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Old 01-06-2007, 01:57 AM   #1
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Default Ahahaha.... Oh well

well, my bank has this novel direct deposit advance option, where you can borrow $20 against your next deposit, with a 2 dollar fee. pretty sweet right? it is, up until payday, when i check my online statement and see this

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01/05/07 DD ADVANCE PAYMENT MEMO $80.00 (pending)
01/05/07 DD ADVANCE PAYMENT MEMO $60.00 (pending)
01/05/07 DD ADVANCE PAYMENT MEMO $100.00 (pending)
01/05/07 DD ADVANCE FINANCE CHARGE MEMO $8.00 (pending)
01/05/07 DD ADVANCE FINANCE CHARGE MEMO $6.00 (pending)
01/05/07 DD ADVANCE FINANCE CHARGE MEMO $10.00 (pending)
01/05/07 CLIENTLOGIC PAYROLL ******************+$290.19 (pending)
so much for payday
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Old 01-06-2007, 04:00 AM   #2
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well thats cool... my bank gives me them to when i use the debit card. but they charge me 30 bucks..... i think it stupid they will let me take money from an account that dont have any and then they charge me cause there stupid????
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Old 01-06-2007, 11:32 AM   #3
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So I guess instead of a fee you could say you paid $2 interest on a $20 loan. That'* 10%. Assuming you ran low on funds mid week then the length of the loan would be 3 days. If I'm doing my math correctly that works out to an annual percentage rate of about 1,200%. Ouch!
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Old 01-06-2007, 11:06 PM   #4
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Looks like the fee is $1.oo per Ten borrowed. Well I suppose if you need to... but wow, owing $300 out of your next check has got to hurt!
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Old 01-07-2007, 02:17 AM   #5
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Quote:
Originally Posted by popatim
Looks like the fee is $1.oo per Ten borrowed. Well I suppose if you need to... but wow, owing $300 out of your next check has got to hurt!
yeah, it kinda hurts, but i will survive.

anyway, if all else fails, then i can just barrow a little against next time, just not as much.
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Old 01-07-2007, 08:55 AM   #6
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IMO if there was a way to remove that feature from your account, I would do so. It seems since you know its there to use, you take full opportunity to do so.

This is just another way the banks try to nickel and dime you form your money.

I usually have no money when I get paid, but I have to wait to get paid to spend it, and unfortunately, most of it goes to bills :(
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Old 01-07-2007, 08:59 AM   #7
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stay away from tcf bank... the fees there are crazy. my check from work didnt clear yet when i opened that account and i ended up getting charged $33 bucks + the $2 fee for not using a tcf machine.
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Old 01-07-2007, 09:07 AM   #8
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I've never had any issues with TCF that I didn't cause.. And since he ain't in the Midwest, i doubt TCF will be an issue for him...

But, on topic, those little niceties are an easy way for the bank to keep a little of your money each month. They got some smart people coming up with those ideas, knowin that a lot of us will use them.
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