Ohio.com - FirstMerit is victimized by fraud

[ZZZ]

I agree that fees are too high, including returned check fees, but fees are an important source of revenue for all financial institutions. But the plain fact of the matter remains that if so many people weren't such freakin' irresponsible clowns, then the returned check fees would be a completely irrelevant point, because you wouldn't need to pay them.

Sure, businesses prey on the irresponsible and the stupid. No doubt about it. So become less irresponsible and less stupid. Problem solved.

[ZZZ]

copswife74 wrote:

<quoted text>
I don't have a problem with the checks, I think the fees are extremely high though.
The problem I had was that the debit cards can continue to be used even after there are insufficent funds. My current bank cuts you off, if you don't have the money in the bank, you cannot use the card. To be charged $37 dollars in fees for a 2 dollar purchase is ridiculous. Yes, absolutely we are partly to blame, but being raped by your bank for your mistake is a crime.
Regardless, how could a bank possibly lose 4.1 million dollars in a check kiting scheme? What does that tell the consumer about this bank?

If you're overdrafting your debit card, then why aren't you simply keeping a ledger like you do with checks? Problem solved. You're not "partly to blame," you're ENTIRELY to blame. Sure, honest mistakes will occasionally happen, like forgetting to enter a purchase in a checkbook-like ledger, but you're setting yourself up to overdraft again and again and again and again and again and again ...

[copswife74]

ZZZ wrote:

<quoted text> If you're overdrafting your debit card, then why aren't you simply keeping a ledger like you do with checks? Problem solved. You're not "partly to blame," you're ENTIRELY to blame. Sure, honest mistakes will occasionally happen, like forgetting to enter a purchase in a checkbook-like ledger, but you're setting yourself up to overdraft again and again and again and again and again and again ...

I agree we were completely to blame. My husband and I had a joint account, we were keeping track of purchases seperately, and then comparing our spending in the evenings to come up with a joint balance.

However, there were times someone would wait to cash a check we had written and we missed it.

I do consider us responsible account holders,we hadn't had that problem in the past, but we are not perfect, and it was unexceptable to me to be charged the amounts we were charged the few times we made a mistake.

I also found it ridiculous that our debit card could be continued to be used without sufficent funds in the account, so I switched banks. Our credit union is not looking to make a profit on fee's, all of the big banks are.

It still doesn't answer the question of how a bank could lose 4.1 million dollars on this type of scheme, and who do you think they will make pay for their loss?

[Hater of First Merit]

I have NO pity for that bank! I am in the process of follwing others and moving - I just had a problem where the put all the big checks through first then got my on 5 small debits because i made a deposit of two checks they let me have 100. instead of 200 and charged me over 200. they suck and will not work with you! No wonder they are making so much. I hope many others follow me out! BATH BRANCH BY THE WAY!!!!!!

[Oh please]

All is well wrote:

I AM SO TIRED OF PEOPLE COMPLAINING ABOUT YOUR OVERDRAFT FEES. FIRST OF ALL, YOU NEED TO MANAGE YOU MONEY BETTER THAN AN 8 YEAR OLD. SECONDLY IF THE BANK DIDN'T HONOR YOUR CHECK PAYMENTS(NOT DEBIT)THE COMPANY OR COMPANIES THAT YOU GAVE YOUR BAD CHECK TO WOULD SLAM YOU WITH A FEE. SO, SUCK IT UP, STOP CRYING, AND TAKE SOME BASIC MATH CLASSES. UNIVERSITY OF AKRON HAS SOME GREAT CLASSES.

OK, first of all, typing in all caps is like screaming, so replying in this fashion is the equivalent of throwing a temper tantrum (that's putting you youger than 8 years old, since you seem to feel that the age card is a good one to pull, despite the fact that I know several kids that can give the majority of adults a mental beating).
First of all, banks claim to charge this amount to cover expenses incurred. This is a outright lie. The company need only cover the few collection agents they have on payroll, general maintenance associated with the collection, and the amortized portion associated with the programming of their computer systems to handle these transactions. This does not amount to nearly the amount that they are charging. They are essentially taking it as far as they can without the clients leaving, using their customer retention ratio as a guide for this rate. I wouldn't call it a crime, but it is rather unkind and perhaps unethical, considering that the people overdrafting the most are in the lower income bracket in which money management is fairly difficult and timing of payments is everything.
Couple this with the psychological association of the debit card with a credit card and you have a recipe for disaster.
The banks call it a benefit that they let you take out money for your instant gratification (or whatever) but in reality, it is punishing the people in the low income bracket that are absent-minded, bad at math or just plain sloppy.
Most people don't realize that if they are about to make an overdraft, they could, say, pay a large portion of a credit card bill for a small fee, and be able to work off that credit card for a while. There are various ways to get around these things, you just have to think about it. I don't really advocate this as the best method. Obviously the best thing is to manage your money properly, but this is a much better alternative to losing so much money in overdraft fees.
As to the "take some math classes" comment. People that really have a need for basic math classes probably can't afford to or don't have the time to, due to their extreme work schedules (manual labor, burger flipping at two or three restaurants, etc.). No, most people need classes in money management.
I'm not from Ohio, by the way, but this issue is applicable anywhere you go.

[SOG]

Charter One tried to sue me on small claims court for $1,400 in overdraft fees. One of my deposits did not go thru and the circus began, I appealed to the Magistrates sense of decency and I won, she threw Charter One out on their ear. I counter sued and after paying a lawyer $3,500 They payed my atty fees and gave me a settlement, I promised not to disclose how much. Charter One is owned by a Scandinavian Country, Thanks Bubba Clinton and Tom Whitewash Sawyer for giving us NAFTA and GATT. What a bunch of losers the current democratic party has become.

[SOG]

Hilda beast for president....NOT..........we can't take any more of them white trash hillbillies from arkansas in the white house......