Ask a Question
or
Create a Poll
  1. Home /
  2. Questions /
  3. Finance
  4. / Bank Accounts & Services
  5. / Bank Fees

by Banana Breath plays the piano on September 26th, 2009

Banana Breath plays the piano

Question

Help answer this question below.

If you had $100 in your checking account and you wrote 4 checks for $1 $1 $1 and then one for $100, you might have 3 checks clear and one overdraft fee. But banks will now run the $100 check first, then the three $1's so you pay 3 fees. Do you object?

  • Like
  • Report
Share:
Other

Answers. 5 helpful answers below.

  • by Emmi331 on September 26th, 2009

    Emmi331

    As Donald Trump would say, "It's nothing personal, it's just business."

    • Like
    • Report

    No comments. Post one | Permalink

  • by Bob on September 26th, 2009

    Bob

    ummmmm. it depends on when the 4 checks were drafted against my account. if $1 was at 9 AM, $1 at 10 AM, $1 at 11 AM, and $100 at 12, and then i deposited a federal check for $15,000 at 1, i'd like to think that the bank would charge according to the actual times, and i would incur a fee of 1 x $50?. if a bank is smart and wants to keep you as a happy customer, they'll just average it out on one day and not charge anything. if they nickel and dime you, they'll charge 3 x $50? = $150, because government checks require 3 days' hold, even though it's the same government and (ME the taxpayer) that bailed that bank out to the tune of $156 billion so it could post its record profits quarter and pay its executives $12 billion in bonuses. if the bank wants my business tomorrow, it will treat me justly (one overdraft fee in my example) today but no more (but less is even better).

    • Like
    • Report

    No comments. Post one | Permalink

  • by Freedom00 on September 26th, 2009

    Freedom00

    I think banks love to charge extra fees. They make a lot of money off doing so.

    I would not object, in this case however, because people should not ever write checks they do not have the funds to pay for.

    If such a check is written by accident, then it is negligence. If it is done purposely, it is criminal.

    +5

    • Like
    • Report

    1 comment | Post one | Permalink

  • by roiboysatx on September 26th, 2009

    roiboysatx

    why should you object if they charge you. its your responsibility to keep track of your money. those fees are excessive yes, but you know the fees up front and you should not overwrite your account.

    • Like
    • Report

    1 comment | Post one | Permalink

  • by nmwise on February 15th, 2011

    nmwise

    yes i object, banks will do anything to get money out of their customers accounts. it would be less effort on the banks part to send back 1 check versus 3 checks but guess what they wouldn't be able to get as much out of there customers accounts. i came up with a solution that works for me though (without going into details about how much overdraft fees i got slammed with when my account snowballed out of control a year ago.) To say the least my bank will never get another dime out of me.I have a free checking account so i decided since we need a checking account to pay bills i only put enough money in my account for the week to pay what ever bills i have .if my bills come to 232.64 i put 232.64 in the bank and pay the bills on line. i keep out what i can afford to spend for the week and enough for groceries and the rest goes into a savings account in another bank. They say that you spend more money with cash bolonga i got rid of my ATM cards and i only spend what i have and i usually want to hang onto it. in one year i went from bank overdraft fees and overpending to saving 9200.00 dollars in my savings account and the banks don't get any money out of me. not to mention i payed off my credit cards as well so that they can't get money out of me either. now i only have a house payment, car payment, utilities,few incidentals and thats it, ya gosh it feels good. you can do it to.

    No comments. Post one | Permalink

Want to attach an image to your answer? Click here.

Did this answer your question? If not, then ask a new question or create a poll.

More Questions. Additional questions in this category.

You're reading If you had $100 in your checking account and you wrote 4 checks for $1 $1 $1 and then one for $100, you might have 3 checks clear and one overdraft fee. But banks will now run the $100 check first, then the three $1's so you pay 3 fees. Do you object?

Follow us on Facebook!

Related Ads

Related Questions

Professionally Researched

Answerbag

a Demand Media company