here is another example, one of many that are more often now coming to light and into the news and awareness of us all:
Heard on NPR = KPCC radio on 8/12/2010, but also can be heard or read in their archives:
Pat Morrison's KPCC Guest: Leslie Parrish, Senior Researcher "Center for Responsible Lending" [see this non-profit's site below too] http://www.responsiblelending.org/about-us/mission-history/
re debit & overdraft fees their article in general: http://action.responsiblelending.org/site/PageServer?pagename=overdraft
and this org. just commended Bank of America for stopping this unethical over charging customers that other banks do ...like Chase definitely does ! = see http://www.responsiblelending.org/media-center/press-releases/archives/
[and yet....see a comment copied below about B of A doing this same charging anyhow from an individual writing KPCC blog ]and for more of KPCC's other people's comments are also located on this page]= http://www.scpr.org/programs/patt-morrison/2010/08/11/well-well-well-
[this is a reposting of KPPC's pgrm description :]
"Searching for another reason to hate banks? How about Wells Fargo racking in $1.8 billion in overdraft fees? Rather than charging for bounced checks, the bank allowed customers to overspend their funds and tacked on hundreds of dollars in fees by manipulating the transactions from largest to smallest. A federal judge ruled on Tuesday that Wells Fargo owes its California customers $203 million, spearheading the way for federal laws regulating overdraft fees. But what does this mean for the other banks being sued for playing this same dirty game?"
[a comment found on KPCC page]=
by Cara "My experience is most banks utilize this manipulative practice. It is certainly the case with Bank of America and I am wondering why Wells Fargo has been singled out regarding this illegal practice? As a B of A customer, I utilize their on-line banking system and have had occasion to print the transaction page that includes your account balance with each transaction. Only to look on-line the following day (typically in the morning) to find each of the transactions from the previous day were re-ordered and paid differently - the final balance would be the same but the per transaction balance was different due to the re-ordering. If a customer has miscalculated at any point, the reordering of the transactions can create multiple overdrafts and the bank assesses fees accordingly. Why is only Wells penalized for this practice?"
[another commenter says ]:
"Because the bank enters debits before credits, I got hit with NSF charges which takes an act of Congress to get reversed."
Lots of other comments commend the CREDIT UNIONS vs. big banks...or prefer smaller banks that treat them less egregiously.
see KPCC's site for other people's comments later or listen in today at about 1 pm to 89.3 FM..my favorite radio station...
surely Well Fargo bank is not the only bank doing this almost-fraudulent charging for what is not needed to prevent extra fees being charged....
and yes, other banks have "offered" and even pushed for getting consent to overdraft protections to better LINE THEIR POCKETS unnecessarily, as investigative reporters have now told us...because we don't even Understand the fine print...being as it is confusing and hard to read, most in legalese instead of plain English, done deliberating !!!