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| *Loan,banking and credit>>>bank account |
Why do banks charge sustained overdraft fees if an account is already in a negative balance? |
Most banks penalize customers when their account becomes overdrawn. Most times, it is the customer fault, but in a small percentage of times, the customer is a victim of fraud or another company that broke an agreement to draft charges from the customers account. Why isn't there a federal banking law preventing this? this is how they make there money! Because they want to make money and the longer you are in a negative balance the more they charge and they can black list you so you can not open an account with any other bank until it is paid off. How is the bank to know why you overdrew your account? When you open an account, you sign an agreement stating that you know all their rules and that is one of them. I have never worked for a bank, but I presume if you can present that there was fraud, they might work with you and remove the charges. As soon as you know there is fraud, you should report it to your bank and the credit reporting bureaus. technically, it happens bcuz the purchases were made before the account fell to negative status. so that's why even though you may be -45 dollars they can still continue to pound you with overdraft fees. bottom line, that's how they make a little extra money in the business. lots and lots of overdraft fees. If you sit down and talk to the manager (or assistant) at your bank and tell them your situation, 99.999% of the time they will refund the fees. If its a regular occurance or your "story" doesn't sound real, they will not. Good luck. Working at a bank. |
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